Day: November 3, 2020

UN drugs and crime wing advises Kenya to use blockchain against corruption

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Blockchain technology can help countries like Kenya from losing billions of dollars to corruption, according to an official at the United Nations’ drugs and crime agency. David Robinson, the regional anti-corruption advisor at the UN’s Office on Drugs and Crime, believes that new technologies like blockchain will help Kenya combat government corruption and other economic crimes. According to Nation Media Group on Nov. 3, Robinson claimed that blockchain-based solutions can provide full traceability of transactions, protecting public registries from fraud and forgery. The official said: “Blockchain technology becomes attractive to…

Analysts Think Chainlink (LINK) Is Primed to Rocket Toward $13

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Like many other altcoins, Chainlink (LINK) faced a strong correction in September and October after the summer highs were set. From its summer high and all-time high of $20, set in the middle of August, LINK corrected more than 50%, bottoming around $7. As of this article’s writing, Chainlink trades for $10.86, down around 4% in the past 24 hours. Despite this local weakness, analysts remain bullish on the popular altcoin. This is for both technical and technological reasons: LINK’s chart looks as though it has put in a medium-term…

Lightning Labs Brings a New-and-Improved DeFi on the Bitcoin Network

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On Nov 2, Lightning Labs, one of the teams behind Bitcoin’s main side chain scaling solution, the Lightning Network (LN), added a new functionality by introducing Lightning Pool. Lightning Pool will be non-custodial and will allow interaction between participants on a peer to peer basis. The LN team further indicated that the new offering enables its user to access liquidity by trading on the pool. Solving Liquidity Shortcomings According to the LN team, Lightning Labs, a non-custodial approach allows liquidity providers on the pool to attract incentives on their Bitcoin…

Hong Kong Plans to Regulate All Crypto Exchange Platforms Soon

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Hong Kong’s cryptocurrency industry functions largely on an opt-in basis, where authorization by the country’s financial authority, the Securities and Futures Commission (SFC) is not a compulsory for crypto-related businesses operating within its borders. These businesses are encouraged to apply and register with the SFC if only to prove to investors that it is trustworthy and willing to comply with regulations in an increasingly regulated global crypto landscape.  That may soon change, according to a keynote speech made by Clara Chiu, head of Licensing at the SFC. Hong Kong is…

Bitcoin’s Mining Difficulty Sees Largest Percentage Drop in 9 Years

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Bitcoin’s mining difficulty just recorded its largest percentage decrease since the advent of ASIC mining machines in late 2012, dropping by just over 16% and giving miners a reason to celebrate as their profitability is set to increase significantly. Difficulty dropped to 16.787 trillion at around 09:00 UTC on Tuesday, its lowest level since June, according to data aggregated by BTC.com. The adjustment marks the second largest percentage decrease of all time.  Mining difficulty is a relative measure of the amount of resources required to compete for mining new bitcoins.…

Mastercard Awaits CBDC Future, Says Crypto Patents Will Pay Off

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Payments giant Mastercard is betting big on a CBDC future and says that all its patents in the cryptocurrency space put the company in a leading position to embrace the next wave of technology. As central banks across the globe gear up for launching their own CBDC, payment giants search for new business opportunities. During its Q3 2020 earnings call Mastercard President Michael Miebach said that all of its crypto patents will pay off as CBDC projects start entering the global markets. Referring to its crypto patents as intellectual property…

Bitcoin just had its biggest mining difficulty drop since 2011

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Bitcoin (BTC) saw its biggest negative difficulty adjustment in almost ten years on Nov. 3 as the network flawlessly takes care of itself. Data from monitoring resource BTC.com showed that Bitcoin difficulty automatically readjusted by 16% Tuesday. Difficulty sheds most in nine years Estimates had previously suggested that the adjustment would be around 13%, but in the event, it was the second highest in Bitcoin’s history. Only in 2011 was there a larger difference — 18%, also coming at the end of October. Bitcoin difficulty chart with latest drop highlighted.…

Bitcoin slides 3% as Hong Kong seeks to end ‘honeymoon’ with crypto exchanges

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The price of Bitcoin (BTC) has declined by more than 3% in the past two days. The pullback of the dominant cryptocurrency comes amid growing regulatory pressure in China and Hong Kong. The daily price chart of Bitcoin. Source: TradingView.com Timeline of exchange FUD in the past month On Oct. 16, top Bitcoin futures exchange OKEx suspended withdrawals after one of the exchange’s private key holders was reportedly arrested. Merely 17 days later, speculation that Huobi, a Singapore-based exchange with an office in Hong Kong, might face regulatory pressure emerged after…

Bitcoin bull Jack Dorsey keeps role as Twitter CEO following board review

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Twitter CEO and major Bitcoin (BTC) bull Jack Dorsey will keep his role at the company, according to a recent decision by a Twitter board committee. As Bloomberg reported on Nov. 2, the committee officially reviewed Twitter’s leadership as part of a March 2020 agreement with activist investor Elliott Management and private equity firm Silver Lake. Both companies gained seats on Twitter’s board of directors through investments earlier this year. Citing a company filing on Nov. 2, Bloomberg reports that the independent board panel concluded that the existing management structure is sufficient. The…

Chainlink (LINK) Signaling Bearish Continuation Below $9.8

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Chainlink (LINK) started a sharp decline from the $11.60 resistance zone. The price is now trading well below $10.50 and it seems like the bears are aiming a test of the $9.00 support. Chainlink token price started a major decline after it failed to clear the $11.60 resistance against the US dollar. The price is now trading below $10.20 and the 100 simple moving average (4-hours). There was a break below a crucial declining channel with support near $10.40 on the 4-hours chart of the LINK/USD pair (data source from…