Month: March 2020

Bitcoin Near Key Fib Extension Resistance, Can Bulls Spark A New Rally?

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Bitcoin is up more than 10% and it broke the key $6,400 resistance against the US Dollar. BTC price is now trading near the $6,650 resistance, above which it could surge to $7,000. Bitcoin is gaining traction and it recently climbed back above $6,200 against the US Dollar. The price is now trading above the $6,400 level, but struggling to clear the $6,650 resistance. Yesterday’s major contracting triangle was breached with resistance near $6,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely…

Indian Crypto Exchange CoinDCX Raises $3 Million in Series A Round

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A recent funding round has just added quite a bit to an Indian crypto exchange’s coffers. Mumbai-based exchange CoinCDX announced on March 24 it had received $3 million in new funding. The Series A round was led by Bain Capital Ventures, Polychain, and HDR Group.  CEO and Co-founder of CoinDCX, Sumit Gupta, said that the funding would provide the means for the exchange to further the mass adoption of crypto in India:  “As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This…

Ripple (XRP) Breaking This Single Level Will Spark a Sharp Rally

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Ripple is showing a few positive signs above the $0.1550 resistance against the US Dollar. XRP price is likely to surge further if it clears the $0.1620 resistance area. Ripple price is up more than 6% and it traded above the key $0.1550 resistance against the US dollar. The bulls are now fighting to clear the $0.1620 and $0.1625 resistance levels. There was a break above a major bearish trend line with resistance near $0.1520 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is…

Ethereum Rallies 10% and Primed To Continue Higher Towards $150

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Ethereum is up around 10% and it traded above the key $130 resistance against the US Dollar. ETH price is likely to continue higher towards the $150 resistance if it clears $140. Ethereum is showing a few positive signs above the $135 level against the US Dollar. The price is now approaching the key $140 resistance area. There was a break above a major bearish trend line with resistance near $126 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is up close to 12% and it…

Bitcoin Price Turns Bullish as Traders Fight to Flip $6,400 to Support

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Bitcoin (BTC) price perked up today, rallying from $5,688 to a daily high at $6,600. The digital asset defied the worst fears of analysts by holding above the $5,400 support and currently Bitcoin continues to show growing strength in the face of wilting equities markets.  Interestingly, gold and silver prices also rallied 4.42% and 5.94% as the S&P500 and Dow closed the day with moderate losses. This could indicate that market participants who recently exited their stock positions could be looking for shelter and growth in store-of-value assets.  Thus, crypto…

Monex Group Includes Bitcoin in Year-end Shareholder Benefit Package

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Tokyo-based financial services company, Monex Group, recently announced that shareholders in the firm will receive bitcoin as part of the year-end benefit package for 2019.  500 Yen Worth of Bitcoin for Coincheck Users The company made the announcement on Monday, March 23, 2020. According to the Japanese firm, shareholders will receive 500 yen ($4.5) worth of bitcoin as a year-end benefit for the fiscal year 2019. Also, the BTC will be issued to shareholders who hold company shares as of March 31, 2020.  Although it is not the first time Monex…

The Internet Is Space, Bitcoin Is Energy, What Is Matter?

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The most defining element of humanity is our ability to create. When this ability is fully channeled, all of our human experience is expressed as divine works that is greater than ourselves. Examples of this expression can be seen in the works of Beethoven, Picasso and Edgar Allen Poe. What is most unique about this ability is when a collective assembles and channels this ability into something far greater. The seven wonders of the ancient world become the defining paradigm of human beings. In modern times, there have been some…

In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked

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Amid contentious debate over the massive stimulus package in response to the coronavirus pandemic, Democrats in the United States House of Representatives look to implement the digital dollar to streamline payments to U.S. citizens outside of the traditional financial system. A digital dollar for direct payments to families  A draft of the legislation circulating as of March 23 proposes the creation of digital wallets for U.S. citizens to be maintained by the Federal Reserve within a section entitled “Direct Stimulus Payments for Families.”  The section envisions $2,000 monthly payments to…

Alongside Market Relief Package, US CFTC Warns of COVID-19-Linked Crypto Scams

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United States derivatives markets regulator, the Commodity Futures Trading Commission (CFTC), has joined the list of global authorities warning the public against cryptocurrency scammers trying to capitalize on the widespread coronavirus fears. In a statement issued on March 19, the CFTC highlighted that fraudsters commonly use major news events like the spread of COVID-19 in order to add credibility to their scam schemes or manipulate emotions. CFTC sees increased complaints involving crypto or forex-related scam schemes According to the statement, the agency has received hundreds of fraud complaints involving online…

Celo’s Blockchain Accelerator Invites Devs to Compete for $25K

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Open-source project Celo is calling on blockchain innovators to participate in CeloCamp, an entrepreneurial initiative that seeks to highlight the potential of global financial inclusion, mass adoption of digital money and the acceleration of blockchain startups. With its new phase announced on March 20, the initiative is reportedly backed by more than 80 companies, venture firms, experts and individuals. CeloCamp aims to help decentralized technology entrepreneurs, speeding up their projects and supporting them through funding. The “CeloCamp Blockchain Accelerator” website says that they will distribute $25,000 in contest prizes during…