Day: July 6, 2020

CEO of Alleged $16M Cryptocurrency Scam Declared Bankrupt

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Willie Breedt, a South African national accused of stealing up to $16.3 million from around 2,000 investors via his VaultAge Solutions scheme, has reportedly been forced into bankruptcy by a local court. According to a recent report from News24, the sequestration order was initiated on July 3 by Simon Dix — one of VaultAge’s largest investors, who entrusted Breedt with 7.5 million South African rand, or $440,000. VaultAge Solutions was founded in 2018, promising weekly returns on customer deposits through crypto mining and trading and accepting deposits starting from $50.…

Bitcoin Rises in Line With Stocks After Dip Below $9K

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Bitcoin’s positive correlation with stocks continues Monday, with the cryptocurrency drawing bids alongside gains in global equities.  As of 09:35 UTC, the leading cryptocurrency by market value is trading at $9,190, representing a 1.4% gain on a 24-hour basis, according to CoinDesk’s Bitcoin Price Index.  Meanwhile, major European equity indices are up at least 1.5% each, following a 4% rise in mainland Chinese stocks seen during the Asian trading hours. Futures tied to the S&P 500 are also up over 1%, according to data source Investing.com.  Equities are flashing green…

Bitcoin Volatiliy Levels Hint “Great Sell-Off,” Skew Data Finds

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Bitcoin 10-day realized volatility reaches 20 percent for the first time since November 2018, according to data collected by Skew. The dip follows the cryptocurrency’s sideways consolidation moves in a narrow trading range across the last two weeks. Skew alerted the current volatility levels risks a “great sell-off,” citing a similar downside move from the November 2018 fractal. Bitcoin’s 10-day realized velocity became the quietest in eighteen months on Monday as it retested levels last seen in November 2018. Readings on the BTCUSD 10-day Impending Volatility dropped to 20 percent,…

How blockchain is disrupting finance

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Among the many disruptions to daily life we’ve experienced over the past few months, cancelled events comprise a large number. One such event that we at Forkast.News had been looking forward to bringing you to was the DC Blockchain Summit, in what was supposed to be its fifth year of convening industry leaders, regulators, and innovators in this space. (In light of the pandemic, it has been transformed into the Parallel virtual event series, set to run over the course of the next five months with modified panels and speakers.)…

Bitcoin, Ether, and XRP Weekly Market Update July 6, 2020

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The total crypto market cap added $5.3 billion to its value for the last seven days and now stands at $263.7 billion. The top 10 currencies were all green for the same period with cardano (ADA) and Crypto.com Coin (CRO) leading the pack with 23 and 12 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $9,202 while ether (ETH) moved up to $231. Ripple’s XRP reached $0.18. BTC/USD Bitcoin finally managed to turn the tide and formed a green candle on the daily chart…

Bitcoin Realized Volatility Last Did This Right Before 2018 Sell-Off

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Bitcoin (BTC) could be heading for a repeat of its late 2018 sell-off, data warns as realized volatility reaches almost three-year highs. Uploading fresh charts on July 6, on-chain analyst Skew drew concerning comparisons to Bitcoin in its 2018 bear market. Bitcoin 10-day realized volatility dips to 20% Analyzing realized volatility, Skew noted that the last time the metric hit 20%, a mass capitulation event followed, during which BTC/USD hit $3,100. “Last time we reached that level, we had the great sell-off of November 2018 shortly after,” analysts warned. Realized…

China’s Digital Yuan Will Target the Dollar, Not Bitcoin

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Having learned what it needs from the cryptocurrency space and blockchain, China will aim to rival the U.S. dollar, not Bitcoin (BTC), with its highly-anticipated digital yuan. Matthew Graham, a veteran investment banker in China and the CEO of Beijing-based Sino Global Capital — analyzed what is known so far about the forthcoming digital currency and argued that the Chinese government sees new technologies as a “leapfrog opportunity” to chip away at the dollar’s hegemony. Speaking with Boxmining founder Michael Gu at the Unitize conference on July 6, Graham said…

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43% of Crypto Twitter: Bitcoin Will See 1,000% Yearly Returns Again

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Bitcoin is known for its parabolic rallies. Every few years, the leading cryptocurrency embarks on bull markets that take it hundreds, often thousands of percent higher in a year’s time. In 2017, for instance, BTC started the year under $1,000 and peaked in the middle of December at $20,000. And during 2013’s rally, the cryptocurrency rallied from double digits to over $1,000 in six months. Macro BTC price chart from TradingView.com Although BTC has matured, gaining steam as a viable investment on Wall Street, there remain some in the industry…