Day: May 18, 2020

Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction

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Bitcoin is currently correcting lower from the $9,950-$10,000 resistance zone against the US Dollar. BTC price is likely to bounce back as long as it is above the $9,500 support. Bitcoin is currently showing a few bearish signs, but it is still above key supports such as $9,500. The price is finding a strong buying interest near $9,560 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Bitcoin Price Above $50K ‘Not Insane at All’

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Bitcoin investor and research analyst Tuur Demeester doesn’t see the coin going below $6,000 after the rewards halving, with a price of at least $50,000 certainly possible in the future. In a video posted to crypto research firm Messari’s YouTube channel on May 18, Demeester said Bitcoin (BTC) was “back in a bull market” following the halving, with a bottom in the $3,000-$4,000s already past — referring to the March crypto bloodbath.  The analyst went on to speculate as to how the recent inflationary measures by the Federal Reserve could…

Bitcoin’s Sentiment Score Post-Halving Rises to Highest Since 2017

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One week after the Bitcoin rewards halving, investors are speaking more positively about the coin than they have at any point over the last 2.5 years according to crypto data company The TIE. Chief Executive Officer (CEO) Joshua Frank spoke to Cointelegraph on May 18, saying the 30-day average daily sentiment score — the number of positive reviews in relation to the number of negative reviews — of Bitcoin (BTC) is the highest the company has ever recorded.  Bitcoin’s sentiment (30 day average) is the highest that we have recorded…

California Giant Berry Farms Joins IBM Food Trust Blockchain Tracking System

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U.S. berry producer California Giant Berry Farms joined the blockchain-based food tracking solution IBM Food Trust. Fruit and vegetable news outlet The Packer reported on May 17 that California Giant will use a blockchain to share data between all the points of its supply chain. The firm employs Glassbit’s Glasschain IBM Food Trust integration compliance as a service solution. According to California Giant’s senior director of operations Thomas Taggart, the integration with IBM’s blockchain network will allow the firm and its partners to find ways to improve the efficiency of…

Japanese Exchanges React to Revised Crypto Laws Now in Effect

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Japanese cryptocurrency exchange bitbank has begun implementing changes to make it compliant with the country’s revised Payment Services Act (PSA), effective May 1. Atsushi Kuwabara from bitbank spoke to Cointelegraph on how local exchanges and regulatory bodies would be responding to modifications of cryptocurrency-related laws first proposed by the Japanese House of Representatives in 2019.  Crypto by any other name Under the modifications to the PSA, all references to “virtual currency” must be replaced with the term “crypto asset”.  Cointelegraph has reported that the country’s self-regulatory group, the Japan Virtual…

These 4 Trends Suggest Bitcoin’s Bull Trend Is Exhausted After Rally to $10k

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Just two months ago, Bitcoin was trading at $3,700. Amid a liquidation event in traditional finance and growing fears of a recession and a pandemic, global markets were tanking, crypto included. But just eight weeks and a block reward halving later, BTC just recently traded at $10,000 — just over 170% higher than the March capitulation lows. It’s a stunning reversal that has analysts anticipating more upside. But according to a leading trader, there are four clear market trends indicating that for the time being, Bitcoin will see a “dip,”…

Another Class Action Against Block.​One Alleges Dirty Dealings During EOS ICO

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Per a May 18 complaint, more investors are looking to recoup funds invested in the record-breaking initial coin offering for EOS — which netted a total of $4 billion in cryptocurrency. Lawyers for the plaintiffs are calling over $200 million of that money illegally raised.  Conflict with U.S. securities law and investors The complaint alleges that EOS was an unregistered security offering by block.one. Block.one is the development firm that spearheaded the ICO for EOS, which many saw as a form of investment in the company.  Language in the purchase…

Time Is up for Crypto Firms to Register in the Netherlands Under New AML Rules

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The deadline is here: On May 18, unregistered Dutch crypto firms could face penalties if they do not fall into line with the Netherlands’ new anti-money laundering (AML) laws, passed by the Dutch Upper House on April 21. According to the Anti-Money Laundering Directive, companies offering crypto-to-fiat or custodial services should have registered by today. In contrast, those offering only crypto-to-crypto services are exempt. The Dutch Bank (DNB), the body in charge of regulating financial activities in the Netherlands, will be obliged to comply with the mandates of the Dutch…

CZ May Have Pulled An Elon Musk-Style Gaffe On Twitter

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In a recent tweet, Binance (BNB) CEO Changpeng Zhao (CZ) may have inadvertently admitted his involvement in the management of the recently acquired CoinMarketCap (CMC). Following in Elon Musk’s footsteps? Zhao’s tweet from May 14 seemingly admits his involvement in managing CMC: Source: Twitter If he is not involved in the managerial decisions of CMC, including the configuration of various metrics, then it raises the question — why is the CEO of Binance making public statements that suggest otherwise? At the very least, this resembles public pressure on CMC’s management.…

Catering to ‘The 1%’ Was Not the Plan

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Earlier this month, pioneering decentralized finance (DeFi) lending application Celsius surpassed 50,000 in total Bitcoin (BTC) deposited to the platform. In an interview with Cointelegraph, Celsius founder and VoIP pioneer, Alex Mashinsky, discussed the milestone, articulating that it was never his plan to cater to ‘the one percent’ of society. Despite 50k BTC deposited, Celsius falls short on plan On the topic of Celsius surpassing 50,000 BTC in user deposits, Mashinsky described the milestone as both “a good thing and a bad thing.” “We’re not ahead of our plan on…

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