Day: July 6, 2020

Digital Yuan Will Have a Hard Time Displacing Tether in Asia

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China’s central bank digital currency is usually identified as a way to challenge the dominance of the U.S. dollar, not Bitcoin (BTC). But it may struggle to find adoption in niches where crypto versions of the dollar thrive, primarily Tether (USDT). At the Unitize panel on Monday, Charles Yang from Genesis Block explained why the DCEP, commonly referred to as digital yuan, is not particularly attractive as a crypto replacement. Speculation and payments Yang identified two key drivers of crypto adoption, specifically in Asia. The first is speculation, noting that…

Ethereum‘s “Monthly Pivot” Could Signal That a Major Rally is Brewing

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Ethereum has flashed some significant signs of strength after posting an intense recovery yesterday. The cryptocurrency is now back within the boundaries of its multi-month trading range, and buyers appear to be attempting to establish its recent lows as a long-term bottom. Overnight, sellers pushed it as low as $222 – just a hair above its crucial high time frame support at $220. The dip to this level catalyzed a significant amount of buying pressure, which was further perpetuated by Bitcoin’s surge from $8,900 to highs of $9,300. ETH is…

Chinese Courts Use Blockchain for Property E-Sealing

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Several courts in China have implemented blockchain technology as a way to secure properties with an electronic seal. The Executive Bureau of the People’s Court in Haidian District, Beijing, has reportedly deployed a blockchain-based electronic seal to secure a property in Chaoyang district. E-sealing system applies blockchain to protect the property By applying blockchain-powered e-sealing, courts are able to securely monitor a property in real-time with help of video surveillance, local news agency the Global Times reported on July 5.  Specifically, if the property is disturbed or being damaged, the…

Blockchain Firm Bluzelle Uncovers a Critical Bug in Cosmos’ Consensus Algorithm

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Decentralized data network Bluzelle (BLZ) discovered a bug in the Tendermint consensus algorithm used by the Cosmos (ATOM) interchain protocol. According to a Bluzelle announcement shared with Cointelegraph on July 6, the firm discovered a bug in Tendermint during its validators competition. The competition, which involved 220 participants maintaining a Tendermint-based a testnet, at one point saw the blockchain halt completely due to the bug. The bug was already patched Validators participating in the competition were unable to resume their activities even after the blockchain was restarted. Bluzelle sent an…

THIS IS THE CRITICAL MOMENT! Ripple XRP Price Chart and Altcoins Hit KEY LEVEL

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Over the last few days the cryptocurrency market has reached a critical leevel, the 0.702 Fibonacci Retracement level for the Total Altcoin Market Cap. This is the key level that must break for us to remain optimistic about this bullish cycle for the market. The Ripple XRP chart has nearly reached the 200-day moving average, the Altcoin market has pressed right under $92 Billion, the total market cap for crypto has hit $271 Billion. All these prices are right under major resistance.…

What Is Yield Farming? The Rocket Fuel of DeFi, Explained

It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up. According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV. Debate juxtaposing these numbers if you like, but what no one can question is…

Here’s Why the Chinese Stock Market’s Rally Might Boost Bitcoin

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The Chinese stock market has found itself caught within the throes of a fresh bull market, and it could create a tailwind that lifts Bitcoin. After facing the dire implications of the ongoing pandemic that originated within China’s borders, the country’s investors appear to be moving on, now helping to fuel a fresh bull market. The country’s benchmark stock indices all saw massive growth during their latest trading session, with the Shanghai Composite even seeing its best single-day percentage gain since 2015. A few simple factors are driving this fresh…

Bitcoin News Roundup for July 6, 2020

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With bitcoin volatility sinking, lightning payments to your bank account and real world accountability on the blockchain, CryptoX’s Markets Daily is back for your BTC news roundup! Bitcoin’s positive correlation with stocks continues Monday, with the cryptocurrency drawing bids alongside gains in global equities.  Lightning Network startup Zap, Inc. is partnering with Visa to offer the most user-friendly bitcoin services since Cash App. The grant will also allow Oxfam to scale the project across the Pacific region and explore its potential in sub-Saharan Africa and the Caribbean. Fantom is launching…

Gibraltar Watchdog Grants License to Belarusian Crypto Platform

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The Gibraltar Financial Services Commission, or GFSC, issued a new distributed ledger technology license to the Belarus-based cryptocurrency platform, Currency.com, on July 6. According to the announcement, the platform will be allowed to use DLT to store or transmit value belonging to others in connection with the provision of dealer and custody services thanks to the license granted by the GFSC. Jonathan Squires, CEO of Currency.com, gave some insight into the company’s intentions for the license: “Our operations in Gibraltar are part of our commitment to expanding across the globe,…

Akon’s DLT Startup to Set up a Blockchain Hub in Kenya in Q4 2020

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Akon, a famous Senegalese-American musician and a known blockchain supporter, is setting up a blockchain hub in Kenya. Dubbed the “Kenyan Opportunity Hub”, the new venture aims to promote blockchain and artificial intelligence, or AI, education. They also hope to provide Kenyans with more work opportunities. First African blockchain hub launched by Akoin and Effect.AI A joint initiative of Akon’s blockchain startup Akoin and EOSIO-powered project Effect.AI, the hub is set to launch in Q4 2020 and will be the first initiative of its kind in Africa, the companies announced…