Day: May 3, 2020

Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

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Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200. Bitcoin is facing an increase in selling pressure below $9,200 and $9,000. The price is trading below the 100 hourly simple moving average and it could dive towards $8,400. There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct in the short term, but…

Iranian Authorizes Issue License for 6000-Rig Crypto Farm

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Iran’s Ministry of Industry, Mine and Trade granted a license for cryptocurrency mining company iMiner to operate in the country. With 6,000 rigs, iMiner’s setup would purportedly make it one of the largest crypto miners in Iran. According to an article published on April 29, the Turkey-based company has invested nearly $7.3 million into a Bitcoin (BTC) mining farm in the Semnan Province of Iran, where it will mine digital currency with 6,000 rigs capable of 96,000 terahashes per second (TH/s) in total. This equates to 16 TH/s per rig…

This Odd Signal Marked Bitcoin’s $3,700 Lows. Now It Says BTC Is Topping Out

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It’s been a strong week for Bitcoin and the rest of the cryptocurrency market. Per data from Coin360.com, the leading cryptocurrency has gained close to 20% in the past seven days. While this is undoubtedly one of Bitcoin’s best weekly performances in months, this is actually the asset’s seventh week of gains in a row, signifying a strong bull trend. Analysts are expecting a correction as an odd technical signal that marked Bitcoin’s $3,700 lows is now suggesting that a reversion to a bear trend is potentially underway. Bitcoin Could…

This Single Level Above $9,000 Is Crucial to an Even Greater Bitcoin Rally

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Bitcoin has been on a stellar run over the past week, gaining 20%, according to data from Coin360.com. It’s a move that has brought the cryptocurrency above resistance level after resistance level, suggesting an uptrend is forming. Since peaking at $9,500 though, the cryptocurrency has slipped, with BTC now trading at $8,800 as of the time of this article’s writing. It’s a retracement that isn’t all too convincing of the bull case, an analyst has suggested. Related Reading: Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0…

Bitcoin Hash Rate Tag Hits New Record 8 Days From Halving

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After the mid-March price crash led to a brief exodus of miners operating older hardware, the Bitcoin (BTC) hash rate posted a new all-time high (ATH) of more than 142 exahashes per second (EX/s) on March 3. The new record beats out the previous ATH of 123 EX/s posted on March 8. BTC hash rate tags new record 8 days from halving With Bitcoin’s third halving event roughly three weeks away, the BTC mining hash rate is against pushing into record highs.  BTC hashing power crashed 40% in two weeks…

Oscar-Winner’s Satanic Conspiracy Theory on COVID-19 and Crypto Goes Viral

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Oscar-winning Russian director, Nikita Mikhalkov, has espoused a bizarre conspiracy theory on local television. He claims that Microsoft’s recent patent for a sensor-based cryptocurrency mining system using body activity data comprises the first-step in a satanic plot to microchip the human race. On an episode of ‘Besogan TV,’ which roughly translates to ‘demon basher TV,’ Mikhalkov claimed the patent number of Microsoft’s cryptocurrency system — WO/2020/060606 — alludes to the occult nature of the technology. “The 060606 part is somewhat alarming. You probably understand this, right? Is this a coincidence…

A Roundup of Virtual Blockchain Week

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Over the past week, Cointelegraph has participated in Virtual Blockchain Week — a pandemic-proof crypto conference that invited participants from all over the world to join talks with some of Blockchain’s greatest luminaries. At the start of the week, famed venture capitalist, Tim Draper, doubled down on his prediction that Bitcoin (BTC) will reach $250K per coin by 2023. “That’s my prediction. Sticking with it. I’m very confident that that is going to happen.” said Draper, when pressed on the topic. He believes that massive commercial adoption around the world…

Hodler’s Digest, April 27–May 3

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Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin rally above $9,000 stalls as sellers push BTC back to key support What a week it’s been. After starting Monday at $7,650, Bitcoin surged through previously stubborn resistance levels to hit highs of $9,440. The gains mean the world’s biggest cryptocurrency has comfortably outpaced…

MoneyGram Reports ‘Quiet Quarter’ For Ripple Partnership

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During an earnings call for Q1 2020, MoneyGram chairman and chief executive, Alexander Holmes, revealed that it was a “quiet quarter” regarding the firm’s partnership with blockchain payments company Ripple (XRP). Ripple first announced its “strategic partnership” with the Nasdaq-listed money transfer company during June 2019. The partnership’s initial term was set at two years, with Ripple providing a capital commitment of up to $50 million over 24 months in exchange equity. The announcement was also slated to see Ripple act as MoneyGram’s “key partner for cross-border payment and foreign…

MakerDao Brings Bitcoin to the Ethereum Blockchain

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MakerDao governance, a decentralized community of MKR token holders that govern the Maker Protocol, has voted to pull Bitcoin onto the Ethereum blockchain by accepting Wrapped Bitcoin as a new collateral asset in the Maker Protocol, according to the official announcement on May 3. For the uninitiated, wBTC is the first ERC20 token backed 1:1 with Bitcoin. WBTC marks the fourth collateral asset type to be added to the MakerDAO DeFi ecosystem. The former three included ETH, BAT, and USDT. wBTC will now be able to open Maker Vaults in…

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