Day: October 29, 2020

SoFi Gets Conditional Approval to Establish a New National Bank

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With OCC’s license, it will be easier for SoFi to become a national bank. However, the company still has to wait for formal approval from the Federal Deposit Insurance Corporation and the Federal Reserve. On Wednesday, the Office of the Comptroller of the Currency (OCC) granted conditional approval to Social Finance Inc (commonly known as SoFi) for operating as a national bank in the U.S. For SoFi, the license means an important step on the way to becoming a full-service financial institution. The company has been offering everything from cryptocurrency…

FTX Launches Bitcoin Pairs Against Amazon, Apple Tokenized Stocks

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Crypto derivatives exchange FTX has launched a novel way to trade the world’s most popular stocks. Announced Thursday, users of the exchange are now able to register to trade on over 12 equity and cryptocurrency pairs via the platform’s fractional stocks offering in what FTX is calling a “first of its kind” product. The additions mean users can begin trading high demand stocks like Tesla, Apple, and Amazon, represented by tokens, against bitcoin, stablecoins, and more. “These products demonstrate a powerful future, in which assets are digitized and traders have…

‘Price follows hash rate’ — Bitcoin fundamentals drop may delay $14K

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Bitcoin (BTC) could see further downward price pressure this week as network difficulty is set to drop the most in five months. Data from data resource BTC.com estimates that difficulty will drop by 8.3% at the next automatic readjustment in four days’ time. Difficulty set to repeat June readjustment The mining difficulty is an essential measure of the competition among miners in finding block subsidies, and by extension, the overall health of the mining sector. Automatic readjustments meanwhile fulfill an even more important function, allowing Bitcoin to sustain itself regardless…

Cardano (ADA) is Primed For a Rally And Only 1 Thing is Holding it Back

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Cardano’s price is holding the $0.0950 support level and recovering higher. However, ADA must surpass $0.1020 and $0.1040 to start a fresh rally in the near term. ADA traded as high as $0.1129 before declining below the $0.1050 support against the US dollar. The price is holding the $0.0950 support, but it is well below the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.1020 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex). The pair is likely to…

Coinbase Card Waitlist Opened for US Customers From Today

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The Coinbase Card which is expected to be launched in the U.S. this winter has already been launched in the UK and Europe. Coinbase has officially announced that its customers in the U.S. can now join the waitlist for its debit card that would allow cryptocurrencies to be used for payment. The users of the Coinbase Card would also be subjected to a reward program that would see customers earning 1% back in Bitcoin and up to 4% back in Stellar lumen. Customers would be only allowed to select one…

Bitcoin Key Indicators Suggest Risk of Extended Downside Correction

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Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support. Bitcoin failed to stay above the $13,500 support and declined below $13,200. The price is currently consolidating near $13,200 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to resume its decline below $13,200 and $13,100…

Mempool Clog: Bitcoin Hashrate Drops 40%, Backlog Shows Over 100K Unconfirmed Transactions

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The Bitcoin network hashrate has dropped significantly over the last four days sliding from a high of 161 exahash per second (EH/s) to 90 EH/s on October 27. Today, the Bitcoin hashrate has improved a hair as the network’s security is currently hovering around 100 EH/s. However, the mempool log of unconfirmed transactions has spiked to levels not seen since the 2017 highs. On Wednesday, October 28, 2020, the Bitcoin (BTC) hashrate is trying to regain what was lost during the last four days. According to statistics, since the October…

Bitcoin Is in for Some “Nasty Chop” as Bulls Lose Their Edge, Claims Trader

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Bitcoin has seen its first notable pullback since its recent multi-week uptrend first kicked off, with bears catalyzing a strong rejection at $13,800 that briefly caused it to reel below $13,000 earlier this morning. This selling pressure has been quite intense thus far, but bulls have been vying to keep the crypto above $13,000. Because it has yet to see a sustained decline beneath this level, and each dip below it has been met with significant buying pressure, it does appear that bulls are still in full control of its…

Report: 55% of US Investors Show Interest in Bitcoin Investment, Covid-19 Catalyst to Changing Preferences

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A recent survey study reveals that more than half of U.S. investors (55%) have an interest in investing in bitcoin, a figure which is 19 percentage points higher than that of last year. This translates to a potential U.S. market of nearly 32 million bitcoin investor households. According to the study’s findings, this increase reflects the impact of the Covid-19 pandemic on attitudes and perspectives around the digital currency. Covid-19 Spurs Bitcoin Interest Jointly conducted by Grayscale Investments and 8 Acre Perspective, the study details the extent of the pandemic’s…

Andre Cronje’s new KP3R token surges 2000% in hours

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A newly launched token by Yearn Finance founder Andre Cronje has skyrocketed within hours of launch as degen farmers load up. The new token called KP3R is for Cronje’s latest project called Keep3r Network which is a decentralized gig-style, smart contract powered marketplace for technical jobs. Within hours of the token launch, traders and degen farmers had ‘aped’ into it causing prices to surge, topping out at over $180 a couple of hours ago according to Uniswap.info. Trading on Uniswap started as low as $10 per token, but the momentum…