Day: August 11, 2020

XRP Is Poised to See a Parabolic Explosion to $0.93

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XRP has been seeing mixed price action in recent times. After seeing an explosive rally up to highs of $0.32, the cryptocurrency hit some insurmountable resistance that slowed its ascent and caused it to enter a consolidation phase. The cryptocurrency has now been struggling to break above $0.30, and it does appear that bears have built some resistance around this price. If buyers do surmount this level in the near-term, they then must shatter the resistance that sits around its recent highs of $0.32. One analyst is noting that he…

Sheep Farmer’s Alleged Baby Food-Based Bitcoin Extortion Attempt Thwarted

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A resident from Lincolnshire, United Kingdom, was accused by local authorities of attempting to blackmail the supermarket chain, Tesco. According to The Yorkshire Post, Nigel Wright, a sheep farmer, allegedly wrote Tesco a series of letters claiming that he had planted contaminated baby food in their supermarket stores. He then allegedly offered to reveal the locations of the contaminated baby food in exchange for roughly $1.8 million in BTC. Wright is believed to have been a part of a group of disgruntled farmers who felt that the grocery chain had…

CureVac Announces Proposed U.S. IPO of Common Shares

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CureVac B.V., a Dutch biopharmaceutical company, filed for an initial public offering on Friday, with plans to list on Nasdaq under the ticker “CVAC.” The company intends to sell over 13 million common shares at around $14 and $16 per share. CureVac, a biopharmaceutical company that is  developing medicines based on messenger ribonucleic acid (“mRNA”), announced on Friday that it intends to offer and sell in an underwritten public offering of 13,333,333 common shares. In addition, CureVac also anticipates to grant the underwriters a 30-day option to purchase up to…

Stellar (XLM) Could Kick Off a Wild Uptrend if Bulls Guard Key Level

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Stellar (XLM) has been consolidating in recent weeks, struggling to garner the momentum that many of its smaller counterparts have been seeing. It now appears that the cryptocurrency could be well-positioned to see an explosive uptrend in the coming few weeks, but in order for this to come to fruition, bulls must guard a crucial level. This support level has been holding strong for quite some time now, but the lack of intense buying pressure may be putting it at risk of being broken. One analyst mused this possibility, explaining…

Bitcoin News Roundup for Aug. 11, 2020

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With bitcoin increasingly acting like gold and one company betting a quarter of a billion dollars on BTC, CoinDesk’s Markets Daily is back for your news roundup! Bitcoin is increasingly taking cues from gold, a tried-and-tested store of value asset. Digital gold is now the “principal holding” of MicroStrategy’s revamped treasury reserve strategy. Internet is down in Belarus as people are protesting the results of the nation’s presidential election. An agency attached to the U.S. Department of Agriculture said it expects blockchain will play an important role in the sector’s…

Derivatives Market Propels Exchanges to $2T Trade Volume in Q2

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Cryptocurrency derivatives trading exceeded $2 trillion in Q2 of 2020 alone – a 2.6% increase from the previous quarter, and a 165% increase from the previous year. According to the latest data from TokenInsight, new business strategies by emerging exchanges such as Bingbon, XBG, HBTC and Phemex could push that figure even higher in the second half of 2020. Emerging Exchanges Fashion Room for Growth Derivatives trading still only amounts to around 27% of the volume witnessed on traditional spot trading markets. However, spot trading volume saw an 18% decrease…

Tezos XTZ Follows Chainlink to Hit New High — But Is $6 Now Realistic?

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As Chainlink (LINK) reaches a new all-time high after all-time high, it would be expected to see a similar move on Tezos (XTZ). This is because these two coins have been moving in tandem in recent years and have been one of the few resilient digital tokens despite the cryptocurrency bear market during the period. Crypto market daily performance. Source: Coin360 Tezos did indeed show strength as XTZ rallied from $2.95 to as high as $4.50 in the previous four days, resulting in a rally of more than 50%. But…

Bitcoin, Gold Prices Drop as Trump Praises ‘Big Stock Market Numbers!’

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After an exciting weekly close which saw Bitcoin (BTC) price rally above the $12K mark for the second time this month, the digital asset has lost momentum and slipped below $11,500. The former resistance level at $11,800 has again failed to function as support and at the time of writing Bitcoin price has dropped below $11,600 to test the ascending trendline support at $11,550.  Cryptocurrency daily market performance snapshot. Source: Coin360 Bitcoin’s inability to sustain above the $12,000-$11,800 zone comes as the gold price corrected 3.6% and dropped below its…

MicroStrategy Becomes First Listed Company to Hold Bitcoin as Reserve Asset

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The “Bitcoin (BTC) as a hard asset” narrative is spreading beyond retail investors to the corporate world as MicroStrategy purchases 21,454 BTC worth over $250 million. Nasdaq-listed MicroStrategy Buys $250M in BTC The Nasdaq-listed MicroStrategy announced the news of Bitcoin treasury allocation via a press release issued on Tuesday (August 11, 2020). According to the announcement, the $1.2 billion firm bought about $250 million in BTC. Commenting on the decision, MicroStrategy CEO Michael Saylor remarked: “This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a…

DeFi Is DeadFish? Decentralized Finance Parody Launches on Ardor Blockchain

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Decentralized finance (defi) is escaping the Ethereum ecosystem that birthed it and permeating other crypto networks. From TRON to Polkadot and Cosmos to Tezos, smart contract chains are embracing the gospel of defi and the chance of redemption and relevancy it promises. Now, a group of developers from the Ardor community have gotten in on the act, creating a defi token that’s causing quite a stir. It’s named DeadFish and as its name suggests, there’s something off about it. DeadFish Floats on Ignis Childchain DeadFish (DeFi) is a fun project…