Ethereum (ETH) Looks Poised To Resume Its Decline

ETH price corrected higher from the $152 low and traded above $165 against the US Dollar. The price is currently struggling to break the $172 and $175 resistance levels. Yesterday’s highlighted key bearish trend line is still active with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken). The price remains at a risk of another drop below the $165 and $160 support levels in the near term. Ethereum price is facing a strong resistance near $175 versus the US Dollar, while bitcoin is bleeding. ETH…

Cybersecurity Firm Releases WannaCryFake Bitcoin Ransomware Fix

Cybersecurity firm Emsisoft has released a solution for Bitcoin (BTC)-demanding ransomware WannaCryFake. Pay Bitcoin in return for your data In a Sept. 25 blog post, Emsisoft announced that they are releasing a new free fix for the WannaCryFake ransomware bug. The WannaCryFake is the next version of the WannaCry worm, a type of malicious software program that first began spreading across computer networks in May 2017. When a computer system is infected with the WannaCryFake worm, data is held hostage and a payment in Bitcoin will be requested to decrypt…

Ending US Dollar Dominance for Crypto Makes No Sense

Ex-United States Federal Reserve official Simon Potter stated that the plan to end the U.S. dollar’s dominance by replacing it with a digital currency makes no sense. Central banks unlikely to coordinate around virtual currency Last month, Governor of the Bank of England Mark Carney suggested ending the U.S. dollar’s dominance by replacing it with a digital currency, such as Facebook’s planned stablecoin, Libra. The Bank of England chief said that he considers this to be a better option than allowing it to be replaced by another national currency such…

Ether Price Drop Shakes DAI Stablecoin Peg, Two Collateral Contracts Closed

The recent Ether (ETH) price drop showed the reliability and weaknesses of the decentralized stablecoin built by MakerDAO, Dai (DAI), and the decentralized finance (DeFi) ecosystem built on top of it. A decentralized stablecoin Ethereum-collateralized decentralized stablecoin DAI managed to maintain its peg to the United States dollar as Ether lost over 18% of its value in under two hours, falling from $190 to $155 yesterday. As of press time, Ethereum holds a price of about $171. Ethereum seven-day price chart. Source: Coin360 The impact of higher transaction fees DeFi…

EOS Parent Firm Block.one Opens Up Headquarters in Washington DC

EOS parent company Block.one is opening its fourth global site located in the Washington, D.C. metropolitan region. Creating 170 jobs over the next three years On Sept. 23, Block.one LLC announced that it is opening new headquarters for its United States operations arm in Arlington, Virginia. The office will purportedly create 170 high-skilled jobs over a period of three years. Block.one CEO Brendan Blumer said: “Its proximity to the nation’s capital positions us close to the policy innovation around digital assets and distributed ledger technology in the U.S. This expansion…

US House Financial Services Committee and SEC: Whose Move on Crypto?

Yesterday, Sept. 24, Cointelegraph reported from the United States House Financial Services hearing with the chairman and four commissioners of the Securities and Exchange Commission (SEC). The hearing was informational and touched on a number of issues that have been plaguing the conversation in the U.S. about regulating cryptocurrencies — a conversation that the release of Facebook’s white paper for Libra in June amplified significantly. Congressional attitudes: A study in contrasts The range of attitudes on display yesterday among members of the Financial Services Committee was broad. Brad Sherman —…

ECB Exec Says Libra Could Address Failings of Global Payments System

Facebook’s Libra has pushed central banks to consider two major issues in global payment systems, an exec at the European Central Bank (ECB) said. Benoit Coeure provided his remarks at a hearing at the Committee on the Digital Agenda of the German parliament on Sept. 25. According Coeure, an ECB board member and chair of the Committee on Payments and Market Infrastructure, global payment systems still lack access and efficiency of cross-border retail payments. As such, 1.7 billion adults globally have no access to basic payment services despite 1.1 billion of…

Multiple Timeframes Show Macro Bullish Trend Intact

Bitcoin price made a strong downside move yesterday, dropping nearly 16% from the daily open at $9,691 to a new local low at $8,164. In doing so, price broke strong support at $9,090 and exited the range that it has been trading in since June. Bitcoin’s price action remains bearish below this range. BTC/USD Daily Chart. Source: TradingView Keep an eye on the patterns There were three patterns widely identified by traders on the Bitcoin chart — the descending triangle, descending channel and bull pennant. Bitcoin bears pointed to the…

Online Lender SoFi to Launch Bitcoin and Ethereum Trading Next Week

Online lender SoFi announced its crypto trading platform will go live next Tuesday. Bitcoin, ethereum and litecoin will be the first digital assets available to trade on its SoFi Invest platform, CEO Anthony Noto told Fortune in an interview published on Wednesday. With the new platform, SoFi joins a number of digital-first trading firms – including eToro and Robinhood – to enter the crypto market. Noto said cryptocurrency trading option has been long-requested by his firm’s clients. The firm targets millennial investors through its student loan consolidation service. Coinbase was tapped…

Fold App Raises $2.5M to Bring Bitcoin Lightning Payments to Starbucks

The Fold app, a mobile shopping app that supports Bitcoin’s Lightning Network enabling users to withdraw funds to an external Bitcoin (BTC) wallet, has raised $2.5 million and added a fiat currency payment option.  In a Sept. 25 blog post, Fold’s editor, Will Reeves, informed the public that the app’s users can now spend both fiat currency and Bitcoin at online and in-store retailers by synchronizing their credit card or Lightning wallet.  Fold has also enabled its users to stack sats when making purchases with fiat and Bitcoin at major…