Can Bulls Save The Day?

Bitcoin is struggling to stay above the $11,200 resistance level against the US Dollar. BTC is currently correcting lower and it could continue to move down towards $10,700. Bitcoin is slowly moving lower after forming an intraday high near the $11,349 level. A couple of back-to-back candles suggest that the price might continue lower towards $10,700. There was a break below a key bullish trend line with support near $11,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $10,700 support…

Could Australia Become Asia’s Crypto Derivatives Hub?

With Australian DeFi projects surging, the CEO of crypto exchange Mine Digital said he believes the nation could become a future hub for crypto derivatives in Asia. CEO Grant Colthup made the comments in a webinar hosted on July 29 by Melbourne’s Apollo Capital regarding digital asset infrastructure. Colthorp said many institutional investors in Australia were interested in crypto but were still skittish about getting away from “brick and mortar” financial establishments.  But he said crypto derivatives projects across Asian countries have the potential to move into Australia. Cothlup cited…

Polyient Games Launches Avalanche-Based DEX for Collectibles

Ava Labs, the development team behind the Avalanche blockchain has teamed up with non-fungible token (NFT)-focussed investment firm Polyient Games to launch a decentralized exchange (DEX) for crypto collectibles. Polyient’s NFT exchange will be powered by the Avalanche blockchain and will exist within the firm’s forthcoming Polyient Games Marketplace. The exchange is slated to host exclusive NFT auctions and peer-to-peer trading, with plans for “more liquid NFT trading products” and “NFT-adjacent tokens” in the future. Polyient’s native utility and rewards token, PGFK Particles (XPGPs), will be used to power the…

Zeus Capital Reportedly Offers Influencers 5 BTC for LINK FUD

Zeus Capital is reportedly offering prominent members of Crypto Twitter payment to spread unfavourable news about Chainlink, which hit a new record high price recently. Zeus Capital came to prominence recently after releasing a report claiming LINK was a scam and then heavily promoting negative news about Chainlink via Twitter ads. It has since called upon users to join a class-action lawsuit against CEO Sergey Nazarov. According to a screenshot posted to Twitter by ‘The Wolf of All Streets’ Scott Melker on July 29, Zeus Capital reached out to him…

Diginex’s Equos Set To Become First Crypto Exchange Listed in US

Blockchain-powered financial services company Diginex launched its new Equos digital asset exchange on July 30. The exchange will initially host crypto asset spot trading, with plans for “perpetual swaps, dated futures, options, and other derivatives products” to soon follow. The platform will support USD and the USD Coin (USDC) stablecoin at launch.  The spot exchange is licensed under an exemption to the Singapore Payment Services Act, with Diginex having also applied to become a ‘Major Payment Institution’ with the country’s regulator. The platform will also facilitate interoperability with Diginex’s hot…

Fidelity Calls Bitcoin an ‘Aspirational’ Store of Value and an ‘Insurance Policy’

Fidelity Digital Assets, subsidiary of multi-trillion dollar investment firm Fidelity Investments, views Bitcoin (BTC) as an “aspirational store of value” and an “insurance policy” against a troubled financial system according to a new report. Fidelity holds over $8 trillion in assets and its digital assets arm launched in October 2018. Bitcoin is an “aspirational store of value” The report, Bitcoin Investment Thesis: An Aspirational Store of Value, notes that Bitcoin meets the basic test for being considered a store of value but hasn’t achieved that status yet: “Many investors consider…

More Ether Holders Are in Profit Than There Are BTC Addresses in Total

With Ethereum’s recent price rise above $300, there are now more ETH addresses in profit than the total number of addresses holding any amount of Bitcoin. Blockchain statistics indicate that the total number of ETH addresses in the green is 31.86 million, whereas the total number with a Bitcoin balance at all is 30.83 million.   ETH holders in the green The last time Ethereum was priced above $300 was a year ago, and on-chain metrics have improved vastly since then. The findings, as first reported in The Defiant, indicate that…

Bitcoin Is a Better Hedge Against USD Than Gold

Since Black Thursday, Bitcoin (BTC) has become a better hedge against the U.S. dollar than gold. At the same time, its correlation with the S&P 500 Index reached unprecedented highs. Correlations chart. Source: Coinmetrics. Diverging paths after Black Thursday Since the disintegration of the Bretton Woods system in 1971, investors have looked to gold as a hedge against fiat. Gold has consistently exhibited a negative correlation with the dollar with some very rare exceptions, while Bitcoin and the dollar have been uncorrelated with each other until recently. U.S. Dollar Index…

Russian Crypto Scams Triple in First Half of 2020

Cybersecurity firms have identified an exponential rise in crypto-related scams in Russia during the first half of 2020. Researchers identified 23,000 sites involved with crypto scams that are still online and targeting new victims. According to Kommersant, which cited research from Kaspersky Labs, the problem is three times greater than during the same period last year. One common example sees victims offered the chance to complete surveys in order to receive commissions — however they’re required to pay an “entrance fee” fee first. Another scam, identified by Qrator Labs, involved…

There’s a $15 Million Bitcoin Sell Wall Stopping $11,500 From Breaking

Bitcoin is pushing higher after correcting as low as $10,600 on Tuesday. As of the time of this article’s writing, the asset trades for $11,200 — a price point nearly 20% higher than that seen seven days ago and one 3% higher in the past 24 hours. Analysts believe that this small rally is a precursor to a break of the ongoing consolidation to the upside. Yet according to order book data shared by a trader, Bitcoin may have trouble resolving higher as it faces strong resistance. Related Reading: Crypto Tidbits:…