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China's Digital Yuan Research Delayed Amid Coronavirus Epidemic

The coronavirus outbreak has led to postponed work at various Chinese government institutions, including the organs responsible for researching and developing the digital yuan

Source: CoinTelegraph

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Ex-Microsoft Employee Convicted of 18 Felonies in Digital Currency Scheme

A software engineer who worked for Microsoft has been found guilty of a complex $10 million scheme to embezzle funds using Bitcoin

Source: CoinTelegraph

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Cardano (ADA) Price Analysis: Bears In Control Below $0.055

  • ADA price started a nasty decline after it broke the $0.0600 support against the US Dollar.
  • The price even traded below the $0.0550 support level to enter a bearish zone.
  • There is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart (data feed via Kraken).
  • The price remains at a risk of more losses below the $0.0520 and $0.0500 levels in the near term.

Cardano price is down more than 5% and trading in a bearish zone against the US Dollar, similar to bitcoin. ADA price could continue to slide if it breaks the $0.0510 support area.

Cardano Price Analysis

In the past few days, cardano price started a major decline below the $0.0600 support area against the US Dollar. The ADA/USD pair even declined below the $0.0580 pivot level and the 55 simple moving average (4-hours).

It opened the doors for more losses and the price even traded below the $0.0550 support level. Finally, it spiked below the $0.0520 level and a new weekly low is formed near the $0.0516 level.

The price is currently consolidating losses and trading above the $0.0520 level. An initial resistance on the upside is near the $0.0541 level. It coincides with the 23.6% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low.

The first major resistance is seen near the $0.0550 and $0.0560 levels. Besides, the 50% Fibonacci retracement level of the downward move from the $0.0621 high to $0.0516 low is also near the $0.0569 level to act as a hurdle.

More importantly, there is a major bearish trend line forming with resistance near $0.0580 on the 4-hours chart. Therefore, upsides are likely to remain capped in cardano price near the $0.0560 and $0.0580 levels.

To start a fresh increase, the bulls need to break the $0.0580 area and then gain pace above the $0.0600 level. If not, there is a risk of more downsides below $0.0520 and $0.0510.

The main support is near the $0.0500 level, below which the price is likely to tumble below the $0.0480 and $0.0475 levels in the near term.

Cardano Price

Cardano Price

The chart indicates that ADA price is clearly back in a bearish zone below the $0.0550 level. There could be a minor correction, but as long as the price is below $0.0580, it could continue to move down.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently gaining momentum in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now well below the 40 level.

Key Support Levels – $0.0510 and $0.0500.

Key Resistance Levels – $0.0560 and $0.0580.

The post Cardano (ADA) Price Analysis: Bears In Control Below $0.055 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Bitcoin Decouples From Gold, Has it Lost Safe Haven Status?

bitcoin better than gold

Bitcoin has plunged through key levels of support today dragging the entire crypto market down with it as usual. Gold conversely continues to rise, is BTC still a safe haven?

Crypto markets have dumped over $15 billion in the past 24 hours as the correction accelerates. The move lower was largely expected after such an extended period of good gains and there is no need for panic or FUD just yet.
Total market cap is back down at $260 billion which is 10% lower than it was at the beginning of the week. Volatility is still a huge aspect of crypto asset markets.
Bitcoin Sheds 5%
Bitcoin has collapsed through key support levels at $9,300 today as it bottomed out at $9,100 during early hours trading in Asia.
BTC chart 1 hour – Tradingview.com
The move has accelerated losses which began almost a fortnight ago and have so far resulted in a 13% pullback which is nothing unusual for BTC.
It is currently holding on to this support level with the lower one around $8,800. Below that there is nothing stopping a dump down to $8,300 where more solid support lies. A move to the upside is looking very unlikely at the moment.
Gold Still Bullish
According to the charts the precious yellow metal hit a new seven year high this week of $1,670/oz marking an overall rise of 10% this year which is impressive for a non-volatile asset.
With bitcoin’s decline some have begun to question its status as ‘digital gold’ as it decouples from the asset.

