Day: August 19, 2020

Chinese Iron Importers Favor Crypto Over US Dollars

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The Chinese iron ore sector is shifting towards blockchain-powered cross-border platforms to conduct trade deals in the national currency yuan (RMB), rather than the more usual USD transactions, as importers begin to adopt the technology. According to China Economic Net, some of the world’s biggest iron miners have called for the adoption of blockchain platforms to sell the material straight to Chinese companies without the greenback involved whatsoever. The report suggests importers also want to adopt the upcoming digital yuan as soon as it’s launched officially in the country, in…

Colombian Technology Ministry Endorses Blockchain and Crypto

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The Colombian Ministry of Information Technology and Communications, or MinTIC, released a first-of-its-kind draft of a guide that calls for the public sector to adopt blockchain technology, including crypto payment-related matters. In the Guide for the use and implementation of Distributed Ledger Technology (DLT/Blockchain) in the public sector, MinTIC explains the advantages and disadvantages of implementing DLT within projects related to public entities. The Ministry also pointed out the country “is lagging” in adopting blockchain technology, citing the European Union countries, China, the United Arab Emirates, the United States, and…

Steven McKie: Why the Decentralized Web’s Development Is Unstoppable

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Steven McKie is a founding partner and managing director at Amentum Capital, developer on HandyMiner and HandyBrowser for Handshake and host of the BlockChannel podcast. A version of this article first appeared on Medium. The time to home in on the “New Internet” is now. The internet today is representative of society at large. We see growing angst as digital privacy is eroded by tech-giants that are held publicly accountable, but continue to profit lavishly off our innate lack of power online.  With concerns for the modern web at an…

Same Indicator That Called March Plunge Raises Chances For Big Bitcoin Drop

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Bitcoin has been rocketing over the last several weeks, along with the rest of the cryptocurrency market. Most assets are up over 80% on average since the start of 2020. However, an unorthodox and unusual financial forecasting tool could indicate that a major trend change is playing out across markets, with the turning point taking place over the next 24 hours. Tools of The Trader: How Crypto Analysts And Investors Predict Price Movements Analysts, investors, and traders rely on several important tools in an attempt to predict or forecast future…

Report: Bitcoin Untied from the Economic Cycle, ‘Largely Uncorrelated to Other Asset Classes’

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On Tuesday, Coinshares Investment strategist James Butterfill published a report which shows that bitcoin is a unique asset, but is “largely uncorrelated to other asset classes” like commodities and traditional stocks. Coinshares Investment strategist James Butterfill published a new report on August 18 that shows bitcoin (BTC) is establishing itself as an investment store of value. Butterfill’s report notes that BTC is “less correlated to the economic cycle” and the crypto asset is uncorrelated to other asset classes in the investment world. One of the trends highlighted is how investors…

Bulgarian Startup Will Pay You Bitcoin When Your Flight Is Delayed

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With the global air industry in turmoil due to pandemic-induced flight delays and cancellations, a startup in Bulgaria is providing the option for travellers to receive compensation in Bitcoin. Compensation via the Colibra app is available to passengers who experience a flight delay of one hour or more. The Bulgaria startup has been offering inconvenienced travelers compensation in fiat since it commenced operations in June 2019, but has now added crypto as a payment option. As BTC is a volatile asset, users can choose whether they want to lock in…

After 80% Surge in a Month, Ethereum’s Rally Is at Risk: Here’s Why

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Ethereum has embarked on a stellar rally over the past few months. Since the March lows, the asset has gained around 400%, rallying from ~$90 to $425, where it trades as of this article’s writing. The cryptocurrency, in the past month alone, has gained 80%. It isn’t clear what exactly has been catalyzing this rally, but analysts have suggested that it’s a confluence of at least three things: Bitcoin gaining strength, both in price and in intrinsic value due to macroeconomic trends like money printing. Decentralized finance applications largely based…

Bitcoin Price Prepares for $12,900 After Key Support Level Is Retested

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Despite today’s 4.4% Bitcoin price correction to retest underlying support, bulls are attempting a daily close above $12,000. The S&P 500 reached a new all-time intraday high, confirming the start of a new bull market according to analysts. Bitcoin’s trend of lower highs and support / resistance flips remains intact. After a volatile day which saw Bitcoin (BTC) price drop to $11,820, the digital asset appears ready to secure a daily close above $12,000. The mild 4.4% correction came after a 6-day run which saw BTC price gain 11.93% and…

Stellar (XLM) Could See a Rapid 60%+ Pump as Strength Mounts

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It has been a rough day for Stellar (XLM), as the previously strong cryptocurrency is now facing heightened selling pressure. Its ongoing slide lower has come about due to the weakness seen by both Bitcoin and most other major digital assets. At the moment, the benchmark crypto is struggling to hold above $12,000, with its dip below this level striking a blow to its technical strength. This has caused investors to grow increasingly concerned with how altcoins might react to a strong BTC selloff. Despite this, analysts still believe that…