Day: February 20, 2020

IOTA Urges Trinity Wallet Users to Use Seed Migration Tool

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Responsible for one of the top performing cryptocurrencies, IOTA is continuing to release new information in response to a Feb.12 hack on its official wallet.  According to a Feb. 19 status update, the IOTA Foundation strongly recommends users of the Trinity Wallet to immediately change their passwords and use the seed migration tool to protect their assets. Trinity users who opened or updated their wallets between December 17th, 2019 and February 18th, 2020 may be vulnerable. Trinity users – If you opened #Trinity between Dec 17th 2019 – Feb 18th…

Ripple (XRP) Trading Near Make-or-Break Levels, Can Bulls Break This?

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Ripple corrected lower sharply and broke the $0.3000 support area against the US Dollar. XRP is now trading near the key $0.2640 support and it must break $0.2900 for a fresh increase. Ripple price is currently consolidating above the key $0.2640 support area against the US dollar. Bitcoin is also trading in a range above the key $10,500 support area. There is a major bearish trend line forming with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair (data source from Kraken). A clear break above $0.2900 and…

Ethereum Bulls Just Doesn’t Want To Give Up, Fresh Rally Incoming?

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Ethereum traded close to the $240 support area and recently recovered against the US Dollar. ETH price is now trading above $255 and it is likely to continue higher towards $270 and $275. Ethereum is slowly recovering above the $255 and $260 levels against the US Dollar. The price is facing a couple of key hurdles near the $265 and $270 levels. There was a break above a short term declining channel with resistance near $256 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is currently…

Bitcoin’s (BTC) Price Must Hold $9,500 as Support, or Else…

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Bitcoin hasn’t fared too well over the past day and a bit. After finding a local top at $10,300 on Wednesday morning, the price of the leading cryptocurrency fell off a cliff. Effectively literally. As covered by NewsBTC, the asset tanked from $10,300 to as low as $9,250 — a drop of just over 10% — in a few hours’ time, liquidating over $100 million worth of long and short positions on BitMEX in the process, catching traders with their pants down. Despite the fact that this move was extremely…

The Latest Cryptography Advances Set to Change Blockchain

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Cryptocurrencies could not exist without cryptography. Advances in this field can have far-reaching impacts on blockchain technology and its potential. We will examine the opinions of industry experts on the latest cryptographic advances and their potential for cryptocurrencies. Zero knowledge proofs: more than just privacy Director of research at blockchain firm Blockstream and mathematician Andrew Poelstra told Cointelegraph that zero-knowledge proof (ZK-Proof) systems are “one of the most exciting areas of development” in the cryptography space. This kind of cryptography is known and appreciated for being the basis of privacy-preserving…

United Nations Is Among New Entrants in Forbes’ 2nd Blockchain 50 List

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Newly released Blockchain 50 list by major finance publication Forbes features some new entrants like major international association, the United Nations. Shortly after including six blockchain-focused firms into its Fintech 50 list last week, Forbes has released another compilation of 50 global enterprises actively embracing blockchain technology. Newcomers include the United Nations, China Construction Bank, Square and others Published on Feb. 19, the new Forbes’ Blockchain 50 list is the second release of its annual Blockchain 50, which was first introduced in April 2019. Similarly to last year’s edition, the…

Users Pay $1M for Digital Land as 2017 ICO Finally Opens Virtual World

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Almost three years after its ICO, Decentraland has opened its platform — a virtual world in which participants buy and sell fake land, as well as construct buildings.  Over the past ten days, Decentraland gamers have purchased over $1 million worth of digital anchorage on the Ethereum-based virtual reality product, Bloomberg said in a Feb. 20 article. Decentralanders use the project’s native crypto asset, MANA, as payment within the game.  Users interested in Decentraland Conducting its ICO during the crypto craze of 2017, Decentraland raised over $20 million selling its…

Tax and KYC Issues Plague Upbit’s Foreign Withdrawals, Exchange Says

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A Jinse report said that many Chinese Upbit users are finding it difficult to withdraw Korean Won ever since December. Upbit has announced to its foreign users the reasons their withdrawals are still restricted on Feb. 19  in an announcement.  Upbit said in the announcement that (Know Your Customer) KYC and Korean taxation on cryptocurrency among crypto exchanges are the two main reasons behind the restriction. Long wait for the KYC process Since mid-December in 2019, Upbit has enhanced its KYC process and had turned in all the required documentation…

DeFi Insurance Firm Nexus Mutual Makes Its First Payout Following bZx Attacks

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Insurance works in crypto so far, though it hasn’t had many big tests yet. Not many people had insurance on assets locked up in bZx’s Fulcrum, but after a bug yielded an exploit of its smart contract, a couple of accounts that did were covered by Nexus Mutual, the London-based crypto insurance company. Nexus Mutual is an insurance company that works as a cooperative (as any company with “mutual” in its name does), so there’s been lingering doubts that its members would actually pay out against valid claims. But after…

Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

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On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the President’s Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017. Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of…