Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend

Twitter Facebook LinkedIn Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar. Bitcoin Relinquishes Hard-Fought Gains The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month high. Due to the US bank holiday today, Wall Steet is bound to post lower volume, but its relevance to the overall intraday health of the greenback could surface tomorrow when the…

Cleveland’s Great Lakes Science Center Now Accepts Bitcoin Payments

The Great Lakes Science Center (GLSC) is now accepting bitcoin in various transactions. According to a recent news story from a Cleveland-based newspaper, the local Great Lakes Science Center has announced their adoption of bitcoin in a variety of transactions. Not only will bitcoin be accepted as a fully valid form of monetary exchange for the daily cost of admission to the museum, but there will also be a four-day sister event, titled the Blockland Solutions Conference, which will accept bitcoin as well. The Blockland Solutions Conference has the larger…

Major Oil Firms, Banks Partner to Launch Blockchain Platform for Energy Commodity Trading

Major oil companies BP, Shell, and Equinor have united with large banks and trading houses to launch a blockchain-driven platform Vakt for energy commodity trading. The partnership was reported by independent news agency covering energy and commodities markets S&P Global Platts Monday, Nov. 12. Apart from the three oil companies mentioned above, Vakt includes banks ABN Amro, ING, and Societe Generale, along with trading houses Gunvor, Koch Supply & Trading, and Mercuria. The blockchain solution, first announced in November 2017, will enable major industry players to move from “cumbersome” paperwork…

Bitcoin News Summary – November 12, 2018

Here’s what happened this week in Bitcoin in 99 seconds.    A strong move in Bitcoin Cash price comes in the run-up to the Bitcoin Cash SV hard fork, scheduled this week. On this date, Bitcoin Cash will split into Bitcoin Cash ABC, backed by Jihan Wu, Amaury Sechet, and Roger Ver, and Bitcoin Cash SV, backed by Calvin Ayre and Craig Wright. If you hold BCH, ensure that you’re prepared. Pure Bit, a South Korean crypto exchange has completely shut down after raising $2.8 million in Ethereum from…

Cryptocurrencies Will Not Replace or Disrupt Fiat Systems

The People’s Bank of China (PBoC) has shown extreme confidence in the superiority of fiat systems over cryptocurrencies. China’s central bank refused to acknowledge blockchain and its derivatives as catalysts for financial innovation. Stating that no technology was able to disrupt the monetary system, the bureau believed that blockchain would not make any substantial difference in the ways conventional financial protocols govern. It further added that blockchain assets like Bitcoin would remain inflexible and without intrinsic value-credit collateral. The comments came as a part of a 20,000-word research paper published…

IBM Looks to Disrupt Scientific Research on the Blockchain

Twitter Facebook LinkedIn The use cases for distributed ledger technology are on the rise, as evidenced by IBM’s most recent patent application for open scientific research on the blockchain. The tech giant envisions a system in which a blockchain represents an experiment with individual blocks comprised of project components including research data, data analysis and results as well as post-data analysis and more all with block-linking capabilities to reflect the status of modifications. The patent, which was filed with the U.S. Patent and Trademark Office at year-end 2017, comes on the…

Bitcoin Cash Drops 8% Despite November 15 Hard Fork, Market Stagnant

Twitter Facebook LinkedIn Over the last 24 hours, the price of Bitcoin Cash (BCH) has dropped by more than 8 percent, experiencing a steep sell-off for the first time since October 11. For nearly two weeks, BCH has maintained strong upward momentum supported by the growing anticipation towards the scheduled November 15 hard fork on the Bitcoin Cash network. Yet, since November 7, Bitcoin Cash has recorded five sell candles on its daily price chart, dropping from $640 to below the $500 mark within a five-day span, by more than…

Bitcoin Teases Bull Move After Defense of Key Price Support

Bitcoin could be in for a recovery rally, having defended a key support level over the weekend. The leading cryptocurrency has been looking bearish over the last week. It suffered an ascending channel breakdown on Nov. 7, suggesting a temporary top had been created at $6,540, while the moving averages rolled over in favor of the bears a day later. As a result, BTC looked likely to drop below the support of the trendline connecting the Oct. 11 and Oct. 31 lows, and move toward $6,200 over the weekend. Instead,…

Singapore’s Central Bank, Stock Exchange Settle Tokenised Assets on a Blockchain

Twitter Facebook LinkedIn In a blockchain breakthrough, Singapore’s central bank and the country’s primary stock exchange have successfully developed an automated method for rapid settlements of tokenized assets. In an announcement on Sunday, the government of Singapore announced the successful development of a Delivery versus Payment (DvP) mechanism – powered by smart contracts – for settlement of tokenized assets over different blockchain platforms. As reported by CCN in August, the joint endeavor was built upon the blockchain developed by the central bank’s effort to tokenize the Singaporean dollar into a…

Bitcoin Price Watch: BTC/USD Targets Fresh Weekly Lows

Key Points Bitcoin price declined recently below the $6,300 support before correcting higher against the US Dollar. There was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is struggling to break the $6,380 resistance and the 100 hourly simple moving average. Bitcoin price is trading in a bearish zone below $6,400 against the US Dollar. BTC/USD could decline further towards the $6,250 or $6,220 level in the near term. Bitcoin Price Analysis…