Bitcoin advanced on Monday, ending a 10-day-long price consolidation, as the U.S. dollar weakened against gold and fiat currencies. Original
Bitcoin’s Jump to $10.7K Ends 10-Day Sideways Trend
Day: September 14, 2020
INX starts accepting crypto payments after raising $7.5M in its IPO
INX, a Gibraltar-based cryptocurrency exchange, is now accepting major cryptocurrencies as part of its initial public offering, or IPO. The company hopes to raise $117 million from both retail and institutional investors. According to the announcement, more than 3,000 retail and accredited investors registered for the INX token offering in the first 3 days. INX says that the company set the offering price $0.90 per token with a minimum investment of $1,000. BTC/USD, ETH/USD and USDC/USD exchange rates will be determined in the manner as disclosed in the final prospectus,…
Weekly Recap: Bitcoin Remains Dormant While Ethereum Resumes Uptrend
Bitcoin remains dormant awaiting major price movement. Bitcoin seems to have entered a consolidation period following the 17% downswing it experienced at the beginning of the month. Its price appears to be contained within a narrow trading range, waiting for volatility to strike back. The ongoing stagnation phase forced the Bollinger bands to squeeze within BTC’s 4-hour chart, which is indicative of a major price movement about to take place. In the meantime, the flagship cryptocurrency continues to trade mostly between the $9,900 support and the $10,400 resistance level. Such…
Saudi Aramco Regains Spot as Most Valuable Company Surpassing Apple
Saudi Aramco’s market capitalization is currently 7.926 trillion Saudi Riyals (US$2.1 trillion), while Apple’s valuation is below $2 trillion. The renowned oil conglomerate Saudi Arabian Oil Co (TADAWUL: 2222) has once against surpassed American based tech giant Apple Inc (NASDAQ: AAPL) in market capitalization. The overtaking of Apple by the oil behemoth Saudi Aramco comes after tech stocks suffered a blow causing a dip in Apple’s valuation. Saudi Aramco has stood strong amid oil price slumps gaining about 1.1 percent in the past month. With Apple losing about 12 percent…
Crypto.com views Chainlink integration as a gateway to DeFi
Crypto.com (CRO) is adding Chainlink’s price feeds to its DeFi wallet as it begins expansion into the booming space. The company chief operating officer Eric Anziani told Cointelegraph: “I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO…
SGEN Stock Jumps 16%, Merck to Buy $1B Stake in Seattle Genetics
It is a strategic partnership that will see both Merck and Seattle Genetics venture new market opportunities as the market demand for specialized and less harmful drugs sharply increases amid the crisis. Shares of Seattle Genetics Inc (NASDAQ: SGEN) jumped slightly over 16% to trade around $175 during Monday’s pre-market in reference to Friday’s close, $149.97. At the time of writing, teh stock was 10% up, at $165. The drastic change during the weekend is largely attributed to the news that the drug maker, Merck & Co Inc (NYSE: MRK)…
Crypto mining and remote work drive GPU sales boom in Russia
Graphic cards’ sales in Russia are surging amid an increase in remote work as well as the apparent growth in cryptocurrency mining, a new report says. According to several local retailers like Citilink and Svyaznoy, crypto mining-related sales of graphic cards in Russia notably surged in August 2020, Kommersant reported on Sept. 14. Alexey Rusakov, an executive at local tech distributor Citilink, told Kommersant that sales from mining-enabled graphic cards have spiked 49% in August. This comes in line with a two-fold increase in sales by tech giant Nvidia on a year-on-year…
China’s Digital Yuan Is Legally Compensatory to Local Fiat Currency
The digital yuan introduction is seen as a silent way for the Chinese government to make a huge move in accordance with the global market need and also a way to control the fast-growing ‘uncontrolled’ crypto industry. Through an opinionated blog post by Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), highlighted some of the final expected touches to see a digital yuan come true successfully. Since the bank announced on October 31, 2019, the plans to implement digital yuan years, there have been a lot…
Polish eCommerce Giant Allegro to File for $266M IPO
Goldman Sachs Group and Morgan Stanley are global coordinators of Allegro IPO. Polish e-commerce giant Allegro has confirmed its plans to file for Initial Public Offering (IPO). As reported by Bloomberg, the company plans to raise about 1 billion zloty ($266 million) in an initial public offering in a bid to get listed on the Warsaw Stock Exchange. The Initial Public Offering has been noted by the company as a means to shore up its financials. The company’s current investors including Permira, Cinven, and Mid Europa Partners plan to sell…
Ethereum Flag Pattern Risks Plunge Towards $177; Here’s Why
Ethereum is facing risks of undergoing a massive plunge as it partially confirms a bearish flag pattern. The technical setup appears after an asset forms a consolidation channel upward following a strong bearish move. The downward movement is called flagpole, while the consolidation is referred to as the “flag” itself. Ethereum is forming the same pattern, as shown in the chart below. ETH/USD is consolidating in an upward channel. Source: TradingView.com The second-largest cryptocurrency is forming a flag pattern followed by a large slope downwards – a flagpole whose maximum…