May 24, 2020

Ethereum Privacy Protocol Takes Foot Off Brake With Entirely Immutable Contracts

May 24, 2020 boss

Fledgling Ethereum anonymization protocol Tornado.cash has launched completely immutable smart contracts — rendering the protocol “unstoppable” from May 21. While the project has extolled the virtues of immutability and declared that “code is law,” many within the Ethereum (ETH) community are advising against depositing funds into the protocol. Tornado.cash opts for complete immutability Tornado notes that “[t]here are pros and cons” to its dedication to immutability, declaring heightened decentralization and the inability for smart contracts to be altered as positive virtues of the protocol. However, the developers concede that “the…

Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $9,500

May 24, 2020 boss

Bitcoin started a strong downside correction from the $9,945 high against the US Dollar. BTC tested the $8,800 support area and it is currently correcting higher. Bitcoin is trading above the key $8,800 and $9,000 support levels. The price is facing a couple of key hurdles near the $9,400 and $9,500 levels. There is a major declining channel forming with resistance near $9,560 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must surge above $9,500 and $9,560 to avoid more losses in the near…

Coinbase to Custody FTX’s Exchange Token

May 24, 2020 boss

Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22. Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens. Coinbase stated that FTX is its “largest exchange client to-date.” The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage…

The Chinese Yuan is Falling Once Again — and That’s Key for the Bitcoin Bull Case

May 24, 2020 boss

Last year, one of the biggest narratives in the Bitcoin market was that tensions between China and the U.S. — which culminated in a massive trade war — was pushing cryptocurrencies higher. Whenever President Donald Trump tweeted about U.S. relations with China, BTC responded, both rising and falling with the geopolitical trends. Once, when Trump announced that tariffs would be applied to billions worth of Chinese goods, both Bitcoin and the U.S. dollar against the Chinese yuan jumped in tandem. With the Chinese yuan starting to underperform, the narrative that…

The Chinese Yuan is Falling Once Again — and That’s Key for the Bitcoin Bull Case

May 24, 2020 boss

Reddit’s Co-Founder Believes We Are In ‘Crypto Spring’

May 24, 2020 boss

Reddit co-founder Alexis Ohanian has described the virtual currency ecosystem firmly sitting in “crypto spring,” emphasizing the strength of development surrounding meaningful applications for blockchain technology. In an interview with Yahoo Finance published May 23, Ohanian stated: “We really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain.” “We’re seeing really top-tier talent building on this infrastructure […] and that to me is the most interesting part” he added. Crypto is here to stay Ohanian revealed…