In yesterday's market termoil, we found that Bitcoin is still not "Digital Gold"
… yet. pic.twitter.com/Ww2ABhBLCP
— Charles Edwards (@caprioleio) February 25, 2020

Naturally serial bitcoin basher and goldbug Peter Schiff couldn’t resist sticking his oar in despite BTC outperforming gold this year by 16%. It should be noted that these tweets generally appear to be posted solely to troll the crypto community.
“It should be clear to Bitcoin bugs and CNBC anchors that Bitcoin is digital risk, not digital gold.”

Over the past 5 trading days the Dow Jones is down 7.3%, the NASDQ is down 7.9%, and The Grayscale Bitcoin Trust is down 22%. In contrast GLD, which tracks #gold rose by 1.6%. It should be clear to #Bitcoin bugs and @CNBC anchors that Bitcoin is digital risk, not digital gold.
— Peter Schiff (@PeterSchiff) February 25, 2020

Granted gold has maintained gains in recent weeks and continues to build on bullish momentum. However, there is no denying that both stocks and digital assets have blitzed it in terms of performance this year, even with recent losses included.
Bitcoin is still highly speculative so it stands to reason that prices will slump and volatility remains high when the world is in complete chaos. With entire cities being locked down fewer people are going to be thinking about trading digital assets, and it has a fraction of the market cap that gold has anyway.
Gold has always been a favorite for institutional investors who generally prefer more stability in their trades. This does not mean that BTC is no longer a safe haven, but only that it has yet to gain the momentum of more established assets when markets are in utter turmoil.
Has BTC lost its digital gold status? Add your comments below.
Image from Shutterstock
Source: Bitcoinist News

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Australian Minister Slams Gov’t for Weak Response to Ransomware ‘Epidemic’

Australian Shadow Cybersecurity Minister Tim Watts has criticized the sitting government for its weak response to ransomware

Source: CoinTelegraph

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Bitcoin Price Analysis: BTC Starts Fresh Decline Below Key Supports

  • Bitcoin price topped near the $10,030 level and declined heavily against the US Dollar.
  • The price is now trading with a bearish bias and it is well below the $9,400 level.
  • There is a key bearish trend line forming with resistance near $9,780 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue lower if it breaks the $9,100 and $9,080 support levels.

Bitcoin price is showing signs of bearish continuation below $9,400 against the US Dollar. BTC is currently testing the key $9,100 support, below which it could decline heavily.

Bitcoin Price Analysis

Recently, bitcoin price struggled to clear the $10,000 level and topped near the $10,030 level against the US Dollar. As a result, there was a sharp decline and BTC declined below the $9,500 and $9,400 levels.

Moreover, there was a close below the $9,500 level and the 55 simple moving average (4-hours). It opened the doors for more losses below $9,300 and $9,200. The price traded as low as $9,104 and it is currently showing many bearish signs.

If bitcoin starts a recovery, an initial resistance is near the $9,300 area. Moreover, the 23.6% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low is also near the $9,325 level.

The next major resistance is near the $9,565 level since it is close to the 50% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low. More importantly, there is a key bearish trend line forming with resistance near $9,780 on the 4-hours chart of the BTC/USD pair.

Therefore, upsides are likely to remain capped on the upside near the $9,500 and $9,565 levels. A convincing close above the $9,565 level and the 55 simple moving average (4-hours) is needed for more gains in the near term.

Conversely, bitcoin price might continue to move down below $9,100 and $9,000. If the bears gain momentum below $9,000, there is a risk of a sharp decline in the coming days. The next major support is seen near the $8,540 and $8,480 levels.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is back in a bearish zone and it is currently trading near the key $9,100 support area. If it declines further, the bulls are likely to struggle and the bears are likely to aim $8,540.

Technical indicators

4 hours MACD – The MACD is now gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now sliding and it is well below the 40 level.

Key Support Levels – $9,100 and $9,000.

Key Resistance Levels – $9,320, $9,565 and $9,700.

