Crypto News Blocks

Bitcoin Price Takes Hit As U.S. Dollar Currency Index Bounces Back
  • The BTC/USD pair reached a one-week low of $10,570 on Monday, just 24 hours after the leading cryptocurrency saw a rejection of resistance at $11,200.
  • The $11,200 rejection was anticipated by Cointelegraph Markets analyst Michaël van de Poppe, who warned that Bitcoin was unlikely to find the strength to flip the previous support level back from resistance.
  • At the same time, DXY edged past 93 on Monday, with Bitcoin’s corresponding fall characterizing continued inverse correlation.
  • Cointelegraph cited a plethora of factors for the decline, such as the COVID-19 pandemic, central bank economic policy and a separate scandal involving major institutions.
  • Also hurting Bitcoin was the U.S. dollar bouncing back. The currencies typically thrive when the other doesn’t, and that again was the case on Monday.
  • Read the full story here.
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Posted on September 21, 2020
Posted: September 21, 2020
Wisconsin Assembly Candidate Accepting Bitcoin Donations For Campaign
  • Phil Anderson, a real estate broker and entrepreneur who is running for Wisconsin State Assembly, has decided to accept cryptocurrencies donations such as Bitcoin for his campaign.
  • According to an official statement by Anderson, crypto donations are available via major cryptocurrency payment service provider BitPay.
  • The decision to accept crypto donations comes despite regulatory uncertainty from the Wisconsin Ethics Commission.
  • Anderson previously accepted Bitcoin donations when he ran for Governor of Wisconsin in 2018. That’s because the WEC failed to arrive at a decision regarding the legal status of crypto donations in the state.
  • The same scenario is playing out in 2020. Anderson, a longtime proponent of cryptocurrency, vowed to push for crypto friendly laws in Wisconsin if he defeats his opponent.
  • Read the full story here.
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Posted on September 21, 2020
Posted: September 21, 2020
XSwap Launches Uniswap LP Token Liquidity Mining
  • XSwap, a main product of the Xfinance ecosystem, has launched Uniswap LP token liquidity mining.
  • Within hours of going live, the funds in the pool have soared above the 5,000ETH mark. The highest APY also reached 70,000%.
  • Those looking to participate in XSwap Uniswap liquidity mining can choose their favorite pair and add liquidity on Uniswap, then approve and deposit UNI-LP token on XSwap.
  • In the first 100,000 blocks, each block will provide 10,000 XSP rewards. After 100,000 blocks, each block will be reduced to 1,000 XSP rewards.
  • The maximum supply of XSP is 3,000,000,000 XSP. The XSP token contract address is 0x9b06D48E0529ecF05905fF52DD426ebEc0EA3011.
  • Read the full story here.
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Posted on September 21, 2020
Posted: September 21, 2020
Crypto Exchange bitFlyer Integrates PayPal Deposits To Platform
  • The European subsidiary of bitFlyer, one of the largest Japanese cryptocurrency exchanges ,has integrated PayPal deposits to their platforms.
  • The collaboration is considered a significant move in bridging the gap between the fiat and cryptocurrency world for European users.
  • Previously, bitFlyer Europe users were limited to wire card transfers, which took a maximum of three days to clear. Now with the integration of PayPal, deposits are expected to be almost instant.
  • Additionally, bitFlyer Europe users will now be able to directly deposit euros to their wallet to trade cryptocurrencies.
  • In the wake of these new features being introduced, bitFlyer Europe continues working on other ways to make cryptocurrency trading more accessible and secure. 
  • Read the full story here.
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Posted on September 21, 2020
Posted: September 21, 2020
People’s Bank Of China Placing Strong Emphasis On CBDC Development
  • Aiming to change the global financial status quo, the People’s Bank of China has placed a strong emphasis on the country’s development of a central bank digital currency (CBDC).
  • Such was evident in a recent article published by the PBoC-run magazine China Finance, which argued that Beijing should “accelerate the pace [of CBDC development] to seize the first track” in the global race to issue fiat digital currencies.
  • The article went on to state that China should seize the advantage of becoming a first mover in the arena of digital currencies.
  • The PBoc believes doing so would be significant in that the geopolitical status quo would change, and thus, create an opportunity to internationalize the yuan.
