Bitcoin Hesitates But This Technical Breakout Suggests Gains Above $9,800

Bitcoin started a downside correction from the $9,780 swing high against the US Dollar. BTC found support near $9,600 and it is currently gaining bullish momentum for a fresh rally. Bitcoin is trading nicely above the $9,500 support zone and the 100 hourly simple moving average. A short-term downside correction seems to be over near the $9,570 level. There was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could soon break the $9,700…

WhatsApp Payments Suspended by Brazil’s Central Bank

Brazil’s central bank has ordered Mastercard and Visa to suspend processing money transfers on behalf of Facebook’s WhatsApp. According to official information shared with Cointelegraph Brazil, the Central Bank of Brazil (BC) took action against WhatsApp Pay “to preserve an adequate competitive environment” and allow the central bank to assess the risks posed by the firm to the country’s existing financial sector. Visa and Mastercard will face heavy fines and administrative sanctions if they do not suspend activities relating to WhatsApp payments. Bank will assess the risks The Central Bank…

Why Binance.com.au is Now Delivering Flowers

Leading cryptocurrency exchange Binance has lost a dispute over the domain name ‘binance.com.au’ to an Australian florist trading under the name Binancé. On June 17, the World Intellectual Property Organization (WIPO) denied a complaint filed by the exchange in April, finding that Binance had “not discharged its onus of demonstrating the Respondent does not have rights or a legitimate interest in the disputed domain name.” WIPO concluded that “no good purpose would be served by addressing” the exchange’s request at this time, ruling in favor of the florist’s claim to…

Supreme Court Limits SEC’s Power to Seek Punitive Fines on Crypto Firms

The United States Securities Exchange Commission (SEC) has new regulatory limitations when it comes to punishing defendants with fines. The ruling would have altered the fines sought in some notable recent cryptocurrency-related cases. According to a June 23 summary of the U.S. Supreme Court case Liu v. SEC in the National Law Review, the court ruled the SEC can not impose fines—known as disgorgements—that exceed the profits made from illegal activities. In addition, such penalties can only be “awarded for the benefit of victims”, not imposed as punitive damages. The…

A Key Metric Shows Ethereum Investors Are Becoming Overwhemingly Positive

The narrative around decentralized finance (“DeFi”) has strengthened this year. While Ethereum is up nearly 90% since the beginning of 2020, some DeFi tokens, including Aave (LEND), have skyrocketed over 1,000%. Investors’ interest seems to be shifting towards this market sector. Yet in the long-term Ethereum will benefit the most, according to Skew. The crypto derivatives analytics firm maintains that these DeFi tokens running on top of Ether seem to have a “more sustainable” product and market fit than the ICOs of 2017. Along the same lines, John Todaro, head…

Compound Token Suffers Heavy Losses But Still Dominates DeFi Rankings

Compound Governance Token (COMP), the native token to the popular decentralized finance (DeFi) protocol Compound, has suffered heavy losses after its meteoric first day of trading on Coinbase. After trading as high as $427 on Coinbase Pro on Tuesday, COMP has fallen back below $250 within 8 hours of the local high. With less than one-quarter of COMP’s entire supply currently circulating, the aggressive price swings were driven by relatively thin volume — posting $24.5 million in trade over the past 24 hours.   Despite the sharp decline in price, COMP…

Surge in Stablecoin and DeFi Growth Bring Ethereum Fees to 2-Year High

The median transaction fees on the Ethereum network are the highest they have been in two years and have risen above Bitcoin fee for the second time in the last three months.  Recently, Coinbase researcher Max Bronstein tweeted the chart below and suggested that the most recent surge seems to be due in largely in part to increased interaction with stablecoins on the Ethereum network. Tx. fee earnings of Bitcoin and Ethereum. Source: Twitter As previously reported by Cointelegraph, Tether’s USDT stablecoin is the biggest user of gas in the…

Analyst Who Predicted Bitcoin Would Hit $3,000s in 2020 Expects a 15% Drop

After holding in the low-$9,000s, Bitcoin finally saw a breakout recently. The cryptocurrency liquidated $15 million worth of BitMEX short contracts as it shot as high as $9,800 during Monday’s trading session. This was the highest BTC had traded in 10 days. Bitcoin’s strength came on a swath of positive news. Firstly, while the S&P 500 saw a mild gain, the Nasdaq rocketed to new all-time highs on the back of Microsoft and Netflix rallying. The strength in the stock market comes after the Federal Reserve announced it will be…

South Korean Economist Warns New Tax Laws May Slow Down Crypto Market Growth

The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology’s emerging market, according to Koreatimes on June 21.  Sung said that taxing the crypto market while it is still in its infancy is a “premature” decision. He worries that tough regulations or taxation may prevent the crypto industry from flourishing in South Korea. He also believes:  “Cryptocurrencies cannot be considered a universal asset like…

Chainlink (LINK) Near New All-Time High — Here’s 3 Reasons for the Rally

Chainlink (LINK), a smart contract blockchain network, is nearing an all-time high after the altcoin broke out today, notching a 11% gain at the time of writing. The altcoin first hit a record high at $5.10 in July 2019 before crashing to $1.35 during the Black Thursday marketwide correction on March 12. Over the past two weeks LINK has gained 33% and if the price pushes above its previous all time high there is room for price discovery. Crypto market daily performance. Source: Coin360 Three factors likely triggering LINK’s upsurge…