In the medium term, technical analysts and traders believe Bitcoin (BTC) is headed for an extended uptrend. For BTC to reach for a new all-time high, traders pinpoint $13,000 as the main resistance level. In the past two years and a half, Bitcoin surpassed $13,000 only once in July 2019. The price of BTC briefly wicked to $13,970, but eventually dropped below $10,000 within a month that followed. Traders say that BTC reaching $13,000 and staying above it is critical for a major bull run for thee reasons. The three…
Day: October 9, 2020
How Next-Gen Blockchain Platform Jax.Network Solves the Scalability Trilemma
The inception of crypto assets like Bitcoin, Ethereum, Litecoin, etc., brought blockchain technology to the attention of the public and the mainstream financial world for the first time. Since then, blockchain has been touted as the most transformative technology after the Internet. However, like the Internet, the early pioneers and products eventually became outdated. More scalable, developer-friendly tools were created that ultimately turned the ecosystem into what it is today. And while top cryptocurrencies like Bitcoin and Ethereum struggle with scaling, Jax.Network claims to have developed an innovative solution that…
Auto Giants Consortium MOBI Reveals First Blockchain-based EVGI Standard
The Mobility Open Blockchain Initiative (MOBI)—a consortium backed by Honda, General Motors Company and IBM amongst others—has launched a blockchain-based standard for Electric Vehicle Grid Integration (EVGI). The Need For a Standard In The Electric Vehicle Industry With the rapid transformation of mother earth owing to climate change implications, several companies following government regulations have resorted to the development of unique frameworks to alter their processes to adhere to sustainability guidelines. This move prompted players in the automotive industry to develop electric-based vehicles to solve the problem of carbon emissions.…
Fintech Revolut Dangles Market-Beating 5% Rate Bait to U.S. Savers
Besides its base annual interest rates given to American savers, Europe’s fifth most valuable fintech Revolut has awarded the savers additional bonus. On Thursday, Revolut announced that American savers would benefit from a brand new 4.5% “bonus” on top of the base annual rates of interest they enjoy. Payouts are given on a monthly basis after calculations are done daily based on an annualized rate. Revolut offers a 5% rate on savings its subscribers two accounts “Premium” costing $10 and “Metal” costing $17 while a 4.75% rate to its standard…
Bitcoin Tops $11K for First Time in Almost 3 Weeks
Bitcoin appears to have broken out of its tight trading range over the past two weeks, between roughly $10,500 and $10,800. Original
IBM Shares Rose 5.98% on Thursday After the Company Announced It Will Spin Off Its IT Infrastructure Unit
IBM shareholders are set to benefit directly from the spin-off, as they will acquire proportional shares in the newly formed publicly-traded company. Shares of International Business Machines Corp (NYSE: IBM) closed Thursday’s trading session 5.98% higher than the opening value, $124.07. The jump is attributed to three positive news that the company released yesterday through its website. First, IBM indicated that it will focus on hybrid cloud global business. Secondly, IBM announced that it will spin off its Managed Infrastructure Services unit of its Global Technology Services division into a…
Dow Climbs Over 100 Points In Biggest Raise Since September
The Dow Jones Industrial Average had its biggest gains on Thursday after it climbs over 100 points after the trading day. For specifics, the Dow climbed by 122 points to close at $28,425.51, sending other Wall Street indices on a similar soaring spree. Besides the Dow Jones (INDEXDJX: .DJI) 100 points gain, the S&P 500 Index (INDEXSP: .INX) also added 0.8% amounting to 27.38 points to close at 3.446.83 while the Nasdaq Composite (INDEXNASDAQ: .IXIC) gained 0.5% to close at 11,420.98. The bullish rally also cascaded down to stocks such…
Venture Capitalist Tim Draper Bets Big on Indian Crypto Exchange, Undeterred by Crypto Ban Reports
American entrepreneur and venture capitalist Tim Draper has invested in Indian cryptocurrency exchange Unocoin despite regulatory uncertainty and reports of a possible crypto ban in India. Unocoin has seen the number of new users grow 10-fold since the supreme court quashed the banking restriction by the central bank. Investments Flow Into Crypto Sector in India The cryptocurrency sector in India continues to attract global investors as the government continues to deliberate on how cryptocurrencies will be treated in the country. The latest round of investments went into Unocoin, one of…
Multi-Decade Trader Thinks Bitcoin Is About to Flash a “Big Buy” Signal
Bitcoin moved substantially higher on Thursday after consolidating in a tight range for many days. The cryptocurrency rallied from approximately $10,600 to daily highs just a smidge shy of $10,000. The rally represented one of the cryptocurrency’s largest moves higher in many weeks. Bitcoin currently trades at $10,900 as of this article’s writing as bulls attempt to retake the $11,000 resistance level. $11,000 is an important level for Bitcoin as it has acted as a point at which multiple rallies have stopped since the start of September. Despite the resistance…
$4K gold target as Brandt eyes Bitcoin ‘big buy signal’
Gold will gain regardless of whether Donald Trump or Joe Biden wins the election, one analyst says as Bitcoin (BTC) targets $11,000. In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was “betting on gold” for bullishness by the end of the year. “It’s love season. It’s the seasonality of two wedding seasons in India, it’s the season of lights of Diwali, then we have Christmas, and it peaks for Chinese New Year,” he…