Ethereum (ETH) Price Dives 20%: Recovery Could Be Difficult

ETH price topped near the $364 level and declined sharply below $350 against the US Dollar. The price is down more than 20% from highs and it is now trading below $310. This week’s followed key bullish trend line was breached with support near $318 on the hourly chart of ETH/USD (data feed via Kraken). There were sharp losses noted in bitcoin, ripple, bitcoin cash and a few other major altcoins. Ethereum price is back in a short term bearish zone versus the US Dollar and bitcoin. ETH price could…

Brazilian Exchanges to Integrate the Real-T, a Stablecoin Pegged to the Real

Brazilian cryptocurrency exchanges are rolling out support for a stablecoin, according to a report by Cointelegraph Brasil on June 26. Brazilian platforms including PagCripto, Nox Trading, 3xBit, and Bitcambio, are reportedly slated to be the next adopters to issue this new stablecoin — pegged one-to-one with the Brazilian real —  Real-T (REALT). As explained in its whitepaper, the “Real-T Token” is an Ethereum-based ERC-20 stablecoin that is “strictly pegged” to BRL. The paper claims that the company behind the token, Real-T Tecnologia S.A., will publicly share its bank statement to…

Brimhall Foods to Deliver Products Through Blockchain-based Ordering System

United States-based snack food company Brimhall Foods has partnered with Surge Holdings to deliver its BRIM’S products through a blockchain-based ordering system, according to a report by Foodprocessing-technology.com on June 27. According to the report, BRIM will be able to use the SurgePays blockchain network to access tens of thousands of new stores. Surge Holdings CEO Brian Cox says that BRIM will initially offer 15 products through its SurgePays blockchain network. Additionally, Cox remarks that these products can be ordered and replenished by their in-network convenience stores, corner markets, and…

Bitcoin Will Stabilize Between $10,000 and $14,000

Galaxy Digital founder and crypto enthusiast Mike Novogratz has predicted that Bitcoin’s (BTC) price will stabilize between $10,000 and $14,000, in an interview with CNBC on June 27. Delivering his comments on CNBC’s Squawk Box show, Novogratz forecast that the leading digital currency will consolidate in the corridor between $10,000 and $14,000. Referring to Facebook’s entry into crypto with Libra, Novogratz said: “One of the largest companies in the world said we believe in cryptocurrencies. […] If you’re an institutional investor who’s getting close and still worried about investing, it…

Seychelles to Host First Regulated Tokenized Security on a National Stock Market

Seychelles-based securities exchange MERJ will purportedly list the first regulated security token on a national stock market, according to a report by Bloomberg on June 25. As per the report, these security tokens are digital asset shares that will trade alongside stock for MERJ Exchange Ltd, the company behind the MERJ exchange. The report notes that no specific date has been given for a planned listing, but the MERJ website says that it will add markets for security tokens, digital assets, and hybrid options in H1 2019. According to its…

House Reps Question FinCEN Director on Libra’s Potential for Illegal Usage

Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco briefed several members of the United States House on the potential for Libra’s use in money laundering, illicit financing, and other illegal activities, according to a press release from Representative Emanuel Cleaver II. Leading the meeting were Reps. Cleaver, Trey Hollingsworth, Bill Foster, and French Hill, all members of the Committee on Financial Services. Rep. Cleaver, chairman of the Subcommittee on National Security, International Development, and Monetary Policy, said in his statement:  “With the evolution of virtual currencies and new…

Fundstrat Co-Founder Thomas Lee Says Bitcoin’s Volatility Favors a Long-Term Approach

Fundstrat Global Advisers Co-Founder Thomas Lee suggested that bitcoin’s (BTC) volatility makes a long-term approach towards it more appropriate for most traders in a tweet published on June 27. In his tweet, Lee intended to remind others that “bitcoin is a hypervolatile asset” and that this makes it “great for volatility and other dedicated traders.” Still, he noted that most should probably use a different approach instead: “For most, taking a long-term view is more appropriate.” Lee’s remarks were an answer to a Bloomberg’s tweet pointing out that bitcoin is…

QuadrigaCX Users Lose $190M as Speculations Over Cotten’s Death Swirl

The crypto community has recently been actively discussing the fate of QuadrigaCX’s 30-year-old founder, Gerald Cotten, who reportedly died in India from a fatal disease in December 2018. However, before the apparent passing, he took virtual keys for digital wallets and moved them into cold storage. Why did this story end so tragically, and has it truly come to a conclusion? How it all began QuadrigaCX appeared in 2013 and quickly became one of the largest Canadian crypto exchanges. The platform allowed its users to get cash or cryptocurrency through…

27% of UK Residents Want to See Crypto in More Real-World Applications

27% of surveyed United Kingdom citizens hope to see cryptocurrencies in “real-world applications,” according to recent research by U.K.-based crypto exchange CEX.io, technology news outlet BTCManager reported on June 27. CEX.io provided BTCManager the results of its recent survey focused on the level of adoption, application, and expectations of digital currencies in the U.K. The report — which was prepared in collaboration with London-based research firm qriously — highlights answers from 1,013 respondents. Per the survey, 32% of respondents said that they would like the technology to be better integrated…

Overstock’s tZero Launches Mobile Crypto App Touted as Hack-Resistant

tZero, United States retail giant Overstock’s crypto subsidiary, has launched a digital wallet and exchange app for crypto, the company officially announced in a tweet on June 27. The firm calls its new mobile crypto app a hack-resistant solution for trading and storing cryptocurrencies, tZero CEO Saum Noursalehi said in a press release to Reuters. Noursalehi explained that the application will store private keys directly on users’ smartphones, which is expected to provide maximum security, in contrast to “more vulnerable, third-party exchanges for custody.” Moreover, tZero’s private key recovery system…