Day: January 13, 2020

Asian Conglomerates Lead $31M Round for Blockchain Remittance Firm Lightnet

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Lightnet, the company behind the Velo Protocol, recently raised $31.2 million in a Series A round. The funding was led by major financial and business groups including UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities, according to a press release on Monday. UOB Venture Management is the investment arm of Singapore-based multinational United Overseas Bank, while Seven Bank is part of the group owning the 7-Eleven franchise in Japan. Further adding to the notable roster of backers,…

Bitcoin Price Can Hit $8.8K But BitMEX Signals Warning — Tone Vays

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Bitcoin (BTC) clinched a third day trading above $8,000 on Jan. 13 as weekend trading failed to take away bullish momentum. Cryptocurrency market daily overview. Source: Coin360 BTC: major resistance only at $8,800 Data from Coin360 and Cointelegraph Markets showed BTC/USD begin the week at just over $8,100. After exiting the $7,000 range on Friday, Bitcoin managed to retain higher levels, with only one brief trip below $8,000 late Sunday. Bitcoin 7-day price chart. Source: Coin360 Volatility was notably absent over the weekend, with BTC/USD staying within a corridor of…

FTX Derivatives Exchange Launches Bitcoin Options Trading

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FTX crypto derivatives exchange platform has begun services for Bitcoin (BTC) options. The announcement came in a tweet posted on Saturday from FTX CEO Bankman-Fried. Options are live!https://t.co/B85lrLVDQO — SBF (@SBF_Alameda) January 12, 2020 The announcement did not include any specific details about the offering, only that its Bitcoin options. However, in another tweet just about two hours later, the CEO said the platform had hit $1m in volume, since the launch. FTX Bitcoin Options Even as days have passed, not a lot of information has been shared yet. It…

Privacy and Scalability of Lightning Network Lower Than Expected: Report

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Researchers from cryptocurrency exchange BitMEX have suggested that the privacy and scalability benefits of Bitcoin’s (BTC) implementation of the Lightning Network are less than expected. A report published by BitMEX on Jan. 11 illustrates the researchers’ efforts to determine the growth of the Lightning Network by trying to extrapolate information about private payment channels from readily available data.  The team focused on non-cooperative channel closures and they suggest that — since the network started its activity — about 60,000 such transactions took place. A non-cooperative channel closure happens when a…

Bitcoin’s Consolidation Past $8,000 Strengthens Its Safe-Haven Status

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BTC/USD is presently trending at $8,091 (-1.1% from the start of the day). The coin retreated from an intraday high of $8,195.81, although the trend is quite bullish. As per Arcane Research, Bitcoin volumes have more than increased in seven days. The organization found that the 7-day normal every day exchanging volume spiked 126% all through the underlying seven day stretch of 2020 and came to $1.5 billion, exchanged on January 8, contrast with a dismal $192 million as of January 1. This scenario can be seen as a bullish…

What Are the Advantages and Disadvantages of Using Bitcoin?

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Probably you are aware already of the concept of Bitcoin mining. The name fits, because the process is similar to mining for other commodities, like gold, for instance, which is mined from the earth, and eventually makes new currency available. Mining is used to introduce Bitcoins into the system. Bitcoin stands out. It has many advantages and cannot be compared to any other digital currency. There are, however, some flaws to this form of currency and it is important to discover what these are. If you were going to become…

Japan’s Financial Watchdog to Set Low Leverage Cap for Crypto Margin Traders: Report

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Japan’s top financial regulator plans to reduce the risk to cryptocurrency margin traders by cutting the permitted leverage to two times the deposit. The Financial Services Agency will impose the new rule in a revision to the Financial Instruments and Exchange Act expected in spring, Japan Times sources said in a report on Saturday. While the nation’s industry already follows a self-imposed rule setting a maximum of four-times leverage, the watchdog aims to halve that due to the volatility of the crypto markets, the article says. The 2x cap was…

BitMEX: Bitcoin Lightning Usage Higher Than Expected, And It’s Crucial For BTC

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According of a research report from BitMEX, the largest cryptocurrency margin trading platform in the global market, the usage of the lightning network on bitcoin has surpassed expectations. More than 60,000 lightning network non-cooperative channel closures were recorded, and around 6,000 BTC were spent for closure transactions. The lightning network is a second-layer scaling solution that allows users to transact using bitcoin with extremely low fees. Why lightning’s growth is crucial for bitcoin’s long-term trend A channel on the lightning network is like a opening a tab at a bar.…

This Key Sign Shows Bitcoin Bulls Are Accumulating: Important Levels to Watch

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Bitcoin price is confined in a range below the key $8,200 resistance against the US Dollar, suggesting a short term accumulation phase. BTC could either rally above $8,200 or it might dip to $7,700 before a decent bounce. Bitcoin is moving in a range between $8,200 and $8,000 against the US Dollar. The bulls are likely aiming an upside break above the $8,200 resistance area. There is a key bearish trend line forming with resistance near $8,170 on the hourly chart of the BTC/USD pair (data feed from Kraken). The…

Ripple (XRP) Price Won’t Go Down Quietly: Risk of Bounce Grows

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Ripple is facing hurdles near the $0.2200 resistance against the US Dollar, similar to bitcoin near $8,200. XRP price is declining, but the bulls are likely to protect $0.2080 and $0.2070. Ripple price is correcting lower after it failed to surpass the $0.2200 resistance against the US dollar. The price remains well supported on the downside near the $0.2080 and $0.2070 levels. Recently, there was a break below a connecting bullish trend line with support at $0.2125 on the hourly chart of the XRP/USD pair (data source from Kraken). The…