Bitcoin Price Eyes $7.4K After Defense of Key Support

Bitcoin Price Eyes $7.4K After Defense of Key Support

Bitcoin looks primed for a minor rally, having defended a key moving average support in the last 72 hours, technical charts indicate. The 50-day moving average (MA), one of the most widely tracked technical indicators, was put to test in the previous two trading days.  However, on both occasions, prices failed to penetrate the MA support on a daily closing basis (as per UTC), signaling a bearish exhaustion. Today is no different. The leading cryptocurrency picked up a bid around the 50-day MA support of $6,938 earlier today and rose back above $7,000, raising prospects of a corrective rally. At press time, BTC is changing hands at $7,050 on Bitfinex – up 0.70 percent on a 24-hour basis. The solid defense of the 50-day MA support and the early signs of bullish reversal, as seen in the short-duration chart below, indicate scope for a stronger rally toward $7,400. 4-hour chart The above chart shows, the current 4-hour candle is hovering above the top end (resistance) of the falling channel (bearish pattern). A bullish breakout would be confirmed if the candle closes above the falling channel hurdle. In this case, BTC will likely rise toward the downward sloping (bearish) 100-candle MA, currently located at $7,438. This scenario appears more likely as the bullish divergence of the relative strength index (RSI) is signaling the tide has turned in favor of the bulls. Daily chart BTC created a bearish outside-day candle yesterday, meaning the day began with optimism and ended with pessimism. Still, BTC managed to defend the 50-day MA today, which indicates the bears have likely run dry. All-in-all, there is a reason to be optimistic, although the bulls still can’t afford to lower their guard as the short-term MAs are biased toward the bears: 5-day and 10-day MAs are trending south. The sell-off from the July high of $8,507 would resume, sending BTC below the rising trendline if prices close today (as per UTC) below $6,847 (low printed by previous day’s bearish outside-day candle). View BTC looks set to take out the falling channel resistance and could rise toward $7,400 in the next 24 hours, courtesy of the bear failure at the 50-day MA support and the bullish RSI divergence. BTC risks a deeper drop below…

The Daily: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming

The Daily: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming

The Daily In today’s edition of Bitcoin in Brief, we cover the return of Coinbase to Wyoming, the expansion of Robinhood Crypto to Iowa and Georgia, a lawsuit against an exchange for failing to give a user his BCH plus a cybersecurity research that finds cryptocurrency exchanges experienced a massive surge of user data leaks. Also Read: Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin Trading Coinbase Returns to Wyoming Coinbase has announced that its money transmitter license has been renewed in the state of Wyoming. That means that after about three years of absence, locals can once again use the platform to buy, sell and spend supported cryptocurrencies. Wyoming passed a number of laws meant to make the state more attractive to Bitcoin business this year, including exempting cryptocurrencies from property taxation. Mike Lempres, Chief Legal & Compliance Officer, stated: “Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state.” Robinhood Crypto Reaches Iowa and Georgia Robinhood Financial, the Palo Alto-headquartered US stocks brokerage app, has added another two locations where cryptocurrency trading is now supported for its clients. The company officially announced on its Twitter page that the service is rolling out to Iowa and Georgia. The app now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states, including Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin. Chinese User Sues Okcoin According to media reports from China, a user of Okcoin named Feng Bin is suing the exchange over some missing bitcoin cash. The client claims he had to receive about 38.75 BCH following the fork due to his holdings before the event which just…

Coinbase Hires Former AWS and Microsoft Employee Tim Wagner as New VP of Engineering

Coinbase Hires Former AWS and Microsoft Employee Tim Wagner as New VP of Engineering

