Bitcoin was able to incur some steady upwards momentum yesterday, which allowed its price to rapidly climb up to its 2020 highs of $9,200 before it faced some strong selling pressure that led it to plummet back towards $8,900. Buyer were able to absorb the majority of this selling pressure, however, and have allowed the cryptocurrency to recapture its position in the $9,000 region. Analysts are now noting that they anticipate BTC to see some further momentum, although its reaction to $9,200 will be critical for determining where it goes…
Day: January 28, 2020
LocalBitcoins Quietly Suspends Accounts in Multiple Regions Without Notice
Popular Bitcoin (BTC) exchange platform LocalBitcoins is allegedly suspending user accounts with little fanfare, citing an “enhanced due diligence process.” Finland-based LocalBitcoins, one of major global peer-to-peer (P2P) crypto exchanges, has reportedly suspended user accounts in some countries in Africa, the Middle East and Asia without warning, with some users being unable to withdraw their Bitcoin, Forbes reports Jan. 25. LocalBitcoins gives no public statement on the matter while the first reports came about a week ago According to the report, the first complaints started coming in last week, with…
Cardano Breaks 6-Month Slump, Signaling Potential Altcoin Revival
Today Cardano (ADA) broke above its 6-month range and now follows the movements of large-cap altcoins like Bitcoin Cash ABC (BCH), Dash (DASH) and Ethereum Classic (ETC). Does this mean that altcoins are entirely out of the woods? Crypto market daily performance. Source: Coin360 ADA/BTC breaks above its 6-month trading range Over the past 6 months, Cardano has traded in a sideways accumulation range between 0.000004-0.0000044 satoshis, while the resistance was found at 0.00000535-0.00000545 satoshis. ADA BTC 12-hour chart. Source: TradingView The 12-hour chart shows that the breakout occurred with…
Standard Chartered Invests More Money in Newly Rebranded Trade Finance Startup
Standard Chartered has invested an undisclosed sum into Contour, a Corda-based blockchain trade platform, to streamline transaction settlement processes. Contour, which rebranded from Voltron last week, recently tapped R3’s Asia chief Carl Wegner as CEO in the run-up to a full commercial launch of its digitized letter-of-credit (LoC) service, which it claims reduced processing time for LoCs from two weeks to just under a day in multiple pilot projects. Standard Chartered Global Head of Transaction Banking Lisa Robins said Tuesday the company streamlined the trade process by cutting down on…
Bitcoin Hits $9K on Strong Momentum
Back in 2019, Bitcoin had been in the middle of a massive rally at the beginning of the year, and it seems that there might a repeat this year. In a new development that should come as a major boost to BTC investors, the cryptocurrency surged past $9,000 a token. It is believed that the main trigger behind the rally lies in the latest statement from Twitter’s Jack Dorsey. Key Triggers Dorsey, who is also the Chief Executive Officer of the payments company Square, stated that he is going to…
IBM Secures Patent for ‘Self-Aware Token’ to Record Events of Offline Transactions
Tech giant IBM has been awarded a patent for the development of a “self-aware token” designed to record events of an offline transaction. A patent document filed with the United States Patent and Trademark Office describes a system, which relates to financial data processing in an electronic currency platform, as well as to processing e-commerce tokens, which have involved offline transactions. To track and record events of offline transactions, the system incorporates a so-called “self-aware token.” Tracking and validating offline transactions The document further draws a link between the system…
This Key Market’s Upsurge Shows How Fragile The Dow Jones Really Is
The Dow Jones Industrial Average (DJIA) opened in positive territory this Tuesday after plunging by 2.38 percent in the last two daily sessions. The index bounced by 0.54 percent, or 153.4 points, shortly after the opening bell, its gains led by tech stocks. Apple and Intel both registered early-morning profits after rising 1.4 and 1.3 percent, respectively. 3M (MMM) plunged 4.1 percent after posting weaken-than-expected four-quarter data and revealing details of a restructural plan that would sack 1,500 employees. Dow also held back profits due to weaker performance of other…
This Key Market’s Upsurge Shows How Fragile The Dow Jones Really Is
The Dow Jones Industrial Average (DJIA) opened in positive territory this Tuesday after plunging by 2.38 percent in the last two daily sessions. The index bounced by 0.54 percent, or 153.4 points, shortly after the opening bell, its gains led by tech stocks. Apple and Intel both registered early-morning profits after rising 1.4 and 1.3 percent, respectively. 3M (MMM) plunged 4.1 percent after posting weaken-than-expected four-quarter data and revealing details of a restructural plan that would sack 1,500 employees. Dow also held back profits due to weaker performance of other…
Uphold Introduces Commission-Free Trading for Users
Trading platform Uphold is now offering commission-free cryptocurrency trading, the company announced Tuesday. Following in the footsteps of companies like Schwab and TD Ameritrade that have made trading free of commissions for customers in the traditional markets. Uphold CEO JP Thieriot said the move was based on Uphold’s ability to net trades at a lower cost after gaining more liquidity providers. “In the old paradigm you charged a spread and a fee,” he said. “Now, the fee part has gone away, there’s a spread on anything that’s traded. We’ve gotten…
MARKETS DAILY: Crypto News Roundup for Jan. 28, 2020
Bitcoin rallied to near $9,150 as stocks dropped over Coronavirus fears, plus IBM’s new “Self-Aware Token” approach. Source