Day: August 28, 2020

Bitcoin balks as the Fed talks, DeFi surge continues: Weekly recap

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This week was quite eventful for crypto and traditional markets, and investors will note that as central banks introduce new monetary expansion policy, Bitcoin (BTC) and altcoins have begun to forge their own path.  Before reading the rundown, catch up on the most-read stories centered around the price of Bitcoin, the macroeconomic picture and the DeFi phenomenon gaining traction.  A seminal moment for Bitcoin and digital assets Central bank policies first crafted in the wake of the Great Recession, which were then seen as extraordinary, have become ordinary — and concerns…

Charles Hoskinson’s IOHK submitted a decentralized treasury proposal to the Ethereum Classic community

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Charles Hoskinson’s IOHK recently published two Ethereum Classic Improvement Proposals, or ECIPs, meant to help the struggling chain recover after a slew of recent 51% attacks. The first introduced a checkpoint system to prevent the possibility of such attacks, and the second proposed a decentralized treasury — a seemingly divisive idea within the ETC community. Following the recent attacks, a heated debate ensued concerning the project’s future. Hoskinson, one of Ethereum’s co-founders and a supporter of the ETC fork, believes that the way forward revolves around the institution of the decentralized treasury. The proposal suggests that the…

Next Bitcoin Leg Up Could “Overshoot” $15K, $12K Wont Hold Back Rally

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Bitcoin price is currently holding above important weekly support. With just three days left for the weekly close, the next few days are critical. If the cryptocurrency can break through, $12,000, which one analyst claims won’t hold much longer, the next leg up could “overshoot” most targets and touch $15,000. But although that outcome is positive for crypto investors, the overextended move would result in a pullback followed by weeks of consolidation around $14,000 before moving up again. Holding Weekly Support Is Bullish For Bitcoin, “Sub-$12K” Won’t Hold Much Longer…

Bella Thorne Has Ruined OnlyFans For Struggling Content Creators

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Bella Thorne is being called out for “ruining” OnlyFans. She created a ruckus with her “PG-13” account, which caused the platform to change its rules. These rules harmed the real content creators. As I suspected, Bella Thorne ruined OnlyFans. When the former Disney star created an account on the popular platform for adult entertainers, she created such a ruckus that she was able to break their earnings records. And that’s great. The problem was, she misrepresented what she was offering to her subscribers, and as a result, the platform changed…

Blockchain Bites: Winklevoss’ Wild Prediction, Bitcoin Miners’ Horde, Ethereum’s ‘Critical Bug’

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Mongolian authorities have put the kibosh on cheap electricity for crypto miners, Venezuela is seeing healthy crypto use outside government-approved exchanges and a “critical bug” has left 13% of Ethereum nodes useless. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CryptoX’s newsletters here.  Top shelf Bakkt’s back?Growing institutional interest is helping to drive a recent spike in volume on Bakkt, according to its president, Adam White. Trading volumes for physically settled bitcoin futures…

Wirecard UK Business to Be Acquired by Railsbank

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Wirecard has already laid off a number of employees in its Germany office. The company believes that most of its 80 UK employees would be absorbed by Railsbank. Wirecard UK business will be acquired by Railsbank. This was revealed by the payment processing company and this move is said to be the result of a solvent meltdown. Wirecard UK business had encountered problems after an audit of the company’s books showed funds missing. A spokesperson for Wirecard AG (ETR: WDI) declined to comment on a timeline for the deal. Neither would…

This South Korean film festival will be powered by blockchain technology

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An upcoming film festival, hosted by the Gyeonggi Film School, will be held from September 25 to October 4. Recently, the festival announced its partnership with MovieBloc, a Blockchain-based media distribution platform. According to Fn News, the festival’s audience will be able to rate each film in real time in exchange for various tokens. Attendees will be able contribute in other ways as well, such as by providing foreign-language subtitles for various films, in return for additional token-based rewards. The online festival, which was developed in response to the COVID-19…

Bitcoin Slips in Latest Crypto Ranking by Chinese Government-Backed Center

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China’s Center for Information and Industry Development has revised its rankings of 37 crypto projects. Bitcoin has fallen from the previous ranking. As the Chinese government focuses on launching its central bank digital currency, the Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, continues to evaluate and rank crypto projects. The center released its 19th ranking update on Wednesday. The ranking and evaluation work is carried out every two months. A total of 37 crypto projects were evaluated and ranked overall as well…

Jack Dorsey’s Square Now Boasts of Nearly 150% in 2020 Stock Gains

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Amid gains of other fintech companies, Square stock has now added nearly 150% in its year-to-date record, rising with other fintechs. On Thursday, the stock price of American financial services provider, Square Inc (NYSE: SQ) jumped more than 5% in early trading. Later in the day, SQ was still up over 2.5% and finally closed up 1.22% to $155.61. Share prices of other fintech companies are also on the rise. Today, however, SQ is 0.29% down, at $155.16. According to a CNBC report, Mizuho analysts noted nine payment stocks on…

Bitcoin Bulls Defend Critical Level as Traders Target Upside

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Bitcoin bulls have been able to catalyze some slight momentum today that erased all of the losses that came about as a result of yesterday’s dip. Analysts are now noting that the benchmark cryptocurrency may be well-positioned to see further near-term upside, which could come about as a result of the strong support that was confirmed at $11,150. This is the lowest price BTC fell to yesterday following the Fed-induced selloff. The visit to this level was brief, and the cryptocurrency nearly instantly rebounded after it was touched. This is…