Day: December 27, 2018

Ethereum Price Analysis: ETH Turned Sell On Rallies

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Key Highlights ETH price failed to stay above the $121 support and declined further against the US Dollar. Yesterday’s key bearish trend line is intact with resistance at $128 on the hourly chart of ETH/USD (data feed via Kraken). The pair may correct higher in the short term, but it is likely to face sellers near $128 and $130. Ethereum price extended losses further against the US Dollar and bitcoin. ETH/USD is now at a risk of more declines below the $110 level in the near term. Ethereum Price Analysis…

India May Legalize Bitcoin Under “Strong” Rules

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India could be making a U-turn on its directives for cryptocurrencies. Per reports from the New India Express, a second interdisciplinary committee set up by the Indian government is considering making cryptocurrencies legal in the country again but with more stringent rules. This revelation comes just a few months after a government panel suggested the creation of a new regulatory framework within the Reserve Bank of India (RBI) that bans digital assets and declares crypto transactions illegal in India. According to an unnamed senior official who spoke with the New…

Bitmain Reportedly Will Sack Up to 85 Percent of Workforce

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The Chinese crypto mining company Bitmain has apparently been hit hard by the bear market and is looking to sack more than half of their entire workforce. Credible rumors of this story first began to circulate on Maimai, China’s equivalent to LinkedIn, as anonymous sources on a site frequently used by Bitmain employees began reporting that the company was looking at massive layoffs in the next several days. Some reports were even claiming that the company was looking to shed 50 percent of all employees. These rumors first began to…

Black Christmas as Brazilian Bitcoin Exchange Loses Founder in a Car Crash

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Luís Augusto Schiavon Ramos, known as Guto Schiavon, the founder of one of Brazil’s largest bitcoin exchanges, was killed in a car accident in Sao Paulo. A report by local Brazilian news outlet revealed that the accident happened after Schiavon lost control of his vehicle in the rain, before hitting a cargo truck. Prior to his death, Schiavon was the founder of Foxbit, one of the largest cryptocurrency exchanges in Brazil. The exchange was launched back in 2014 as a result of a partnership between FoxBit Serviços Digitais and BlinkTrade…

Gold Searches Spike as Bitcoin Price, Stock Market Weaken

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Given that the next generation of investors will come of age having been immersed in the digital world from infancy, many crypto advocates believe that bitcoin or another cryptocurrency asset could one day function as “digital gold,” providing people with an easy-to-access hedge against market uncertainty and central banking malfeasance. Gold Sees Resurgence as Crypto, Stocks Falter But though bitcoin — this year’s crash notwithstanding — ranks as one of the top performing assets of the past several years, it remains firmly in the price discovery phase and consequently serves…

If Bitcoin Can’t Recover to $5k to $6k in Short-Term, It’s in Trouble

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Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $19,500 to $3,500, said that the dominant cryptocurrency could be in trouble if it does not escape the $5,000 to $6,000 range in the short-term. Dow, who made headlines earlier this month for exiting his short position on Bitcoin, said that the asset has to break out of major resistance levels and the failure to do so could result in a further decline in value. Can Bitcoin Breakout of $6,000? Although some traders expressed a positive sentiment…

Ripple Price Analysis: XRP up 5.1 percent, Extra Liquidity From Binance

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Latest Ripple News While Sep 2018 saw XRP prices expand 400 percent from lows of 25 cents and at one point printing 90 cents, its growth didn’t go unnoticed. At current prices, XRP is the second most valuable coin in the space overtaking ETH for the first time since the launch of the former back in 2015. Its infrastructure has continued to grow but the government involvement and investor apprehensiveness to invest in projects has seen its overall valuation shrink. On the other hand, the constant promotion of Ripple and…

Bitcoin Price Analysis: BTC Steady, RBI Might Legalize Cryptocurrencies

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Latest Bitcoin News Even if there are regulatory questions about the legitimacy of digital assets and other blockchain derivatives as cryptocurrencies, these solutions are finding use cases. Bitcoin is especially an innovation borne out of necessity, and ten years later, the asset has been disrupting thanks to its inherent properties as privacy, speed, and general efficiency. Furthermore, there is solid development as far as off-chain solutions are Lightning Network is concerned. The network capacity is up 13 percent to 511 BTCs or $1,939,469.35 at the time of press. The coin’s…

It’s Time for Local Governments to Break Blockchain’s Regulatory Gridlock

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Politician Won Hee-ryong is the current governor of South Korea’s Jeju province. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review. It has been translated to English from Korean.  Although there are issues with blockchain that need to be solved, there is a growing consensus about the technology’s great potential. Blockchain is a disruptive technology that is not limited to any particular field, and it has a wide range of applications including finance, logistics, medicine and intellectual property rights. Combining blockchain with cryptocurrencies is an inevitable step to…

So Long to the Clutter: A Cooling Crypto Market Will Bring Change We Need

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Sheila Warren is head of blockchain and distributed ledger technology at the World Economic Forum. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.  After about a year of market upheaval, a few things seem clear: blockchain technology is still best-suited to core use cases involving needs like censorship resistance, and a lot of nonsense has exited the market (albeit with a lot of cash in hand). Still, many brilliant minds remain hard at work on solving some of the technology’s technical challenges. Various layer-two solutions, aimed at…