  • The article also cited the fact that the PBoC’s research unit had filed 130 cryptocurrency-related patent applications as of April 2020. This could help cover the gamut of issuance, circulation and implementation of a digital yuan.
  • While Chinese firm Alibaba has filed the most patents this year, the United States still leads the globe with the most blockchain patents.
  • Read the full story here.
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Posted on September 21, 2020
Posted: September 21, 2020
Coinbase Pro Announces It Will Pass Network Fees To Customers Following Ethereum Gas Spike
  • Popular cryptocurrency exchange Coinbase Pro announced that the trading platform would be passing network fees onto customers. This follows the exchange listing Uniswap’s native token UNI, an airdrop that saw miners collect close to $1 million in gas in less than an hour.
  • Ethereum miners are collecting a massive amount of revenue from gas payments, as miners are capturing between $700k to $850k per hour or 700 gwei per transaction.
  • Coinbase Pro noted that they’ve absorbed network fees for the customer in the past. However “as crypto has begun to gain broader adoption in applications like defi, payments, and other projects, networks have gotten busier.”
  • Many people were unhappy with the announcement with Bitcoin Cash proponent David Shares noting that “Once again, this showcases the use case for low fee transaction blockchains like Bitcoin Cash (BCH).”
  • Coinbase also detailed that they don’t charge people for transferring funds between two different Coinbase accounts and added that “To ensure a smooth experience for our customers and reasonable transaction processing times, Coinbase Pro will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction.”
  • Read the full story here
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Posted on September 20, 2020
Posted: September 20, 2020
Ethereum Could Continue To Move Higher Following 20% Rise
  • Since the launch of Uniswap’s UNI Token, the price of Ethereum has gone up around 6-7% as legacy markets and Bitcoin have rejected from local highs. Overall Ethereum is up more than 20% from the lows set early in September.
  • Blockchain analytics firm Santiment recently reported that Ethereum is primed to continue its ascent in the days ahead as on-chain statistics favor bulls.
  • There is a divergence forming between ETH’s price action and the daily active address count on the Ethereum network. The last time that was seen was prior to a major 20% uptrend in August/Early-September. 
  • According to the Santiment report: “as our DAA Divergence Model indicates it has room for more growth on a refreshing +7% price surge. On the day, #Ethereum is on pace for 456k active addresses, which would be its highest output since 8/8.”
  • Chris Burniske, partner at Placeholder Capital, also added that “Given $ETH’s outperformance of $BTC over its lifetime, not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”
  • Read the full story here
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Posted on September 20, 2020
Posted: September 20, 2020
Recent Activity From Whale, Institutions Could Suggest Bitcoin Bull Run
  • Recent data shows whales are not selling large amounts of Bitcoin at the current BTC price and institutions are accumulating BTC. Whale activities and Bakkt’s all-time high volume suggests strengthening momentum.
  • Whales and institutions have an immense impact on the Bitcoin price because of the sizes of their trades. Considering the reduced risk of large sell orders, the declining appetite of whales to sell BTC is a positive factor overall.
  • There are some whales that are selling at the current prices, but the data shows that the majority of whales prefer not to sell at $11,000. The optimistic activity of whales coincides with a clear spike in institutional demand for Bitcoin on Bakkt.
  • An argument could be made that some institutions are possibly acquiring Bitcoin after MicroStrategy’s high-profile investment, particularly as some popular pricing models suggest undervaluation at current levels.
  • Some traders say that atop the accumulation from institutions and whales, a profit-taking rally might be taking place. Following the strong performances of DeFi tokens, which have outperformed major cryptocurrencies in recent months, investors might be cycling the profits back to BTC and stablecoins.
  • Read the full story here
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Posted on September 20, 2020
Posted: September 20, 2020
Figure Technologies Announces It Will Offer Fund Services On Blockchain
  • San Francisco-based financial technology firm Figure Technologies launched its new digital fund services products for investment firms on a blockchain.
  • Figure Technologies used the Provenance blockchain and is aiming to use the technology to automate most of the paper-based processes in fundraising and fund management.
  • These services include capital raising, investor onboarding, know-your-customer, anti-money laundering and Bank Secrecy Act activities, digital subscriptions, capital calls, and transfer agents.
  • Figure CEO Mike Cagney says “Figure’s Digital Fund Services offering is the first end-to-end blockchain solution that combines tools for digital fundraising and ongoing fund management with a primary marketplace for raising capital and a future secondary marketplace for trading fund interests.”
