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50m-User Chat App Kakao to Add Crypto Wallet in Early 2020 + More News 101
A screenshot of the KakaoTalk chat app.

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Wallets news

  • Chat app giant and Klaytn blockchain mainnet developer Kakao has announced that it will roll out its crypto wallet in the first quarter of 2020, reports Hanguk Kyungjae. The company plans to link the wallet to its KakaoTalk chat app, which has 50 million active users. KakaoTalk has 96% penetration in South Korea. The company has also announced it will expand the scope of its operations in the blockchain sphere, with plans for a blockchain-powered ID authentication solution in the pipelines.
  • Rakuten Wallet will begin offering its customers leveraged transactions. According to media outlet Coin Post, the company’s president also admitted that Rakuten, Japan’s largest e-commerce platform, is “exploring the possibility” of using cryptocurrency-based incentives as part of its popular rewards points program.

Exchanges news

  • South Korean exchange Coinbit has denied reports that claimed it was the platform whose CEO was charged with assault and blackmail this week following a violent incident that allegedly took place in February this year. South Korean prosecutors are now investigating the incident, and a number of media outlets claimed that Coinbit was the unnamed exchange at the heart of the controversy. However, Coinbit has refuted the claims, per N Today, stating that the “CEO named Choi” that the police has named is not the head of its exchange.
  • Canadian investment fund manager 3iQ has filed and been receipted on its preliminary prospectus for The Bitcoin Fund, a closed-end bitcoin fund that is expected to be listed for trading on a major Canadian stock exchange, moving towards an initial public offering (IPO) of Class A units and Class F units at a price of USD 10.00 per unit, they said on Thursday. The company plans to list on the Toronto Stock Exchange and begin trading in late December or early January, Coindesk reports, citing a 3iQ representative. This comes after the firm received a favorable ruling from its public hearing before a panel of the Ontario Securities Commission (OSC) in October.

Adoption news

  • BC Card, one of South Korea’s biggest credit card operators, says that it will develop a blockchain-powered donations platform. Per Money Today, the card company has teamed up with tech company E4Net on a project that will see them apply blockchain technology to BC’s existing donations platform.
  • And Kakao has also announced that three of South Korea’s largest business conglomerates – subsidiaries of telecoms giant SK, retailer GS and the Hanhwa business group – have joined the Klaytn governance council. Hanguk Kyungjae reports that Hanwha’s tech subsidiary Hanwha Systems, SK’s SK Networks and GS home shopping subsidiary GS Shop have joined the council, boosting its membership to 27.
  • “Big four” accounting firm KPMG in Australia, China and Japan launched KPMG Origins, a blockchain-based ‘track and trace’ platform to support industries including agriculture, resources, manufacturing and financial services, says the firm. The platform will connect a number of emerging technologies including blockchain, internet of things sensors (IoT), and data and analytics tools, in order to provide transparency and traceability to trading partners across industries.
  • Marcus Treacher, Global Head of Strategic Accounts at Ripple, said that Ripple has onboarded HDFC, an Indian private bank, onto its network. The bank was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994, while today, it has a banking network of 5,314 branches and 13,640 ATMs spread across 2,768 cities and towns, the website claims. Treacher added that half of Ripple’s customers are banks, 25% of which are large banks, while the rest are “really interesting” startup and digital banks.
  • Even if digital asset such as Bitcoin or Facebook‘s Libra were to receive a green regulatory light, the “rich countries” are still able to regulate how and where it’s spent, which would limit liquidity and value, says Kenneth S Rogoff, Former Chief Economist at the International Monetary Fund, and a Professor at Harvard University. But a state-sponsored digital-currency, such as the one China will likely bring newt year, will be a “retail, digital version” of the country’s currency, aimed at domestic consumers, but with global ambitions. This could stand as a challenge to the U.S., he added.

Tim Alper , 2019-11-29 16:49:30 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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