Bitcoin Plunge To $8,200 Seems Likely, As Technical Indicators Turn Red

Bitcoin is trading in a bearish zone below $9,000 against the US Dollar. BTC price is likely to accelerate lower if it breaks the $8,680 and $8,600 support levels. Bitcoin is declining and trading well below the key $9,100 pivot level. The price is likely to continue lower towards the $8,400 and $8,200 support levels. There is a major bearish trend line forming with resistance near $8,910 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could only avoid losses if it gains bullish momentum…

Pandemic Highlights Inefficient Systems: Blockchain Can Help

The Swiss-based non-profit blockchain industry association, the Global Blockchain Business Council (GBBC), believes that the crises resulting from the coronavirus pandemic have highlighted the benefits of distributed ledger technology (DLT). In email correspondence with Cointelegraph, a representative of the GBBC asserted that DLT can modernize and address the inefficiencies of the systems that underpin the organization of contemporary societies. Coronavirus highlights DLT use-cases “The current pandemic is highlighting many of the inefficiencies and shortcomings of existing systems,” the spokesperson said, emphasizing the failures of many governments in both “preparing and…

1000 Corporate Systems Infected With Monero Mining Malware

The Blue Mockingbird malware gang has infected more than 1000 business systems with Monero mining malware since December 2019. The global scale of the hacker group’s operations was revealed by cloud security firm Red Canary on May 26. The report outlined the group’s methodology. The malware attacks servers running ASP.NET applications and exploits a vulnerability to install a web shell on the attacked computer and obtain administrator-level access to modify the server settings. Next, the cybercriminals install the XMRRig application to take advantage of the resources of the infected machines.…

Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885.  Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term.  Crypto market weekly price chart. Source: Coin360 As the price searches for direction and its dominance rate drops from 67% to 65.5%, a handful of altcoins continued a multi-day streak of impressive double digit rallies.  Despite Bitcoin price finding difficulty in…

WeChat Invests $70 Billion in Fintech, Including Blockchain and AI

Chinese tech giant Tencent Holdings will allocate nearly $70 billion (500B yuan) over the next five years in fintech development, including blockchain, cloud computing, and artificial intelligence (AI). Reuters reported on May 26 that the company, which is behind the WeChat messaging app, hopes to strengthen the development of fintech across the country, following the recent embrace of blockchain by the Chinese government.  Tencent wants to expand to business services and will invest in 5G networks, Internet of Things (IoT) operating systems and large data centers, among others,  Pandemic boosts…

After Spiking to February 2018 Levels, Bitcoin Fees Have Dropped 54%

After spiking a week ago to levels last seen in February 2018, the average Bitcoin (BTC) transaction fee has fallen by more than half. BitInfoCharts data shows that Bitcoin’s average fee decreased by nearly 54% from $6.65 on May 20 to $3.07 on May 25. The median — or most common —  fee peaked at $3.91, but has now fallen to $1.65. Bitcoin Cash proponent Hayden Otto told Cointelegraph that if network congestion continues, it will push users to altcoins. He believes this happened in 2017: “When BTC is operating…

New Crypto Bull Run ‘Inevitable’ Says Data Analytics Company CEO

After two years of uncertainty since 2017’s mega bull run, the signs are looking promising for a big crypto rally, says the co-founder of market analytics company Digital Assets Data.  “I believe a major crypto bull cycle is inevitable,” CEO Mike Alfred told Cointelegraph.  Coronavirus shakes up the global economy Several months of coronavirus prevention measures, including business closures and stay-at-home orders, have wounded the global economy. High unemployment numbers means less spending as people look to meet their budgetary needs.  Extended periods of reduced revenue also foreshadow businesses closures.…

Cameron Winklevoss on Crypto Regulation: “Free-for-Alls Don’t Work”

Known for their regulation-friendly outlook within the crypto industry, Gemini exchange founders Tyler and Cameron Winklevoss hold a hybrid approach to privacy and government rules.  The twin brothers explained in a May 22 podcast interview with Peter McCormack that crypto adoption comes a need for some degree of regulation. Cameron added: “The independence and sovereignty around crypto is unmatched with any technology before, but the onramps have to have an element of thoughtful regulation.” Zero regulation is not the answer Labeled as the 15th and 16th most influential people in…

Industry Leaders Battle over the Future of Crypto in New Documentary

In his new documentary “Cryptopia: Bitcoin, Blockchains and the Future of the Internet” award-winning filmmaker Torsten Hoffmann gives his perspective on how the crypto industry has evolved in the last five year. His first documentary about crypto “Bitcoin: the End of Money as We Know it” came out in 2015 but a lot has changed since then: new blockchains, characters and narratives have emerged in the crypto space. As the director points out in our conversation, back then the industry was united around Bitcoin and the struggle against the financial…

Polkadot Mainnet Not Yet Live, Just a Mainnet Candidate

Polkadot (DOT) launched a stand-alone blockchain today, although the network is not considered the project’s mainnet yet. Polkadot sits under the wing of blockchain infrastructure company Parity Technologies, and the Web3 Foundation, a type of incubator for decentralized tech. The Polkadot protocol aims to provide compatibility across different blockchains. “There could be more than one chain candidate before it officially transitions to mainnet,” said Peter Mauric, head of public affairs at Parity Technologies. The solution unveiled a testnet of sorts in 2019. Calling the exploratory product “Kusama,” Polkadot did not…