Source for BlockChain News

Monthly archive

January 2015

Bitcoin Price Hits Two-Week Low, Garnering Interest from Small Investors

by
bitcoin

Bitcoin price fell by 9.8% last week, registering its most significant weekly decline since mid-March.

The currency hit a two-week low of $8,630 early Monday, with prices last seen at $8,730—which is down more than 11% from a post-halving high of $9,960 on May 18.

The recent price drop is, in turn, causing the number of addresses holding smaller amounts of Bitcoin to rise.

The number of unique addresses that are holding at least 0.01 BTC (approximately $87 at current price) rose to a new high of 8.47 million on Sunday, according to blockchain intelligence firm Glassnode.

At the same time, the number of addresses holding at least 0.1 BTC (roughly $870) rose to a lifetime high of over 3 million households on Friday.

Some believe the increased demand during the price dip may be associated with the idea that Bitcoin could repeat history by charting a price rally over the next 12 months.

The cryptocurrency experienced a 30% pullback in the four weeks that followed its second reward halving on July 9, 2016. However, the decline was erased in the months that followed, and prices rallied to record highs by March 2016.

“The price pullback was expected, and the long-term bias remains bullish,” said QCP Capital’s co-founder and managing director Darius Sit. “We would accumulate if prices drop to the $6,000-$8,000 range.”

Of course, the number of small addresses doesn’t necessarily represent new individual investors because a single person can hold cryptocurrency in more than one address. On top of that, exchanges and custodial services also hold Bitcoin in multiple addresses.

“Wallet management systems of virtual asset service providers have become more complex and granular. Their wallet clusters include more small wallets for security,” said Ju.

Even if small investor participation has been increasing, it’s unlikely to have a significant impact on Bitcoin price, as the market is still dominated by large players, which are typically known as “whales.”

On the flip side, the number of addresses holding at least 10,000 BTC and 1,000 BTC have gone down over the last two weeks, according to Glassnode.

>> Persisting Problems: Will Blockchain Be Used in the Next US Election?

What’s more, options market activity is suggesting a more profound price drop could be in the offing in the near-term.

“Traders are buying out-of-the-money puts,” said Head of Digital Assets at Swissquote Bank Chris Thomas.

A put option is a bearish bet on the cryptocurrency, and a call option represents a bullish bet, while an out-of-the-money put option has a strike price that’s lower than the market price of the underlying asset.

Thomas said he expects Bitcoin to move toward the $8,000–$8,200 range in the short-term, which looks likely, as the cryptocurrency has breached a trendline rising from March lows.

Bitcoin fell by 5% on Monday, going against the support of the 2.5-month-long bullish trendline.

“However, the relative strength index is neutral,” Yuriy Mazur, head of data analytics at cryptocurrency exchange CEX.IO, told CoinDesk. “There is no clear understanding where BTC will go, currently. It may either retrace back to $6,500 or reach $10,000. We may get a clear indication of the further direction in the nearest days.”

The immediate bearish case will weaken if Bitcoin price rises above Sunday’s high of $9,310 on the back of strong volumes. However, it may take a convincing move above $10,000 to restore the bullish trend.

Featured Image: DepositPhotos © ulchik74

Please See Disclaimer

Bitcoin (BTC) Recovers As Momentum Returns on Strong Technical

by
Bitcoin

Bitcoin

After the poor year that it had in 2018, many had written off Bitcoin (BTC) for good, but this year the cryptocurrency has come back with a bang and went on a rally that eventually mirrored the astonishing rally in the second half of 2017. After enjoying a hugely impressive rally for much of 2019, the cryptocurrency experienced a decline through the weekend to Tuesday, when it fell to $9,614.

Solid Recovery

However, on Tuesday itself, the rally resumed for Bitcoin, and the most valuable cryptocurrency in the world gained $2,000 in valuation within a span of only 24 hours. These are the sort of moves that the most popular cryptocurrency made back in the heady days of 2017 when it reached a price of $20,000, and it is hardly a surprise that people are comparing the two price movements.

