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August 2007

Microsoft Partners with Ethereum to Create New Digital Assets

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Ethereum

Ethereum

The world of cryptocurrencies has developed at a breakneck pace over the past few years, and now it has emerged that tech behemoth Microsoft (NASDAQ:MSFT) is going to work with Ethereum to create new digital assets. Until a few years ago, it was almost unthinkable that one of the biggest companies in the world was going to enter the crypto space—but now, things have certainly changed.

Major Details

Microsoft is apparently working with ETH in order to find a way to audit newly created crypto tokens accurately.

In addition to that, the company also noted that the Azure Blockchain Tokens are going to be put into use in this particular project. Azure is the company’s very own cloud service, and over the years it has grown into a multibillion-dollar business. Azure Blockchain Tokens are operated through the Ethereum blockchain, and this is where the world’s second-biggest cryptocurrency comes into the picture. Now that the two have come together for this project, great things are sure to come to the crypto space—legitimacy, standard procedures, and who knows what else.

>> Bakkt Futures Monthly Trading Volume Starts to Pick Up Pace

The founder of Ethereum, Vitalik Buterin, has stated that the arrival of new tokens has been particularly disruptive for the blockchain space and has created extreme congestions. By extension, it should be a problem for Azure as well, due to its presence on the network.

The principal architect at Microsoft stated what exactly Azure is going to bring to the table. He said, “We’re bringing the kind of efficiency you see in Amazon Fresh and Amazon Now everywhere… because you’re closing the gap between parties collaborating together and working through business processes.”

What do you think about Microsoft’s plans with Ethereum? Do you think this will bring good things to the crypto market?

Featured image: DepositPhotos © Violka08

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Ethereum (ETH) Almost Doubled This Year

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Ethereum

Ethereum

When Bitcoin was in the middle of its stunning rally last year, Ethereum failed to catch any of this, but things have been quite different this year. It is the second-biggest cryptocurrency in the world by market cap, and over the last few weeks, it has left most of the wider market in the dust.

While the rally must come as a welcome boost for ETH holders, it is perhaps also important to figure out the reasons behind the near 100% rise since January. Here is a closer look at some of the factors that were responsible for the surge.

Key Bullish News

One of the important factors behind the growth of Ethereum this year has been the rise in popularity of decentralized finance or DeFi. It is a movement that seeks to use the power of crypto platforms to replace traditional solutions that are currently in vogue in finance.

Recently, the entire value of DeFi applications reached as much as $1 billion, and traders believe that it could eventually lead to further use of the ETH blockchain. On the other hand, the pure dynamics of the market could also be in play in this case.

Demand is now clearly high for ETH, but the supply in the market is going down progressively. This is primarily due to the fact that the majority of fickle investors have already sold off their holdings, meaning the token is not as easily available anymore. In such a situation, ETH could indeed prove to be a long-term investment, and at the end of the day, scarcity can often drive such a rally of an in-demand asset.

>> Ripple Signs Major Agreement with Major National Bank

Last but not the least, many traders are currently covering their risky short positions after having been burned, and that could be another major reason behind the continuing Ethereum rally. Investors could keep an eye on the price action in the coming hours.

Featured image: DepositPhotos © Primakov

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Bitcoin Price to Hit $7,200 After Demonstrating Bullish Signs?

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bitcoin price

bitcoin price

Yesterday crypto markets dropped following reports that leading cryptocurrency exchange Binance had been hacked. However, the impact of the developments is minimal, and Bitcoin price managed to hold steady at more than $5,800, continuing the upwards trend towards the $6,000 mark.

BTC Holds Above $5,800

A popular analyst has projected that if BTC continues with the upward momentum, its price could soon hit $7,000—a definitive sign that the bullish run has already begun. Currently, Bitcoin price is up marginally at $5,980 after the daily low of $5,800 occurred moments before the Binance hack news was announced.

Because the hack was limited and Binance quickly reimbursed all accounts affected, Bitcoin price didn’t suffer too much from the news of the hack. In the past week, BTC has been on an upward momentum from lows of $5,400, and it only dropped slightly following the news from its weekly high of $6,000 that was set yesterday.

Analysts consider the muted reaction of Bitcoin price to the Binance hacking news and the recent Bitfinex and Tether fiasco as a bullish sign, sentiments that are equally shared by many investors and traders.

>> Joseph Stiglitz Thinks We Should Ban Cryptocurrencies

Bitcoin Continues to Show Bullish Signs

In a tweet, popular cryptocurrency analyst, UB, indicated that he expects Bitcoin price to continue increasing because it has managed to maintain its position at $5,850 despite dropping yesterday. He explained that this drop occurred just before setting new highs and the sooner $5,850 is reclaimed, the better.

Analysts seem to be decisive with the bullish run demonstrated by Bitcoin over the short-term, but it is equally expected to continue in the long-run. One analyst believes that the break of BTC above its 100-week moving average is a sign that Bitcoin price is likely to jump to $7,200 in the near future.

Bitcoin price is expected to continue establishing its foothold in the upper $5,000 region, and it’s only a matter of time before the next bull run.

Featured image: DepositPhotos © aa-w

Bitcoin Continues to Face Hurdles at Higher Level, Altcoins Follow

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Bitcoin

Bitcoin

Bitcoin enjoyed one of the strongest runs since the latter part of 2017 during the first half of this year. During those first six months, the cryptocurrency gained in each of the six months of the year, but the momentum came to an end in July, and the indecisive performance has continued into August. The token has threatened to break out plenty of times during the course of this month, but the rally eventually fizzled out, and the same thing happened again.

Price Movement and Analysis

Over the course of the weekend, Bitcoin managed to break through the $10,500 level and showed some bullish tendencies as it neared $11,000. However, on August 20, the rally completely evaporated as it dived from those levels.

According to experts who watch Bitcoin price action closely, the cryptocurrency’s current resistance level is at $11,000 and at this point in time, it is lingering below that level as it tries to breakthrough. On Monday, it jumped up from the levels of $10,700, but today it is still displaying a struggle to reach its resistance level. The gains over the course of the previous 24 hours stand at 1%, while on a weekly basis, Bitcoin has delivered a loss of 6%.

>> Deloitte Launches Demonstrational “Blockchain in a Box” Platform

While Bitcoin has been experiencing this current bout of weakness, the same has been the case with regards to many altcoins. Like Bitcoin, most of the main altcoins generated gains in the beginning of this year, but over the course of the past 24 hours, they have given up most of those gains.

Litecoin dropped by as much as 2.3%, and XRP nosedived by an alarming 5%. The biggest altcoin in the crypto sphere, Ethereum, gave up 1.6% during the same period. The next 24 hours are critical for both Bitcoin as well as altcoins and the performances over that period will set the tone for the rest of the week.

Featured image: DepositPhotos © nils.ackermann.gmail.com

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