The post Bitcoin Price Analysis: BTC Starts Fresh Decline Below Key Supports appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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Next Step Mobile Surveillance: How You Walk, Your Heartbeat – Why Bitcoin Matters to Combat Government Privacy Invasion

Next Step Mobile Surveillance: How You Walk, Your Heartbeat – Why Bitcoin Matters to Combat Government Privacy InvasionIt may sound like something from a dystopian cyberpunk movie, but payment providers could soon be validating transactions by the way users walk, their heartbeat, veins, and more. Mastercard has recently revealed they “have been testing heartbeat, vein technology, and the way people walk to authenticate people.” The high tech proposal, designed to fight hackers and increase convenience, could be a serious issue for people viewing such measures as unnecessary and invasive, where Bitcoin solves many of the challenges facing online finance already.

Also read: Wikileaks Gathers $37M in BTC Since 2010 – Over $400K Sent After Julian Assange’s Arrest

Mastercard to Map Your Walk

Mega payments provider Mastercard recently revealed to financial news outlet Marketwatch that “We are working with transport organizations where your face or gait will authenticate you.”

While facial recognition software is becoming more and more widely utilized in security, and the field of biometrics continues to evolve rapidly, most everyday people still haven’t considered that something like their gait, or style of walking, could be a means of identification. The tech will ostensibly be able to utilize CCTV, amongst other means, for allowing services such as boarding of public transport.

The president of cyber and intelligence solutions for Mastercard, Ajay Bhalla, told the news outlet:

The way you hold your phone, which ear you use, and how your fingers touch the buttons are all unique to you. We have been testing heartbeat, vein technology, and the way people walk to authenticate people.

For those that think they’ll be able to outsmart this type of tech if it falls into the wrong hands or is abused, they may want to think again. As coronavirus fear grips China and residents are required to wear masks for protection, Chinese AI startup Sensetime has already announced the rollout of new tech which can read 240 facial key points, allowing identification of individuals even if they’ve donned a mask.

Source: Reuters

Demonizing and Ignoring Bitcoin

The Mastercard exec also told Marketwatch that “The world is changing at a fast pace. Hackers are figuring out how to attack individuals to get their credentials.”

This narrative of payments becoming increasingly electronic and the need for greater online security is not new. In fact, the United States Federal Reserve announced last summer they are developing a new, fast and secure payments system called Fednow. Federal Reserve Board Governor Lael Brainard stated at the time, “Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community.”

The thing is, we’ve already got that. It’s called bitcoin. Not able to be hacked if stored non-custodially, and not subject to centralized censorship at a protocol level, Satoshi’s creation is one of the most secure payment networks there is. Further, transactions can be obfuscated for greater privacy.

The real issue at hand becomes apparent when a critical common thread between narratives from China, the Fed, and companies like Mastercard emerges: the promotion and cultural whitewashing of unmitigated, highly invasive surveillance.

Often, when solutions like bitcoin are presented as viable options to the authoritarian class, the response is the same: users of bitcoin are criminals, because who else would want to use money that isn’t centrally controlled? U.S. Treasury Secretary Steven Mnuchin has even gone as far as making the absurd claim that U.S. dollars are not used for criminal activity, stating:

I don’t think it’s been successfully done with cash. I’ll push back on that. We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts.

Anti-money laundering narratives have become the central focus for global financial regulators, and are putting more and more users of crypto out of business and out of wealth. All this when the latest report from state-connected blockchain forensics group Chainalysis shows that less than 1% of crypto usage centers on darknet market activity.

Contrasted with governments’ nasty track records of money laundering, drugs and human trafficking, debasement of currencies, and outright murder euphemized as ‘collateral damage’ in warfare — all financed mainly by the fiat shitcoin known as USD — bitcoin appears to be about as threatening as a toy poodle. It’s important to remember, though, that it does have teeth.

Regarding crypto’s threat to centralized systems like Fednow, former congressman from Texas, Ron Paul, remarked in August: “This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use Fednow to help ‘protect’ the Federal Reserve’s fiat currency system from competition from crypto currencies.”

Why Bitcoin Matters to Fight Surveillance

Biometrics provides some great opportunities for security and convenience, affording free market actors cutting edge solutions for their businesses and everyday lives. When it comes down to brass tacks, however, less invasive payment solutions such as bitcoin are not favored by lawmakers, as they’ve stated explicitly that the decentralized and immutable nature of crypto threatens the very stability of the global economy itself.

