Day: March 9, 2020

Bitcoin, Ether, and XRP Weekly Market Update March 9, 2020

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The total crypto market cap lost $20.5 billion from its value for the last seven days and now stands at $225.5 billion. The top 10 currencies are all in red for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the worst performers with 16.8 and 15.3 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at 7,759 while ether (ETH) moved down to $197. Ripple’s XRP fell to $0.202. BTC/USD Bitcoin closed the trading day on Sunday, March 1 without any…

Bitcoin Drop Due to 13K BTC PlusToken Scam, Not Coronavirus — Analysts

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Bitcoin (BTC) began its sudden crash due to another giant sell-off from the PlusToken pyramid scheme, analysts are suggesting as BTC/USD lost $8,000 support. According to various online commentators citing Blockchain data, participants in the $2.9 billion scheme are again attempting to rid themselves of their BTC. Mixer moves likely mean selling Ergo, the Twitter account that closely tracks PlusToken’s activities, put the total funds involved at around 13,000 BTC or roughly $210 million at the current market price. This time, Ergo said, the coins were going to mixing services…

China’s Central Bank to Inject $4.7M into Blockchain Trade Platform

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The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research and development projects. The blockchain platform was initially revealed by the PBoC in Shenzhen during September 2018. The platform is intended to facilitate transfers and create an untamperable ledger for secure information sharing between businesses and government departments.  Blockchain drives efficiency savings for Chinese corporate financing By mid-January, it was estimated that the platform…

Ethereum-Based Card Game from Horizon Raises $5 Million

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Companies designing digital trading cards and online games are continuing to show their ability to rake in the big bucks in the blockchain world. According to TechCrunch, Horizon Blockchain Games raised $5 million in capital for their game SkyWeaver. The principal investors included Initialized Capital, with additional funds from Regah Ventures, ConsenSys, Digital Currency Group, Polychain Capital, Golden Ventures, and CMT Digital. This investment is an extension of a 2019 seed funding round, in which Horizon raised $3.75 million. SkyWeaver is a “free-to-play trading card game that unifies the best…

Bitcoin Tanks as Low as $7,700 In Brutal Sell-Off: Is There Hope of Recovery?

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Since our last market update, Bitcoin hasn’t fared any better; just minutes ago (as of the time of this article’s writing), the cryptocurrency was trading at $7,700 — the lowest the asset has traded at since mid-January, amid the breakout that brought it as high as $10,500. This means that at the worst of the sell-off today, BTC had posted a nearly 17% loss from the $9,250 high seen on Saturday just 36 hours earlier. Ouch… This whole sell-off liquidated more than $200 million worth of BitMEX long positions, which…

Bitcoin Price Loses $8K, Oil -30%, DOW Futures Plunge

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Bitcoin (BTC) closed the week at $8,024, a shocking 9.92% loss and a new weekly low not seen since January 13 when the asset traded for $7,946. The abrupt correction took place as DOW, S&P 500 and oil futures plummeted as investor fears over the economic impact of the coronavirus continue to intensify.  Crypto market daily price chart. Source: Coin360 Coronavirus fears grip the global economy Dow futures dropped more than 1,200 points (4.6%), S&P 500 futures fell 4.89% and Brent Crude fell 30%. The volatility in oil futures appears…

Nippon Express Developing Blockchain Transport Network

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A Japanese logistics company is planning to incorporate a blockchain network into a new transportation system to be developed next year. According to an article from the Nikkei newspaper, Nippon Express plans to invest up to 100 billion yen — approximately one billion USD — into a blockchain-based transportation network for pharmaceuticals. The Tokyo-based company intends to develop its own line of drugs starting in 2021, which will require real-time tracking of products through warehouses and status updates for quality control teams.  Partnering with Accenture and Intel  Nippon Express will…

Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch

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Bitcoin is down close to 10% and it broke the key $8,000 support against the US Dollar. BTC price is now vulnerable, but the $7,500 support area could spark a decent recovery in the near term. Bitcoin is declining heavily below the $8,200 and $8,000 support levels against the US Dollar. The price broke many key supports, including the 100-day SMA. There was a break below a major bullish trend line with support at $8,670 on the daily chart of the BTC/USD pair (data feed from Kraken). The next major…

Ripple (XRP) Is Plunging And Remains Vulnerable To A Drop Below $0.20

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Ripple is down more than 10% and it tagged the $0.2000 support against the US Dollar. XRP price is currently correcting higher, but upsides are likely to remain capped near $0.2150. Ripple price is showing a lot of bearish signs below the $0.2200 and $0.2150 levels against the US dollar. The price tested the $0.2000 support area and it remains at a risk of more losses. There is a major contracting triangle forming with support near $0.2038 on the hourly chart of the XRP/USD pair (data source from Kraken). The…

Ethereum Nosedives 15% and $185 Is Looming: Here’s Why

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Ethereum is down close to 15% and it broke the key $215 support against the US Dollar. ETH price remains at a risk of more losses below the $200 and $195 support levels. Ethereum is trading in a nasty downtrend below the $220 support area against the US Dollar. The price even spiked below the $200 handle and it might continue to move down. There is a key declining channel forming with resistance near $205 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is down close…