  • Figure also announced that venture capital fund Friends & Family Capital II is its first investment firm partner to use its blockchain services.
  • Read the full story here
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Posted on September 20, 2020
Posted: September 20, 2020
Chainalysis Report Says That East Asia Is World’s Largest Crypto Market
  • Chainalysis recently published a report called the “2020 Geography of Crypto” which examines 154 countries and the flourishing cryptocurrency adoption in these areas.
  • The rankings were based on onchain digital currency retail value transferred, onchain crypto deposits, peer-to-peer exchange volume, and other types of methodology with the Ukraine coming out as the top ranked country.
  • Following Ukraine in the top-10 is Russia, Venezuela, China, Kenya, U.S., South Africa, Nigeria, Colombia, and Vietnam.
  • The study notes that the wealth preservation tactic is leveraged in Africa and East Asia and that peer-to-peer cryptocurrency exchanges are essential to digital currency adoption in developing nations.
  • In terms of crypto activity East Asia is the world’s largest crypto market with 31% of all digital currency transactions. Crypto addresses in East Asia accounted for $107 billion and the cumulated data in East Asia is 77% larger than the crypto activity in Northern and Western Europe.
  • Read the full story here
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Posted on September 20, 2020
Posted: September 20, 2020
Daily Ethereum Transactions Hit All-Time High Amid DeFi Surge
  • On Sept. 17, the amount of daily transactions on the Ethereum network reached a new all-time high of 1,406,000. It surpassed the previous high of about 1,350,000, which was recorded on Jan. 4, 2018.
  • The new historical high of daily Ethereum transactions comes amid the ongoing boom in decentralized finance (DeFi) applications. 
  • The DeFi industry has been growing massively in 2020, with the total value locked hitting $9 billion this past August.
  • As most DeFi applications are built on the Ethereum network, the surge in the industry has led to a significant level of congestion and scalability issues.
  • As a result, the Ethereum gas fees have seen a sharp spike, resulting in Ethereum miners earning a record of $500,000 on Sept. 1.
  • Moreover, following Uniswap’s UNI token launch, Ethereum transaction fees spiked to almost $1 million an hour on Sept. 18.
  • Read the full story here.
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Posted on September 18, 2020
Posted: September 18, 2020
Critical On-Chain Data Predicts Bitcoin Surge
  • Despite Bitcoin being rejected in the low-$11,000s this week, critical on-chain data predicts the leading cryptocurrency’s next move will be upward.
  • A cryptocurrency trader cited a chart in which Bitcoin formed a bullish cross. The on-chain indicator, better known as MPL, tracks the profitability and losses of active cryptocurrency investors.
  • When the green line is at high levels, it suggests that most people are in profit, increasing the risk they sell. When the red line is high, it may suggest that capitulation has taken place, making it a potential buyer’s market.
  • The positive crossover in the MPL isn’t the only on-chain trend that points to a Bitcoin surge. Blockchain analytics firm CryptoQuant suggested that a vast majority of Bitcoin’s long-term on-chain indicators — 10 out of 11 — are printing “buy” or “strong buy” signals.
  • Some of the signals mentioned were the Hash Ribbons, the All Exchanges Reserve, the Stock to Flow ratio and the Stablecoin Supply Ratio.
  • Each signal tracks a different segment of on-chain data that may lend insight into Bitcoin’s future.
  • Read the full story here.
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Posted on September 18, 2020
Posted: September 18, 2020
South Korean Police Summon Bithumb Chairman For Interrogation
  • In the wake of South Korean police completing a third raid on the Bithumb offices this week, the company’s chairman has now been summoned for interrogation.
  • The Seoul Metropolitan Police Agency is seeking to question Lee Jung-hoon, who has been accused of multiple fraud and embezzlement offenses regarding the failed listing of the BXA token.
  • The police are also reportedly looking to question Lee over alleged embezzlement of investors’ funds in overseas property purchases or offshore investments.
  • Kim Byung-gun, another chairman at Bithumb, additionally is being accused of having a part in the BXA fraud alongside Lee. However, the police have not yet initiated an investigation against Kim.
  • The latest news comes shortly after Seoul police reportedly seized a number of shares in Bithumb Holdings belonging to Lee. He has unsuccessfully tried to acquire the company, being sued in the process.
