Day: August 5, 2020

Ripple (XRP) Struggling Near $0.30: Can Bulls Save the Day?

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Ripple is trading with a minor bearish angle below $0.3020 against the US Dollar. XRP price must stay above $0.2850 to start a fresh increase in the near term. Ripple is declining steadily and it even broke the $0.3000 support zone against the US dollar. The price is currently testing the $0.2980 support zone and the 100 hourly SMA. There is a major bullish trend line forming with support near $0.2840 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could struggle to bounce back…

Indian Government Actively Working Towards New Crypto Ban

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An Indian government official has claimed that two ministries and the Reserve Bank of India are actively working on a legal framework to ban cryptocurrencies on the subcontinent.  According to a Aug. 4 report from Indian news website Moneycontrol, authorities in India are making preparations to pass a law banning cryptocurrency trading. The site quoted an anonymous official as saying that consultations between the Ministry of Electronics and Information Technology, the Ministry of Law and Justice, and the Reserve Bank of India (RBI) had begun regarding the framework of such…

Digital Art Trading Platform ‘SuperRare’ Sees Volume Increase 365%

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Digital art marketplace ‘SuperRare’ has surpassed $1.6 million in cumulative trade volume as buyers become more comfortable with the concept of art sold as non-fungible tokens. The marketplace started the year with $344,000 in platform sales volume, but has seen that figure almost quadruple in seven months. Artists are able to digitally sign their work on the platform by creating a tokenized certificate before entering it into an online auction. Collectors can then purchase and resell works in secondary markets. A non-fungible token (NFT) is a specific type of digital…

Bitcoin Topside Bias Vulnerable Unless It Surges Past 100 SMA

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Bitcoin is struggling to gain bullish momentum above $11,300 against the US Dollar. BTC could extend its decline unless it surges past the 100 hourly SMA. Bitcoin is facing a strong resistance near the $11,300 and $11,400 levels. The price is now trading well below the $11,400 level and the 100 hourly simple moving average. There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to remain well bid near the $11,000 and…

Samson Mow’s Infinite Fleet Game Raises $3.1M on BnkToTheFuture

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Pixelmatic’s Infinite Fleet space adventure game raised more than $3 million within 24 hours from investors including Adam Back and Charlie Lee. According to a statement from Pixelmatic, shared with Cointelegraph, the game created by Blockstream CSO and Pixelmatic CEO Samson Mow raised $3.1 million on global online investment platform BnkToTheFuture through sales of its EXO token. A private funding round led by Litecoin (LTC) creator Charlie Lee, Blockstream CEO Adam Back, and Max Keiser, host of the Keiser Report went beyond Pixelmatic’s $3 million goal after an allocation on…

Scott Melker Recounts How He Fell Victim to a SIM Swap Attack

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Scott Melker, also known as the “Wolf of All Streets,” says he was the victim of a SIM swap attack in February but managed to avoid losing any crypto assets. In a Aug. 4 post on Melker’s website titled Security Tips And Lessons Learned From My Hack, the trader said he was able to protect access to his bank accounts, credit cards, and crypto exchanges after a hacker assumed his identity by tricking his phone carrier and diverted Melker’s communications to the hacker’s phone. According to Melker, the hacker had…

Ethereum’s DeFi Space Is Exploding According to These 4 Metrics

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Despite volatility in the Ethereum market, decentralized finance (DeFi) — which some argue is the killer use case for the cryptocurrency — has continued to see rapid growth in recent months. Ethereum’s DeFi Space Is Seeing Rapid Growth Spencer Noon, the head of the cryptocurrency fund DTC Capital and an on-chain analyst, noted on August 4th that four pivotal metrics show DeFi is ‘breaking out in spectacular fashion.” These four metrics are as follows: There is now $4.27 billion worth of cryptocurrency (ETH, DAI, Tether’s USDT, and other altcoins) locked…

Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him

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Barstool Sports president Dave Portnoy has been amassing a notable following throughout the past few weeks due to his stock trading live streams – and now he wants in on Bitcoin. Despite previously questioning Bitcoin’s status as an investment, the eccentric trading personality now wants exposure to the digital currency’s immense volatility. In a recent live stream, he asked the Winklevoss twins – early Bitcoin adopters and founders of the popular Gemini cryptocurrency exchange – to come to his office and teach him about BTC. Portnoy’s interest in the cryptocurrency…

100% of Chainlink Addresses Are Currently in Profit

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The recent Chainlink (LINK) rally has led to some unconventional results — 100% of its supply is “in the money” or profitable. This metric simply represents a comparison between the asset’s current price and the price at which it was acquired. If the current price is higher, then it is “in the money”, if it is lower, then it is “out of the money”, and if it is the same, then it is “at the money”. Percent of Chainlink supply in/out of the money. Source: IntoTheBlock. Litecoin — 47%, Bitcoin…

Opyn Removes Liquidity From Uniswap After $370K Stolen in DeFi Exploit

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Attackers have exploited a vulnerability in the Opyn ETH Put contract to walk away with more than $370,000. One of the first members of Crypto Twitter to report on the theft, DegenSpartan, stated on Aug. 4 that the traders used flash loans to buy Ethereum Put oTokens (oETH) from Uniswap. They then reportedly chose an ERC20 token — in this case, USD Coin (USDC) — as collateral and exercised the trading option.  The result was reportedly a double transfer which effectively “stole” the collateral. According to blockchain records, the attackers…