Day: February 17, 2020

A $2M Bitcoin Long Just Got Liquidated on Binance; Start of a Steep Correction?

boss

Bitcoin took a substantial hit in trading on Monday, moving from $10,000 to $9,452, in just fourteen hours. The drop, which largely came on profit-taking sentiment, also saw Binance Futures registering one of its biggest long liquidations: worth $2 million. The overleveraged exit order did not switch Bitcoin’s long-term bias – which remains bullish, but it still ended up leaving the market sentiment in distaste. The position showed how bulls feel threatened by the cryptocurrency’s sharp retracement from $10,500-resistance. The downside moves prompted them to close their highly-leveraged Long positions.…

PlayStation Forums Shutting Down This Month

boss

Sony has announced it is shutting down the official PlayStation Forums on Feb. 27. From that point on, you’ll have to get your support through official channels. This is a further sign of forum obsolescence in today’s digital landscape. Forums used to be pretty important places to internet users. It’s difficult to find anyone who was online in the 90s and 2000s who doesn’t have fond memories of some forum or another. The official PlayStation forums would probably be included in that. It seems like an era is coming to…

Blockchain Deployment Rises Amid Coronavirus Outbreak

boss

Amid the ongoing coronavirus epidemic, China has turned to blockchain technology to manage medical data, track supply of virus prevention materials and consult the public. For the first two weeks of February, China saw the launch of as much as 20 blockchain-based applications designed to help fight the coronavirus outbreak, domestic news outlet People’s Daily Online reported on Feb. 17. Most of the apps are used to manage citizens’ personal data as many people are returning to work this month. Blockchain is on guard for medical data security Local authorities…

Speculation Undermines Crypto Prices and Utility, Says Bank of England Senior Economist

boss

Speculation creates congestion on the blockchain that harms a cryptocurrency’s utility and overall value, a senior economist at the Bank of England (BoE) has said. Peter Zimmerman, who has been a senior economist at the U.K. central bank since 2007, argued in a working paper published Friday that speculation undermines the effectiveness of cryptocurrencies to function as a means of payment. Because blockchains have a limited processing capacity, periods of high usage make transactions slower and more expensive, the paper observes. Assuming a cryptocurrency’s value derives from its utility as…

Trump’s NASCAR Campaign Rally Precedes #Daytona500 Washout

boss

Donald Trump’s appearance at the Daytona 500 yesterday was mired by the race’s postponement, due to rain. Fans blame Trump for pushing back the start of the race. The incident is representative of Trump’s presidency as a whole. Donald Trump has postponed the Daytona 500. Yes, the 45th President kicked off the NASCAR season in Daytona Beach, Florida yesterday. But while he served as grand marshal for the race, he turned the event into a glorified campaign rally. And now, fans blame him for effectively calling the race off, since…

Bitcoin Ready to Explode, According to This Key Metric

boss

Crypto enthusiasts are still divided on whether the halving is already priced in. Google Trends data reveal that the search term “bitcoin halving” is gaining traction. Analysts believe that bitcoin will soar after the halving generates media hype. The highly-anticipated bitcoin halving is months away and many traders are still undecided whether the event is priced in or not. To provide some context, the top cryptocurrency is up by over 50% from the 2019 bottom. In the previous two halvings, bitcoin soared by at least 2,902%. It’s very unlikely that…

Bitcoin Price Dips Below $9.5K as Whale Deposits 600 BTC to BitMEX

boss

Bitcoin (BTC) fell below $9,500 for the first time in almost two weeks on Feb. 17 as downward pressure continued to pressure markets. Crypto market weekly price chart. Source: Coin360 BTC further rejects $10K Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting twelve-day lows of $9,485 on Monday. At press time, the BTC price was struggling to find support at $9,500.  The shift lower followed a four-day slide for Bitcoin, which had topped out at $10,500 before seeing considerable resistance kick in.  Some traders appeared worried, as evidenced by…

India’s Citizens Will Vote With Blockchain, Election Commissioner Says

boss

India’s citizens will soon be able to cast votes from outside their city of registration thanks to a blockchain-based system. According to The Times of India on Feb. 13, India’s Chief Election Commissioner Sunil Arora said that the country hopes to increase voter turnout with a blockchain-based voting solution. Using blockchain to prevent “lost votes” Arora said that, in the 2019 elections, 300 million eligible voters did not vote because they were either not politically engaged or were far from where their registered voting district on election day. The Times…

Crypto Exchange FCoin Insolvent After Revealing Up to $130M Bitcoin Shortfall

boss

FCoin, a crypto exchange that adopted the controversial “trans-fee mining” model, has paused trading and withdrawal as it reveals a shortage of crypto assets worth up to $130 million. Zhang Jian, the former Huobi CTO who launched FCoin in May 2018, wrote a lengthy post on Monday, saying the exchange is now unable to process users’ withdrawal demands as its asset reserve has fallen short of its liability – and the gap is estimated to be about 7,000 to 13,000 bitcoin. The post, first published in Chinese and later translated on…

Bitcoin SV Dips 33% amid Altcoin Season Bust and More Losses are Coming

boss

The altcoin market is bleeding red and Bitcoin SV (BSV) is its most injured pawn. The fifth-largest cryptocurrency on Monday slipped by circa 10 percent to establish a new intraday low at $256.66. The move downhill came as a part of a larger bearish correction that started last week when BSV was trading at $382.70. Bitcoin SV loosening its grip on bulls | Source: TradingView.com, Coinbase As usual, traders used the said local top for profit-taking – and the price dipped by 33 percent so far into the retracement. But…