Former Amazon Web Services (AWS) and Microsoft employee Tim Wagner has joined Coinbase as vice president (VP) of engineering, according to a blogpost August 6. Wagner will now lead Coinbase’s engineering team, which is “central to [Coinbase’s] mission of creating an open financial system for the world,” Coinbase writes in the post. Aiming to build the “most open, secure, and accessible financial system,” Wagner will also be responsible for expanding the team by hiring engineering talent in San Francisco, New York, and Chicago, according to his LinkedIn profile. Prior to Coinbase, Wagner served as general manager (GM) at AWS for more than five years, with his most recent positions at AWS Lambda, Amazon API Gateway, and AWS Serverless App Repository. Before AWS, Wagner spent several years at Microsoft, serving as the director of development at Microsoft’s Visual Studio Ultimate. San Francisco-based crypto exchange and wallet Coinbase has also recently hired Wall Street exec Jeff Horowitz as its new Chief Compliance Officer, and Rachel Horowitz, who previously served at Twitter and Facebook as a communications expert, as the new VP of Communications. Last week, Coinbase announced it started exploring the listing of 49 new assets on its custodial service, including storage for such cryptocurrencies as Ripple (XRP), EOS, Monero (XMR), VeChain (VEN), Cardano (ADA), Bitcoin Gold (BTG), and Telegram.

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and Georgia

The Daily: Coinbase Returns to Wyoming, Robinhood Crypto Reaches Iowa and Georgia

The Daily In today’s edition of Bitcoin in Brief, we cover the return of Coinbase to Wyoming, the expansion of Robinhood Crypto to Iowa and Georgia, a lawsuit against an exchange for failing to give a user his BCH plus a cybersecurity research that finds cryptocurrency exchanges experienced a massive surge of user data leaks. Also Read: Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin Trading Coinbase Returns to Wyoming Coinbase has announced that its money transmitter license has been renewed in the state of Wyoming. That means that after about three years of absence, locals can once again use the platform to buy, sell and spend supported cryptocurrencies. Wyoming passed a number of laws meant to make the state more attractive to Bitcoin business this year, including exempting cryptocurrencies from property taxation. Mike Lempres, Chief Legal & Compliance Officer, stated: “Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. Now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way we serve customers from nearly every other state.” Robinhood Crypto Reaches Iowa and Georgia Robinhood Financial, the Palo Alto-headquartered US stocks brokerage app, has added another two locations where cryptocurrency trading is now supported for its clients. The company officially announced on its Twitter page that the service is rolling out to Iowa and Georgia. The app now supports Ethereum Classic (ETC), in addition to its previous offering of BTC, BCH, ETH, LTC and Doge. In total, Robinhood Crypto is now available in 19 US states, including Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin. Chinese User Sues Okcoin According to media reports from China, a user of Okcoin named Feng Bin is suing the exchange over some missing bitcoin cash. The client claims he had to receive about 38.75 BCH following the fork due to his holdings before the event which just…

Bitcoin Mining Giant Bitmain to Invest $500 Million in Texas Data and Mining Facility

Bitcoin Mining Giant Bitmain to Invest $500 Million in Texas Data and Mining Facility

Bitcoin (BTC) mining firm Bitmain will build a $500 million blockchain data center and mining facility in Texas as part of its expansion into the U.S. market, the company revealed in a press release August 6. Bitmain, which is valued at around $12 billion after its early July funding round, is also reportedly looking to plan an overseas Initial Public Offering (IPO) in a market with U.S. denominated shares. Bitmain’s new data center will take over the former Alcoa smelter in Rockdale, Texas, with the estimation that the construction and set-up will be completed in the fourth quarter of 2018 and the center set to be “initiated” in early 2019. Last month, job vacancies for a Project Manager and a Data Center Site Manager for Bitmain in Rockdale had been posted on Indeed.com, with Bitmain only confirming the center’s location in the August 6 press release. The press release notes that Bitmain expects to bring in 400 local jobs in the first two years, quoting $500 million as the total investment into the economy over an initial period of seven years. Despite mixed noises from both U.S. and Canadian authorities regarding cryptocurrency mining, both countries have become targets for businesses seeking out cheaper electricity costs in new jurisdictions. In June, mining firm Coinmint confirmed it would transform a former smokestack facility in upstate New York into a Bitcoin mining facility. And in Canada, local miner Hut 8 launched its second mining facility in mid July, becoming the world’s “largest publicly-traded” operator by capacity in the process according to figures published at the time.

