Day: July 24, 2020

Crypto Exchange Data Shows Traders Long After Bitcoin Price Breaks $9.6K

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There are few indicators capable of accurately detecting professional traders’ sentiment on Bitcoin (BTC). To ascertain whether or not market participants are positioned in a bullish or bearish manner, analysts usually rely on technical analysis and derivatives markets, although those usually mix retail flow.   More recently some exchanges created internal metrics exclusively measuring top traders positions. Looking at exchange-provided data highlighting traders’ long-to-short positioning, one can see that the indicator currently shows a 30-day high on the long/short positions at Binance.  Despite launching its futures platform only ten months ago,…

New Ruling Classifying Bitcoin as ‘Money’ Isn’t Anything Special

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A recent Washington D.C. court case saw a man prosecuted on multiple counts for running a Bitcoin (BTC) tumbler — a method of hiding Bitcoin transactions. The court charged the defendant on three counts back in December 2019, including operating an unlicensed money transmitting business, as a July 24 court document revealed.   The document noted: “After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an ‘unlicensed money transmitting business’…

A Deep-Dive Into Some of the ZERO Wallet’s Advanced Security Features

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From its initial announcement back in April to the $430,000 raised in the recently completed crowd-sale, the NGRAVE ZERO has created huge buzz in the crypto community. Billed as the most secure hardware wallet available, the permanently air-gapped ZERO is the first to gain a top security rating of EAL7. But the devil is in the details so they say, so while waiting for the first units of the device to ship, Cointelegraph asked NGRAVE CEO Ruben Merre to explain just how one goes about making the “most secure hardware…

Here’s the Crucial Level That Could Spark an Ethereum Rally to $1,000

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Ethereum is currently in the process of consolidating following its immense uptrend seen throughout the past couple of days. The cryptocurrency is showing some signs of strength as it trades within the $270 region. It is a strong possibility that the two assets will remain closely correlated in the days and weeks ahead, which means that ETH may not be able to push any higher until Bitcoin can shatter the massive resistance it faces within the upper-$9,000 region. One analyst is also noting that Ethereum is currently pushing up against…

Here’s Why VISA’s Mentioning of Bitcoin Is Positive For the Space

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Pundits of cryptocurrencies and Bitcoin supporters alike all agree, that the biggest barrier to adoption is mainstream acceptance. It won’t be until crypto achieves VISA-level penetration that the asset class has a chance to replace cash. But how fast does that happen if VISA themselves fully embrace the emerging asset class? Following the payments giant crediting Bitcoin for the birth of digital currencies and a pledge of support, we may soon find out. Positive Momentum Building For Cryptocurrency Adoption Breakout Into Mainstream Finance Although it is not reflected in the…

Former Ethereum Researcher Seeks a Change of Venue for North Korea Court Case

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Ethereum Foundation researcher Virgil Griffith plans to request changes to a court case against him — the result of a trip to North Korea. Griffith “will now seek to get the case moved for lack of venue out of the U.S. District Court for the Southern District of New York,” the Inner City Press said in a July 23 report. Griffith’s court over previous months Griffith faced initial charges from the U.S. District Court for the Southern District of New York in January 2020 for travelling to North Korea where…

Can Bitcoin or Other Cryptocurrencies Fix This?

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The COVID-19 pandemic has forced economies to a halt and stretched the central banking system. Central banks have been printing money on a scale like never before, which makes the 2008 financial crisis pale in comparison. Over $2 trillion dollars were printed to stabilize the markets and increase liquidity. Back in 2008, Bitcoin (BTC) was created in reaction to these quantitative easing programs as an alternative to fiat currencies and the traditional financial systems. Where governments can print money at will, a numerus clausus asset class is attractive as an…

Market Wrap: Bitcoin Near $9,600 as Gold Hits High, Uniswap Liquidity Over $100m

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As bitcoin closes in on $9,600, gold surpasses $1,900 and DeFi liquidity steadily grows. Bitcoin (BTC) trading around $9,592 as of 20:00 UTC (4 p.m. EDT). Slipping 0.03% over the previous 24 hours. Bitcoin’s 24-hour range: $9,475-$9,601 BTC above 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since July 22.Source: TradingView Gold is on the brink of an all-time high, up 0.80% Friday, at $1,901 per ounce. Sweden-based over-the-counter bitcoin trader Henrik Kugelberg sees gold nearing its all-time high as a positive for…

Poloniex Adds US Election-Based Trades

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With the 2020 U.S. presidential election looming, crypto exchange Poloniex has added a way to bet on the outcome. “TRUMPWIN and TRUMPLOSE are the first new assets to join our Innovation Zone today,” Poloniex said in a recent statement. Assets valued according to election results The Poloniex listing comes several months prior to the November 2020 U.S. presidential election. As ERC-20 tokens, the election assets value $1 or $0, depending on the event’s results. Holding 10 TRUMPWIN tokens value $10 USD if President Trump wins the November election. In contrast,…

After Parabolic Rally, Altcoins May Soon Retrace Against Bitcoin: Indicator

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Bitcoin dominance has been plummeting recently letting altcoins have their time in the crypto market spotlight for a change. But as altcoins begin to correct, BTC dominance is signaling that the asset is about to recover from the altcoin market’s rally against it. What does this mean for Bitcoin, and how will certain altcoins withstand the coming blow to their market share from BTC dominance? BTC Dominance Signals Buy, Potential Bull Flag Formation Could Wreck Alts BTC dominance is a metric that weighs the first-ever cryptocurrency against the rest of…