Day: August 2, 2020

Bitcoin is Now Trading at a “Do or Die” Level as Bears Build Momentum

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Bitcoin witnessed some of the most intense volatility it has seen in months late yesterday evening. After rallying up to highs of $12,000, BTC struggled to surmount the resistance at this level, which ultimately resulted in a sharp price decline that sent it reeling down towards $11,000. It has been finding some strong support at this level throughout the past several hours, but it still remains in a precarious position due to the intensity of this selloff. One technical impact this decline had on the benchmark digital asset is that…

Hodler’s Digest, July 27–Aug. 2

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Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin rallies 13% to break through $11,000 After weeks of stagnation, Bitcoin finally roared to life this week. Late on Monday, the world’s biggest cryptocurrency surged to a new 2020 high of $11,394. The bull run meant almost 95% of Bitcoin’s supply was in profit.…

Why Hackers Are Demanding $4.5 Million in Bitcoin From a Travel Firm

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Last week it emerged that travel management firm CWT paid a ransom demand of $4.5 million in Bitcoin. Initially, hackers had demanded $10 million to release the fix, saying this is likely cheaper than the legal action that would ensue if their demands aren’t met, not to mention the cost of the damage to the firm’s reputation. Negotiations between the two parties saw the hackers agree to lower their demands, as CWT cited extended financial difficulties as a result of the ongoing pandemic situation. Analysis of the blockchain showed the…

Former China Central Bank Exec Pushes for Digital Currencies

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The former vice president of China’s central bank pushed for central bank digital currencies positioning it as a substitute for cash in circulation. Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, said digital currencies can certainly be a substitute for cash but it shouldn’t be confined to just that, according to the Global Times. Wang said digital currencies can reshape monetary structures. These can include setting up “basic accounts” for all social entities on a central bank’s digital currency platform.…

China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains

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The Beijing Arbitration Commission has published an article clarifying that bitcoin’s use as a commodity has never been banned in China. It explains that the Chinese authorities’ attitude toward controlling bitcoin revolves around three areas. China Recognizes Bitcoin as Commodity The Beijing Arbitration Commission published an article on the legal nature of bitcoin in China on Thursday. The Beijing-based independent, non-profit organization offers services in arbitration, mediation, and other dispute resolution mechanisms. The article was authored by economist Wang Jin, an arbitrator for the commission. “There are still differences in…

Top 5 Cryptocurrencies to Watch This Week: BTC, ETH, LINK, VET, LTC

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Bitcoin price corrected sharply after reaching $12,000 but the strong bounce from BTC and altcoins shows bulls are intent on pushing prices higher. Bitcoin’s (BTC) rally above the $10,000–$10,400 zone has attracted several traders who had been waiting for a trending move to start. Yusuke Otsuka, the co-founder of Japanese crypto exchange Coincheck, said that several Japanese traders who had been dormant have started trading again this week.  Monex Group CEO Oki Matsumoto also said that many traders who missed buying gold at lower levels are interested in Bitcoin as…

Tencent Builds Blockchain Platform for China’s Oldest Wine Producer

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Chinese tech giant Tencent has revealed its plan for creating a blockchain-based wine traceability platform in collaboration with Changyu, China’s biggest and oldest wine producer, according to local news on July 31. It is said to be a nationwide first for the country’s domestic wine industry. According to Changyu, the platform is designed to trace every step of the wine-making and sales processes, including planting, brewing, distribution and management. It will issue a unique traceable certificate for each bottle of wine it produces.   The whole process will be recorded on…

Chainlink (LINK) Rips 10% Higher: Why Analysts Say More Upside Is Likely

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Bitcoin and Ethereum faced strong liquidation events just 12 hours ago. Even still, Chainlink (LINK) has continued to push higher, basically disregarding what was seen as the worst cryptocurrency crash since “Black Thursday.” As can be seen in the Trading View chart below, the popular altcoin has gained just less than 10% in the past 24 hours. That performance makes Chainlink one of the best-performing cryptocurrencies of the past day. Chart of LINK’s price action over the past few days from TradingView.com. Per the chart, LINK is up 8.67% in…

How Not to Lose Your Cryptocurrency License in Estonia

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Recently, there have been discussions regarding Estonia’s new law on cryptocurrency, the revocation of 500 crypto licenses in Estonia, and companies exiting from Estonian regulatory jurisdiction. Let’s focus on three major recommendations. Do your research before engaging with a legal partner in Estonia Yes, it might sound odd, but I think one of the reasons why companies have been losing their crypto licenses is some consulting companies. I won’t mention specific firms, but I am aware that some consulting companies conduct very aggressive marketing, spamming their adverts for a single…

Blockchain-based IP Protection Application Gets Investment

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Blockchain venture capital fund NEM Ventures has reportedly invested in SharpShark, a Chilean startup leveraging the Symbol blockchain platform to offer timestamping solutions for content creators to protect their intellectual properties. It will also allow them to tokenize or transfer their creations.  Content creators and blockchain digital protection  According to the report, SharpShark is designed for creators ranging from writers, academics and journalists to photographers, artists and designers. The platform will create a digital signature that will be issued to text and images to the Symbol blockchain. The data is…