Day: July 24, 2019

Facebook’s Crypto Libra Ploy to Become ‘Its Own Country’, Blasts UK MP

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The spotlight turned on Facebook over the past week by the U.S. Congress over its plans for the Libra cryptocurrency has only whetted the appetite for other countries to do the same. According to the Financial News, a British parliamentary committee has indicated that it will grill Facebook regarding its crypto project as worries grow that the social media giant’s move into payments and remittances will grant it overwhelming power. The chairperson of the Digital, Culture, Media and Sport Committee in the House of Commons, Damian Collins, is especially suspicious…

Bitcoin Faces Further Price Losses After Breaching Long-Term Support

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Bitcoin is on the defensive for the fourth straight day, having breached long-term support on Tuesday. The leading cryptocurrency by market value is currently trading at $9,720, representing a 1.1 percent drop from today’s opening price of $9,841, according to Bitstamp data. Prices fell 1.39, 2.56 and 4.66 percent, respectively in the previous three trading days. Daily chart With a three-day drop, BTC has left another bearish lower high at $11,120. Further, the cryptocurrency violated the four-month bullish rising trendline by printing a UTC close well below $10,000 on Tuesday.…

Bitcoin Could Reach $356K in a Few Years, $42K in 2019

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Pantera Capital’s CEO Dan Morehead pointed to a potential Bitcoin price move to $356k within three years based on past trends of BTC price movements on a logarithmic scale. Morehead’s math also indicated that Bitcoin price targets $42k in 2019. Even though we are witnessing pretty bearish outlook on Bitcoin, there are some experts who believe that this is just a short-term situation. Just for reminder, a few days ago Bakkt launched test for their Bitcoin Futures platform and, contrary to the popular beliefs – Bitcoin price went down. However,…

Civic, BitGo to Release New Wallet for Crypto and Identity Data

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Decentralized identity startup Civic and blockchain security firm BitGo plan to launch a new wallet using BitGo’s multisig technology in Q4 2019. In a press release shared with Cointelegraph on July 23, the two firms revealed that the forthcoming “Civic Wallet” will host hold both cryptocurrency and identity data on mobile devices. Control and security over funds and personal data In the press release, Vinny Lingham, co-founder and CEO of Civic said “We’re building a new financial and identity ecosystem.” Lingham further expressed enthusiasm for lowering the barrier to entry…

TRON’s Justin Sun Postpones Lunch With Warren Buffett; Recovers from Illness in San Francisco

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Warren Buffett, the chairman and CEO of Berkshire Hathaway, was supposed to have lunch with Justin Sun, a cryptocurrency entrepreneur, on July 25. Sun had reportedly bid a record-breaking $4,567,888 to win the charity auction that has been hosted by Buffett for the past 20 years. The winner was allowed to bring seven friends for lunch at a steakhouse in New York City with Buffett. However, the charity lunch has been postponed by Justin Sun. According to a tweet from Sun’s TRON Foundation, the lunch was postponed due to his…

Bitcoin Back to Four Figures as Market Veers to the Red

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Wednesday, July 24 — Bitcoin (BTC) has dipped back below the $10,000 mark as the crypto markets are seeing near-total red. Market visualization. Source: Coin360 Having clung to its five-figure price point in recent days, a 3.2% drop on the day has brought BTC down to around $9.740 by press time.  Earlier on its 7-day chart, Bitcoin had dipped as low as the $9,300-400 mark (July 18), before recovering to as high as $11,000 by weekend trading hours (July 21-22).  Even as its market performance falters, the cryptocurrency has recently…

If Bitcoin (BTC) Loses $9,000, Things Could Get Nasty — EWN

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$9,000, the Bitcoin Price to Watch After a number of hours flirting just above and below $10,000, Bitcoin (BTC) has decided that it is heading lower. As of the time of writing this, the cryptocurrency is changing hands for $9,750 apiece, with it being down by 4% in the past 24 hours. Although Bitcoin is still over 5% higher than its monthly low of $9,150, many have begun to worry that the cryptocurrency is entering some precarious territory, even with many signs pointing towards a bull run. Most notably, analyst…

Iran Officially Acknowledges the Crypto Industry, Allows Cryptocurrency Mining

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Iran has recognized cryptocurrency as an official currency and has approved a mechanism for digital coin mining to bring the growing crypto mining farms under the law in the country. “A mechanism to mine digital coins was approved by the government’s economic commission and will later be discussed at a cabinet meeting,” said Central Bank of Iran (CBI) Governor Abdolnaser Hemmati on Sunday. Iran has tried to suppress cryptocurrency mining for months as many people started doing it, primarily mining Bitcoin (BTC)trade, given the cheap price of electricity in the…

US Senate to Hold Debate on Crypto, Blockchain Regulatory Frameworks

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The United States Senate Banking Committee is set to hold a broader debate on crypto and blockchain regulatory frameworks next week. An official committee announcement indicates the hearing — entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — will take place on July 30.  The planned witnesses will be Jeremy Allaire, co-founder and CEO of payments company Circle, who will speak on behalf of The Blockchain Association; Rebecca M. Nelson, a specialist in International Trade and Finance at “Congress’s think tank,” the Congressional Research Service; and Professor of Law…

Bitcoin Block Size, Explained | Cointelegraph

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3. Over the years, Bitcoin has seen numerous proposals advocating that an increase is needed in order to reduce fees, process more transactions per second and allow Bitcoin to scale to compete with mainstream payments technologies.   On May 4, 2015, Gavin Andresen published an article titled “Why increasing the max block size is urgent,” further escalating the perceived gravity of the block size debate, despite the average BTC block then being only 30-40% full. Andresen warned: “If the number of transactions waiting gets large enough, the end result will be…