Month: June 2020

Ethereum’s Booming Usage Could Spark ETH Drop: Here’s Why

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Ethereum has undergone a consolidation period for over the past month. Since the beginning of June, the second-largest cryptocurrency by market cap has mostly traded between the $217 support and the $250 resistance level. Such a narrow trading range has made it nearly impossible to determine what the future holds for Ether. Nonetheless, the TD sequential index recently signaled that ETH was bound for a bearish impulse based on its 1-week chart. Data reveals that each time this technical index has provided a sell signal in the form of a…

Challenging the USD’s Hegemony, Championing CBDC and Beyond

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In 2008, a momentous occasion took place with the release of the Bitcoin (BTC) white paper. With author Satoshi Nakamoto explicitly calling for the deconstruction of financial intermediaries, regulators around the world were put on alert, particularly as Wall Street faced one of its biggest crises since the 1930s. While Bitcoin’s lack of a stable pricing mechanism has prevented it from becoming a commonly accepted medium of exchange, Tether (USDT) — one of the earliest stablecoins, developed by Tether Ltd. — has addressed this. In 2014, Tether Ltd. issued its…

US Hash Rate War With Iran Can Send Bitcoin Price to $500K

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Bitcoin (BTC) will hit $500,000 because the United States will start a giant hash war with Iran and Venezuela — and it’s already started. In the latest episode of his Keiser Report TV show, Max Keiser predicted that the Iranian and Venezuelan regimes would force the Trump administration to embrace BTC. Keiser: God is looking at us through the Bitcoin protocol Thanks to Tehran potentially controlling 3% of the Bitcoin hash rate already, and Venezuela — briefly — accepting BTC payments, the U.S. joining the fight for Bitcoin supremacy is…

Incognito Blockchain Launches DeFi Privacy for Kyber

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Privacy blockchain Incognito has released Kyber Privacy (pKyber), a privacy feature for decentralized finance within the Kyber Network for users from both parties to trade anonymously. First announced on April 24, Incognito’s open-source technology enables anonymity for smart contract-based protocols, making it possible for any Ethereum-based decentralized app to integrate pKyber. Making DeFi private The company claims that the DeFi environment is increasingly facing privacy concerns from seasoned crypto users and traditional investors looking to explore “a new economy.” Within the integration, Incognito will offer users the option to hide…

FCA Research Says 2.6 Million UK Residents Have Bought Crypto

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The United Kingdom’s Financial Conduct Authority estimates that roughly 2.6 million U.K. consumers have bought cryptocurrency “at some point.” On June 30, the FCA published the results of its latest research into how consumers interact with crypto markets in the U.K. It found that 1.9 million people — 3.86% of the general adult population (18+) — currently own cryptocurrency.  This presents what the FCA considers to be a “statistically significant increase,” up from 3% in the last FCA consumer research report in 2019.  The increase brings the total number of…

Canada’s Digital Dollar Should Focus on Inclusion and Accessibility, Say Experts

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A digital Canadian dollar should imitate traditional banknotes in terms of availability and accessibility, according to staff from the country’s central bank, the Bank of Canada. In an analytical note on June 30, experts from the Bank of Canada revealed some of the goals for its central bank digital currency (CBDC). Analytical notes are a product of staff and analysts at the bank, separate from the Governing Council, so they do not necessarily represent the opinion of the bank itself.  The group of experts explained that the CBDC should imitate…

Despite Brutal Rejection at $10.5k, Bitcoin Uptrend Has “Strength”: Analyst

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At the start of June, Bitcoin suddenly surged towards and past $10,000. The cryptocurrency rallied so far and so fast that $123 million worth of short positions on BitMEX were liquidated within an hour. Investors were understandably bullish. One Wall Street veteran shared a chart expressing his sentiment. It showed that BTC had broken past a technical downtrend that formed after the $20,000 all-time high. Others shared in the sentiment, saying that the move was the start of a big bull run. Yet as fast as the cryptocurrency rallied, it…

European Crypto Cards Reactivate as FCA Allows Wirecard to Resume Operation

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Wirecard-issued crypto debit cards from companies like Crypto.com and TenX have been reactivated following permission from the United Kingdom’s Financial Conduct Authority, or FCA. On 29 June, the U.K. watchdog allowed Wirecard Card Solutions, a Newcastle-based subsidiary of troubled German company Wirecard AG, to resume regulated activity. The FCA suspended Wirecard Card Solutions’ license on June 26, soon after news about Wirecard AG misrepresenting over $2 billion in cash reserves surfaced. The respective restrictions were lifted at 00:01 GMT on June 30, 2020, meaning that all crypto debit cards issued…

$2.8B Fake Bullion Scam Highlights BTC Benefits

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The Bitcoin (BTC) versus gold debate rages on this week as reports reveal fake bars fuelled a $2.8 billion corruption scheme. As Chinese media outlet Caixin reported on June 29 via Nikkei, a loans deal between Chinese financial institutions and Wuhan Kingold Jewelry — with gold as collateral — fell apart when it became known the gold was gilded copper. Schiff: Bitcoin holders are “stupid” According to Caixin, “at least some” of the gold bars involved were simply copper, with the loan lenders seriously out of pocket as a result.…

California University Pays Million-Dollar Crypto Ransom

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The University of California at San Francisco School of Medicine reportedly paid a $1.14 million ransom in cryptocurrencies to the hackers behind a ransomware attack on June 1. According to CBS San Francisco, the UCSF IT staff first detected the security incident, stating that the attack launched by NetWalker group affected “a limited number of servers in the School of Medicine.” Although the areas were isolated by experts from the internal network, the hackers left the servers inaccessible and managed to deploy the ransomware successfully. A statement published by the…