Ohio Becomes Latest US State to Legally Recognize Blockchain Data

Ohio Becomes Latest US State to Legally Recognize Blockchain Data

Ohio has become the latest U.S. state to legally recognize data stored and transacted on blockchain. The news comes after lawmakers from the state introduced a bill in May that sought to treat blockchain data and smart contracts as electronic records in a bid to provide safe harbor for the emerging technology. Part of the wording from that bill (SB 300) was later incorporated into a later piece of legislation (SB200), which was approved by the state’s senate in June and finally signed by the governor into Ohio law on Friday, according to a release published Monday. As passed, Ohio’s Uniform Electronic Transactions Act has been amended from the prior version to state that “a record or contract that is secured through blockchain technology is considered to be in an electronic form and to be an electronic record.” Electronic signatures secured through blockchain technology are also considered to have the same legal standing as any other electronic signatures defined under the act. However, initially proposed language to amend the law to recognize smart contracts has been omitted from the passed bill. As previously reported by CoinDesk, SB 300 originally suggested making it clear that electronic contracts can’t be denied legal effect or enforceability just “because the contract contains a smart contracts term” – wording would have cleared the way for smart contracts to be used for legal documents in the state. Elsewhere in the U.S., the state of Arizona has also passed a bill recognizing the legal status of data stored and transacted on a blockchain, while politicians in California have been working on a similar piece of legislation since February. However, the states of Florida and Nebraska have both postponed their proposed bills indefinitely. Ohio flag image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Ethereum Classic Tops $2 Billion to Set 3-Month Price High

Ethereum Classic Tops $2 Billion to Set 3-Month Price High

There’s a new top 10 cryptocurrency. As of press time, the total value of all ether classic (ETC), the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion, a move that helped it leap from 12th place at the start of the day to 10th place according to CoinMarketCap data. Best known as the original ethereum blockchain, or the version in which funds stolen in a high-profile 2016 hack still belong to the attacker, ethereum classic is benefiting from tailwinds provided by major market listings. Already, August 6 has seen the addition of ETC to U.S. crypto brokerage Robinhood’s trading platform, news that was followed by a pop in the price amid access to new market liquidity. As a result, the listing could be seen as a catalyst that helped ETC scale significant resistance at $19, a level it failed to scale on multiple occasions. Propelled in part by the announcement, ETC is currently up 8.5 percent on the day, a figure that has helped it gain ground on competing cryptocurrencies. At 2:00 UTC, ether classic passed MIOTA, the cryptocurrency that powers the IOTA blockchain, claiming the 10th spot on the CoinMarketCap chart and creating a fresh 3-month high of $20.37. Bitfinex data shows ether classic had largely traded between $14.18 and $18.99 since the middle of May, slipping only once below. However, an announcement from Coinbase, one which declared ETC’s listing on its exchange, helped push prices higher on June 21. As a result of increased retail investor interest spurred on by greater market accessibility, traders are once more switching over to ether classic, an activity that could continue ahead of Coinbase’s expected listing tomorrow. Daily Chart The daily chart for ether classic is in favor of the bulls with a widening of the MACD lines (blue and orange) and the histogram ticking up, confirming the strength of its most recent move. Further, a spike in bullish volume seen on August 3 and 6 provided substantial backing to nudge it over the $19 resistance line, which had acted as a stiff psychological barrier since May 13. A pullback is expected in the coming days as the Relative Strength Index (RSI) breached its highest levels in three months at 64.87 points and began to curve down, marking the…

PR: Stemcell-pj – Tech to Reverse Ageing: Blockchain Startup Joins the Fight for Longevity

PR: Stemcell-pj – Tech to Reverse Ageing: Blockchain Startup Joins the Fight for Longevity

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The mythical fountain of youth. The tales of it appeared in writings by Herodotus, it was sought by the emperors of ancient China, for its sake alchemists spent years trying to create a philosopher’s stone. Centuries have passed, technological progress inexorably moves forward, but the issue of reversing the age is still hanging at poise. All over the world hundreds of clinics and laboratories spend millions of dollars searching for a way to slow down biological time. Now, in the heyday of blockchain and cryptocurrencies, high-tech startups are also joining the race for eternal youth. Chameleon-like cells According to the World Bank, about 8.7 percent of the world’s population is people over the age of 65. This is about 652 million humans! The forecasts are even more discouraging: the ageing population grows at an unprecedented rate and the percentage is projected to reach nearly 17 percent by 2050. The life expectancy increases as well. But a longer life does not necessarily mean a better life. With age, a person inevitably loses strength, beauty and is prone to serious chronic diseases. With the latter years comes an ever-growing risk factor for degenerative illnesses and the development of malignant tumors, Alzheimer’s disease, or dementia. By defeating ageing, we might overcome many diseases. And vice versa – preventing and curing these illnesses we may finally find longevity. For more than a decade, stem cell therapy has been at the forefront of a struggle against ageing and severe diseases. Stem cells are the “universal” building blocks – progenitors of all cell types in our body. They are able to repeatedly divide and transform into cells of any organ. Simply put, if the body needs to regenerate a tissue, stem cells have the capacity to transform into these required tissue cells. The same happens with bones, muscles, tendons. So, the body repairs itself with no medications or surgeries involved. Stem cell therapy is already being used to treat tendon ruptures and serious diseases like leukemia…

