Bitcoin Still on Defensive But Price Rally Possible Over $3.9K

Bitcoin (BTC) remains on the defensive despite a 4-percent recovery from nine-day lows today, but bearish pressure may weaken if prices rise above key resistance near $3,900. The world’s largest cryptocurrency by market capitalization fell to $3,629 at 05:00 UTC on Bitstamp – its lowest level since Nov. 27. At press time, the price stood at $3,770, representing a 1.5 percent drop on a 24-hour basis. Despite the quick recovery, the odds appear to be stacked in favor of a drop to recent lows below $3,500. To start with, BTC…

South Indian Government’s ‘Innovation Society’ to Promote Blockchain Development

It seems not every government official in India has an eye toward draconian or restrictive blockchain regulation, as we’ve seen this year from some in the country’s government. In the southern state of Andhra Pradesh, where they have the APIS – Andhra Pradesh Innovation Society, blockchain is being actively promoted at various levels of government. In particular, native major tech firm and blockchain development company Tech Mahindra’s Eleven01 gets a lot of love in the region. They’ve now entered a partnership with APIS to promote blockchain in using all means…

Bitcoin is 43% More Profitable Than Craig Wright’s ‘Miner-Friendly’ BSV

When Craig Wright formed an alliance with CoinGeek founder Calvin Ayre to launch a hostile takeover of the Bitcoin Cash (BCH) network, the two men predicted that their BCH implementation — Bitcoin SV (BSV) — would quickly accrue near universal support among miners due to its allegedly miner-friendly protocol specifications. This support would be so comprehensive, they boasted, that the other BCH would quickly cease to exist. Actual events, of course, took a very different turn, and before long, BSV’s backers had resigned themselves to pursuing “Satoshi’s original ‘original vision’”…

Bitcoin Price Will Likely Fall to $1,500: Bloomberg Analyst

On the back of a grueling quarter, the bitcoin price could still see tougher times ahead. One analyst over at Bloomberg sees the flagship cryptocurrency possibly heading toward $1,500. Indeed, bitcoin had a dismal November, as part of a difficult year overall for the crypto market, though the past few days have seen slightly more stability from crypto’s largest asset. However, today it seems that the selling has resumed. Bitcoin has dropped nearly $200 already today, from just over $3,900 down to $3,739 as of the time of writing. BTC/USD…

Crypto Unicorn Coinbase Is Planning a Year-Long Identity Experiment

One of the crypto industry’s biggest players is experimenting with ways to give its users more control of their personal information. Crypto exchange turned corporate unicorn Coinbase has a 17-person team currently exploring decentralized identity solutions. B Byrne, the product manager of Coinbase’s identity team, told CoinDesk he wants to “help people own more of who they are online.” Revealed exclusively to CoinDesk, Byrne’s approach relies on creating bridges between Coinbase products, such as its mobile wallet, with a built-in decentralized application (dapp) explorer. He explained: “I’m looking at dapps, and…

Bitcoin Looking to Retest This Year’s Low at $3,455

The bitcoin price on Wednesday plunged as much as 4.3 percent as the market continued to erase gains made during the weekend trading session. The BTC/USD index on Coinbase today established an intraday low at 3663-fiat after the 50-period moving average on the hourly chart capped the upside attempt. The pair nevertheless is trending inside two distinctive channels. As noted in our previous analysis as well, one of these patterns is a symmetrical triangle (depicted in bold purple). BTC/USD is testing the triangle support at the time of this writing…

Coinbase Adds Zcash to Retail Crypto Trading Service

Less than a week after adding privacy-focused zcash to its professional trading platform, crypto exchange Coinbase is opening trading to its retail customers. The company announced Wednesday that clients using coinbase.com or the Android and iOS apps can buy, sell, send, receive or store zcash, though residents in the United Kingdom and the U.S. state of New York will not immediately have access to these services. The move comes on the heels of Coinbase Pro adding support for zcash last week. At the time, the platform announced that only residents…

7 Major EU Countries to Go Big on Blockchain, What It Means for Crypto

On December 4, seven EU countries led by Malta and France have established a group called the “Mediterranean seven” to encourage and promote the usage of blockchain technology. In the months to come, the seven countries that include France, Italy, Spain, Malta, Cyprus, Portugal and Spain, will work to implement the blockchain in education, transport, mobility, shipping, Land Registry, customers, company registry, and healthcare. The declaration obtained by FT read: “This can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better…

Aion Token Project Estimates 18-Month Runway After Bitcoin and Ether Sales

Cash is king – especially during a crypto winter. That’s the takeaway from a report out Wednesday from the Aion Foundation, which raised $23 million worth of bitcoin, ether and fiat through a token sale in October 2017. Compiled with the help of Deloitte, though not formally audited by the Big Four accounting firm, the report details how Aion has been managing its crypto war chest, providing a rare level of transparency for a token project. According to Aion Foundation CEO Matt Spoke, the foundation has sold off half of…

Bitcoin Price On Track for Biggest Yearly Loss on Record

Bitcoin’s (BTC) recent drop to 14-month lows has left the cryptocurrency on track for its biggest ever yearly loss. Just three weeks ago, the cryptocurrency was changing hands at $6,300 – already a 54 percent year-to-date drop, according to CoinDesk’s Bitcoin Price Index (BPI). The dominant market narrative back then was that BTC would trim losses in the last few weeks of 2018, having bottomed out around $6,000 in five months to October. However, on Nov. 14, BTC nosedived below the crucial 21-month exponential moving average (EMA) support, signaling a…