  • Read the full story here.
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Posted on September 18, 2020
Posted: September 18, 2020
South Korean Police Seize Shares From Bithumb Investor
  • South Korean police completed a third raid on the country’s biggest crypto exchange, Bithumb, this week. In the process, they seized shares that belonged to Bithumb Korea director Kim Byung-Geon.
  • The seizure was executed on September 16 at Bithumb’s Gangnam office by accounting firm Samjong KPMG, which will also shortlist additional shareholdings to be sold in Bithumb Holdings.
  • It’s unclear how many shares were taken from Byung-Geon’s, but the director has unsuccessfully attempted to acquire Bithumb.
  • He has reportedly been sued in the process, while also filing an application for the confiscation of Lee Jung-Hoon’s stake, the Bithumb chairman and majority shareholder.
  • Bithumb is currently under investigation for financial fraud. The case relates to the private sale of Bithumb’s native token, Blockchain Exchange Alliance (BXA), in 2018.
  • The tokens were never listed on the Bithumb platform as promised by the company, resulting in investors reportedly suffering losses that exceed $25 million.
  • Read the full story here.
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Posted on September 18, 2020
Posted: September 18, 2020
Abkhazia Government Attributes Energy Crisis To Illegal Crypto Mining
  • Abkhazia, a de facto state in the South Caucasus, is blaming its ongoing energy crisis on increased crypto activity.
  • Crypto mining has been banned in the region for almost two years now, but the law is hardly recognized and enforced by local authorities. 
  • As a result, miners have continued to take advantage of the area’s low energy costs. Authorities are now considering lifting the ban and legalizing crypto mining activities across the region. 
  • The government hopes that by allowing miners to operate in the light of day, it could improve communication between energy providers, miners and the local authorities. 
  • Despite the ban, Abkhazia has witnessed a surge in crypto mining activities in 2020. A reported $589,000 in mining hardware has crossed the nation’s border over the past six months.
  • Read the full story here.
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Posted on September 18, 2020
Posted: September 18, 2020
Wirex Announces Multi-Currency Crypto Card With MasterCard Support
  • Wirex, the first cryptocurrency platform to be granted a MasterCard principal membership, will release a new multi-currency card. Wirex’s new Mastercard-supported card will be linked to 19 crypto and fiat currency accounts in the Wirex app.
  • In a bid to encourage the use of cryptocurrency for everyday payments, the company is also upgrading its existing “Cryptoback” rewards program, which had rewarded users with up to 1.5% back in Bitcoin for each in-store transaction.
  • From now on, rewards will be up to 2 percent online and in-store, with up to 6 percent rewards on customers’ native Wirex Token balance annually.
  • Wirex is also rolling out several other new features, building on a partnership with payments solution company LHV. This includes support for five new currencies: the Croation Kuna, Czech koruna, Polish złoty, Romanian leu and Hungarian forint. 
  • WireX hit over three million active users earlier this year, seeing adoption among more mainstream users. Wirex’s service allows users in 130 countries to spend their cryptocurrencies and fiat currencies using an existing dedicated Visa card and mobile app.
  • Read the full story here
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Posted on September 17, 2020
Posted: September 17, 2020
Three Key Metrics Forecasting Bitcoin Price Rejection At $11,000
  • There are currently no signals that traders are confident after the recent price recovery and considering the price increase over the past three days, derivatives indicators and the top traders net long/short ratio should have shifted accordingly.
  • Any optimism from buyers should be reflected in the futures contracts funding rate. Not every bull run will lead to a positive funding rate, but it is very unusual for positive moves to happen during periods where the funding is negative.
  • Volume is the one unquestionable indicator, regardless of whether one is doing technical or fundamental analysis. Any significant move not backed by a sizable trading activity becomes doubtful in traders and analysts’ minds.
  • Although 13% above the previous 7-day average, volume is still far below the $3 billion peak levels seen over the past two months which is another telling signal that the BTC rally initiated a week ago seems to be fading away rather than gaining strength for continuation.
  • There are absolutely no bearish signals from any of these indicators and the market instead shows that traders are either in mild disbelief or simply are disinterested in participating at the current levels.
  • Read the full story here
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Posted on September 17, 2020
Posted: September 17, 2020
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