Day: February 20, 2020

Bitcoin Just Signaled “Sell” And It’s Vulnerable to a Massive Correction

boss

Bitcoin failed to climb convincingly above $10,200 against the US Dollar. As a result, BTC declined heavily below $9,800 and it is now vulnerable for a bigger a correction. Bitcoin price failed to clear the $10,200 and $10,300 resistance levels against the US Dollar. There was a sharp decline below the $10,000 and $9,800 support levels. Yesterday’s major bearish trend line acted as a strong hurdle near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently consolidating losses and it might face…

Fortress Financial Group Increases Buyout Offer for Mt. Gox Claims

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Fortress Investment Group has increased its offer to purchase claims from creditors who lost money in the infamous $480 million Mt. Gox hack. The group, which aims to profit by eventually recovering the Bitcoin (BTC), upped its offer on the cryptocurrency to 88% of the estimated account value. Cointelegraph has reported previously how Fortress calculated offers to creditors. The latest offer of $1300 is significantly higher than the $755 offered in December due to the recent increase in Bitcoin’s value. However, the offer is still discounted “due to the likely…

No, Concentration Among Miners Isn’t Going to Break Bitcoin

boss

CoinDesk columnist Hasu is a pseudonymous crypto researcher publishing analysis for Deribit Insights and his personal blog. A recent TokenAnalyst report claims a single entity could be in control of around 50 percent of bitcoin’s hashrate. The observation is based on the fact that five large mining pools have launched a new cloud mining service as a joint venture. “In 2020, Bitcoin has […] become a highly centralized system that places an increasing amount of trust in a small number of large entities. Any centralization of Bitcoin network hash power…

Ripple (XRP) Showing Signs of Weakness But $0.25 Holds The Key

boss

Ripple failed to clear the key $0.3080 resistance and declined sharply against the US Dollar. XRP price is down 5%, but there are many key supports on the downside. Ripple price started a strong decline after it was rejected near the $0.3080 area against the US dollar. The price is down more than 5% and it is approaching the $0.2680 support area. There was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is…

Gemcoin Founder Admits to Fraud in $147 Million Scheme

boss

Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement. The 62-year-old Southern California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency called Gemcoin (or Gem Coins) that helped fleece $147 million from 70,000 victims. Chen, also known as “Boss,” reported an income of $138,000 in 2014 which is a far cry from the $4.8 million he now admits to pocketing that year. Chen used the proceeds to buy homes and pay for a…

South Korea’s Central Bank Is Building a New Blockchain System for the Bond Market

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The Bank of Korea (BOK) is looking at developing a new blockchain system for the Korean bond market, one of the largest such markets in Asia. Korean financial news site Yonhap Infomax confirmed Tuesday the Korean central bank was looking for a company that can build a new blockchain system that would improve record-keeping for the market. Bond transactions could be recorded on the blockchain and could even form the basis for a “real-time simultaneous payment trading system,” a local official told Yonhap. The system would be designed to be…

South Korea’s Central Bank Is Building a New Blockchain System for the Bond Market

boss

The Bank of Korea (BOK) is looking at developing a new blockchain system for the Korean bond market, one of the largest such markets in Asia. Korean financial news site Yonhap Infomax confirmed Tuesday the Korean central bank was looking for a company that can build a new blockchain system that would improve record-keeping for the market. Bond transactions could be recorded on the blockchain and could even form the basis for a “real-time simultaneous payment trading system,” a local official told Yonhap. The system would be designed to be…

Ethereum Just Reversed and $240 Is Imminent, Here’s Why

boss

Ethereum failed again to surpass the $288 resistance area against the US Dollar. As a result, ETH price declined sharply below $270 and it might soon revisit the $240 support. Ethereum failed on a couple of occasions to surpass $286 and $288 against the US Dollar. The price is down more than 5% and it broke the key $270 support level. There was a break below a key bullish trend line with support near $280 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is also down…

Israeli Banks Should Not Deny Services to Crypto Firms: Attorney General

boss

Israeli banks should not deny services to firms involved with cryptocurrencies, according to Israel’s attorney general Avichai Mandelblit. Instead of halting financial services for all crypto firms, banks should closely examine each case for indicators of money laundering risks or other illicit financial practices, Mandelblit told the Tel Aviv District Court. Mandelblit’s stance purportedly opposed to a position by Israeli central bank Mandelblit’s stance — reported by Israeli news agency Globes on Feb. 19. —  is in opposition to the view of the country’s central bank, the Bank of Israel.…

It Is Real and It Is Here

boss

Every week sears a new image of climate change into our collective consciousness. A few decades ago, we heard about ozone holes and ice melting at slightly higher rates than anticipated. Today, the reminders of climate change are more visceral and immediate: California’s hills and forests burn, Venice’s city council chamber floods, and Iceland holds a funeral for a glacier.  The United Nations held a global Climate Summit at the end of September last year, though there were real disappointments — with the United States notable for its silence. Political…