Day: July 26, 2019

Bitcoin Price Dips Under $10K as Analysts Disagree Over 2019 Trajectory

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Bitcoin (BTC) price fell below $10,000 again on July 26 amid mixed conclusions about where markets are likely to go this year.  Market visualization. Source: Coin360 Bitcoin price headed to $7,000 or $20,000? Data from Coin360 showed renewed selling pressure on the largest cryptocurrency Friday, with daily losses totalling around 3%.  At press time, BTC/USD traded around $9,790, extending weekly losses to just over 5% while challenging recent lows of $9,580 seen earlier in the week.  Bitcoin 7-day price chart. Courtesy of Coin360 Markets remained uncertain on the back of…

Japanese Financial Services Giant Monex Wants to Join Facebook’s Libra

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Online brokerage Monex Group Inc., owner of the hacked Japanese crypto exchange Coincheck, plans to join the Facebook Libra cryptocurrency project. A report from Cointelegraph Japan today, July 26, reveals that Monex Group’s CEO Oki Matsumoto announced the company had filed an application to join the Libra Association during a press conference on Monex’s Q2 2019 financial results earlier this week. The Libra Association is the newly-established, independent governance consortium for Facebook’s planned stablecoin, dubbed Libra, and is currently negotiating with a host of other potential members — including Visa,…

Huawei CEO on Crypto: China Should Issue Its Own Libra

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The past few weeks have been an absolute flurry for the crypto space. Facebook’s launch of Libra awoke something in the public, forcing anyone and everyone to take note of this budding industry. Related Reading: Fresh Bitcoin Uptrend May Start in September, But Drop to $7,000 Could Precede Bull Run Case in point, the chief executive-founder of one of the world’s most powerful technology companies, Huawei, was recently reported to have finally publicly addressed digital assets for seemingly the first time. Libra, China Edition? Sina Finance, a top business news…

Bull Case for Bitcoin Weakest Since February, Price Indicator Says

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View Bitcoin’s bullish momentum has weakened to five month lows, according to Chaikin Money Flow indicator. That, coupled with the bearish lower highs pattern on short duration chart indicates BTC could fall back to the recent low of $9,049 and may even break lower. BTC may bounce back to $10,300 if sellers again fail to penetrate the support at $9,600. A UTC close above $11,120 is needed to revive the bullish view. The bullish mood in the bitcoin (BTC) market is at its weakest in five months, according to key…

ECB Money Printing Is ‘Rocket Fuel’ for Bitcoin Price, Says Pompliano

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Morgan Creek Digital Assets co-founder Anthony Pompliano says the European Central Bank (ECB)’s expected dovish turn will be “rocket fuel” for Bitcoin. In a tweet posted on July 26, Pompliano commented on a fresh Bloomberg article investigating the ECB’s imminent policy moves — potentially including interest-rate cuts and renewed quantitative easing — designed to boost a faltering Eurozone economy. He said: “ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving. Buckle up. This will be wild 🚀” Pompliano had notably recently…

John McAfee Back in Jail Hours After Release in Dominican Republic

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Bitcoin (BTC) proponent and United States 2020 presidential candidate John McAfee reportedly reentered jail this week just a day after his release in the Dominican Republic. ‘A record I think’ Tweeting photographs of his confinement July 26, McAfee said he had been arrested a second time, but did not give details about the exact circumstances.  The entrepreneur, his wife and entourage fell victim to law enforcement when their boat docked in the Dominican Republic earlier this week. McAfee then spent four days behind bars before walking free.  On Twitter, he…

IRS Sending ‘Fishing’ Letters to Crypto Users So They Pay Taxes: Attorney

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The United States Internal Revenue Service (IRS) is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income.   ‘Don’t Panic’ According to a Forbes report by crypto tax attorney Tyson Cross, published on July 26, a number of Cross’s clients have received a letter “6174-A” from the IRS, threatening “future civil and criminal enforcement activity” if they fail to fully comply with reporting requirements. IRS Letter 6174-A. Source: Tyson Cross via Forbes While Cross notes that the letter may give the impression that it is…

Binance Will Now Sell You Bulk Crypto Orders Over the Counter

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The top cryptocurrency exchange by trading volume has launched an OTC service it’s calling “block trading.” Revealed in a blog post on Friday morning, Binance now allows users to trade larger amounts (or “blocks”) of crypto – over 10 bitcoin, it suggests as a guide – without having to do it on the order book and potentially suffer from price slippage as the market feels the effect of the order. The firm touts the benefits of the service as being able to chat directly over the potential order, a wide…

Swedish Crypto Exchange QuickBit Fesses Leak of 300,000 User Records

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Swedish crypto exchange QuickBit has confirmed the data leak of 300,000 records that have been left exposed to the public by a contractor of the company during a security update. QuickBit – that is listed on the NGM Nordic MTF stock market – has seen its MongoDB database released to the public without the need of any authentication. Criminals can use leaked records for identity theft The data leak of the Swedish cryptocurrency exchange was discovered by Comparitech and security researcher Bob Diachenko on July 2. According to the magazine,…

IEA Report: Renewable Energy Powers 74% of Bitcoin Mining

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Projected environmental impacts of Bitcoin mining have long been used as an argument against cryptocurrencies. Reports like the one published by Nature Climate Change last year further fueled such fears. There has been a significant increase in the energy consumption of Bitcoin mining since that report came out. However, recent findings by the International Energy Agency (IEA) show that Bitcoin mining will not cause our glaciers to melt and our planet to die – not on its own at least. In their 2018 report, Nature Climate Change claimed that the…