According to a research opportunity posting from the U.S. Office of the Director of National Intelligence: “Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar … The U.S. should prepare for scenarios that threaten to undermine the U.S. dollar as the world reserve currency and determine how those scenarios could be overcome, protecting our status in the global economy.”

The real question about all the surveillance coming down the pike is an easy one. Namely, whether these measures will be voluntarily assented to, or whether they will be forced on people. For example, will someone still be able to open a bank account or board a train if they don’t want their vascular tissue analyzed? It’s an uncomfortable reality most don’t want to look at, but ultimately, when it comes to ensuring compliance the state has but one tool, and it ain’t reasoned verbal persuasion.

Bitcoin is very different from any Fednow service, digital Yuan, or Mastercard payment system because the user — and not some third party — controls it. That’s what really seems to get the goat of lawmakers. How far people will go to fight for this financial privacy bitcoin affords them remains to be seen, but let’s hope the shift is more of a philosophical one than is brutal.

What are your thoughts on Mastercard’s proposed verification systems? Let us know in the comments section below.

Op-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Images courtesy of Shutterstock, Reuters, fair use.


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The post Next Step Mobile Surveillance: How You Walk, Your Heartbeat – Why Bitcoin Matters to Combat Government Privacy Invasion appeared first on Bitcoin News.

Source: Bitcoin News

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MoneyGram Expands Ripple Partnership with $11.3 Million

According to SEC filings, MoneyGram and Ripple Labs are working together again in 2020

Source: CoinTelegraph

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Anthony Pompliano Speaks to CNN about Warren Buffett and Bitcoin

Topics discussed during the interview included Warren Buffett’s position on cryptocurrency and Sweden’s new digital currency

Source: CoinTelegraph

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Ethereum Still Coupled to Big Brother, Is ETH About to Crash Harder?

ethereum price

It was largely predicted that when bitcoin corrects, the altcoins will capitulate. That appears to be happening this week and Ethereum hasn’t escaped as it dumps almost 15% since the weekend.

Digital asset markets are in free fall today, since Monday over $30 billion has been dumped, with over half of that leaving the space in the past 24 hours.
From their 2020 peak above $300 billion total market cap has dumped over 15% to current levels and it looks like the pain is not over yet.
Ethereum Falling Fast
Bitcoin has corrected around 13% from its peak price this year which is a lot less than Ethereum’s losses. As predicted by Bitcoinist last week, the altcoins are capitulating as BTC corrects and fails to hold key support levels.
Since its 2020 high, ETH price has corrected 19% to current levels, hitting a low of $235 during Asian trading this morning. Over the past 24 hours the asset has dumped 11% from an intraday high of $265.
ETH price 1 hour chart – Tradingview.com
Three lower highs since mid-February have mirrored the action on bitcoin’s chart as Ethereum remains hopelessly coupled to its big brother still.
Analysts have also observed the correlation despite hopes that ETH would begin to move independently this year.
“So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.”

So just understand that this is no reflection on #Ethereum and 100% tied to what $BTC does next. They have not been decoupled.
IF $BTC breaks down to $9150, then $ETH will test $225. pic.twitter.com/OLBeKW4aHz
— Satoshi Flipper (@SatoshiFlipper) February 25, 2020

At the time of writing BTC has broken down to this level and ETH is still falling so $225 could well be on the cards.
Zooming out shows a healthier picture with Ethereum prices still up 80% since the beginning of the year but this will only remain healthy if the pullback slows down. Any asset that has made such rapid gains is bound to correct harder and faster than slower moving ones and ETH has been on a roll this year.
There may have also been some liquidation from DeFi markets as the total amount of ETH locked has fallen to $2.8 million. The dollar value has also dumped below a billion but that is due to falling ETH prices.
Without pointing out the obvious, the past two months have been a mirror of the price action in June and July last year. The only negative at the moment is that overall high was lower this time around.
Bitcoin really needs to find support above its previous bottom of $6,500 in December for crypto markets to stabilize and a new rally to begin. Only then will Ethereum start to climb again.
Will ETH ever decouple from BTC? Add your thoughts below.
Source: Bitcoinist News