Rep. Nathan Toman says that he desires a “North Dakota coin” He believes that such an asset could potentially help the struggling economy in the wake of COVID-19, an Aug. 7 article from Inforum said. “That was my hope, but we’re a little bit late to the game on doing something like that,” Toman told Inforum regarding COVID-19 and North Dakota coin. Toman lobbied for blockchain’s many applications as part of the study, including self-governing systems, the article explained. Backed by aspects such as state-held precious metals and property, Toman told…
Day: August 7, 2020
XRP May Explode Higher After “Destroying” a Macro Downtrend Line
XRP is currently hovering around the key $0.30 region as its buyers attempt to stop it from breaking below this crucial support level. This slight decline comes as the aggregated crypto market begins facing heightened selling pressure, although it has not been enough to invalidate the market’s macro strength. Analysts are now noting that XRP could still be well-positioned to post large gains in the coming weeks, as it was recently able to smash through a year-long descending trendline. One trader is noting that the break below this level has…
US Dollar Could See Bearish Reversal: Is A Bitcoin Reckoning Coming?
The dollar has been in sharp decline. Analysts are calling for the global reserve to lose its crown to the likes of Bitcoin or the yuan. Sentiment has reached substantial lows. However, when dollar sentiment fell this low in the past, it often triggered a strong reversal in the currency. Such a reversal, if it happens again, could bring a day of reckoning to crypto assets. Dollar Sentiment Reaches Reversal Point, Despite More To Drop All markets are priced in USD due to the United States dollar’s role as the…
Tech as an Arena for International Conflict, July 31–August 7
Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The U.S.–China trade war continues its brazen spillover into tech. In response to concerns over where data from TikTok and WeChat was going, President Trump sent out twin executive orders banning both applications last night. The new action is distinct from, for example, squeezing Huawei out. Huawei’s hardware is tied up in international supply chain and military networks, forming a more obvious security risk. TikTok and WeChat are consumer…
Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move
Bitcoin’s price is trending down and an Ethereum competitor is entering the DeFi race this weekend. Bitcoin’s price was able to rally to as high as $11,917 Friday before losing momentum, falling back into the $11,500 range. “Over the past day, bitcoin tested the level of $11,900 but it did not succeed, and BTC slipped,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital. Bitcoin and gold continue to trade together. Gold is also down Friday, in the red 1.6% and at $2,030 as of press time. “The…
OneCoin Co-Founder Escapes 90-Year Jail Term Following Court Settlement
Konstantin Ignatov, co-founder of major cryptocurrency exit scam, OneCoin, initially faced up to 90 years in jail after pleading guilty in November 2019. Now, however, it seems that Ignotov is no longer one of the key defendants in legal actions brought by victims of the $4 billion scam, according to a report from Finance Magnates on Aug. 7. OneCoin investors representing plaintiffs Donald Berdeaux and Christine Grablis have agreed to settle with Ignatov. While the details of the court settlement remain unclear, court documents indicate that the case will continue…
Riot Blockchain Ends Week Up 29%, Hits 2020 High Ahead of Q2 Earnings Report
Riot Blockchain, one of the few publicly traded bitcoin mining companies in the U.S., closed trading Friday with its second largest weekly gain since April 2019 ahead of the firm’s Q2 earnings release next week. The gain marks a continuation of the stock’s rally that started mid March after the market’s crash. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which…
Monero’s Hashrate Experienced Its Largest Single Day Gains Ever
August 6, Monero (XMR) has experienced its biggest increase in hashrate since the network’s creation in 2014. Monero hashrate. Source: Coin Metrics. The Monero hashrate increased from 1.67 GH/s on August 5 to 2.2 GH/s on August 6. That 0.52 GH/s single day gain is the highest in the project’s history. Prior to this, most significant daily percentage gains came in the project’s early days when the base was much smaller. Banks should embrace privacy coins to protect their clients On August 3, Coin Center submitted comments to the Office…
Ripple CEO Thinks Governments Are Taking Cryptocurrency Seriously
According to Garlinghouse, it’s a matter of time before the cryptocurrency phenomenon becomes globally accepted because many people have lost confidence in fiat already. The CEO of Ripple Brad Garlinghouse has said that governments are now looking up to the cryptocurrency space as a solution to frictions and transparency issues associated with payments. The Ripple chief made the comment in a tweet while responding to the Bloomberg report. Thread on this USD as the world’s reserve currency has been the backbone of global financial infra, and that position isn’t going to…
Price Analysis 8/7: BTC, ETH, XRP, BCH, BSV, LTC, ADA, LINK, BNB, CRO
Bitcoin and altcoins might consolidate or correct marginally for a few days before a possible breakout to the upside. The U.S. Federal Reserve has been contemplating a change in the way it responds to a possible increase in inflation. Previously, the Fed would kickstart tightening if its models forecast a 2% inflation increase. However, this time, the Fed wants to allow inflation to stay above their 2% target before raising rates. Morgan Creek’s Anthony Pompliano believes that due to Fed’s poor track record with inflation targets, they might end up…