Bitcoin News Summary – July 8, 2019

Here’s what happened this week in Bitcoin in 99 seconds.  eToroX, the specialized blockchain division of social trading platform eToro, has announced the launch of the first five of 120 ERC-20 tokens. ERC-20 is a technical standard that sets rules for tokens launched on the Ethereum or related blockchains. The new tokens include two eToro stablecoins and three crypto assets: Maker, Basic Attention Token and OmiseGO. South Korea’s Shinhan Bank will impose stricter rules and monitoring on bank accounts related to any crypto trading. A string of hacks and…

China’s Cryptocurrency | A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency. According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin. China’s Cryptocurrency At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial…

Bitcoin Price Eyes Move Above $13K as Dominance Rate Hits 2-Year High

View Bitcoin’s violation of recent bearish lower highs with a move above $12,061 has opened the doors for a retest of $13,880. Prices reinforced the bull breakout with a successful defense of the former resistance-turned-support of $12,061 soon before press time. Bitcoin’s dominance rate has spiked to 27-month highs, backing the uptrend in prices. A high-volume UTC close below $12,000 would abort the bullish view. Bitcoin’s break above a key price hurdle looks to have set the tone for a retest of recent highs above $13,800. The top cryptocurrency bu…

Bitcoin Price Nears $12K After Rising $500 in Minutes

View BTC could rise to key resistance at $12,061 in the next few hours, as the hourly chart is reporting a symmetrical triangle breakout. A  high-volume break above $12,061 would invalidate the bearish lower-highs pattern and open the doors to the recent high of $13,880. However, a break with low volumes could turn out to be a bull trap, especially as the weekly chart indicators continue to report overbought conditions. On the downside, a move below $10,769 (July 5 low) would expose last week’s low of $9,615. Bitcoin leaped into…

Stablecoin Market is Showing Signs of Solid Growth

The cryptocurrency market has possibly been one of the most innovative things to have emerged over the past decade or so, and during the course of that period, it has taken the world by storm. However, as everyone knows, ecosystems evolve, and that is what has been happening with regards to the cryptocurrency ecosystem as well. Eventually, the establishment of exchanges allowed millions of people to buy and sell cryptocurrencies with a few clicks. It was the brainchild of crypto exchanges to introduce a new digital asset class, which was…

Bitcoin Price Drops 5% But Rebound Likely, Charts Suggest

View BTC has fallen more than $1,000 in the last 24 hours, establishing a bearish lower high at $12,061. A high-volume break above $12,061 is thus needed to revive the bullish view put forward by a bearish channel breakout seen in the 4-hour chart earlier this week. That would open the doors to $13,880. A move below Wednesday’s low of $10,830 would shift risk in favor of a drop to Tuesday’s low of $9,614. Bitcoin’s (BTC) price needs to break above $12,061 to mitigate bearish pressure. The top cryptocurrency by…

Bitcoin Eyes Independence Day Price Gains for Fifth Year Running

View Bitcoin could rise above $12,000 with the daily chart reporting a bullish reversal. A high-volume bullish breakout on the hourly chart indicates scope for a rise to the bearish lower high at $12,448. BTC could yet post losses today, however, if prices find acceptance below key support at $11,385. Bitcoin (BTC) looks set to close in the green on U.S. Independence Day for the fifth consecutive year, having recovered nearly 25 percent from recent lows. The top cryptocurrency by market capitalization rose 1.17, 1.79, 3.35 and 1.67 percent on…

Blockchain Firm AmaZix is Tackling Crypto Scams on Telegram

When something becomes popular, illegal activity tends to follow. The cryptocurrency market knows this all too well, which is why AmaZix this week opened up its “moderation bot” so crypto scams can be booted from Telegram, a popular messaging app. Here’s what we know. Telegram Crypto Scams On Wednesday, AmaZix, a blockchain advisory firm, said it was opening up access to its “moderation bot,” in an attempt to boot the crypto scams that have found their way to the Telegram app. For the past two years, AmaZix has used the…

FCA’s Ban on Crypto Financial Instruments Affects UK Retailers

Earlier today, the UK’s market regulator, the Financial Conduct Authority (FCA), announced a proposal that would ban financial instruments linked to digital cryptocurrencies. The regulator has warned that such instruments using cryptocurrencies could incur huge losses for retailers who don’t understand the great risks associated with using them. The FCA’s Ban Proposal The FCA is targeting products such as derivatives and exchange-traded notes (ETNs), in particular, but it is also suggested that crypto-assets themselves simply didn’t suit small investors. It cited cryptocurrencies’ “extreme volatility,” ambiguous value, and the lack of public knowledge…

Bitcoin Rallies $2K in 24 Hours But Price Hurdles Remain Intact

View Bitcoin has risen nearly $2,000 in the last 24 hours, establishing strong support at $9,600. The outlook, however, would only turn bullish once the bearish lower-highs pattern is invalidated with a move above $12,448. A breakout, if confirmed, could be followed by a rise to or above the recent high of $13,880. Bitcoin could fall back to $9,600 if prices fail to hold above $10,830 in the next 24 hours, validating the bearish crossover of the 5- and 10-day moving averages. Bitcoin (BTC) has risen sharply in the last 24…