Day: February 17, 2020

Chinese Blockchain Startup Hires VC Exec to Lead North American Expansion

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Blockchain startup Conflux has hired Eden Dhaliwal, the former head of crypto at Outlier Ventures, as a managing director to lead its expansion in North America.  The Beijing-based firm is set to open an office in Toronto within two weeks. It is assembling a ten-person team to conduct research and seek local investors and business partners, Dhaliwal said.  “Generally, our network is going to be a pathway and conduit into the China market for our partners in North America, given our traction in the country,” he said.  The startup’s global…

Crypto-Friendly Presidential Candidate Andrew Yang Considering a Mayoral Run?

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“See you back in New York,” Andrew Yang said as he ended his campaign for US president.   Cryptocurrency holders saw an ally in 2020 presidential hopeful Andrew Yang, so the news that he was suspending his campaign on Feb. 11 came as a major disappointment. As one of the outspoken candidates on blockchain and crypto, Yang outlined his plans for the cryptocurrency industry and discussed implementing blockchain-based mobile voting for the upcoming election. One of the political action committees (PAC) supporting Yang even allowed donations in Bitcoin. Yang’s progressive ideas…

$9,000: Bitcoin Breakdown Might Be The Real Deal As Altcoins Plunge

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Bitcoin was rejected near the $10,500 area against the US Dollar. BTC could extend its decline as Ethereum and ripple are down more than 10%. Bitcoin price is under pressure below the $10,000 support area against the US Dollar. The bears seem to be in control as the price even failed to stay above $9,800. There is a short term declining channel forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). Ethereum and ripple are gaining bearish momentum and are down 11%…

Binance Takes Additional Steps to Tap Singapore’s Crypto Market

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The Monetary Authority of Singapore recently opened its doors to crypto by introducing the Payment Services Act. This policy is intended to regulate cryptocurrency payments and trading using regulations that currently govern traditional fiat payment services as a guideline. Any interested parties must apply for the appropriate licenses in Singapore, including a standard payment institution license, a money-changing license, and a major payment institution license. According to a Feb. 17 Bloomberg report, one of the world’s largest crypto exchanges has done just that. Binance, with headquarters in Malta but also…

Ripple (XRP) Nosedives Below $0.30: Is This Fresh Decline or Just Correction?

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Ripple declined heavily from well above $0.3200 against the US Dollar. XRP price even dived below $0.3000 and it could continue to move down in the near term. Ripple price fell sharply after the bears were able to clear the $0.3000 support against the US dollar. The price traded as low as $0.2677 and it is currently correcting losses. There are two connecting bearish trend lines forming with resistance near $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken). The price must climb back…

Ethereum Tumbles 8%: Here’s Key Support Turned Resistance For The Bulls

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Ethereum started a sharp decline below the $265 and $260 support levels against the US Dollar. ETH even tumbled below $250 and it is currently correcting losses. Ethereum is down more than 8% and it even spiked below the $250 support against the US Dollar. The price traded as low as $236 and it is currently recovering losses. There is a major bearish trend line forming with resistance near $264 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is also under pressure and it is trading…

Crypto Games, a Market in the Making of Its Own Fortune

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Since the release of a game called CryptoKitties in November 2017, the concept of nonfungible tokens has been rooted in the minds of developers and crypto investors alike. The year 2019 was groundbreaking, with large, multinational companies beginning to draw attention to the new sector of digital assets and develop their own projects. In 2020, however, new games backed by different technologies are starting to emerge. So, what does 2020 hold for crypto games? Tokens that cannot be changed There are a lot of fungible tokens that the crypto community…

Bitcoin Mining Unit Manufacturer MicroBT Nibbles at Bitmain’s Market Share

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Bitcoin miner maker MicroBT has rapidly expanded market share by selling over half a million units in 2019, chipping away at rival Bitmain’s dominance. MicroBT sold about 600,000 units of its flagship WhatsMiner M20 series last year, Vincent Zhang, sales head of the Shenzhen-based company, said in an online panel hosted by Chinese mining pool Poolin on Thursday in a WeChat group. These products generate a computing power of about 60 terahashes per second (TH/s) on average, he said. That means the newly delivered 600,000 units may have contributed over…

Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips?

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Bitcoin (BTC) price reached a new 2020 high on Feb. 13, 2020, crossing $10,497 following a 42% gain since the start of the year. This appreciation in price has led crypto analysts to suggest that a new bull run is in its early stages and some estimate that the price will reach a new all-time high at $27,000 by summer. Other analysts believe the price will reach the coveted $100,000 mark right before the start of 2021. Cryptocurrency market daily overview. Source: Coin360 Alongside Bitcoin’s price gain, altcoins have been…

More On-Ramps, Liquidity, Options: Why Bitcoin’s Next Bull Run Will Be Different

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Bitcoin’s next bull run will look very different from the last one. In 2017, BTC took the elevator to $20K before following the stairs down to $3K over the course of 12 months. In 2020, as bitcoin prepares for its halvening – followed by another potential price run – the cryptocurrency landscape looks very different. Here’s what’s improved since 2017. Also read: Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC More Fiat Gateways In 2017, getting funds into crypto called for routing them via dubious banks, paying dearly for…