Day: July 21, 2020

Bitcoin is Breaking Out of a Multi-Month Technical Pattern; Factors to Consider

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After falling into one of the narrowest prolonged trading ranges it has ever seen, Bitcoin has finally incurred some volatility. Throughout the past week, the cryptocurrency has been trading between $9,100 and $9,300, with its price mainly remaining stagnant around $9,200. Overnight, however, buyers were able to put a firm end to this trend, sending the cryptocurrency’s price rocketing up towards $9,500. It does appear to be facing some resistance around this level, although this latest upswing allowed it to break out of a multi-month descending triangle that was previously…

Bitcoin News Roundup for July 21, 2020

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With the price of BTC catching a bid in early trading, CoinDesk’s Markets Daily is back with another bitcoin news roundup. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Original

Crypto Tax Disclosures Can Help With Internal Revenue Service

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Crypto and taxes hardly go together like cream and sugar. Yet every crypto investor or business these days faces them. For many, starting with the United States Internal Revenue Service’s launch of the “it’s property, not currency” mantra in 2014, it has been six long years of trying to comply. However, there are plenty of useful tools available that may help with the process. But make no mistake, there are still many unanswered questions that can make doing your taxes a nightmare. Even most noncrypto taxpayers think of taxes as…

SEC Commissioner Peirce Asks ‘Who Did We Protect?’ in Telegram Shutdown

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In her July 21 speech for Blockchain Week Singapore, Securities and Exchange Commissioner Hester Peirce, known among the industry as ‘CryptoMom,’ spoke out on her opposition to the SEC’s recently concluded suit against Telegram. SEC action against Telegram served neither investors nor mission Peirce’s speech, entitled “Not Braking and Breaking,” emphasized the roles and responsibilities of regulators regarding innovation, particularly in the light of the case against Telegram that came to an end in June. Telegram had sold $1.7 billion in contracts for GRAM tokens, which would be the native…

China’s Blockchain Network Splits Over Disagreement About Public Chains

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China’s Blockchain Service Network, or BSN, has split into two separate entities after a disagreement about the integration of public blockchains. China’s consortium was founded to promote the advance of blockchain technology in the country. Now it is splitting into two independent entities: BSN-Chain and BSN-International. The latter will be headed by one of the original members of BSN that happens to be a private company — Red Date. China’s state companies push back public blockchains A source familiar with the matter told Cointelegraph that this rift was caused by…

Ethereum at Five: How CoinDesk Is Marking the Milestone

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Five years ago, a wildly ambitious project went live. Its creators envisioned a “world computer” that would transform not just money but a vast range of social interactions, pushing the boundaries of what could be done with cryptography and distributed consensus. Ethereum had arrived. From its technical aspirations to unicorn memes, Ethereum is a culture on its own. It has spawned inventions – from digital cats to yield farming – previously unimagined and now faces a major overhaul – Eth 2.0 – to keep up with the market’s demands. CryptoX…

Fakeout or Breakout? Technicals Suggest Bitcoin Is Bound For a Correction

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Bitcoin’s lackluster price action reached a pivotal point throughout July. As the range where it was trading was narrowing over time, BTC’s price reached the lowest levels of volatility ever recorded in its 11-year history, according to Arcane Research.  “With only 11 days left of July, we’re currently seeing the tightest monthly price range in Bitcoin’s history! We have never seen a price range this low (currently 6%), with the all-time low being 9% from May 2015,” said data-driven analytics firm. Bitcoin’s Monthly Price Range Hits New All-Time Low. (Source:…

US State of Texas Saddles Up to Become the Next Blockchain Capital

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Everything is bigger in Texas, and now the state with the second-largest geographical area in the United States is aiming to prove that it can lead the way in blockchain innovation. While well-known companies like Hedera Hashgraph and Bitmain have already established a strong presence in Texas, the state has recently formed its own blockchain committee. Known as the Texas Blockchain Council, the organization was established as a trade association, or business league, serving as a nonprofit intended to make Texas a leader in national blockchain growth, education and business…

DeFi Locked Assets Come Close to $3 Billion

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DeFi is currently growing by nearly half a billion per week in used or ‘locked’ assets, with it coming close to $2 billion just two weeks ago while now it is ready to surpass $3 billion. Governance tokens, which give holders the right to affect the direction of decentralized finance projects, had been among the biggest hits in the Ethereum ecosystem last year. DeFi, short for decentralized finance is the notion that crypto entrepreneurs can recreate traditional financial instruments in a decentralized architecture, outside of companies’ and governments’ control. Bitcoin and Ethereum…