Day: December 18, 2019

Bitcoin Just Dropped Below $6,500: Why It’s Risking a Big Fall to $5,000

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Bitcoin has closed below its long-term support as it dropped to $6,430 on BitMEX. The breakdown brings the cryptocurrency’s 200-weekly moving average in view as the next pullback target. The said MA in December 2018 had capped the asset’s downtrend from flourishing. As of now, it sits near the lower-$5,000 levels. Bitcoin risks plunging to its eight-month low after closing below a crucial support level earlier last week and dropping to the $6,400s. The benchmark cryptocurrency invalidated its 50-weekly moving average support for the first time since May 2018. The…

Bitcoin Just Dropped Below $6,500: Why It’s Risking a Big Fall to $5,000

boss

Bitcoin has closed below its long-term support as it dropped to $6,430 on BitMEX. The breakdown brings the cryptocurrency’s 200-weekly moving average in view as the next pullback target. The said MA in December 2018 had capped the asset’s downtrend from flourishing. As of now, it sits near the lower-$5,000 levels. Bitcoin risks plunging to its eight-month low after closing below a crucial support level earlier last week and dropping to the $6,400s. The benchmark cryptocurrency invalidated its 50-weekly moving average support for the first time since May 2018. The…

Ex-Kraken Employee Alleges ‘Unethical and Illegal Tactics’ in Discrimination Lawsuit

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Kraken, the U.S.-based cryptocurrency exchange, is being sued by an ex-employee who alleges the company unfairly fired him for raising serious issues with its business practices. The case – filed Nov. 26 in California– has been brought by Nathan Runyon, a military veteran with disabilities, and, while he seeks damages related to harassment at work, discrimination and breach of contract, some of the claims made against Kraken (Payward Inc.) suggest wrongdoing at the exchange, if true. So far, the veracity of the allegations has not been determined. In March 2018,…

China’s blockchain market is becoming more attractive

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China’s blockchain market is becoming more attractive than ever to foreign investors, with the industry receiving a significant boost from the central government. Although China has implemented regulations in recent years to ban technologies such as initial coin offerings and cryptocurrency exchanges, its support for blockchain, as well as artificial intelligence, was highlighted in the 13th Five-Year Plan (2016-20) for national development. An ICO is the cryptocurrency space’s rough equivalent to an initial public offering in the mainstream investment world. In October, President Xi Jinping emphasized blockchain as a core…

Chinese Crypto Fitness App Reportedly Under Investigation for Fraud

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A Chinese cryptocurrency fitness app has reportedly been placed under investigation for allegedly illegal fundraising practices and financial fraud. Nikkei Asian Review reported the news on Dec. 18, citing documents ostensibly accessed by its affiliate publication, KrASIA.  Investors in limbo According to the report, the market regulator in Changsha, the capital of Hunan province,  is investigating a fitness app that promised to reward users with cryptocurrency “candies” in exchange for being active. By clocking 4,000 steps a day for 45 days, users of the app, dubbed “Qubu,” could purportedly earn…

US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity

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A member of the United States Federal Reserve’s board of governors appears to believe that one in four people who use Bitcoin (BTC) are criminals.  In a panel speech honoring Benoît Coeuré, a member of the executive board of the European Central Bank (ECB), Lael Brainard highlighted the perceived risks still posed by cryptocurrencies. Brainard: crypto exchange security troubling Specifically selected for the panel, which formed part of the “Monetary Policy: The Challenges Ahead” event in Frankfurt, Germany, was illicit activity involving Bitcoin. According to Brainard, who cited an academic…

OKEx Research: Ecosystem, and Innovative Products

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OKEx is currently one of the biggest digital assets exchange and trading platforms that has achieved significant progress since its inception. The platform is known for its constant innovation, characterized by the introduction of new features for users at a regular frequency. In this post, OKEx gives a brief overview of their company’s journey in recent days and the ecosystem they are creating. Highlights OKB is now on the stage. OKB, OKEx’s global utility token, got into more connection with other major tokens. This might be combined with four new partnerships,…

Controversial Australian Ex-Minister Enters Blockchain Insurance Space

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Australia’s former Minister for Broadband, Communications and the Digital Economy has become chairman of the advisory board for an insurance-focused blockchain firm. Stephen Conroy — an Australian Labor Party Senate member from 1996–2016 — has joined the Melbourne-based blockchain firm Day By Day, according to a Dec. 18 report from ZDNet. Day By Day is focused on the creation of a blockchain-based asset registry management platform intended to innovate insurance inventories and expedite claims in the industry. Commenting on his new role, Conroy said that “problems of under-insurance and fraudulent…

Bitcoin Drops Below Major Price Support For First Time Since May

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View Bitcoin has found acceptance under the three-day chart’s 200-period average for the first time in seven months. The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500. A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions. A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal. Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support.   The top…

Research Shows Why Many Bitcoin Miners Intentionally Mined At a Loss in 2019

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A new report from Binance Research shows that many bitcoin miners have been mining Bitcoin SV and BCH to some extent with significantly lower profitability. Other than political reasons, the firm said that non-economic factors contributed to it. Had many miners that focused on BTC over Bitcoin SV and BCH in the same period, the research shows that they could have generated more profits. As the bitcoin mining difficulty increased and BTC price dropped, it has become more expensive to mine (Source: Binance Research, CoinMetrics) So why did bitcoin miners…