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Bitcoin Mining Difficulty Set For New Record High + More News 101
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Mining news

  • Bitcoin (BTC) mining difficulty, or the measure of how hard it is to compete for mining rewards, is expected to rise more than 3% during the next adjustment tomorrow, October 17. According to the estimates, the mining difficulty will reach a new all-time high of 19.96 T, nearing the never-before seen 20 T, as BTC hashrate, or computing power of the network, has also reached its new all-time high this week.

    Bitcoin Mining Difficulty Set For New Record High + More News 102
    7-day average. Source:

Crypto adoption news

  • Coinbase said it will sponsor at least two Bitcoin developers who contribute directly to the Bitcoin Core codebase or closely associated Bitcoin projects, with first Crypto Community Fund grants. Per the announcement, the proposals will be shortlisted by current Bitcoin Core developers and several community members, while Coinbase will be making the final decision.
  • Crypto-keen chat app operator Line has launched a crypto promotion to tie in with its e-pay operations in Japan. The firm said it will give out around USD 20 worth of its own token, link, in place of rewards points for new VISA-issued Line Pay e-pay card customers. Per IT Media, the offer runs until the end of the month. Line earlier this year won regulatory permission from the Japanese authorities to list the link token on its own exchange, Bitmax. The exchange is linked to the Line chat app – an app that has over 80m active monthly users in the country.

Investments news

  • London-based, the Financial Conduct Authority (FCA)-regulated, digital securities exchange Archax said it has successfully closed overfunded seed raise, providing the regulatory capital and runway needed to launch. According to the press release, the company secured funding totalling USD 8m, after extending the raise, initially targeting USD 5m. Among the investors are VC firms Alameda Research, Amnis Ventures, Bridgetower Capital, CoinFund, Edge196, Hudson Capital, QBN Capital, and 7percent Ventures.

Exchanges news

  • Coinbase Global Marketing Head John Russ became the latest employee to leave the major US crypto exchange. Per his tweet, he made the decision after CEO Brian Armstrong recently announced Coinbase’s apolitical policy, offering a severance package to those who disagreed and wished to leave the firm.
  • Upbit Indonesia, a subsidiary of South Korea’s market-leading Upbit crypto exchange, has created a joint-venture consortium that said will launch a cryptoasset futures exchange. Per Digital Today, the new project will be named the Digital Futures Exchange and will see Upbit Indonesia team up with Indonesian firms Kliring Berjangka Indonesia, the Jakarta Futures Exchange and Bappebti – companies that have received official recognition from the Indonesian commodity futures trading regulator. The group of companies said they hoped to enlist more partners before the end of this month and would be seeking regulatory approval for their new exchange.
  • Bitstamp said it has expanded the insurance offered to their customers with an additional crime insurance policy. This insurance policy covers a number of crime-related cases, such as employee theft, and different types of loss. It is offered by specialist insurance brokers, Paragon International Insurance Brokers, in coordination with Woodruff Sawyer, and it’s underwritten by various insurance companies and certain syndicates at Lloyd’s of London.
  • Exchange and global interactive entertainment and multiplatform licensing group Atari have announced the details of the public sale of the Atari Token (ATRI), scheduled for October 29, 2020, after which the token will be listed on The price per Atari Token has been set at USD 0.25 with a hard cap for the public sale of USD 1m. Atari said it’s creating a blockchain-based ecosystem anchored around the Atari brand, which includes a token of reference for the videogame industry, access to platforms and users via, and the Atari wallet.

CBDCs news

  • The central Bank of Korea (BOK) said it is not lagging behind other countries when it comes to timeframes for central bank digital currency (CBDC) issuance. Per Herald Kyungjae, the BOK governor, Lee Ju-yeol, declared that the digital won would be ready to pilot next year and dismissed claims that the bank was now lagging behind China in the tech race. He stated, “The speed of the BOK’s CBDC research and future plans are not behind other nations.” He also opined that China would be able to issue its digital yuan faster than others as there are so few e-payment systems in operation in the country. Lee added that while WePay and Alipay usage was widespread in China, these two platforms are predominantly used by younger customers – a fact that had driven up the need to speed up issuance in the nation.

Stablecoin news

  • The Centre Consortium, an entity established by Circle and Coinbase to manage USD Coin (USDC), has announced that Stellar (XTZ) has become another official blockchain for USDC. According to the announcement, the coin is expected to be available on Stellar in the first quarter of 2021.

Tim Alper , 2020-10-16 17:47:30 ,

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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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