Bitcoin’s bounce from key price support is struggling to gather traction. The top cryptocurrency by market value made a reversal from levels near $8,461 (Sunday’s low) during Tuesday’s US trading hours, rising to a high of $8,793 earlier today, according to CoinDesk’s Bitcoin Price Index. The bulls have defended the $8,460 level multiple times since late on Sunday. Tuesday’s bounce was the third successful defense of the former resistance-turned-support of the last 72 hours (bitcoin had dropped back at the same level on Jan. 8). This morning’s spike to $8,793…
Month: January 2020
Chinese Experts Suggest Using Blockchain Tech in ‘Social Credit’ System
Chinese technology experts held a seminar titled “Blockchain technology helps China’s new social credit system” on Jan. 14. English-language news outlet China.org.cn reported on Jan. 22 that over 20 experts from universities, research institutes and businesses attended the event. China’s social credit system is a citizen reputation system that the Chinese government is currently developing. Social credit regional trials began in 2009, while a national pilot started in 2014. Four years after the national pilot began, the efforts were centralized under the purview of the country’s central bank, the People’s…
South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
New report has it that South Korea’s Ministry of Economy and Finance is set to implement a crypto taxation legislation. According to an anonymous source, the topic of taxing crypto users have been in the pipeline for a while now. It is believed that South Korea’s government via the office of the Ministry of Finance has been flirting with a 20 percent tax rule on crypto profits. Going by the recent update, the Ministry of Economy and Finance recently ordered its subdivision, focused on income tax, to review a taxation…
These 3 Reasons Are Why Bitcoin’s Price May Soon Explode Past $10,000
Over the past month, Bitcoin (BTC) has absolutely exploded higher. In fact, the cryptocurrency is up around 40% since the low of $6,400 put in during December of last year. While many analysts have said that this jaw-dropping rally constitutes a macro reversal that will thrust BTC back into a decisively bullish phase, some aren’t so sure. In fact, a number of commentators have suggested that the crypto market’s current price action is eerily reminiscent to that of the middle of July of 2018, which saw Bitcoin see a false…
Digital Chamber Asks Court to Draw Line Between Investment Contracts and Assets in Telegram Case
The Chamber of Digital Commerce, a blockchain advocacy group, wants a U.S. court to distinguish between an investment contract and the underlying asset used by Telegram during a 2018 initial coin offering (ICO). The Digital Chamber submitted an amicus curiae brief – a filing made by someone who is not a party in the litigation – in Telegram’s ongoing fight in court with the U.S. Securities and Exchange Commission (SEC), which alleged the messenger platform violated securities law during its $1.7 billion ICO. The chamber urges the SEC to draw…
Top Crypto Analyst Lays This Case for 100% Cardano (ADA) Price Surge
Near the top of the Bitcoin bull market in 2018, Cardano (ADA) was dominating. Everything. Aside from a few select altcoins in Ethereum, XRP, and BCH, ADA was at the top of the market, rallying on a seemingly strong team and the promise of Cardano becoming the next leading blockchain that could service everything and everyone. But, since then, the cryptocurrency has seen quite the fall from grace. Per TradingView data (seen below), the cryptocurrency has collapsed by 96.74% against the U.S. dollar since the all-time high well above $1.…
Binance Invests in Open-Data Framework Provider Numbers Seeking Product Boost
Cryptocurrency exchange Binance has made an undisclosed investment in open-data framework provider Numbers. Announced in a blog post on Wednesday, Gin Chao, strategy officer at Malta-based Binance, said Numbers’ protocol will bring developers “easy access” to the exchange’s own blockchain – Binance Chain – and could be used features like hardware wallet security, digital signatures and more. Numbers has developed a protocol that it says makes data “open, transparent and traceable,” with use cases in digital identities or supply chain traceability. It’s also built an open-source mobile app that “fingerprints”…
Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
As advancements in blockchain technology increase, there has been a wider debate regarding cryptocurrency and global safety. In an analysis report conducted by Chainanalysis, the findings indicate some concerning issues regarding the use of cryptocurrency. Ibn Taymiyya Media Center (ITMC), the media representative of a terrorist organization called Mujahideen Shura Council, became the first terrorist organization to establish a crowdfunding donation in 2016 using cryptocurrency. The organization guaranteed donors that the money it raised would be used to purchase weapons for terrorist activities. The campaign was called ‘Equip Us’ in…
KuCoin’s PoS Mining Platform Pool-X Launches the World’s First Liquidity Trading Market
Pool-X, the next generation POS mining platform supporting lockup crypto transactions backed by KuCoin, today announced the launch of its Liquidity Trading Market. The market allows users to buy and sell staked digital assets, bringing more flexibility and liquidity to the staking economy. To celebrate the launch of the liquidity market on Pool-X, it will be running an activity where participants can get a share of 5,000 USDT. The PoS (Proof of Stake) consensus algorithm was established in 2012 and has been developing rapidly in recent years. In 2019, the…
Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K
After a strong two week performance that saw Bitcoin (BTC) price rise from $7,700 to $9,200, the top crypto asset appears to be consolidating before making another attempt at $9,200. As this process takes place and Bitcoin’s dominance rate dropped slightly, many altcoins rallied with double-digit gains which brought many to test or even push above their 2-year long descending trendlines. Most notably, the ETH/BTC pair pushed above its long-term downtrend, an occurrence covered in great detail by Cointelegraph contributor Michaël van de Poppe. Cryptocurrency market weekly overview. Source: Coin360…