Earlier in September, Bitcoin underwent a strong reversal that brought the leading cryptocurrency to $9,800 from $12,500. The drop marked a crucial rejection of the $12,000 horizontal level on a weekly basis.
While some analysts have flipped bearish on the coin, others believe it remains in a positive spot.
One trader believes BTC’s recent drop from the $12,000 highs to $9,800 was actually a macro retest of a pivotal horizontal level where the asset topped in February.
He opined that Bitcoin managing to hold that level as support suggests there’s more upside in the works.
Moreover, the fundamentals of the Bitcoin space are more bullish than ever as human and financial capital enters the space en-masse.
Fidelity, PayPal, Microsoft, Visa, the Intercontinental Exchange are among the mega companies that have thrust serious capital behind crypto-assets.
Bitgo, the custodian of the Wrapped Bitcoin project (WBTC), the most popular tokenized BTC platform to-date, announced a partnership with Tron.
The WBTC team will utilize the TRC20 token standard from Tron’s infrastructure and all the bitcoin deposited is backed by the Bitgo Trust, and each WBTC minted on Tron will be worth the same price as one BTC.
Founder of the Tron project Justin Sun says “We are excited to expand Tron’s defi potential by partnering with the industry leader Bitgo to bring integral cross-chain solutions such as Wrapped Bitcoin (WBTC) and Wrapped Ether to Tron.”
WBTC has been an integral part of the DeFi space, and the project commands the most tokenized BTC. Currently there are more than a dozen tokenized BTC projects people can choose from.
Bitgo CEO Mike Belshe says “Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dapp ecosystem, while transacting at a lower cost and faster speed.”
Bitcoin’s price has been stagnant throughout the past several weeks and months, with buyers and sellers being unable to gain firm control of its near-term outlook.
Bitcoin is pushing up towards $10,800, which has proven to be a heavy resistance level over the past several days and weeks. If the level continues holding strong as resistance, whether or not it is broken above should offer insights into BTC’s near-term outlook.
A firm break above this level could open the gates for the cryptocurrency to see a move up towards $11,000 and how the benchmark crypto reacts to the selling pressure here will determine its mid-term trend.
Whether or not bulls or bears are able to step up and take control of Bitcoin’s near-term outlook should depend largely on how it responds to a test of this level. If surmounted, the next key price region to closely watch sits between $11,000 and $11,200.
The 200-day moving average has proven to be trend defining and sustained bouts of trading above, or below, this level has contributed to assets like Bitcoin seeing multi-year trends. Bitcoin is currently trading below the level and a break above is imperative for its near term outlook.
CEX.IO, one of the leading international cryptocurrency exchanges, announces its plans for entering the DeFi market. The company’s ultimate goal is to provide CEX.IO customers one-click access to the most popular DeFi solutions and activities.
CEX.IO is listing numerous tokens of major decentralized finance solutions on its crypto exchange platform including UniSwap, Aave, Yearn.Finance, Compound Finance, and Balancer among others.
Listing the tokens on the CEX.IO platform provides benefits for various participants of the digital asset market and the involvement of CEX.IO’s international user base of over 3 million customers adds a level of diversity to the DeFi industry’s participants.
For easier onboarding to the DeFi market and to show CEX.IO’s commitment, the cryptocurrency exchange offers instant, 0% fee Visa card deposits for its users as part of a limited promotional period lasting until the end of September.
Oleksandr Lutskevych, CEX.IO’s founder and CEO says “DeFi can offer many avenues to participate in the open financial system. A number of projects with sizable valuations that sprung into existence in a short period of time and accumulated an impressive amount of locked capital show that the interest is there.”
The United States Commodity Futures Trading Commission (CFTC) filed a complaint against crypto dealing Paxforex for allegedly soliciting or accepting business from US customers without relevant registration.
The CFTC wants a U.S. court to stop Paxforex from continuing with the “unlawful acts and practices,” as well as to compel the company to comply with the relevant laws. They also want the court to stop the defendant “from engaging in any commodity-related activity.”
The CFTC argues that Paxforex violated the law by “Soliciting or accepting orders from non-eligible contract participants (“non-ECPs”), not conducted on or subject to the rules of any Commission-regulated exchange, for the purchase or sale of gold, silver, ethereum, litecoin, and bitcoin on a leveraged, margined or financed basis that does not result in the actual delivery of the commodities to the customer.”
The CFTC also states that by not registering as a futures commission merchant (FCM) with the Commission, the trading company, which “accepts money, securities, or property (or extends credit in lieu thereof) in the form of bitcoin, is in violation of Section 4d(a)(1) of the Act, 7 U.S.C. § 6d(a)(1) (2018).”
Singapore-based cryptocurrency exchange Kucoin confirmed a security breach, but did not disclose the amount stolen. It is believed they were hacked for $150 million in Bitcoin and other ERC-20 tokens.
Bitfinex and Tether immediately froze $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack which has led to questions around the influence of centralized platforms.
