Ripple (XRP) Showing Signs of Weakness But $0.25 Holds The Key

Ripple failed to clear the key $0.3080 resistance and declined sharply against the US Dollar. XRP price is down 5%, but there are many key supports on the downside. Ripple price started a strong decline after it was rejected near the $0.3080 area against the US dollar. The price is down more than 5% and it is approaching the $0.2680 support area. There was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is…

Gemcoin Founder Admits to Fraud in $147 Million Scheme

Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement. The 62-year-old Southern California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency called Gemcoin (or Gem Coins) that helped fleece $147 million from 70,000 victims. Chen, also known as “Boss,” reported an income of $138,000 in 2014 which is a far cry from the $4.8 million he now admits to pocketing that year. Chen used the proceeds to buy homes and pay for a…

South Korea’s Central Bank Is Building a New Blockchain System for the Bond Market

The Bank of Korea (BOK) is looking at developing a new blockchain system for the Korean bond market, one of the largest such markets in Asia. Korean financial news site Yonhap Infomax confirmed Tuesday the Korean central bank was looking for a company that can build a new blockchain system that would improve record-keeping for the market. Bond transactions could be recorded on the blockchain and could even form the basis for a “real-time simultaneous payment trading system,” a local official told Yonhap. The system would be designed to be…

Ethereum Just Reversed and $240 Is Imminent, Here’s Why

Ethereum failed again to surpass the $288 resistance area against the US Dollar. As a result, ETH price declined sharply below $270 and it might soon revisit the $240 support. Ethereum failed on a couple of occasions to surpass $286 and $288 against the US Dollar. The price is down more than 5% and it broke the key $270 support level. There was a break below a key bullish trend line with support near $280 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is also down…

Israeli Banks Should Not Deny Services to Crypto Firms: Attorney General

Israeli banks should not deny services to firms involved with cryptocurrencies, according to Israel’s attorney general Avichai Mandelblit. Instead of halting financial services for all crypto firms, banks should closely examine each case for indicators of money laundering risks or other illicit financial practices, Mandelblit told the Tel Aviv District Court. Mandelblit’s stance purportedly opposed to a position by Israeli central bank Mandelblit’s stance — reported by Israeli news agency Globes on Feb. 19. —  is in opposition to the view of the country’s central bank, the Bank of Israel.…

It Is Real and It Is Here

Every week sears a new image of climate change into our collective consciousness. A few decades ago, we heard about ozone holes and ice melting at slightly higher rates than anticipated. Today, the reminders of climate change are more visceral and immediate: California’s hills and forests burn, Venice’s city council chamber floods, and Iceland holds a funeral for a glacier.  The United Nations held a global Climate Summit at the end of September last year, though there were real disappointments — with the United States notable for its silence. Political…

Conservatives Bash Steven Spielberg but He’s Right to Stand by His Daughter

Steven Spielberg’s daughter Mikaela recently announced her desire to pursue a career in adult films. Spielberg is reportedly “not upset” with her choice. Some folks, like Michael Savage, are triggered by Spielberg’s stance. Steven Spielberg is reportedly supporting his daughter Mikaela’s pursuit of an adult film career. She recently told the Sun that her parents were “intrigued” but “not upset.” Naturally, some of the more conservative-minded were quick to bash the film director’s stance. A Savage Response Michael Savage, the right-wing host of “The Savage Nation,” is already sending out…

Whitney Houston’s Family Is Set to Shamelessly Pimp out Her Hologram

Whitney Houston is scheduled to begin another tour – eight years after her death. The legendary recording artist will appear on stage as a hologram. This looks like a shameless cash grab. The family of Whitney Houston is trying to milk every last drop of her legacy. According to the Hollywood Reporter, Houston is about to embark on her first tour since dying eight years ago—as a hologram. Whitney Houston deserves better than the hologram treatment. | Source: Twitter The concert tour that nobody asked for will kick off on…

US Bitcoin Miner Aims to Repatriate 30% of Hash Rate Citing National Security

Bitcoin mining startup Layer1 Technologies has begun operations at its West Texas facility, with an ambitious roadmap to secure 30% of the hash rate. Layer1, which raised $50 million in November from Thiel, Shasta Ventures and Digital Currency Group, said it has now brought multiple 2.5-megawatt liquid-cooled mining containers online. Its short term goal is to scale up to 100 megawatts and 2% of the hash rate over the coming months. But it’s the long term goal that’s raising eyebrows: the company roadmap lays out a vision of repatriating 30%…

Bitcoin Slides Back Below $10K Amid Quick Bearish Sell-Off

Bitcoin has dipped back below the psychological area of support near the $10,000 level amid a 20-minute bearish sell-off that took the markets by surprise. At around 21:30 UTC on Feb. 19, the price of bitcoin (BTC) fell more than 4.5 percent from $10,086 to $9,610, according to CoinDesk’s BPI data, despite the technical signs appearing to favor the bulls. On exchanges like Bitstamp and Coinbase, prices dropped to as low as $9,280 before quickly being snatched up by opportunistic buyers looking to capitalize on the fall. BTC is now…