Trigger Warning: Why the 3D-Printed Gun Debate Matters to Crypto

Trigger Warning: Why the 3D-Printed Gun Debate Matters to Crypto

Marc Hochstein is the managing editor of CoinDesk. The views expressed here are his own, so please don’t blame his colleagues. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. While it may seem only tangentially related to cryptocurrency, the fight in the U.S. over publication of software for 3D printed firearms bears close watching by the whole blockchain community. The word “publication” should give you a hint why, as the case highlights freedom-of-speech issues that may resurface in future attempts by governments to regulate crypto and distributed networks. More broadly, the groundswell of media hysteria and political grandstanding around this issue is a reminder of the type of resistance any game-changing technology is bound to meet. Stepping back, last week a federal judge issued a temporary restraining order (TRO) against Defense Distributed, a company founded by the provocateur and crypto-anarchist Cody Wilson. The order barred the Austin, Texas-based firm from posting computer-aided design (CAD) files online for weapons that can be manufactured at home with a 3D printer or a computer numerical control (CNC) milling machine. Wilson had recently celebrated victory in a long-running fight with the federal government, which settled with his company and agreed to let it distribute the technical information, throwing in the towel on claims that doing so would violate munitions export rules. This capitulation prompted gasps of outrage from the likes of Senator Chuck Schumer of New York. Shortly thereafter, attorneys general from eight states and the District of Columbia sued to stop the settlement, claiming it violated administrative procedure law and states’ rights under the 10th Amendment to the Constitution. In response to that suit, the judge issued the TRO, which Defense Distributed abided by, refraining from posting the files. However, they are still available all over the internet. Is code speech? Wilson is a familiar figure in the crypto world, in part because of his work on Darkwallet, a privacy-enhancing bitcoin wallet, and also for his campaign to dismantle the Bitcoin Foundation during that organization’s heyday. But the relevance of Defense Distributed’s current struggle to the blockchain world goes deeper than that coincidence. “Winning this fight could prove crucial for bitcoin and other crypto projects,” Peter Todd, the perspicacious…

West Virginia to Offer Blockchain Voting Statewide in Midterm Elections

West Virginia to Offer Blockchain Voting Statewide in Midterm Elections

West Virginia is rolling out a blockchain-based mobile voting app to all of the state’s 55 counties so that military personnel stationed abroad can more easily cast their ballots in the midterm elections. CoinDesk previously reported that the state piloted the blockchain app in May for deployed military staff and their dependents from Harrison and Monongalia counties. Secretary of State Mac Warner said at the time that the plan was to extend the effort statewide during the midterms in November if the pilot proved to be successful. Now, according to CNN, Warner’s office claims that a round of four audits of the application’s blockchain infrastructure was completed following the pilot phase and “revealed no problems.” The app was developed and deployed by voting technology startup Voatz, which said the tech encodes and stores ballot data on a decentralized network, ensuring voting information is securely encrypted and quickly transacted. That said, Warner’s deputy chief of staff, Michael Queen, was quoted by CNN as saying that the state will leave the final decision to individual counties whether they will use the app come election time. While it remains to be seen how the overall adoption will play out in the state, technology experts have already weighed in, with one calling the idea of mobile voting “horrific.” Joseph Lorenzo Hall, the chief technologist at the Center for Democracy and Technology, told the network: “It’s internet voting on people’s horribly secured devices, over our horrible networks, to servers that are very difficult to secure without a physical paper record of the vote.” Ballot image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.