Traditional banks wary of working with crypto exchanges

Traditional banks wary of working with crypto exchanges

Twitch competes with eBay, the UK monitors exchanges, EOS tops the rating, Coinhive users speak up, McAfee remains bullish, Bitmain can have 51% of network hashrate

  • Claiming itself as an eBay-like platform, Rare Bits raised $6 million from a sequence A funding round directed by Spark Money, Twitch CEO Emmett Shear, and founder Justin Kan.
  • British MPs are concerned over the recent crypto exchanges hacks. Iqbal Gandham, the chairman of CryptoUK, has stated that they request their members to store at least 90% of their virtual funds offline to protect them against hacks. He added that ‘security is improving’.
  • China has released the second edition of its state-endorsed cryptocurrency and blockchain ratings, placing Chinese altcoin EOS top of the list, Ethereum 2nd, and Bitcoin 17th.
  • The Japanese police have been actively investigating website owners using programs such as Coinhive to mine cryptocurrencies without their site visitors’ consent, which is unfair according to Coinhive users.
  • For John McAfee, Bitcoin’s behavior is still bullish, which could make it possible to predict a recovery in its prices. However, in his previous prediction, he talked about a value of 15K by the end of June, which is unlikely to be met.
  • Bitmain has mined over 42% of all Bitcoin blocks recently giving rise to fears that the company could soon have control over the 51% threshold necessary for a network attack.

BTC

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EOS

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Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends

Bitcoin and the aggregated crypto markets have been facing increased volatility as of late, and following a sharp move towards $11,000 yesterday, BTC has been unable to garner any significant buying pressure and has been drifting lower. Analysts are now noting that Bitcoin’s bears are ramping up the selling pressure, which could result in a bearish weekly candle close that could spell trouble for the cryptocurrency. Bitcoin Drifts Lower After Sharp Rejection at $11,000  At the time of writing, Bitcoin is trading down over 2% at its current price of $10,430, which marks a significant decline from its 24-hour highs of over $11,000 that were set yesterday evening. Currently, it does appear that BTC is finding some support around $10,400, but it is highly unlikely that the cryptocurrency incurs any significant buying pressure until it drops towards $10,000, which remains a key psychological price level for the crypto. How Bitcoin ends the day is of critical importance for how it trades in the week ahead, as BTC is about to close its weekly candle. Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this close in a recent tweet, noting that this selloff is seller’s attempt to form a weak weekly candle for BTC. “$BTC #Bitcoin 4 hour – Bears stepping up pressure as we head into the week’s close,” he said while referencing the below chart. $BTC #BItcoin 4 hour – Bears stepping up pressure as we head into the week's close pic.twitter.com/z16TdxCRyr — Big Cheds (@BigCheds) July 21, 2019 BTC Daily EMAs Form Bear Cross; Are Further Losses Imminent?  Notably, this recent sell off has done some technical damage to Bitcoin, as its daily EMAs are now forming an intra-day bear cross which could mean that further losses are imminent. Chonis Trading, another popular crypto analyst on Twitter, spoke about this formation in a recent tweet, noting that bulls have historically ramped up the buying pressure in an effort to stop this pattern from forming. “$BTC – daily EMA’s 12,26 once again in an intra-day Bear cross…the #bitcoin Bulls we able to step in a few days ago and save it…if it closes this way it would be the first time since February, and would be very notable,” he explained. $BTC – daily EMA’s 12,26 once again in an intra-day Bear cross…the #bitcoin Bulls we able to step in a few days ago and save it…if it closes this way it would be the first time since February, and would be very notable… pic.twitter.com/u3Em6jcTXa — Chonis Trading- (@BigChonis) July 21, 2019 Although it remains unclear as to whether or not bears will soon take full control of Bitcoin and send its price reeling lower, it is important to note that it is still trading well off of its weekly lows of $9,100. Featured image from Shutterstock. Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends was last modified: July 21st, 2019 by Cole PetersenThe post Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends appeared first on NewsBTC.
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