Crypto Gains Ground in Countries Across the Globe, Makes it Hard for Haters to Resist

Australian government seeks Assistance and Access, only Petro for passports in Venezuela, ICO regulation in the UAE by 2019, ESMA assigns 1M for crypto regulation, crypto expert assigned as Minister of science, technology and IT in Japan, Israel to secure its messaging system with blockchain, Argentina’s economic crisis calls for Bitcoin ATMs

  • Australian government seeks to pass a bill, Assistance and Access, that will allow the government the power to ask for assistance from companies to retrieve information, demand information from the company, and build features that allow it to access information with consent. This is seen as a threat to the decentralized use-cases of the blockchain that work on principals of privacy and protection. Similar attempts are being made by governments all across the globe.

ADCA is delighted that Independent Reserve has achieved certification under the Australian Digital Currency Industry Code of Conduct. Certification under the Code of Conduct provides external confirmation of adherence to best-practice standards through verification by an independent auditor.

Nick Giurietto, CEO and MD at ADCA

  • The Venezuelan government, from the coming week, will make it a mandate for citizens to pay for passports services in Petro, the oil-backed cryptocurrency of Venezuela. Report from Bloomberg suggests the registration price is kept four times the monthly minimum wage in the country which will indeed make it more difficult for an average Venezuelan to fly across the border.

We are in front of us — warned the deputy Jorge Millan during the parliamentary debate — to a new fraud, disguised as a solution to the crisis. This incompetent government wants to compensate for the lack of oil production with these virtual barrels.

Venezulean Parliament

  • The Blockchain enthusiasm soars to yet another level in the UAE with the news of allowing and regulating ICO in the first half 2019. Also, on 8th October, Live Bitcoin News reported the soon-to-happen partnership of Dubai with two crypto company in an attempt to give way to retail purchases, bills and school fees.

Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now.

Pundi X CEO, Zac Cheah

Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market. With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market.

Dante Galeazzi, Argentina operations manager for Athena Bitcoin

Bitcoin

BTC
Price
8,744 USD -2.40%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

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Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold?

On our recent price analysis, we had discussed the colossal move that was coming up, which should have been the breakout of the wedge pattern that Bitcoin had gone through over the past three weeks. Unfortunately, if you ask the Bulls, Bitcoin broke down violently: The coin had lost $500 from its price on the daily, marking $8010 as its yesterday’s low (Bitstamp). We anticipated this violent move and stated that “if Bitcoin breaks down the wedge around the $8400 support, there is likely to be a quick move towards the $8000.” This is exactly what Bitcoin is up to, as of now. The question is, if the $8K level will hold. The $8000 support is combined with the mid-term ascending trend-line, along with the 78.6% Fibonacci retracement level from the October 26 daily 42% price surge. Total Market Cap: $224 billion Bitcoin Market Cap: $148 billion BTC Dominance Index: 66.1% *Data by CoinGecko Key Levels to Watch – Support/Resistance: Following the breakdown of the wedge pattern, the first level of support is the $8000, which should serve as a secure demand area. In case Bitcoin breaks down further from here, then the next support lies around $7700 – $7800. If the last doesn’t hold, then $7400 is the next target, which is Bitcoin’s lowest prices since the parabolic move of June 2019. From above, in the likely case of a correction, Bitcoin can reach $8300 – $8400 support turned resistance as the first target (for a correction). Further above is the $8500 area – which is the wedge’s descending trend-line, along with the 50-days moving average line (marked pink on the following daily chart). – The RSI Indicator: Looking on the chart, the RSI tried to find support on the mid-term ascending trend-line (which started forming a month ago) but failed to do so. The line got broken and the RSI is on its way to the oversold territories. Stochastic RSI oscillator is pointing on oversold both on the 4-hour and the 1-day chart. This can lead to a possible positive correction in the case of a cross-over. – Trading volume: Despite the recent price action, the heavy traders hadn’t arrived yet, as the trading volume spiked, but just a little. Not something significant as of now. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Price Analysis: BTC Breaks Down The Wedge. Now, Will $8000 Hold? appeared first on CryptoPotato.
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Chinese State Media Warns of Scams in the Name of Blockchain Amid the Tech Frenzy

Chinese state media has recently launched a strike-hard campaign to crack down on scams in the name of blockchain technology and digital currency amid the blockchain frenzy following President Xi Jinping openly endorsing the technology last month. On Nov.18, China Central Television (CCTV), the predominant state television broadcaster in Mainland China, aired an episode titled “Blockchain is not a Cash chain” in a prime-time program Focus Talk. The program tells viewers that there are currently around 32,000 companies in China that claim to use blockchain technology, while only less than 10% of these firms are actually using or working on the technology. Most of these companies are just taking advantage of the concept of blockchain technology to create financial gains, and even some are naked scams. According to data provided by the National Internet Emergency Response Center, 755 air coins (whose price has dropped near to zero) and 102 scam coins have been monitored so far. China Judgements Online shows that the number of legal rulings involving blockchain technology in the country has reached a total of 566 to date. The episode then reveals various forms of scams under the guise of blockchain and a number of illegal projects involving scam coins or air coins, so as to remind people to keep alert to them. The state-owned Xinhua News and People’s Daily have also warned of the chaos and scams related to blockchain in the market as the speculation fever returns. Experts point out that with the booming of blockchain in China, regulators should speed up the making of the regulatory framework for the industry. Chinese regulators have spent great efforts in removing frauds related to blockchain/cryptocurrency, while pyramid schemes running under the disguise of blockchain technology or digital currency shows no signs of abating, especially after President Xi’s blockchain endorsement and news that the country’s state-backed digital currency is coming out soon. Though its intention is to crack down on scam coins and fraudulent companies under the disguise of blockchain, crypto exchanges are targeted for the possibility that their platforms may provide transaction service for these scam coins. Last Friday, financial regulators in Shanghai has issued a notice to clean up illegal cryptocurrency trading within the region. Meanwhile, crypto exchange Binance’s Weibo (Twitter equivalent) account was blocked.
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Bears Have Been Proved Wrong, Bitcoin is Still Strong

The fiscal salvage of recent years has openly proved wide of the mark the doomsday economists. Several parties will more probably be just as off beam about cryptocurrency including Bitcoin (BTC). As per now, the economic projection seems amazingly positive, however, a few months ago, some economists forecasted differently.
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