July 30, 2020

Bitcoin Enters “Prime Short Squeeze” Territory as Analysts Target $14,000

July 30, 2020 boss

Bitcoin and the entire crypto market are currently seeing some quiet price action. This newly established consolidation phase comes close on the heels of the recent surge that send BTC to highs of $11,400. It appears that BTC is struggling to hold above $11,000, as it has been trading beneath this crucial support level for most of the morning. Despite this not being a positive sign, it is important to keep in mind that the crucial support to watch is $10,500, and it has not yet shown any signs of…

Bitcoin News Roundup for July 30, 2020

July 30, 2020 boss

With the price of bitcoin hovering near recent highs and some wondering whether we’re poised for a pullback, CoinDesk’s Markets Daily is back for your latest news roundup. Bitcoin’s rally looks overstretched, according to a technical indicator, but short-term price consolidation looks more likely than a drop, say analysts. Originally postponed due to the pandemic, EQUOS.io is still set to be the first crypto exchange on the Nasdaq. Chinese police have arrested 27 leaders and 82 others suspected of operating the Ponzi scheme. Known as Project Harbour, the initiative will…

Australian Watchdog Issues Warning on Fake Celebrity-Endorsed Crypto Ads

July 30, 2020 boss

The Australian Securities and Investments Commission, or ASIC, is asking people to remain cautious about celebrity-endorsed Bitcoin (BTC) scam sites. According to the commission’s public warning, the Australian watchdog has received a number of reports of fraudulent crypto sites that claim to be endorsed by prominent businesses, new sites, and government agencies. Some even appear to have the endorsement of national celebrities like Waleed Aly, Mike Baird, Dick Smith, and Virginia Trioli. Crypto bot scams are active in Australia The ASIC outlined a number of examples as part of their…

Major Investment Bank Oppenheimer Bullish on Bitcoin, Highlights Instead of Gold

July 30, 2020 boss

U.S. investment bank Oppenheimer’s analyst says gold is “extended” and has “run up a bit,” bringing attention to bitcoin instead. He sees the cryptocurrency reversing its downtrend from the $20K peak, benefiting from the dollar’s weakness. Oppenheimer Analyst on Bitcoin vs Gold Ari Wald, head of technical analysis at Oppenheimer, a major American investment bank and financial services company, “highlighted” bitcoin this week on CNBC’s program Trading Nation entitled “Gold vs. Bitcoin.” He explained: “We’ve been recommending gold as a way to play the expansion of the Fed’s balance sheet…

Zcash Company Confirms ‘Crypto in Context’ Program as Global Effort

July 30, 2020 boss

The Electric Coin Company, or ECC, the company overseeing privacy coin Zcash (ZEC), recently unveiled a crypto and financial educational movement called the Crypto in Context program. “It is a global effort,” the ECC’s growth vice president, Josh Swihart, confirmed to Cointelegraph in a July 29 email. “We’ve already supported pilots for Syrian refugees in Turkey, for Arabic speakers across Europe and the Middle East, and for students in Nigeria,” he added. The movement already has sizeable players on board In a July 29 blog post, the ECC announced the…

It’s a Tense Moment for Bitcoin (BTC) as US Economy Shrinks by 32.9%

July 30, 2020 boss

Quick take: The US economy shrunk by 32.9% in the second quarter of 2020. This is the deepest decline since the US government started keeping records in 1947. Bitcoin’s fate tied to that of the stock markets, and the news of a contracting US economy might pause BTC’s rally. During the second quarter of 2020, the US economy has shrunk by a staggering 32.9%. According to reports, this is the largest contraction of the US economy since the government started keeping records in 1947. The current decline eclipses the previous…

Authorities in Iran Allow Power Plants to Mine Bitcoin and Other Cryptos

July 30, 2020 boss

Power plants in Iran can mine Bitcoin (BTC) but they do not have access to the subsidized fuel in this case. The government in Iran has permitted power plants to mining Bitcoin (BTC) and other cryptocurrencies. The approval comes with a twist. The power plants that want to mine Bitcoin in Iran cannot take advantage of government subsidies in the process. Mostafa Rajabi, a spokesman at Tavanir, indicated this in a statement. Iran’s Ministry of Industries, Mining, and Trade had in January granted licenses to 1,000 cryptocurrency mining operators. The…

Huawei Overtakes Samsung as Top Smartphone Maker

July 30, 2020 boss

The Q2 sales data has made Huawei the leading phone maker in the world as international sales are affected by the coronavirus pandemic. It’s a widely known fact that the coronavirus pandemic has resulted in a drop in international trade. As a result, the Chinese phone maker Huawei Technologies Co. Ltd (SHE: 002502) now leads other prominent phone manufacturers. Huawei has overtaken Samsung Electronics Co Ltd (KRX: 005930) and Apple Inc (NASDAQ: AAPL) in sales with the volumes recorded at 55.8 million smartphones. The Q2 sales data has effectively made Huawei the leading phone…

AZN Strong H1 Performance, AstraZeneca Advances Vaccine Trials

July 30, 2020 boss

With the company’s ongoing late-stage clinical trials and its impressive H1 performance results, AstraZeneca (AZN) stock jumped in the pre-market. Foremost leader in the search for COVID-19 vaccine AstraZeneca Plc (NYSE: AZN) has posted its H1 performance report. The company’s released result shows an impressive earning spiked by increasing demand for coronavirus vaccine. Despite the negative impact of the pandemic particularly through the first and second quarters, AZN has shown great tenacity posting a net profit of $756 million for the quarter as compared with $130 million for the year-earlier…