Ripple (XRP) Turned Sell On Rallies, BTC & ETH Dragging Market Lower

Ripple is down more than 2% and it broke the $0.1880 support against the US dollar. XRP price is now trading near the $0.1840 support area and it could correct higher. There is a key bearish trend line forming with resistance near $0.1920 on the hourly chart of the XRP/USD pair (data source from Kraken). Ethereum is also down 2% and it might continue to decline towards the $120 support. Ripple price is gaining bearish momentum below $0.1920 against the US Dollar, similar to bitcoin. XRP might slide further if…

Ethereum And Bitcoin Take Hit, ETH Eyes Dip To $120 or $115

Ethereum is down more than 2% and it is now well below $130 against the US Dollar. Bitcoin price weakened around 3% and it broke the key $7,000 support. Yesterday’s key bearish trend line is active with resistance near $131 on the hourly chart of ETH/USD (data feed via Kraken). ETH could continue to move down towards the $122 and $120 support levels in the near term. Ethereum price is slowly moving lower below key supports versus the US Dollar, similar to bitcoin. ETH price might revisit $120 or even…

Electra Pilots Blockchain-Based Financial Management System – Can It Compete?

Electra (ECA), the open-source Proof-of-Stake (PoS) blockchain project focused on digital payments, will begin beta testing its flagship product this month.  Known as “ElectraPay,” the product functions as a financial management system that will let merchants adopt a cryptocurrency payment method that doesn’t require third-party service providers, banks, or credit card companies to complete transactions.  Electra board member and coordinator Robert Bakker told Cointelegraph that ElectraPay is a management solution that lets e-commerce providers accept Electra’s ECA cryptocurrency via a Woocommerce plugin for WordPress.  “ElectraPay is a management solution which…

Coinbase CEO Brian Armstrong Rounds Up the Decade in Crypto

Coinbase CEO Brian Armstrong published a Medium post on Jan. 2 sharing his thoughts on how the crypto space has progressed over the last ten years.  Armstrong’s post, inspired by Fred Wilson’s article on technology over the past decade, begins with Bitcoin. Armstrong noted that the leading cryptocurrency hasn’t failed once in its birth ten-year history. Despite any doubt about Bitcoin’s survival, Armstrong pointed out that the digital currency has actually thrived. “There were over 379 articles written, prematurely declaring the end of Bitcoin. Not only did Bitcoin survive, it thrived,…

South Korea Drafting Legislation To Tax Individual Crypto Profits

Cryptocurrency and taxation laws are creating a great deal of confusion in South Korea. On Dec. 30, South Korea’s government stated that under current law, it cannot impose income taxes on individuals’ profits from transactions of cryptocurrency. This, however, contrasts with the National Tax Service’s recent imposition of an 80 billion won ($68.9 million) tax bill on local crypto exchange Bithumb Korea. On Dec. 29, The Korea Herald reported that South Korea’s local tax agency received 80 billion won ($68.9 million) in taxes from the exchange. The following day, Choi…

Another Year of Highs and Lows for Crypto

2019 may not go down as a year of breathtaking highs for cryptocurrency markets, but major strides have been made for mass adoption of digital payments and blockchain technology. A quick look at major headlines over the past 12 months highlight the shortcomings of the sector as well as the potential for cryptocurrencies to completely shake up the global payment system. One need look no further than social media giant Facebook announcing plans to launch its cryptocurrency Libra and digital wallet Calibra. The move sent shockwaves around the world and…

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

Cryptocurrency mining giant Bitmain reportedly has plans to reduce its workforce by another fifty percent. On Dec. 2, Chinese news media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that will layoff a significant portion of its employees before the next BTC halving, which is expected in May. The world’s largest producer of cryptocurrency mining machines will reportedly hold an annual meeting on January 17, and it is expected that the layoffs will have been completed before that date.  People familiar…

Bitcoin Price Falls Below $7K But Bears Yet to Break Key Support Level

Today, Bitcoin (BTC) price abruptly dropped below the $7,100 support, declining 3.35% to rest near $6,900.  For the past few days, Bitcoin price traded between $7,300 and $7,100, testing the $7,100 and $7,050 support multiple times. Therefore, for many traders, it was no surprise when the price fell below $7,100 as frequent retests of support weaken it. BTC USD 6-hour chart. Source: TradingView It’s likely that traders anticipate a bounce at $6,800 and many will watch to see if the $7,100 support flips to a point of resistance. On the…

Guangdong Blockchain Financing Platform Aims to Help Small Business

The Guangdong government launched a blockchain-based financing platform Thursday that will help small companies in the region receive loans faster from commercial banks.  The government-led project is supported by Alibaba’s fintech arm Ant Financial and OneConnect, a subsidiary of one of the largest Chinese insurers, Ping An Insurance, according to a media report from Sina Finance.  The platform aims to streamline the process for commercial banks to lend funds to small businesses with more detailed and reliable profiles, including credit ratings, provided by its blockchain network.  The new platform could…