1) Andreas Antonopoulos on Bitcoin’s potential: In a new podcast, Antonopoulos discussed how cryptocurrencies, including Bitcoin, can help every individual earn financial independence from existing institutions. While explaining the underlying technology, he clarified the common misconception associated with proof-of-work and energy wastage.
2) Ripple’s Q2 2019 XRP sales: In an attempt to address concerns over inaccuracies in the reported volume by cryptocurrency exchanges globally, Ripple, the US-based blockchain tech firm, in a recently released post, introduced a new set of steps and a new approach to the second quarter of 2019.
3) Harmony trending on Binance DEX: At press time, Stephen Tse, the Founder of Harmony, announced that the ONE token accounted for 99.19% of the total volume on Binance DEX, making it the largest token being traded on the largest decentralized exchange in the world.
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4) Bitcoin [BTC] drops below $8,000: For several days, Bitcoin was sluggish and remained below the $9,000 mark, trading sideways and exhibiting little to no drive for an upward push. After reaching the peak of $8,950, a major sell-off ensued on several exchanges, with the cryptocurrency falling by 3.07 percent in one hour, immediately following the 2.44 percent gain that pushed BTC’s price to the aforementioned price point on 30 May.
5) Monero’s Riccardo Spagni on Bitcoin: Speaking with Shannon Grinnell for ‘Speaking of Crypto’ podcast, Riccardo Spagni aka fluffypony listed the coin’s ten years of existence as one of its advantages, adding that in these ten years, the coin proved to be robust. Meanwhile, the core developer of Monero also stated that the coin’s biggest advantage was its network effect, which no other currency has been able to achieve.
6) Atlantic Financial Blockchain Labs on BTC: Anthony Pompliano, a major Bitcoin proponent who constantly promotes the cryptocurrency ecosystem, made the news after he claimed that banks could soon be replaced. However, Bruce Fenton, CEO of Atlantic Financial Blockchain Labs, begged to differ. He tweeted that the idea of “being your own bank” was dangerous, while stating that banks were targeted from an economic standpoint.
7) Singapore, USA dominate IEO Launchpad: While the exchange maintains its innocence in court, Bitfinex recently announced the launch of its new venture, Tokinex. The project is aimed at building an Initial Exchange Offering [IEO] platform to help crypto-projects raise funds through token crowd-sales. A recent research report suggests that IEOs are in the lead, with at least two dozen exchanges launching IEO platforms.
Ethereum Touches Freshly Formed Resistance Level as Analysts Eye Further Downside
Ethereum’s price action has been closely mirroring that of Bitcoin’s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.
This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling lower in the near-term.
Ethereum Finds Support Around $180 as Bitcoin Begins Consolidating
At the time of writing, Ethereum is trading up over 2% at its current price of $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.
Ethereum’s ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn’t incur any significant selling pressure in the near-term.
Ethereum’s price action has been strikingly similar to Bitcoin’s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.
Ethereum’s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.
“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),” TokenAnalyst, a popular analytics group, explained in a recent tweet.
Near-Term Resistance Likely to Catalyze Further ETH Losses
HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum is currently pushing up against a fresh supply region that may force ETH back down to its support around $180.
“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now,” he said while pointing to the chart seen below.
In the near-term it is imperative that Bitcoin holds steady if ETH is to see any upside, as its close correlation with BTC could prove to be a bearish thing if the support that exists around $8,500 begins to fade as bears ramp up their selling pressure.
Binance CEO: Race Towards Bitcoin (BTC) and Crypto Adoption Underway
Changpeng “CZ” Zhao, the CEO of Binance, a leading cryptocurrency exchange, says institutional interest in Bitcoin (BTC) and other digital assets is on the rise. CZ also says that an increasing number of people are adopting crypto assets.
In a recent interview with Bloomberg, CZ says,
“We’re definitely seeing a lot of institutional interest picking up. I think the regulatory uncertainty is still affecting some countries, but there’s definitely a race towards [crypto] adoption now. Binance is working with a number of governments. We signed a memorandum of understanding (MoU) with the government of Ukraine, [which involves] advising them on [developing] regulatory frameworks.”
“We [are] working very closely with the MAS [or the Monetary Authority of Singapore,] which is one of the regulatory bodies [in the Asian country.] We work with a number of other regulatory bodies around the world, so I think things are improving very quickly.”
Commenting on Chinese president Xi Jinping’s seemingly positive statements regarding blockchain, CZ says that he believes China will invest “heavily” in platforms using distributed ledger technologies.
He also mentions that other countries will follow in China’s footsteps by implementing blockchain-powered solutions.
After Huobi, Binance Braces Exchange of Turkish Lira for Bitcoin
Turkey is suddenly becoming important for the blockchain players. Why?
With one of the major cryptocurrency exchange Binance adding support to Lira, the bells on Turkish hems are ringing. Turks can now buy Bitcoin, Ethereum and XRP using fiat Lira (TRY).
Partnering with local licensed e-money corporation Papara, Binance is strengthening its presence in the Turkish market. That said, it is an important move because 18% of the Turks own some kind of cryptocurrency. We knew something big was coming for Turks. That’s because Binance CEO CZ had dropped subtle hints at Blockshow Asia 2019 earlier this week. Using Papara digital wallets, the Turks can now buy digital assets with fiat. But there is no clarity whether the users can sell their BTC/ETH/XRP holding using Papara yet.
Why the Turkish Rush?
It seems every exchange is aggressively rushing to Turkey. Prior to Binance, Huobi also added support to the Turkish Lira. And this sudden rush is because of the growing interests of Turks in cryptocurrency. Today close to 16 million Turks are holding or trading some form of cryptocurrency. With Lira’s consistent weakening, crypto ownership in Turkey is growing year on year. Exchanges have noticed a direct correlation between the price drop of Lira and crypto buying patterns. In August 2019, Bitcoin.org reported a 42% increase in traffic from Istanbul.
More than one reason
The Turkish cryptocurrency game does not stop at Lira’s price. There are some more supporting factors. Turkey’s very important investment banking institution Aktif Bank also ventured into the blockchain. As the largest private bank of Turkey, it launched Bitmatrix, a cryptocurrency exchange. The platform serves customers in Europe, the Middle East, and North Africa.
A blockchain progressive roadmap
Additionally, the Turkish economic roadmap 2019-2023 looks quite promising for blockchain and cryptocurrency. Not only does it have plans to create a national blockchain infrastructure. It also will be coming forward with a central bank-issued digital currency (CBDC).