January 6, 2020

Ousted Co-Founder of Crypto Mining Firm Bitmain Opposes Layoffs

January 6, 2020 boss

Micree Ketuan Zhan, the co-founder of Bitmain who was recently dismissed by Bitmain’s current CEO Jihan Wu, has publicly opposed layoffs at the firm. As Bitmain — the world’s largest cryptocurrency mining firm — is reportedly planning to cut its workforce by 50% before the next Bitcoin (BTC) halving, Zhan claimed that he is “firmly opposed to layoffs” in a Jan. 6 Weibo post addressed to Bitmain employees. Zhan argues that Bitmain cannot lose its leadership in a highly competitive market Apart from claiming that Bitmain does not need to…

XRP Spikes 10.5% in Biggest Single Day Surge in 8 Months: What Triggered it?

January 6, 2020 boss

XRP, the native cryptocurrency of multi-billion dollar fintech company Ripple and its blockchain platform, spiked by 10.5 percent on January 6. The sudden upsurge is likely to have been fueled by Binance Futures integration and strong technicals. Similar to platforms that existed in the crypto sector for many years like BitMEX, Binance Futures enable users to trade cryptocurrencies with a high level of leverage. Futures platforms tend to see substantially higher volumes than spot exchanges and as such, XRP rising in the aftermath of a Binance Futures integration is justifiable.…

First 4-Day Win Streak Since July Flips Charts Bullish

January 6, 2020 boss

Bitcoin (BTC) closed the week down 0.39% at $7,356 having recovered very quickly from a daily close, which saw BTC trading down at $6,850 for a short period on Friday morning. Since then, Bitcoin has recovered over 10% and is once again pushing hard against resistance on Monday. All other cryptos are up over the last 24 hours, most outperforming Bitcoin, with XRP being up close to 9% while just about all other top cryptos posting gains of around 5%. This is a trend change. With Bitcoin recently leading the…

Bitcoin Mining Power Hits Fresh All-Time High

January 6, 2020 boss

Bitcoin’s hash rate reached record highs this week, amid rising prices and anticipation of the miner reward halving later this year. Based on a seven-day average, the hash rate has risen sharply from approximately 93 exahashes per second (EH/s) on Dec. 30 to more than 106 EH/s on Sunday. The best day overall was Jan. 1 when the hashing power exceeded 119 EH/s, surpassing the previous record of 114 EH/s set back in October. Bitcoin’s hash rate has increased considerably over 2019, rising from a weekly average of 40 EH/s…

South Korean Presidential Committee Recommends Allowing Bitcoin Derivatives

January 6, 2020 boss

The South Korean Presidential Committee on the Fourth Industrial Revolution (PCFIR) has recommended the government to allow financial institutions to launch cryptocurrency-based financial products. Local English-language news outlet BusinessKorea reported on Jan. 6 that the committee recommended products such as Bitcoin (BTC) derivatives to be allowed as part of a strategy for the institutionalization of cryptocurrencies. Crypto assets are here to stay The PCFIR also suggested that the local financial sector should develop and introduce a Korean custody solution to avoid relying only on foreign custodians when handling crypto assets.…

Bitcoin Eyes Price Breakout Amid US-Iran Tensions

January 6, 2020 boss

Bitcoin may be drawing haven demand on US-Iran tensions, according to prominent analysts, and could soon confirm an inverse head-and-shoulders breakout on the daily chart with a UTC close above $7,580. A daily chart indicator is reporting the strongest bullish bias in two months. A breakout would create room for at least a $1,000 rally. A failure to hold above today’s low of $7,342 would weaken the case for a breakout. Bitcoin is drawing bids amid heightened geopolitical uncertainty and could soon rise above key resistance at $7,580, confirming a…

We Can’t Control XRP Price Any More Than Bitcoin Whales

January 6, 2020 boss

The CEO of blockchain payment network Ripple says the company does not want to “dump” its associated XRP cryptocurrency despite selling huge amounts of it. In an interview with CNN on Jan. 5, Brad Garlinghouse added fresh contention to the debate about Ripple’s relationship to XRP, which has gained 10% in the past 24 hours. Garlinghouse: Ripple “can’t control XRP price” “In the XRP community, Ripple is the largest owner, and the point I have made is we’re the most interested party in the success of the XRP ecosystem,” he…

We Can’t Control XRP Price Any More Than Bitcoin Whales

January 6, 2020 boss

We Still Don’t Know Bitcoin’s Real Volume

January 6, 2020 boss

Galen Moore is a Senior Research Analyst at CoinDesk. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. Fake volume became one of crypto assets’ leading narratives of 2019, as a U.S. regulatory application for an exchange-traded product (ETP) followed the work of earlier researchers in showing how as much as 95 percent of lit markets’ reported bitcoin trading volume might be fake. That’s resulted in conservative estimates of bitcoin volume that are probably far too low, and a condition…

We Still Don’t Know Bitcoin’s Real Volume

January 6, 2020 boss