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February 2011

Bitcoin Price | Today’s Market Leaders and Deceivers

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Bitcoin price

Bitcoin price

Checking in with CoinMarketCap, it is clear to see that the majority of the crypto market is in the green. Though the gains are small, 80% of the top 10 coins by market cap are on the rise. Market leader Bitcoin price is up only 0.46% at the time of writing, selling for $3,924 USD per coin—but up is up.

Bitcoin Price

Last weekend, Bitcoin (BTC) came close to breaching the important $4k resistance mark. Bulls were hopeful as Bitcoin price reached a month high of $3,978 USD on March 9th.

Going back to the tail-end of February, Bitcoin skyrocketed to $4,198 in a 24-hour period. Certain prominent bulls such as Brian Kelley spoke out in favor of the coin, and this helped a surge. However, ever volatile, the gains did not last, and Bitcoin slumped the following day back to $3,810 approximately.

Now, at $3,924 USD, it is nearing that stable $4k mark once again but whether it will get up, over, and stay above the hump remains to be seen.

Overall, the last seven days have shown momentum in favor of the bulls. Bitcoin price has maintained its value around the $3,900 mark and has yet to experience any significant decline or sudden correction.

Bitcoin Cash

The day is still young, but Bitcoin Cash (BCH) is leading the top ten with a 4.7% jump at the time of writing. There is no market news to attribute this gain too. It seems in a quiet market, this is simply the work of zealous bulls as BCH breaks above the resistance at $135.

At the time of writing, Bitcoin Cash is selling for $135.03 but with significant dips throughout the day already, it is questionable if BCH can maintain its position above the critical resistance level.

>> Coinbase Upgrades: Wallet App and OTC Desk Get Improvements

Ethereum

Elsewhere, Ethereum (ETH) is having a hard time gathering momentum. It is selling for $133.64 USD, up 0.29% at the time of writing. ETH hit a low of $130 this week, amidst a week where the coin has continually declined.

Are you surprised that Bitcoin price is in green? It has been quite stable in recent weeks; will it last?

Featured Image: DepositPhotos © KostyaKlimenko

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CoinMarketCap Data Accountability and Transparency Alliance

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CoinMarketCap

CoinMarketCap

Cryptocurrency-price tracker CoinMarketCap has issued a post urging exchanges to provide mandatory data by June, or else they will be removed from its calculations.

The crypto-data source celebrates its 6th birthday today and announced a list of “major initiatives” as part of its celebrations.

CoinMarketCap: Data Accountability and Transparency Alliance

The site listed five major initiatives that it has been working on for months. They are as follows:

  1. Data Accountability & Transparency Alliance
  2. Block Explorers
  3. Shop
  4. API Revised Plans
  5. Mobile Apps

The first initiative—Data Accountability and Transparency Alliance—is the most eye-catching as it aims to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”

CoinMarketCap’s alliance requires all the crypto exchanges to give up more data, or more precisely, “mandatory API data” including live trading data and live order book data.

The post goes on to say that this data will help it to determine “liquidity, order book depth, spreads, and other meaningful measures. With these additional data points, users will be better able to contextualize the pricing and volume being reported on the site and API.”

If an exchange does not provide the mandatory data, however, it will be excluded “from all price and adjusted volume calculations on the site.”

>> Amazon Web Services Introduces Managed Blockchain to Everyone

The changes will go into effect on June 14th.

According to Cointelegraph, a number of exchanges have already joined CoinMarketCap’s alliance. These include Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex.

Controversy

Back in March, CoinMarketCap was lauded for hosting unregulated exchanges on its site. Bitwise Asset Management released research purporting that 95% of the volume on unregulated exchanges is most likely fake. Following the report, the site officially announced plans to alter its listings.

CoinMarketCap is the leading source of data about all digital currencies listed in the cryptocurrency sphere.

Featured Image: DepositPhotos © Grey82

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Legal & General Partners with Amazon to Develop Blockchain System

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Legal & General

Legal & General

It was always going to happen. As the blockchain sector evolves, more companies will start merging into it. And this week, that’s precisely what British insurer Legal & General did.

Yesterday, Legal & General, a multinational British insurer, announced that it’ll be working with Amazon to develop a blockchain system.

Here’s everything we know.

Legal & General and Amazon: A Blockchain Partnership

On June 11, Reuters said the multinational British insurer is now working with Amazon to create a blockchain system specifically for corporate pension deals. By using Amazon Web Services—this is the Seattle-area’s cloud computing arm—Legal & General will process bulk annuities.

Speaking on the news, Thomas Olunloyo, Chief Executive of the insurer, said blockchain technology suits “the long-term nature of annuities business.” This is because blockchain “allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years.”

While exciting news, it’s not overly surprising. After all, many have expected the insurance industry to begin working with blockchain technology as other areas of the corporate world have. And while not surprising news, there are important bits of information to mention.

The most important, however, is to note that Legal & General Reinsurance will not be releasing the blockchain platform within its focus market, Britain and the United States. For now—it might release it in these territories later—the platform will be accessed outside Britain and the US.

>> Ubisoft Developing Blockchain-Based Marketplace to Buy In-Game Items

What to Expect

While important news for Legal & General, we still don’t know how its partnership with Amazon will turn out. Recently, when companies begin working with blockchain, the results are not what’s anticipated before making the move. To quote Reuters: “Few projects have been deployed at any scale so far, as questions remain over-regulation, reliability and cost.”

Featured image: PixaBay

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