Day: August 9, 2020

Ethereum’s MA50 Just Broke a 500-Day Consolidation Phase; What This Means

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Ethereum has been consolidating alongside Bitcoin and most other major altcoins throughout the past several days. This consolidation phase comes close on the heels of the strong upwards movement that sent the cryptocurrency surging from recent lows of $230 to highs of $415 that were set last Saturday. Ever since it faced a rejection at this level, however, ETH has been caught within a bout of sideways trading as its buyers and sellers both reach an impasse. It is now being subjected to heightened selling pressure, as the cryptocurrency is breaking…

South Korean Beachgoers Can Now Use Bitcoin to Pay for Services

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A pilot project run by Bitbeat-affiliate company CIC Enterprise wants to provide crypto payment solutions at two of the busiest beaches of the country for tourists to use. According to ZDNet Korea, the firm partnered with card and cash payments provider Innotech for the token-powered payments solution in the Haeundae Beach System on the beaches of Busan in South Korea famous with tourists. The program will allow people to pay for water sports-related activities, life jackets, and even parasol rentals, among others, with Bitcoin (BTC), Ethereum (ETH), along with MCI…

This Eerie Fractal Shows Why

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Ethereum is preparing for another massive breakout, according to a fractal analysis by a cryptocurrency trader. This comes after ETH underwent a strong drop on Friday, responding to a drop in the value of gold and U.S. equities. Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches Ethereum Could Soon Break $400: Here’s Why One trader shared the chart below on August 8th, indicating that Ethereum’s recent price action looks like a consolidation pattern in May 2019. The consolidation was followed by a “massive pump” in…

Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

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Chainlink (LINK) price continues to set new records as the DeFi-related token surged 52% to reach a new all-time high at $13.8799 today.  Over the last 24-hours, LINK has surged by 52%, rallying from $9.05 to as high as $13.8799 on Binance exchange.  LINK-USDT daily chart. Source: TradingView.com As Chainlink demonstrated a strengthening uptrend, its competitor Band Protocol (BAND), which also operates as a network for oracles, spiked 50% to reach a new all-time high at $12.44. What’s behind the Chainlink rally? The sudden uptrend of LINK was likely caused…

Viabtc Founder Reveals BCH Fork Idea Called Bitcoin Cat

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During the last few days, discussions concerning the Bitcoin Cash Difficulty Adjustment Algorithm (DAA) has become a polarizing debate. In the midst of all the quarreling, Viabtc’s founder Haipo Yang has announced a new fork of BCH called Bitcoin Cat. News.Bitcoin.com recently reported on the arguments concerning the Bitcoin Cash DAA. Following the report, the very next day Bitcoin ABC published a blog post that detailed it would be using Jonathan Toomim’s Asert DAA. However, at the end of the announcement, the lead developer of Bitcoin ABC, Amaury Séchet, detailed…

An Unnecessary Solution That Should Be Stopped

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Crypto cards have become a must-have for many crypto services. Hoping to reduce the risk of blocking transactions, companies have been looking again and again for reason why their customers should use “plastic.” But a crypto card is a placebo that does not solve the problems of either users or fintech companies — its only goal is to bring profit to payment systems and intermediaries. Crypto cards are not needed in the same way that special financial instruments are not needed to buy gold, oil, precious metals or any other…