Day: August 3, 2020

Best Weekly Close Since $20K? 5 BTC Price Factors to Watch This Week

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Bitcoin (BTC) begins a new week at over $11,000 after a wild weekend saw the market crash $1,200 in minutes — will the chaos continue? Cointelegraph gives you five factors that could easily impact Bitcoin price action over the coming days.  Bitcoin futures gaps keep building More than usual, this week looks set to be big in terms of Bitcoin-specific market phenomena.  In recent months, there have been macro factors that dictate general price trajectory, with BTC/USD showing a strong correlation to stock markets in particular.  After two weeks of…

HSBC Stock Down 5%, HSBC Profits Tank 65% During First Half of 2020

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The lowering interest loans and rising bad loans in H1 2020 have impacted the bank’s profitability to a great extent. HSBC also faces major challenges for its global restructuring plans due to the rising geopolitical tensions between the U.S. and China. On Monday, August 3, UK’s biggest bank HSBC Holdings plc (NYSE: HSBC) reported a whopping 65% drop in its pre-tax profits for the first half of 2020. During the first half of the year, HSBC’s profits stood at a mere $4.3bn against $12.4bn in the same period last year.…

YouTube Bans Crypto Channel for ‘Encouraging Illegal Activities’

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Another cryptocurrency-related YouTube channel appears to have fallen afoul of the platform’s community policies. According to a July 31 tweet from crypto community members and brothers Aaron and Austin Arnold, their Altcoin Daily channel with 214,000 subscribers was terminated by YouTube for “encouraging illegal activities.”  “We are a news/opinion channel,” the two said on Twitter. “We have never promoted anything illegal. Appeal has been submitted.” The brothers reached out to Altcoin Daily’s 27,700 Twitter followers urging them to contact YouTube and request reinstatement, using hashtags including #FreeAltcoinDaily. After more than…

This Simple Breakout Pattern Could Resend Ethereum Price Above $400

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Ethereum dived from the $417 swing high and traded below $350 against the US Dollar. ETH price is currently recovering above $375 and it is likely to climb back above $400. Ethereum started a sharp decline from the $417 high and dived towards the $300 support. The price recovered sharply above $350 and it is now trading above the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $385 on the hourly chart of ETH/USD (data feed via Kraken). The pair seems to be…

Technicals Suggest Ripple (XRP) is Setting Up For Another Rally To $0.32

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Ripple surged more than 30% this past week to climb above $0.3000 against the US Dollar. XRP price nosedived below $0.3250, but technicals suggest a fresh increase above $0.3150. Ripple price surged above the $0.3000 and $0.3150 resistance levels against the US dollar. The price dived more than 20%, but dips remained well supported above $0.2500. There is a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely setting up for the next rally…

Gold Will Hit $2,300 by 2022. What About Bitcoin?

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Major investment banking company Goldman Sachs says the price of gold will rise 20% to reach $2,300 before the end of 2022. The commodity hit new record highs on July 31 at more than $2,000 per ounce, but Goldman believes it still has a long way to go. According to a report cited by Bloomberg, the bank believes the price of gold will surge to $2,300 in the next 12 months — a revised forecast that originally predicted $2,000 — due to concerns over the US dollar’s standing. Analysts at…

Garmin Coming Back Online After Hack — Was $10M Crypto Ransom Paid?

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Multinational tech company Garmin may have paid some or all of a $10 million crypto ransom to hackers who managed to encrypt the firm’s internal network and take down several of its services on July 23. According to an August 1 report from Lawrence Abrams at Bleeping Computer, Garmin’s IT department used a decryptor to regain access to workstations affected by the initial WastedLocker ransomware attack. The malware took down the company’s customer support, navigation solutions, and other online services.  The news outlet reported that the existence of such a…

OKEx Unveils Four New OKB Ecosystem Partners

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The crypto exchange and trading giant OKEx has recently announced four new partnerships to expand the real-world usage of its adopted utility OKB token. The partnership with trading bot platforms HaasOnline and Cryptohopper, decentralized exchange – Saturn Network, and the smart contract platform – MyWish now allows token holders to spend OKB for making payments at more than 70 designated merchants and service providers. The latest partnerships extend the real-world utility of OKB beyond the OKEx ecosystem which includes discounted fees and preferential access to OKEx Jumpstart projects. Spending OKB…

Bitcoin Holding Strong At $11K, But 100 SMA Holds The Key To Start Fresh Rally

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Bitcoin crashed more than $1,500 from the $12,115 high against the US Dollar. BTC is currently consolidating above $11,000 and it must surpass the 100 hourly SMA for a fresh rally. Bitcoin is holding a couple of important supports near the $11,000 and $10,850 levels. The price seems to be facing a strong resistance near the 100 hourly SMA and $11,450. There is a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the 100…