Kucoin maintains that funds in its cold wallets (offline storage, which is less susceptible to hacks) are safe, even as hot wallets were hit and added that “If any user fund is affected by this incident, it will be covered completely by Kucoin and our insurance fund.”
Kucoin announced that it will be suspending deposits and withdrawals to pave way for a thorough security review.
Johnny Kyu, CEO of Kucoin told investors in a livestream that the exchange shut down its server once it noticed funds were being moved out of its hot wallets, but it didn’t matter as the private passwords to the hot wallet had already been impaired.
China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal.
Developers worldwide can now access the Tezos protocol using BSN’s global public city nodes and portals. There are three global public city nodes that have integrated with the Tezos blockchain in both mainnet and testnet: Hong Kong, California and Paris.
In order to deploy and manage their own permissioned chains on the BSN International, developers are encouraged to create an account on the official website.
Through accessing “Permissionless Services,” developers can create their own projects on the Tezos mainnet or testnet.
Launched in October 2019, China’s BSN network is a government-backed blockchain initiative that was initially positioned to help small to medium-sized businesses create and deploy blockchain apps on permissioned networks.
The BSN network plans to integrate up to 40 public blockchains by June 2021. Tezos is among the first batch of six blockchains including NEO, Nervos, Cosmos’ IRISnet, Ethereum and EOS.
A Chinese government official revealed that illegal gambling and casinos result in the outflow of over a trillion yuan annually (around $146.5 billion) from the country.
Investigations into these activities have been challenging, as operators of the overseas gambling platforms and casinos collect the funds from gamblers using digital currencies.
Liao Jinrong, China’s director general of the International Cooperation Department under the Chinese Ministry of Public Security, believes an illegal outflow of such a huge amount can erode the economic security of the country.
Liao added that the inadequate supervision of suspicious transactions by payment service providers, third-party institutions, merchants and e-commerce platforms are the main cause for such unprecedented outflow of funds from China.
He outlined that there is difficulty in tracing the flow of funds to overseas gambling platforms and casinos due to the collaboration between payment industry practitioners and criminal organizations.
To combat this, the Chinese government has increased the cost of opening payment accounts at non-financial institutions, is using more effective ways for the identification of unusual transactions and made it mandatory for account holders to list real names.
At least 43 people have filed complaints with Indian police regarding a cryptocurrency investment scheme based out of Connaught Place, a financial hub in New Delhi.
An investigation subsequently has been launched against Pluto Exchange and seven of its executives, whom investors have identified as being behind the scheme.
According to the police, one of the suspects told a complainant about his crypto trading and mining business operating under the name “f2poolminin.”
The suspect urged the complainant to invest in the cryptocurrency, assuring him that it had a fixed return of about 20% to 30% per month.
After investing Rs 5 lakh ($6,780), the complainant never received the payouts he was promised. He was told that due to the falling price of Bitcoin and the size of his account, the company was unable to pay him through its bank.
A few months later, the complainant discovered that Pluto Exchange’s office moved from India to Dubai. That’s when authorities were alerted, which prompted the ongoing investigation.
Conflux Network, a permissionless blockchain project endorsed by the Chinese state announced that the project has officially launched its Tree Graph Research Institute with the Shanghai government.
Conflux CEO Fan Long says that the Tree-Graph Blockchain Research Institute will experiment with local states to build a regulatory compliance platform that can bridge global DeFi applications and government regulations.
Fan says that the complexity surrounding DeFi and other relevant distributed innovations will make open communication crucial for continued legislative acceptance, adding that “Regulators need a reliable way to learn what the new technique is about and where it might lead us to. Innovators need a way to understand the concerns and red lines of regulators.”
Conflux is currently working with the Shanghai government on several sandbox projects including integrating blockchain borrowing and lending services into Shanghai’s Pudong Development Bank, and leveraging the Shanghai free trade zone’s unique regulatory framework to devise a unique stablecoin for the region.
Fan notes that “Conflux Network seeks to provide a POW network with transaction speeds an order of magnitude faster,” and adds that he believes that DeFi projects will only be able to go mainstream through willfully enacted compliance measures which evolve alongside government regulations.
A year ago Dapper Labs, developed a new blockchain called Flow that was designed to bring digital assets and decentralized apps to the mainstream.
Flow is built for scale, speed and security like no other blockchain available today, and should have a built-in userbase from the beginning thanks to Dapper Labs’ partnerships with the likes of the NBA, UFC, Warner Music Group, Dr. Seuss, and Ubisoft.
The Flow network is powered by a balanced native token design and novel distribution mechanics. The FLOW token enables participation on the platform, with the opportunity to earn rewards through network participation.
Flow’s novel four-node architecture achieves massive improvements in speed and cost that scale with hardware capacity without compromising decentralization or breaking up the network into shards or “layer two” solutions.
With a developer-first approach, Flow makes building new apps and protocols safe, fast, and efficient and also includes many features that take care of the inherent complexity of decentralized systems.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.