Day: October 30, 2020

Price analysis 10/30: BTC, ETH, XRP, BCH, LINK, BNB, DOT, LTC, BSV, ADA

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Bitcoin’s consolidation near a key overhead resistance is a sign of strength but the technical structure of most altcoins has weakened. Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the…

Verizon’s newsroom to use blockchain in bid for absolute transparency

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Verizon has unveiled “a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability,” according to a public statement today. Called Full Transparency, the platform is meant to immutably document the company’s own news releases on a public blockchain.   Verizon posted its first news story through the platform yesterday, according to comments sent to Cointelegraph by a Verizon representative. Alterations made after the story’s initial publication were also recorded. The representative noted, however, that “Only text changes are currently tracked on the blockchain.” In recent years, fake news, fact-checking…

Overstock Touts Voatz Blockchain Voting App as Solution to US Election Fracas

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Days before a U.S. presidential election marred by court fights over vote counting and partisan allegations of rampant mail-in ballot fraud, Overstock.com is once again touting what it calls a solution: blockchain voting. “If [voting] doesn’t work as well as it should, next week think about how Voatz could have solved that,” Overstock chief Jonathan Johnson told investors during OSTK’s Oct. 29 earnings call. Johnson, who is also president of Overstock’s blockchain investments subsidiary Medici Ventures, was referring to the Medici-backed mobile voting app Voatz, which claims to use blockchain…

Money Reimagined: Who Are the Real Monsters?

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For this special Halloween edition, CryptoX Executive Editor Marc Hochstein weighs in with a guest column about the spookier aspects of the banking system.  It’s a perfect follow-up to last week’s newsletter on the harmful legacy of the U.S. Bank Secrecy Act.  Before you dig into it, let me remind you to check out this week’s Money Reimagined podcast. In this episode, Sheila Warren and I interview the newly reelected premier of Bermuda, David Burt, who is spearheading projects to use the island as a testing ground for stablecoins and…

Crypto ‘fear index’ can now be used to peek into the future

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The Crypto Volatility Index, or CVX, is now live as a beta test and proof of concept. The index tracks the implied volatility of crypto options in a similar fashion to the VIX index used in stock markets. The VIX is usually referred to as the “stock market fear index” as it often spikes in anticipation of major downward moves. The CVX operates under a very similar mechanism. It tracks the implied volatility of a basket of crypto options, primarily for Bitcoin (BTC) and Ethereum (ETH). Options are a derivative…

Iranian Authorities Eye Bitcoin (BTC) for Payment of Imports

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The Iranian government has made it compulsory for bitcoin (BTC) miners in the country to sell their coins to the state, so authorities can use the digital currency to pay for imports amidst crippling international sanctions, according to reports on October 30, 2020. Iran Hoping on Bitcoin  While Iran is one of the world’s richest countries when it comes to crude oil and natural gas production, the economy of the Islamic State has been nearly crippled by international sanctions as well as the COVID-19 pandemic which crashed its daily oil…

Career Trader Calls Yearn.Finance A “Strong Buy” If It Hits $7K

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The DeFi trend is finally dying down, and it has left even the once hottest and most hyped coins reeling in the wake. Yearn.Finance, for example, was once trading at over $40,000 and four times the price of Bitcoin. Now, it could be headed for just half a BTC per YFI token, where one career trader claims the altcoin will be a “strong buy.” Here’s how the once piping hot DeFi token might get there. Yearn.Finance Carnage Continues, But Will Make An Ideal HODL Eventually Yearn.Finance was one of the…

US macro events unlikely to fully derail Bitcoin price gains

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Tech-heavy stock market indices, including the Nasdaq Composite and the S&P 500, have begun to recover. Amazon posted high pandemic sales that led profits to climb threefold and reported a 37% spike in revenue. Facebook also surpassed Wall Street expectations, achieving $21.5 billion in revenue during the third quarter. Although the correlation between Bitcoin and U.S. stocks has declined in recent weeks, the probability that the rising risk-on market sentiment could buoy BTC remains high. As Kevin Svenson, a chartist at Kraken’s Cryptowatch, explained, the market direction between Bitcoin and…

Blockchain Bites: Ripple’s MoneyGram Pump, OKEx’s Bitcoin Cash Plan, Bitcoin’s Birthday

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Ripple has invested over $50 million in remittance firm MoneyGram over the course of the firms’ working relationship. Forbes published an investigation detailing the byzantine corporate structure Binance may have created to avoid U.S. regulations. Ether grew as a share of Genesis Capital’s total loan book.  Top shelf No offensesInvestors who say they lost around £100,000 ($130,000) in an alleged cryptocurrency Ponzi scheme will not see remuneration after bringing their claims to the police. According to an investigation by the Metro newspaper published Tuesday, a number of investors said they had invested…