Day: March 6, 2020

Bitcoin Price Flips $9K Resistance as Dow Jones Leads Coronavirus Woes

boss

Bitcoin (BTC) price held $9,000 on March 6 as the spread of coronavirus played havoc with traditional markets. Cryptocurrency market daily overview. Source: Coin360 Bitcoin turns $9K from resistance into support Data from Coin360 and Cointelegraph Markets painted a buoyant picture for BTC/USD on Friday, the pair hitting local highs of $9,190. After reclaiming the $9,000 mark a day earlier, that level functioned as support overnight, with Bitcoin fluctuating around $9,100 as of press time. Bitcoin 1-day price chart. Source: Coin360 Stocks conversely saw another day of mayhem to close…

Switzerland’s Crypto Valley Association Head Says CBDC Is a Good Idea

boss

In an exclusive interview with Cointelegraph, Crypto Valley Association President Daniel Haudenschild said that central bank digital currencies are “the next logical stage.” Haudenschild explained to Cointelegraph that he believes CBDCs are the next stage “in evolution for decentralized finance.” He also claimed that there are currently 34 CBDC projects. According to him, such digital currencies represent a new era of governments and traditional finance that recognize the potential of digital assets. Central banks innovate to avoid being left behind Fear of being left behind, Haudenschild admitted, is a major…

Crypto Has Left Cypherpunk Roots to Mimic Traditional Finance, Says UK Regulator

boss

How worried should international regulators be about the cryptocurrency industry? Not overly, a British financial crime expert has claimed. Therese Chambers — director of retail and regulatory investigations at the United Kingdom’s Financial Conduct Authority — made the argument at the New York University School of Law on March 5, in a speech entitled “The Advancement of Digital Assets and Addressing Financial Crime Risk.” No longer radical? In her address, Chambers acknowledged that the premise of blockchain “comes from a libertarian strand of ideology which eschews identity checks and advocates…

Investors Frantically Rush to Bitcoin, Gold, and Bonds as Coronavirus Fear Spikes

boss

Bitcoin holds above a key support level of $9,000 amidst growing demand for safe-haven assets. The cryptocurrency is eyeing a break above $9,500 to confirm a medium-term bullish bias. Rising cases of Coronavirus in the US has led investors to withdraw from equities this week. Gold and bonds have inched higher, meanwhile. The last couple of weeks saw an intense selling action in both equities and safe-haven markets, including bitcoin. When the US stock indices plunged to their record lows, the market also saw gold and bitcoin heading to lower…

French Commerce Court Likens Bitcoin to Currency in Recent Ruling

boss

A French commerce court has classified Bitcoin (BTC) as currency during a recent trial. Local news outlet Les Echos reported on March 5 that the Commercial Court of Nanterre decided on Feb. 26 to qualify Bitcoin as a fungible interchangeable asset that is not individualizable, just like fiat money. The ruling was part of a dispute between French cryptocurrency exchange Paymium and alternative asset investment firm BitSpread. Per the report, Paymium loaned 1,000 BTC (over $9.1 million as of press time) to BitSpread in 2014. When holding the leased 1,000…

Analyst Who Predicted Bitcoin’s Rally to $9,000 Says Ethereum Is Preparing to Explode

boss

Bitcoin’s and Ethereum’s strong surge to kick off 2020 has caught many traders aback. Case in point: each leg higher in the price of BTC during January and February was marked by dozens of millions of dollars worth of short liquidations on margin trading platforms like BitMEX. While the majority seem to have been caught off guard, one trader called the crypto market’s then-emerging uptrend: Tyler “Sawcruhteez” Coates. Just a day after New Year’s Day, the prominent trader claimed that Bitcoin was starting to show signs it was forming a…

Analyst Who Predicted Bitcoin’s Rally to $9,000 Says Ethereum Is Preparing to Explode

boss

Bitcoin’s and Ethereum’s strong surge to kick off 2020 has caught many traders aback. Case in point: each leg higher in the price of BTC during January and February was marked by dozens of millions of dollars worth of short liquidations on margin trading platforms like BitMEX. While the majority seem to have been caught off guard, one trader called the crypto market’s then-emerging uptrend: Tyler “Sawcruhteez” Coates. Just a day after New Year’s Day, the prominent trader claimed that Bitcoin was starting to show signs it was forming a…

Major Brazilian Sports Entrepreneur Tokenizes Soccer Players

boss

André Figer, vice president of one of the largest sporting career management companies in Brazil, has his eyes firmly set on tokenizing soccer players.  The well-known entrepreneur told Cointelegraph Brazil that blockchain technology and athlete tokenization has the potential to transform the management of sport worldwide.  The Figer Group has been involved in many significant moves in the soccer world, including the move by midfielder Giovanni to Barcelona, the purchase of Robinho by Real Madrid as well as the midfielder Júnior Urso for Guangzhou R&F of China. Tokenization can support…

Nike Explores Blockchain for Supply Chain Data Collection

boss

The Chain Integration Pilot (CHIP) of the Auburn University RFID Lab in Alabama has published a proof-of-concept whitepaper that seeks to demonstrate the efficiency savings blockchain technology can unlock across the contemporary supply chain.  The proof-of-concept was designed to ingest, encode, distribute, and store serialized data from multiple points throughout the supply chain on Hyperledger Fabric.  The pilot collected live data from brands Nike, PVH Corp., and Herman Kay, and major United States retailers Kohl’s and Macy’s. CHIP was launched in 2018 and claims to be the first supply chain…

Reserve Bank of India to Appeal Supreme Court’s Crypto Decision

boss

The Reserve Bank of India (RBI) is planning to file a petition against the recent landmark judgment made by the Supreme Court that nullified the controversial banking ban it imposed on companies transacting in cryptocurrencies. According to a report by The Economic Times on March 6, the RBI is worried that the court’s decision could lead to cryptocurrency trading and put the banking system at risk. Challenging the Supreme Court’s decision As Cointelegraph reported, on March 4 the Supreme Court nullified the RBI’s blanket ban on banks dealing with crypto…