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Russia Confirms First Capital Filling That Includes BTC + More News 101
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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.

Regulation news

  • Russian tax authorities have recognized a capital filing that included a Bitcoin (BTC) investment – the country’s first ever. Per media outlet Bloomchain, the investment was relatively modest – a mere BTC 0.1 – but proved difficult to clear. Authorities initially refused to recognize the filing, but eventually gave way on the second time of asking. The media outlet claims that the company in question was a listed entity named Artel, and the filings reveal that the Bitcoin investor was rewarded with a 5% stake in the firm’s shares.
  • The Venezuelan government says citizens may use the state-issued Petro cryptocurrency in their accounting records and calculations. According to El Universal, Caracas issued a statement instructing ordinary citizens, as well as legal, public and private entities to keep financial records using “sovereign crypto-actives,” namely the Petro, without converting figures to the country’s troubled national fiat, the bolivar.
  • Blockchain and cryptocurrency industry representatives have joined the Korean Blockchain Association in issuing positive reactions after South Korea’s parliament approved the country’s first piece of cryptocurrency-specific legislation last week. Per Fn Today and Asia Times, industry insiders say they are “relieved” that guidelines for real-name transactions at exchanges are now in place. However, some appear to fear that the guidelines may be too difficult for smaller exchanges to adhere to – possibly forcing them out of business.

Adoption news

  • South Korean dentists are keen to begin using blockchain technology. Per Weihak Shinmun, the Korean Dental Association will meet on December 15 to discuss blockchain adoption strategies. The association’s chiefs say they are hoping to convince the country’s dentists of the value of using blockchain technology, and explore commercialization strategies. A number of leading hospitals and domestic blockchain companies have already begun to pioneeer blockchain-powered dentistry solutions. (Learn more: Is Blockchain-powered Medicine Just What the Doctor Ordered?)
  • An open-minded approach and an in-depth understanding of innovations currently spreading through the financial sector are critical for central banks and their capacity to adapt the performance of the different roles they play to fulfill their financial stability mandate, the Banque de France’s first deputy governor Denis Beau said at the AFME Annual Capital Markets Technology and Innovation Conference last week. He also stressed that the bank is open for experiments “in particular with regard to a wholesale Central Bank Digital Currency.”

Exchanges news

  • Yet more South Korean cryptocurrency exchanges are looking to branch out with international operations. The latest is Foblegate, which has finalized an MOU deal with Singapore-based exchange RuiBTC. Per Updownnews, the move is Foblegate first step in a wider global expansion plan. The likes of Coinone, Upbit, Bithumb, Bitstamp and more have also been taking steps to promote overseas expansion in recent months.
  • CX Technologies Ltd., the Israeli company behind the cryptocurrency exchange DX.Exchange is going through bankruptcy proceedings after 78 of its former and present employees petitioned an Israeli court to wind it up, according to The Times of Israel. As reported, the exchange has been “temporarily” closed in November as they “pursue a merger or outright sell of the company.” DX.Exchange CEO Daniel Skowronski told today that their “lawyers are taking their time” ant the company still hopes to close the deal this month. The CEO did not comment on the report by The Times of Israel.
  • A former executive at StyleHaul Inc., a digital marketing company that represents “influencers” on Instagram and YouTube, pleaded guilty today to federal criminal charges for embezzling more than USD 22 million from his employer and then using the stolen money for personal expenses and crypto-currency gambling, the U.S. Department of Justice announced.

Tim Alper , 2019-11-25 17:59:25 ,

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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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