Day: October 19, 2020

Bitcoin News Roundup for Oct. 19, 2020

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With BTC transaction activity slowing and Filecoin miners striking, CoinDesk’s Markets Daily is back for your latest crypto news roundup! Bitcoin’s transaction activity has cooled amid the recent lull in price action – and that’s hurting miners’ earnings.  Some of the largest Filecoin miners stopped mining on Saturday, complaining the project’s mining incentive scheme has made it impossible for the miners to start operations.    The OKEx drama shows just how immature crypto markets are compared to traditional ones, but it also highlights their overall resilience. A recent giveaway of China’s…

Mixed Reactions after Week-Long Public Test on Digital Yuan By PBOC

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Although the People’s Bank of China (PBOC) has not officially released a report on the test, analysts are positive on the overall score on the digital yuan public test. The People’s Republic of China through the People’s Bank of China (PBOC) completed the one-week-long public test on the new Digital Yuan at the city of Shenzhen. However, there are mixed reactions on the project from the public opinion, analysts view and also from the Chinese regulators. A selected group of Shenzhen residents received 200 digital Yuan in their digital wallets.…

What’s Causing the DeFi Recovery?

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Major DeFi tokens, including UMA, Maker, and Uniswap have surged up to 22% in the past 24 hours. The decentralized finance (DeFi) market has generally rebounded following a sustained pullback. There are two main reasons behind the short-term recovery of major DeFi tokens. First, most DeFi tokens were heavily sold since September, causing most to show oversold signs. Second, the overall user activity in the DeFi market remains relatively high in spite of the marketwide correction. UMA, Maker, and Uniswap: DeFi Giants Rebound First In the past two days, the…

Tech IPOs Flourishing In The U.S. And China But Not Europe, Why?

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U.S. and China have had a good year for stock market debuts where share listings came from big tech names like Palantir and Ant Group. However, this is not the case for Europe. Unlike previous years when notable companies like Spotify Technology SA (NYSE: SPOT) music streaming service and Adyen (Euronext: ADYEN), a payments processor, went public, Europe has recently struggled in the tech space to produce significant initial public offerings (IPOs). European IPOs Struggle Significantly This Year This year, venture capital-backed IPOs in Europe were just 26 compared to…

Alibaba Boosts its Holdings in Sun Art Group in a Deal Worth $3.6 Billion

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Alibaba Group Holding has increased its stake in Sun Art Retail Group, a Hypermarket chain operator. As detailed by Reuters, the move by Alibaba Group Holding Ltd (HKG: 9988) to increase its investment in the Sun Art Retail Group Ltd (HKG: 6808) comes in a bid to bolster its presence in the Chinese retail market sector. Per the reports, the investment was made directly into A-RT Retail Holders, the retail giant with about 51% controlling stake in Sun Art Group. Alibaba increased its stake in A-RT Retail Holdings from 21%…

3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell’s Speech

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It is Monday. Bitcoin is holding above crucial technical support at $11,400. Meanwhile, its safe-haven rival, the US dollar, is experiencing a sharp decline. The inverse correlation between the two stark assets is visible all over again. Only this time, the catalyst that is driving them into different directions is a Jerome Powell speech on the future of cross-border payments at the International Monetary Fund’s (IMF) annual meeting at 8 am ET today. Here are three possible reasons that may have catalyzed Bitcoin’s recovery and the US dollar’s slump ahead…

First Mover: ‘Blue Wave’ in U.S. Senate Could Mean Flood of Stimulus for Bitcoin

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Bitcoin was lower, tracking what appears to be a new range between roughly $11,200 and $11,700. It’s a step up from levels that prevailed over most of September, between $10,100 and $11,000. “As the bulls push for a return to a $12,000 handle, resistance will be found just below, at $11,900,” Matt Blom, head of sales and trading for the cryptocurrency exchange owner Diginex, wrote in a daily newsletter.  In traditional markets, U.S. stock futures rose on fresh optimism that lawmakers might reach agreement on a new federal stimulus package. Gold…

United States, Europe, and Japan Join Forces to Regulate Big-Tech Market Monopoly

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With Japan, Europe, and the United States, big tech companies like Apple, Facebook, Amazon, and Alphabet will be in one huge legislative umbrella on market monopoly. As the global market continuously recovers from the coronavirus pandemic, big-tech companies’ market monopoly is proving to be a headache to most governments. Hereby, the United States, Europe and Japan have all joined forces to control the overall effects of big tech companies especially in their respective jurisdictions. United States, Europe and Japan on Market Monopoly Media outlet Reuters has reported that the three…

Ethereum can rise to $800 in 2020 if this bull ‘mini-cycle’ repeats

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Markets tend to behave in massive cycles. One of those cycles is the previous Bitcoin (BTC) price cycle from 2014 to 2017. However, within those cycles, are multiple smaller cycles that could often repeat. A similar approach and analysis can be made for Ethereum’s Ether (ETH), which is outperforming BTC year-to-date, as the majority of its impulse upward moves have corrected heavily to retest previous resistance levels. When is the best period to buy ETH/USD and what potential levels can be hit in the next move? Let’s take a look…

Japanese payments firm JCB and Mizuho Bank test blockchain-based ID

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Major financial institutions in Japan are moving into blockchain to streamline digital identity systems. Japan’s third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology. The new system will utilize a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on Oct. 15. The new joint initiative will allow the companies to verify mechanisms to securely transfer and link member ID information by multiple business operators. This data includes names, addresses and employers stored on a cloud platform built…