Day: October 28, 2020

Bitcoin ‘price will follow,’ says analyst after historically accurate metric hits new high

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Bitcoin (BTC) has already hit an all-time high this week, according to one price measurement from popular statistician Willy Woo. In a series of tweets on Oct. 27, Woo added to his recent bullish prognoses on Bitcoin, noting that one valuation of BTC/USD was now higher than ever before. Woo: “Price will follow” NVT valuation Woo was referring to Bitcoin’s network value to transactions (NVT) ratio, which aims to suggest when the Bitcoin network is overvalued compared to the actual value of transactions passing through it. As of Tuesday, Bitcoin’s…

Ripple (XRP) is About to See “Liftoff” if it Clears $0.255

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Ripple is showing positive signs above the $0.2500 support against the US Dollar. XRP price could start a strong rally if it clears the $0.2550 resistance zone. Ripple recovered nicely and climbed above the $0.2505 pivot level against the US dollar. The price is now trading well above $0.2500 and the 100 simple moving average (4-hours). There is a crucial declining channel forming with resistance near $0.2540 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could rally 8%-10% if it clears the key $0.2550…

An Internet for Humans: Proof-of-Personhood Explained

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Identity is one of our most fundamental human rights. Yet, in the age of surveillance, commodification and centralization, it is under threat. Edward Snowden said it best, “The one vulnerability being exploited across all systems is identity.”   If the “State is the monopoly on violence,” as Max Weber once defined it, then the surveillance state (or surveillance capital) is the monopoly on identity. In this time of rising surveillance capitalism, entrenched surveillance states and, more recently, the plutocracy of blockchain networks, this monopoly has never been more important to break.…

DBS Digital Exchange shows crypto has gone mainstream in Asia: JST Capital

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A now-deleted webpage announcing that Singapore’s largest bank is planning to launch a “digital exchange” supporting crypto asset trading is the latest sign of increasing institutional adoption of virtual currencies. The document, which appeared briefly on the DBS website, announced the new exchange will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic, (ETC), and Ripple (XRP), alongside the fiat currencies of Singapore, Japan, Hong Kong, and The United States. The announcement also noted plans to support asset-backed security tokens. Speaking to Cointelegraph, JST Capital co-founder Todd Morakis, described…

Ethereum Bullish Continuation Pattern Suggests Increase Above $410

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Ethereum is up 3% and it is trading nicely above $400 against the US Dollar. ETH price is showing positive signs and it could rally if there is a clear break above $410. Ethereum is back above the key $400 and $402 support levels. The price is currently facing a major hurdle near $410, but it is above the 100 hourly simple moving average. There is a crucial contracting triangle forming with resistance near $408 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its…

Marathon and Riot battle for the title of America’s biggest Bitcoin miner

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Nevada-based cryptocurrency mining firm Marathon Patent Group has announced the purchase of 10,000 Antminer S-19 Pro ASICs as part of its plan to become the largest mining firm in North America. The publicly traded firm announced the purchase on Oct. 26, revealing plans to command an operational hash rate of 2.56 exahashes per second (EH/s) in July 2021 — equal to 1.9% of the current hashing power of the entire Bitcoin network. Marathon Patent Group’s projected hashing power growth until July 2021: Globenewswire The firm had previously ordered 10,500 S19…

Bitcoin fees spike 198% but Ethereum still more profitable

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Bitcoin (BTC) transaction fees have nearly tripled in three days, from $3.52 to $10.20 on average. According to crypto market data aggregator Glassnode, 22.25% of Bitcoin miners’ income is currently made up of fees, with the other 77.75% coming from block rewards. The share of fee revenues is currently the highest it has been since the plateau of the last all-time high in January 2018 — which followed fee revenues spiking to almost a 45% share during the previous month. The percentage of #Bitcoin miner revenue from fees increased to…

Bitcoin Just Broke $13.8K and Its Likely To Surge Past $14K

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Bitcoin price is gaining traction and it broke $13,500 and $13,800 resistance levels against the US Dollar. BTC is likely to continue higher above the $14,000 resistance. Bitcoin is up over 5% and it surpassed the main $13,500 resistance level. The price is trading with a positive angle above $13,800 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $13,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain strength…

JPMorgan Invites Banks and Fintechs to Build on Its Revamped Blockchain Network

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“Think of it as the foundation of an enterprise mainnet.”  That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business. The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like a “central command product.” As such, Liink now invites its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform.  “Liink participants have the ability to build…

The $750 Million Pre-Halloween Bitcoin Options Expiry Has Started to Spook Traders

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Even though cryptocurrency traders have been exuberant over the price rise, a number of analysts are focused on the large bitcoin and ethereum options expiries set to end before Halloween. Data from Skew.com shows $750 million in Bitcoin options is set to expire and prices could get volatile. The price of bitcoin (BTC) touched an all-time 2020 high at $13,490 on Tuesday across global exchanges. The price spiked when the news leaked about Southeast Asia’s largest bank DBS launching a digital asset exchange. Despite the major price climb this month,…