Day: August 26, 2020

Technicals Suggest Bitcoin Could Dive Further Below $11,000

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Bitcoin price failed to hold gains above the $11,550 support zone against the US Dollar. BTC is currently declining and it seems like the bears are aiming a downside break below $11,000. Bitcoin is now trading well below the $11,650 and $11,550 support levels. The price revisited the $11,100 level and settled well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must break the $11,400…

Ripple faces lawsuit in Australia over ‘PayID’ branding

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Ripple is facing a lawsuit from New Payments Platform Australia (NPPA) — a consortium that includes every significant bank in Australia. While court documents are yet to have been made public, it is believed the suit alleges intellectual property infringement concerning the branding of Ripple’s ‘PayID’ payment standard. The lawsuit was reported by technology journalist Rohan Pearce on August 24, who shared a screenshot indicating that NPP Australia Limited, the operators of Australia’s interbank payments network ‘Pay ID’, had filed a suit with the Federal Court of Australia against Ripple…

Tether tops Paypal and Bitcoin for average daily transfer value

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The average daily transfer value for Tether has surpassed that of Bitcoin and PayPal according to recent research. A report by CoinMetrics has revealed that Tether’s 7-day average adjusted transfer value reached over $3.55 billion as of August 20. This is around 20% more than that for Bitcoin which was a reported $2.94 billion according to the research. Tether and Bitcoin transfer value. Source: CoinMetrics Following six months of rapid growth, USDT average daily transfer value has finally flipped Bitcoin’s as it continues to take more and more of the…

Browser-based cryptojacking is back as attacks spike 163%

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The crypto price surge since March has been accompanied by a wave of cryptojacking attacks according to new research published by cybersecurity firm Symantec. According to the company there was a 163% increase in browser-based cryptojacking activity in the second quarter of 2020. Cryptojacking had previously been in a steep decline from March 2019 due to the shutdown of the mining script maker, CoinHive. Symantec points out the increase in the last quarter coincided with a surge in the value of Bitcoin (BTC) and Monero (XMR), two cryptocurrencies often mined…

Wirecard scandal fallout sees 50% of German staff laid off

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Wirecard has announced it will lay off 730 out of its 1,300 staff in Germany following a $2.1 billion scandal that left the company insolvent in June. According to an Aug. 25 report from Law360, Michael Jaffé, a lawyer and representative of Wirecard’s administrator, said that “far-reaching cuts” were necessary for the company to effectively maintain the option of exploiting its core businesses. “The usual restructuring and cost-adjustment measures are not sufficient,” Jaffé said. “The economic situation of Wirecard AG was and is extremely difficult in light of the lack…

The Number of Bitcoin “Accumulation Addresses” Hit New Highs; Here’s Why

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Bitcoin investors have been accumulating the cryptocurrency at a rapid pace throughout the past few months, with much of this buying pressure coming from retail investors. One metric from analytics platform Glassnode highlights just how intense this accumulation trend has been as of late, with the number of “accumulation addresses” seeing rapid growth throughout the past year. This indicates that the number of long-term BTC holders is rising at a rapid pace, potentially laying the groundwork for the crypto to see major strength in the years ahead. Analysts are also…

Developers Plan to Compete in Bitcoin Cash-Fueled Hackathon ‘BCH Devcon III’

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On September 4-6, Bitcoin Cash engineers will be holding the third annual developers’ conference dubbed “BCH Devcon III.” More than 30+ bitcoin cash ($8,300) will be available in prizes for winning teams who participate in the 72-hour hackathon. Software developers are gearing up for the third annual hackathon, BCH Devcon III, an event that’s aimed at fueling Bitcoin Cash (BCH) development. The event’s website explains that the community of programmers will gather for 72 non-stop hours of hacking and all the participants can compete for the top prizes. Similarly to…

Tezos improves DeFi infrastructure with Harbinger price oracles

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Popular staking platform Tezos has taken a step closer to decentralized finance with the integration of Harbinger price oracles. Harbinger is a project that delivers signed price feeds based on real time market data from multiple exchanges. The on-chain data will be fed directly to the Tezos network making it ‘DeFi ready’ for future applications. Using a similar method to Tezos delegated staking, which enables token holders to delegate their XTZ to a validator, or ‘baker’, Harbinger will enable price oracles to be delegated and prefunded. The official announcement explained…

Why Are Small Cap Altcoins Outperforming Bitcoin And Other Major Crypto Assets?

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Bitcoin broke above $10,000 and is trading well above the key level. Ethereum is up over 200% year to date, and the rest of the crypto market is right behind it. However, small-cap altcoins have been beating out all major crypto assets three-to-one over the last month. But what is causing the significant outperformance? Total Crypto Market Rallies 100% In 2020, Small-Cap Altcoins Benefit The Most Before the recent pullback across crypto, the total market cap rose a full 100% in 2020. During the greater crypto market rally, Bitcoin dominance…