Day: September 24, 2019

Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K

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View Bitcoin fell to $9,600 earlier today, marking a downside break of recent low-volatility consolidation represented by the narrowing of Bollinger bands. The Bollinger band breakdown has opened the doors for a slide to $9,320 (August low). A break above $10,380 (Sept. 19 high) is needed to neutralize the bearish setup. Bitcoin’s recent low-volatility price squeeze has ended with a downside break that may see the cryptocurrency drop to the August low of $9,320 in the short-term. The top cryptocurrency had been largely trading in a very narrow range ($9,600–$10,500)…

Bank for International Settlements Proposes “Embedded Regulation” for Blockchain Markets

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The Bank for International Settlements (BIS), an international financial institution owned by the world’s central banks, has published a working paper, called Embedded Supervision: How To Build Regulation Into Blockchain Finance, which supports the idea of constructing blockchain-based regulation into markets, by making the case for a regulatory framework that can open up new ways of supervising financial risks and provides compliance in tokenised markets to be automatically monitored by reading the market’s ledger, thus reducing the need for firms to actively collect, verify and deliver data.  advertisement A decentralised…

Bitcoin and Altcoins Lose Steam as Bakkt Records Poor Start Amidst Today’s Congress Hearing

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When Bakkt was first announced last year, the entire crypto community welcomed it as a great addition to the sector, hoping that it will have enough power to propel the industry considerably higher. However, even though many think it’s still a little too soon to judge, the first day of Bakkt’s launch has not exactly been encouraging as the overall market has dropped in valuation in response to Bakkt’s weak first day. After the first hour, Bakkt recorded only about five contracts and even 9 hours later, this number was…

Bitcoin and Altcoins Lose Steam as Bakkt Records Poor Start Amidst Today’s Congress Hearing

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After Bakkt officially launched its futures contract offering yesterday, the market seemed to lose some weight, disappointing general expectations. The market is also anxious about today’s Congress hearing. When Bakkt was first announced last year, the entire crypto community welcomed it as a great addition to the sector, hoping that it will have enough power to propel the industry considerably higher. However, even though many think it’s still a little too soon to judge, the first day of Bakkt’s launch has not exactly been encouraging as the overall market has…

25,000 Major Retail Stores to Accept Bitcoin in 2020

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By early 2020, support for Bitcoin payments will be launched at over 25,000 sales points for 30 French retailers, including sportswear giant Decathlon and cosmetics store Sephora. French crypto news outlet Cryptoglobe reported the development, announced during Paris Retail Week, on Sept. 24. 25,000 retailers to enter Economy 3.0 via Bitcoin The new cryptocurrency payments system is launching via a partnership between point-of-sale technology provider Global POS, the EasyWallet application and payments platform Easy2Play. While payments will be made in Bitcoin (BTC), funds will be automatically converted into euros at the…

Accountancy Firm BKL to Accept Bitcoin to Settle Invoices

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In a major development for cryptocurrency adoption, Cambridge-based accountancy firm BKL announced on September 23, 2019, that it would be accepting bitcoin (BTC) as fee payment to settle invoices. BKL Embraces Digital Money Spearheading the digital currency adoption race in the U.K., mid-sized accountancy firm BKL declared on September 23 that its clients can now opt to receive invoices in bitcoin. Per sources close to the matter, BKL will use acclaimed automatic payment processing system, BitPay, to settle invoices in the leading digital currency. As reported by Business Weekly, BKL…

Crypto Exchange Binance Awarded ISO Security Accreditation

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Binance, the top cryptocurrency exchange by trading volume, says it’s been awarded an information security accreditation after meeting standards set out by the International Organization for Standardization (ISO). To meed the internationally recognized ISO/IEC 27001 standard, Binance said, it was audited by Norway based DNV GL, an international accredited registrar and classification society, and the United Kingdom Accreditation Service, a national accreditation body that evaluates firms on a variety of standards. The accreditation makes Binance the “first company in the cryptocurrency industry to be verified by DNV and UKAS,” the firm…

UK Startup Launches Crypto Insurance, 24/7 Bitcoin-Monitoring Service

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Cardiff-based cryptocurrency insurance startup Coincover has launched an insurance policy covering theft and loss.  Local news outlet Whales247 reported on Sept. 24 that this is “the first and only service to guarantee digital funds held online will not be lost or stolen.”  Coincover’s service reportedly monitors the wallet at all times and issues warnings in case of suspected theft, recovers funds in case of private key loss, manages key backups, provides cash replacement value in case of theft, and checks for any suspicious activity. Making crypto less risky Furthermore, the…

Futures Can ‘Possibly’ Predict Halving Impact on Bitcoin Price

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The COO of institutional trading platform Bakkt appears unsure about its futures market predicting the impact of the 2020 Bitcoin halving event. White: We want to “lead price discovery” Speaking to CNN in an interview on Sept. 23, Adam White said that Bakkt’s newly-launched futures contracts should help the market value Bitcoin (BTC).  “We hope the Bakkt daily and monthly futures contracts lead price discovery,” he told the network.  Bakkt debuted its Bitcoin futures this weekend, trading 71 contracts on its first day. While its release was keenly awaited, the…

Bitcoin Network Hash Rate Mysteriously Flash Crashes by 40%

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Bitcoin’s (BTC) network hash rate dipped a record 40% yesterday, Sept. 23, in a sudden shock for the network. Bitcoin network hash rate, Nov. 2018-present. Source: Coin.dance Data from Coin.dance — corroborated by other sources [insert links] — indicates that the network’s hash rate plummeted yesterday from over 166.6 PH/S to 57.7 PH/S.  Mystery flash crash remains unexplained The flash drop remains unexplained as of press time and is all the more striking given the Bitcoin network’s record-breaking string of new all-time high hash rates throughout summer. Just five days ago, Cointelegraph…