Bitcoin’s Breakdown Will Take ‘Weeks, If Not Months’ to Rebound, Says Fundstrat Analyst

lt will take “weeks, if not months” to repair the “technical damage” caused by the recent collapse of Bitcoin (BTC), according to a Fundstrat Global Advisors analyst, Bloomberg reports today, Nov. 15. In a note to clients yesterday, cited by Bloomberg, Fundstrat’s Rob Sluymer predicted that Bitcoin’s collapse yesterday has pushed crypto markets into a “deeply oversold” area, while “longer-term technical indicators aren’t so favorable.” Sluymer concluded that Bitcoin will be able to support a “multi-month rally,” but only after the “significant” damage done this week has been overcome: “This…

Malaysian Lending Giant CIMB Joins Ripple’s Cross-Border Payment Network

Malaysian lending giant CIMB Group Holdings Bhd has joined Ripple’s (XRP) cross-border payments network RippleNet, Bloomberg reports Nov. 15. The $53.5 billion market cap CIMB will integrate Ripple’s XCurrent product, a software solution for expediting cross-border payments, for its “SpeedSend” remittance product. As Bloomberg reports, CIMB’s product serves multiple Southeast Asian markets, including the Philippines, Vietnam and Thailand. As Bloomberg notes, Ripple is vying to outstrip incumbent money transfer giant SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the global cross-border payments industry. The latter’s website claims SWIFT currently serves…

XRP Eclipses Ethereum, What is Next For The Major Cryptocurrencies?

It what has been one of the largest single purges of the cryptocurrency markets this year, Ripple’s XRP token has surpassed Ethereum in terms of market capitalization. The Bottom Just Fell Out Of The Bottom Just when we thought that things couldn’t get much worst and the bottom was in, the bottom fell out and markets nosedived again. Over the past 24 hours crypto markets have dumped almost $30 billion as they fell from around $210 billion to a 2018 low of $180 billion. The dust has settled at around…

Major Russian Art Gallery Tretyakov Launches Blockchain-Based Art Patronage Project

The prestigious State Tretyakov Gallery in Moscow, Russia, is launching a blockchain-based art patronage scheme, Russian news agency TASS reports Nov. 15. The project, dubbed “My Tretyakov,” allows individuals or enterprises to make a private donation to contribute to the digitization of an item from the gallery’s collection, thereby become the artwork’s patron. The system, developed with business innovation collective RDI Digital, uses blockchain technology to assign and manage the patronage structure. According to a press statement from the gallery: “The donation amount is still under discussion. The system randomly…

South Korea’s Gyeongbuk Province Launches ‘Special Committee’ to Create Blockchain Hub

The government of South Korea’s Gyeongbuk province has launched a “Blockchain Special Committee” with the goal of creating a blockchain hub in the region, local media outlet Daily News reported Nov. 14. North Gyeongsang Province, also known as Gyeongbuk, plans to create a blockchain hub, inviting 40 domestic and foreign experts in the industry to consult on the project. Lee Cheol-uoo – a former member of the National Assembly of South Korea and current governor of the province – explained to local media the aims of the newly established committee…

Bitcoin Price Eyes $5K Defense as RSI Hits 4-Year Low

Bitcoin is looking oversold after a drop to 13-month lows Wednesday and could defend immediate support at $5,000 in the next few days. The world’s top cryptocurrency by market value fell to $5,324 (price via Bitstamp) in a matter of hours yesterday, reaching its lowest level since Oct. 18. The average price across major exchanges, as calculated by CoinDesk’s Bitcoin Price Index fell 10 percent – the biggest single-day drop since March 30. While BTC had supposedly carved out a long-term bottom around $6,000, the convincing break below that level…

Acting AG Backed Alleged ‘Invention-Promotion Scam’ Touting ‘Time Travel’ Crypto

Acting U.S. attorney general (AG) Matthew G. Whitaker has come under fire for his association with an allegedly fraudulent patent company that involved cryptocurrency, U.S. news journal MotherJones reported Nov. 14. Whitaker, a Trump loyalist, was appointed by the U.S. president to replace former attorney general Jeff Sessions Nov. 7. Among other controversies, Whitaker is now being scrutinized for his involvement with “World Patent Marketing,” an alleged scam that marketed sundry outlandish products from aspiring inventors, including a “theoretical time travel commodity tied directly to price of Bitcoin.” As MotherJones…

Bitcoin Price Watch: BTC/USD Breakdown Looks Like Real Deal

Key Points Bitcoin price nosedived below the $6,150 and $5,650 support levels against the US Dollar. There is a short term contracting triangle formed with resistance at $5,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could correct higher, but upsides are likely to face sellers near $5,615 or $5,815. Bitcoin price declined heavily towards $5,400 against the US Dollar. BTC/USD may recover a few points, but upsides are likely to be capped by $5,800. Bitcoin Price Analysis Yesterday, we discussed a possible sell…

Regulatory Clarity Will Drive Crypto, Blockchain Adoption

Twitter Facebook LinkedIn Commenting on the importance of regulation in the technology sector, Brad Garlinghouse, CEO of Ripple, said that introducing regulations will lead to blockchain and cryptocurrency adoption. Garlinghouse made these remarks while talking to the Deputy General Counsel, Ross Leckow, of the International Monetary Fund (IMF) at the Singapore Fintech Festival. The topic of their discussion revolved around the regulatory frameworks emerging in the Association of Southeast Asian Nations (ASEAN). Some of the ASEAN members include Singapore, Indonesia, Thailand, Malaysia, Philippines, among others. The Importance of Internet of Value “Regulatory clarity…

Top Crypto Exchange Binance Adds Circle’s USD Coin in Latest Stablecoin Support Move

Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately. USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency. Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month. “For increased transparency, USDC has engaged a top-ranking auditing firm to release monthly…