Day: October 20, 2020

Trader Lays Out “Worst Case” Technical Scenario For Yearn.finance (YFI)

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Yearn.finance (YFI), the decentralized finance (DeFi) darling that led the DeFi market upsurge in the third quarter, is stagnating. Technical analysts are now considering the worst possible scenario for the DeFi giant. A pseudonymous DeFi trader known as Aaron, who created Tokenviz, says YFI is currently sitting on a major support area. “Here’s my worst case bear scenario for $YFI/ $ETH.  Price is sitting right on critical support with a lot of open air below.  If 35 ETH gives then 17 ETH is next major support. This is not necessarily…

US Financial Watchdog Fines Bitcoin Mixer Service for $60 Million

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Larry Dean Harmon, founder and operator of early bitcoin mixing services Helix and Coin Ninja, is being fined $60 million by the U.S. Treasury’s Financial Crimes Enforcement Network (Fincen) for allegedly violating anti-money laundering rules. According to documents published Oct. 19 by Fincen, the fine surrounds the transmission of “at least 356,000 bitcoin transactions through Helix between June 2014 and December 2017” on behalf of criminals using the dark web. Prosecutors allege Harmon was running an unregistered money services business (MSB) in violation of the Banking Secrecy Act (BSA). The…

First Mover: Monero Leads Privacy-Coin Rally as Bitcoin Trips on Path to $12K

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Bitcoin (BTC) was gaining for a fourth straight day, approaching the $12,000 price threshold the cryptocurrency failed to hold in August when it last rallied past that level.  “The market has started to move again,” the Norwegian cryptocurrency-analysis firm Arcane Research wrote Tuesday in a report.  In traditional markets, U.S. stock futures pointed to a higher open as investors bet U.S. lawmakers could reach agreement on a new stimulus bill. Market moves Privacy coins like monero (XMR) and zcash (ZEC ) are suddenly in vogue – despite regulators’ efforts to crack down on them. …

Bitcoin Briefly Breaks $11.9K on Renewed US Stocks Correlation; $12K Next?

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Bitcoin held onto its weekly gains as traders waited for US Congress to agree on the second coronavirus package on Tuesday. The benchmark cryptocurrency added $67, or 0.5 percent, to trade near $11,827 ahead of the New York opening bell. Likewise, the US stocks inched higher in the pre-trading session, renewing its positive correlation with Bitcoin after the two decoupled briefly on Monday. Bitcoin did its own thing after the Federal Reserve Chairman Jerome Powell opened up about the possibility of launching a digital dollar. Speaking at a panel discussion…

Bitcoin Futures Shows Contrasting Positions Between HF and Ins Investors

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Bitcoin Futures contract has at this time revealed a differing behavior between Hedge Funds and Institutional Investors in a scenario that seems to stir market analysts amusements. Per the data published by the Chicago Mercantile Exchange (CME), Institutional investors are embracing the Long Bitcoin Futures contract while the Hedge Funds are diversely going Short. The CME data shows that the Bitcoin Futures long contract held by institutions is currently at its all-time high. This position gives an inclination that the Institutional investors have a more bullish expectation on the price…

Chinese Pre-Orders for iPhone 12 and iPhone 12 Pro Hit the Roof

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Apple sees strong demand for its iPhone 12 flagship in one of its biggest global markets China. Pre-orders for iPhone 12 have already crossed 150,000 units in three days of launch. Analysts say China alone with contribute 35-40% of the iPhone 12 sales. The latest industry data shows that the demand for Apple Inc‘s (NASDAQ: AAPL) latest flagship smartphones – iPhone 12 and iPhone 12 Pro – is significantly higher. Last week on October 16, Apple started the pre-order for its new iPhone 12 5G lineup in China. As per…

Eat Just and Proterra Asia Partner to Launch a Subsidiary in Asia

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When built, the factory will generate thousands of metric tons of protein, adding to existing protein facilities in North America and Germany. San Francisco-based plant food manufacturer Eat Just has announced a partnership with a consortium led by Proterra Investment Partners Asia. Within the deal, Eat Just and Proterra Asia will build a subsidiary, called Eat Just Asia, in Singapore. The company will concentrate on creating a fully-integrated supply chain for Eat Just’s flagship product, vegan egg substitute JUST Egg. According to the press release, Eat Just will invest $20…

MTI: How AI Bots are Shifting Trading Dynamics

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Trading bots are extremely advanced Artificial Intelligence solutions that use complex IT and programming algorithms beyond the scope of human reach. It’s fair to say that crypto’s ecosystem has added a new dimension to the traditional market. One of the most obvious changes is its volatile nature, as prices change more frequently, significantly, and faster than traditional markets. In addition to that, the crypto market never sleeps. Cryptocurrencies can be traded at any hour, any day, unlike the stock market. These characteristics could prove lucrative for every investor. However, the…

How Bitcoin and WordPress Can Help Small Businesses to Survive

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Local businesses setting up eCommerce shops is a good idea. People like and want to shop locally, but they like the convenience of online shopping. Small businesses, “mom-and-pop” stores are in danger. As a recent Financial Times article argued, small businesses have been served a one-two punch. Banks have been hesitant to fund small businesses, especially as larger companies have moved into the scene to steal clients and money away. Second, the pandemic has forced many businesses to close or limit their storefront operations. President Trump has done little to…

Sweeping Changes Coming to Finance, Ripple CTO Believes XRP Can Benefit

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Ripple CTO David Schwartz weighs in on discussions of a “Great Financial Reset” by saying talk of a one-world currency is premature. However, Schwartz acknowledges that a global network of central bank digital currencies (CBDCs) is coming soon. With that, he believes XRP, as a “neutral, jurisdictionless asset,” can benefit by acting as a bridge between CBDCs, and all other tokenized assets. I don’t think there’s going to be one world fiat any time soon, so even with stablecoins there will be a lot of them. To make liquidity between…