Month: March 2020

Jeffrey Wernick on Cointelegraph China Focus

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Welcome to Cointelegraph China Focus. Focus is a new talk show series launched by Cointelegraph China that covers the hottest topics from around the world. Cointelegraph China Focus invites blockchain industry leaders from all around the globe to participate in discussions. The show is hosted by Vadim Krekotin, the co-founder and CEO of Cointelegraph China. Jeffrey Wernick is a postgraduate student at the University of Chicago studying economics and finance. He has studied under several Nobel laureates, is a successful entrepreneur and is a seasoned private investor in various asset…

Bitcoin Trading Near Make-or-Break Levels: Can Bulls Make It?

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Bitcoin is currently correcting higher from the $3,906 swing low against the US Dollar. BTC is now forming a crucial breakout pattern, which is likely to decide the next move. Bitcoin price seems to be facing a lot of hurdles on the upside near $5,500 and $5,950. The price is now trading well below $6,500 pivot area and the 100 simple moving average (4-hours). There is a crucial contracting triangle forming with resistance near $5,350 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could…

Ethereum Signaling Bearish Continuation To $100: Here’s Why

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Ethereum corrected higher after a massive decline towards $90 against the US Dollar, similar to bitcoin. ETH price is struggling to correct above $130 and it could resume its decline. ETH price is showing a few bearish signs below the $130 and $140 levels against the US Dollar. The price is trading with a bearish angle, with supports near $110 and $105. There are two bearish trend lines forming with resistance near $130 and $142 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair remains at a…

Ethereum Volume Influenced by Twitter Activity, New Data Reveals

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Ether (ETH) price lost more than 40% this week, even hovering around $100 on the day which is now being considered the new Black Thursday in crypto and traditional markets. In recent hours Ether has bounced back slightly to trade in the $120 to $130 range. Cryptocurrency market weekly overview. Source: Coin360 However, in 2017 Ether and Bitcoin saw a great increase in prices and also in the number of tweets mentioning Ethereum. The number of tweets reaching an average of 12,622 daily tweets during that year. However, in 2018,…

Canaan Sued Over Alleged ‘Fake’ Deal, Stock Sees Historic Low

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While the current climate seems uneasy for all cryptocurrency businesses, some of them have to deal with extra difficulties. Earlier this month, investors filed a class-action lawsuit against Canaan, a Nasdaq-listed cryptocurrency mining hardware producer. The case is largely based on a February report submitted by an analysis organization called Marcus Aurelius Value, which argued that the mining firm has made misleading statements regarding its financial health. The second-largest Bitcoin mining operation is in trouble Canaan is considered to be the second-largest Bitcoin (BTC) mining machine manufacturer in the world.…

Binance to Launch Fiat Support in South Africa, Donate $1M to Blockchain Education

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Binance CEO Changpeng Zhao has announced that the company will launch a fiat gateway for South African users, allowing them to make Rand deposits. The announcement was made on day one of the Blockchain Africa conference being held in Johannesburg this week. CZ confirmed that South African traders would soon be able to make Rand deposits on the platform through the Binance website. This is part of an ongoing push into Africa that started in Uganda in 2018: “Africa illustrates one of the largest demands and instrumental use cases for…

Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

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Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high. Unfortunately, a key signal suggests that the prospects of recovery may be diminishing. Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions Key Bitcoin Signal Seems Poised to Flash While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always…

Bitcoin Fell 50% From $6,000 After This Signal Appeared, and It’s About to Happen Again

boss

Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high. Unfortunately, a key signal suggests that the prospects of recovery may be diminishing. Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions Key Bitcoin Signal Seems Poised to Flash While many stories in the media paint Bitcoin mining as a key to easy riches, this isn’t always…

With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30%

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Prior to the market carnage on March 12, the Grayscale Bitcoin Trust (GBTC) had acquired over 300,000 BTC. Grayscale’s trust has been one of the longest-running FINRA approved investment vehicles with bitcoin assets under management. On Feb. 5, GBTC shares climbed more than 10% that week and investors were also paying a 20-30% premium. Since then and after the market downturn on Thursday, GBTC shares are down 45% from $11.52 to $6.32 per share. Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide The Grayscale…

Bitcoin CME Futures Volume Dropped — Did Institutions Jump Ship?

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Over the past two years Bitcoin (BTC) futures trading on CME (Chicago Mercantile Exchange) has grown in importance for institutional investors. However, a popular misconception among traders is to attribute an unwarranted amount of importance to futures market activity and its impact of spot prices. It is important to highlight that despite trading under the BTC ticker, CME futures are financially-settled and therefore does not involve the actual exchange of Bitcoins. Lately, the topic of open interest on Bitcoin options has been an extremely popular topic of discussion in crypto…