Day: July 17, 2020

Bitcoin’s Technical Index Forecasts Strong Breakout on the Horizon

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The flagship cryptocurrency continues to disappoint investors while lower-cap coins are running the show. Indeed, Bitcoin has been flat for over the past month without providing a clear roadmap of where its price could be headed next.  The ongoing consolidation period forced the Bollinger bands to squeeze on BTC’s 1-day chart. Squeezes are indicative of low volatility periods that tend to be succeeded by wild price movements. The longer the squeeze, the higher the probability of a strong breakout.  Bollinger Bands Squeeze on Bitcoin’s 1-day Chart. (Source: TradingView) Since this…

Algorand (ALGO) Price Up 30% after Unexpected Listing on Coinbase

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As part of the listing, Algorand (ALGO) will be available across all Coinbase platforms and will be also featured for staking and storage on Coinbase custody. Algorand (ALGO) price has gone up in the last 24 hours. It occurred after a surprise listing by U.S. cryptocurrency exchange Coinbase. Coinbase indicated this in a blog post. At the time of filing this report, Algorand (ALGO) price was $0.35 (+29%).  Many members of the crypto community were surprised. Algorand (ALGO) wasn’t one of the 18 cryptocurrency tokens that were going to be listed…

XRP Price Lost 38% in 12 Months while Stellar (XLM) Gained 26%

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Though XRP and Stellar (XLM) were created for very similar purposes, today their price tendencies differ significantly. Ripple’s XRP and Stellar (XLM) are two projects developed and co-founded by the same person Jed McCaleb, however, their prices movements are very different today. At the time of writing, XRP was trading around $0.192 having dropped 2.03% in the past seven days. On the other hand, XLM was trading around $0.105 having gained 22% in a week. The losses of XRP in 12 months amount 37.8% while the gains of XLM over…

Transparency of Russia’s Blockchain Voting Setup Put Under a Microscope

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From June 25 to July 1, the Russian government held a public vote with the goal of finding out whether the country’s constitution should be amended. Part of the vote was held on blockchain to “ensure security and transparency,” according to the government, making it the country’s most extensive DLT project to date. But this didn’t stop independent researchers from registering over 20 million “abnormal” votes and arguing that it was one of the most falsified voting events in the modern history of Russia. So what was blockchain’s role in…

Volvo Stock Up 1.54% on Better-Than-Expected Profits in Q2 2020

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Volvo said that the COVID-19 outbreak has severely disrupted the company’s production output and supply chain. However, the company’s overall business with trucks, buses, engines, and construction equipment remained overall profitable. AB Volvo, the Sweden-based truckmaker and automobile giant released its results for Q2 2020. Surprisingly, the company reported better-than-expected profit numbers despite the shutdowns caused by the outbreak of the COVID-19 pandemic. Volvo stock (STO: VOLV-B) is 1.54% up on the news reaching SEK 161.20 per share. In the official announcement, Volvo noted: “After having been standing still in…

Tesla (TSLA) Stock Lost 3% on Weak Second-Quarter California Deliveries

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On July 16, Tesla stock closed 2.93% down, at $1,500.64 per share. After hours, it dropped to $1,488.04, losing 0.84%. In the pre-market today, Tesla stock was trading around $1,510 per share.  Recently, the electric vehicles giant Tesla Inc (NASDAQ: TSLA) delivered its Q2 2020 sales report. It showed that the only U.S. vehicle factory of Tesla in California saw a significant plummet in deliveries. Meanwhile, Tesla (TSLA) stock dropped. According to Tesla, the company delivered 90,650 cars to customers in the quarter that ended on June 30. In contrast,…

Impact of the Supreme Court Judgment on Bitcoin Price in INR

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Bitcoin is the most popular cryptocurrency since its launch in 2008 by a group of people who goes by the name Satoshi Nakamoto. It is a digital currency, a decentralized system that records transactions in a ledger called a blockchain. Cryptocurrency exchanges have been growing ever since the Indian Supreme Court lifted the banking ban imposed by the Reserve Bank of India. Nowadays as more number of people is interested in Bitcoin and other popular cryptocurrencies, this is leading to an increase in the volumes of trade of the popular…

Miner Hoards: Q2 Bitcoin Mining Supply Outflow Touches 12-Month Low

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Onchain data shows that bitcoin miners are hoarding despite the 50% loss in revenue that started on May 11, during the third reward halving. The seven-day average of bitcoin miners’ outflow volume and mining funds sent to exchanges remains significantly low. Roughly four weeks ago on June 19, the total amount of BTC transferred out of miners’ addresses saw a significant low not seen in over a decade. At the time, miners transferred 987 BTC that day, but six days later on June 25, miners sent nearly 3,000 bitcoin (2,650…

India’s Former Finance Secretary Spars With Industry Experts on Crypto Ban

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During a webinar on July 17, the former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian industry leaders including Nischal Shetty, the CEO of Indian crypto exchange WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco. In 2019, Garg along with his secretariat drafted a bill that proposed a ban on cryptocurrencies along with a 10-year jail term and a fine of up to 25 crore rupees (~$3.3 million) for anyone who issued, used or held these assets. Opening a dialogue with the industry Today…

US Government Considers Blockchain as a Stepping Stone to Smarter Food Security

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Through its federal agency the Food and Drug Administration (FDA), the US government has considered blockchain as one of the technological innovations that will prompt traceability and food safety culture.  A new era of smarter food safety Attributes like conscious consumerism have prompted a traceable food network as people are becoming more concerned about what they eat or drink to avoid health complications, such as obesity and cancer.  The FDA views blockchain technology as one of the foundational pillars, which will trigger smarter food safety by offering traceability and immutable…