How Bitcoin Is Becoming Both Resistance Money and a National Security Concern

In little more than 10 years, Bitcoin (BTC) grew from a small cypherpunk community to a matter of national security with vast implications for geopolitics. At the Unitize panel titled “From Bitcoin to Fedcoin: The Next Decade of Digital Money,” Meltem Demirors, CSO of CoinShares, and moderated by Andy Bromberg, president of CoinList, actually spent very little time discussing Fedcoin and central bank currencies in general. Instead, they focused heavily on the implications of a changing geopolitical landscape, where Bitcoin is set to play a role in the upcoming war…

There’s a Key $12 Million Buy Wall Boosting Bitcoin’s Immediate Outlook

After attempting to break below $9,000 on Sunday, Bitcoin has mounted somewhat of a comeback. As of the time of this article’s writing, the cryptocurrency trades at $9,350. This is the highest BTC has traded in over a week. BTC price chart from TradingView.com While some doubt it can make it past the imminent $9,500 resistance, buyers are stepping in en-masse to support price action. This supports the chances that BTC rallies higher in the days ahead. Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk &…

World’s Largest Pension Fund Lost the Equivalent of Bitcoin’s Entire Market Cap in Just Three Months

The biggest pension fund in the world lost $164.7 billion in the first quarter of 2020. This is equivalent to the entire market capitalization for Bitcoin (BTC). Bitcoin didn’t do any better Japan’s Government Pension Investment Fund, or GPIF, decreased in value by almost 11% to 150.63 trillion yen or $1.4 trillion. This was the fund’s steepest quarterly decline since 2008.  Dow Jones & BTC. Source: Yahoo Finance. GPIF was not alone in its poor performance, major stock indexes like Dow Jones posted negative numbers. Interestingly, Bitcoin’s performance was almost…

Digital Yuan Will Have a Hard Time Displacing Tether in Asia

China’s central bank digital currency is usually identified as a way to challenge the dominance of the U.S. dollar, not Bitcoin (BTC). But it may struggle to find adoption in niches where crypto versions of the dollar thrive, primarily Tether (USDT). At the Unitize panel on Monday, Charles Yang from Genesis Block explained why the DCEP, commonly referred to as digital yuan, is not particularly attractive as a crypto replacement. Speculation and payments Yang identified two key drivers of crypto adoption, specifically in Asia. The first is speculation, noting that…

Ethereum‘s “Monthly Pivot” Could Signal That a Major Rally is Brewing

Ethereum has flashed some significant signs of strength after posting an intense recovery yesterday. The cryptocurrency is now back within the boundaries of its multi-month trading range, and buyers appear to be attempting to establish its recent lows as a long-term bottom. Overnight, sellers pushed it as low as $222 – just a hair above its crucial high time frame support at $220. The dip to this level catalyzed a significant amount of buying pressure, which was further perpetuated by Bitcoin’s surge from $8,900 to highs of $9,300. ETH is…

Chinese Courts Use Blockchain for Property E-Sealing

Several courts in China have implemented blockchain technology as a way to secure properties with an electronic seal. The Executive Bureau of the People’s Court in Haidian District, Beijing, has reportedly deployed a blockchain-based electronic seal to secure a property in Chaoyang district. E-sealing system applies blockchain to protect the property By applying blockchain-powered e-sealing, courts are able to securely monitor a property in real-time with help of video surveillance, local news agency the Global Times reported on July 5.  Specifically, if the property is disturbed or being damaged, the…

Blockchain Firm Bluzelle Uncovers a Critical Bug in Cosmos’ Consensus Algorithm

Decentralized data network Bluzelle (BLZ) discovered a bug in the Tendermint consensus algorithm used by the Cosmos (ATOM) interchain protocol. According to a Bluzelle announcement shared with Cointelegraph on July 6, the firm discovered a bug in Tendermint during its validators competition. The competition, which involved 220 participants maintaining a Tendermint-based a testnet, at one point saw the blockchain halt completely due to the bug. The bug was already patched Validators participating in the competition were unable to resume their activities even after the blockchain was restarted. Bluzelle sent an…

Here’s Why the Chinese Stock Market’s Rally Might Boost Bitcoin

The Chinese stock market has found itself caught within the throes of a fresh bull market, and it could create a tailwind that lifts Bitcoin. After facing the dire implications of the ongoing pandemic that originated within China’s borders, the country’s investors appear to be moving on, now helping to fuel a fresh bull market. The country’s benchmark stock indices all saw massive growth during their latest trading session, with the Shanghai Composite even seeing its best single-day percentage gain since 2015. A few simple factors are driving this fresh…

Gibraltar Watchdog Grants License to Belarusian Crypto Platform

The Gibraltar Financial Services Commission, or GFSC, issued a new distributed ledger technology license to the Belarus-based cryptocurrency platform, Currency.com, on July 6. According to the announcement, the platform will be allowed to use DLT to store or transmit value belonging to others in connection with the provision of dealer and custody services thanks to the license granted by the GFSC. Jonathan Squires, CEO of Currency.com, gave some insight into the company’s intentions for the license: “Our operations in Gibraltar are part of our commitment to expanding across the globe,…