Day: August 19, 2020

Will An Ascending Trendline Bring a Return of Altcoin Apocalypse?

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Altcoins across the crypto market have been outperforming Bitcoin by a large margin. The trend kicked off while the first-ever cryptocurrency traded sideways – something analysts say is the best environment for altcoin dominance to thrive. But just as Bitcoin’s consolidation phase has ended, the total altcoin market cap has run into strong ascending trendline resistance. Could a rejection here bring a return to the altcoin apocalypse? Alt Season Causes Top Crypto To Outperform Bitcoin By More Than Double The ROI Bitcoin is up over 60% year to date. Meanwhile,…

Stablecoin Demand May Drop if Traders Abandon Bitcoin ‘Cash and Carry’ Strategy

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Institutional demand for stablecoins may cool because yield on “carry trades” has been cut in half since Monday. The annualized rolling one-month futures basis shot as high as 28% at the start of the week on the Malta-based cryptocurrency exchange OKEx, the biggest in terms of open interest. That was the highest premium since February, according to data provided by the crypto derivatives research firm Skew. That premium, however, dropped to 14% in under 48 hours. In other words, the carry strategy, if initiated now and held until next Friday,…

Bitcoin ‘Black Thursday’ Repeat Unlikely as Exchanges Have Less BTC

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As Bitcoin (BTC) price pulled back below $12,000, some investors began to worry that another crypto market crash like one that occurred on March 11 would occur.  However, data from CryptoQuant, an on-chain analysis firm, suggests otherwise, as Bitcoin exchange reserves hit a 2020 low. CryptoQuant CEO Ki Young Ju said: “People keep worrying about the great sell-off like March, but exchanges don’t have as many idle Bitcoins (waiting to be sold) as that day.” All Exchanges Reserve and MPI charts. Source: CryptoQuant The Bitcoin exchange reserve metric shows how…

“Kamala Harris Can Learn Crypto”

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Sen. Kamala Harris, who was recently chosen to be U.S. presidential candidate Joe Biden’s running mate, may not be crypto savvy yet, but Tim Draper believes she can learn. Harris is a native Californian whose political career has largely focused on her home state. She served as San Francisco’s District Attorney, and currently represents the state in the Senate.  Draper comes from a political family; his grandfather served as the first U.S. ambassador to NATO. Draper himself has been active politically as well. In 2014, he filed a petition to…

A Japanese Court Just Ordered the Nation’s First Cryptocurrency Seizure

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The Tokyo District Court has issued Japan’s first ever crypto seizure. $46,000 worth of Bitcoin (BTC) was expropriated in relation to a hack suffered by the Coincheck exchange in 2018. Kyodo reported that police have already seized the BTC, which was held by a doctor from Hokkaido and an executive from the Osaka Prefecture. The two men were arrested in connection with the hack. They are accused of knowingly purchasing the stolen NEM (XEM) through a dark web market, violating organized crime laws in the country. As Cointelegraph reported in…

Let Traders Build Your Portfolio: Crypto’s First Copy Trading Platform Covesting Launches on PrimeXBT

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Back in April of this year, PrimeXBT introduced the Covesting copy trading module beta in partnership with Europe-based software developer Covesting, bringing a level of competition, transparency, and simplicity to the crypto industry, unlike anything else. After several months of beta testing, regular improvements, and feature updates, the full public launch of the crypto market’s first-ever copy trading platform is here. Covesting Copy Trading Now Open To The Public On PrimeXBT The cryptocurrency industry was built on a few essential pillars, one of which is transparency. Bitcoin’s blockchain and all…

One Giant ‘LEAP’: Saudi Arabia’s New Global Tech Event to Reshape Lifestyles, Transform Economy and Put Kingdom among World’s Top Tech-Enabled Nations

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11 August 2020: Saudi Arabia has revealed ambitious plans to transform the Middle East’s technology sector and position the Arabian Gulf nation at the global forefront of a bold, new era of futuristic technology adoption. LEAP, a landmark technology event of national importance that supports the Kingdom’s Vision 2030 for a knowledge-based economy, is poised to galvanise public and private organisations in the region and beyond, drive female empowerment, unlock the Kingdom’s boundless investment potential for seismic economic diversification, and propel the nation into the ranks of the world’s top…

Russia’s New Blockchain Elections Remain Centralized

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Russian communications giant Rostelecom has finally published details about its blockchain-based voting system that will be deployed for by-elections in September. There will be two blockchain voting pilots in different regions of the country next month. One will be run by Rostelecom, the state-owned major telecom provider, and the other by the Department of Information Technologies, a branch of the Moscow city hall that ran the previous blockchain voting pilots. The platform by Rostelecom will be used for remote voting on Sept. 13 in two Russian regions, Kurskaya and Yaroslavskaya…

3 Reasons For $11.6K Bitcoin Price Drop and Why It Wasn’t a Surprise

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The price of Bitcoin (BTC) pulled back after achieving a new 2020 high at $12,486 on Coinbase. In the last 48 hours, BTC fell by around 5%, leading to larger losses in the altcoin market. There are three key reasons why Bitcoin rejected at the $12.4k level, namely major resistance, high funding rates, and an overheated rally. But traders believe it was a healthy pullback that could strengthen the momentum of BTC. Is a $1,000 correction healthy? As seen in previous Bitcoin price cycles, the digital asset typically sees a…

Introducing Bitcoin Casinos, Here’s All You Need to Know

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Ever heard of bitcoin casinos? What they are and how they work? Bitcoin casinos are online casinos that recognize bitcoins as currency and accept it in transactions. Bitcoin is the most widely used cryptocurrency globally. Satoshi Nakamoto developed it in 2008 and its implementation released under the General Public License (GNU) license. Bitcoin works on a peer to peer network and does not have a single regulator. It is decentralized, and the transactions verified by network nodes called miners. These “miners” also help maintain the blockchain, which is the technology…