This time, Bitcoin managed to reach $13,880, and that remains the highest point in 2019 so far. Although there are many who believe that the cryptocurrency is going to continue rising, there are experts who believe that there are still some resistance levels that it needs to breach in order to go on a sustained run. It is believed that Bitcoin is currently being held back by a basic bearish trend, and if it manages to invalidate that, then things could be on an upward curve from then on.

>> FCA’s Ban on Crypto Financial Instruments Affects UK Retailers

What to Watch?

On June 28, BTC reached $12,448, and if it can breach that, then there is a chance of the cryptocurrency rising further. In addition to that, if the volume rises significantly and the recent high of $13,880 is breached at any point, then it would be a confirmation of the fact that Bitcoin has managed to completely invalidate the bearish patterns that have been developing recently.

Those bearish patterns have been ultimately responsible for the pullback in BTC’s recent price movement. Experts believe that traders should wait for the price to breach $12,448 before taking a bullish position.

Featured image: DepositPhotos © KostyaKlimenko

If You Liked This Article Click To Share

Victory Square Technologies Welcomes New Additions to Advisory Board

by

Victory Square further expands its advisory team to increase growth and opportunities for shareholders

  • Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.
  • VST portfolio consists of 20 global companies using artificial intelligence (AI), blockchain, virtual and augmented reality (VR/AR) to disrupt sectors as diverse as fin-tech, insurance, health, and gaming.

VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square” or the “Company”)(CSE:VST)(FWB: 6F6)(OTC:VSQTF) is very excited to announce that Rizwan Somji, CEO of Channel Gate Technologies, cannabinoids industry pioneer Soheil Samimi and award-winning journalist, Fabian Dawson have joined Victory Square’s advisory team.

The Victory Square advisory team includes industry veterans with extensive backgrounds in the growth, operations, finance, and legal sectors. They provide support to our portfolio companies and help them with commercialization and building scalable businesses. Their additions make the Victory Square team even stronger and provide new structural support to our portfolio companies.

Rizwan Somji

Rizwan (Riz) is the CEO of Channel Gate Technologies, an industry-leading digital supply chain management software, along with its subsidiaries: Cymax, Homesquare, and Freight Club. With a strong emphasis on a personal connection, Rizwan believes in the impact strong and approachable leadership can have. Riz originally joined Channel Gate (then known as Cymax Stores) in 2015 as the VP, Technology, and rapidly moved into the role of COO by the spring of 2017. Within his role of COO, he was responsible for the organizational operations on a day to day basis, while also leading a change in corporate culture towards data-driven, accountable and results-oriented. It was under his leadership that the company reached profitability, and continues to see growth. Riz moved into the CEO role in January of 2019 and continues to lead his teams with empathy and clear direction.

Soheil Samimi

Soheil Samimi is a recognized industry veteran and pioneer in the Hemp and Cannabinoids industry in North America. His various hands-on experiences include being the founder and CEO of a private BC-based company that provided the largest distribution of bulk extracts and white label finished goods in the CBD category across Canada. He was an early investor and former Director of a leading US-based CBD products manufacturer, where he was a key member of the acquisition team which took the company public and grew it to represent a market cap in excess of $250M. He currently serves on the Board of Directors of AgTech Scientific, where he is a founder and significant investor. AgTech Scientific has extensive hemp cultivation, extraction, and manufacturing activities in Kentucky, USA.

Fabian Dawson

A multiple-award-winning journalist, Fabian Dawson is an internationally acclaimed author, filmmaker, and media expert. His work over the last three decades spans the globe and he also serves as a consultant/strategic advisor to a variety of international companies. Dawson was named the 2019 recipient of the Bruce Hutchison Lifetime Achievement Award at Jack Webster Awards, which is one of the most prestigious journalism accolades in Canada. Until August of 2016, Dawson, 58, was the deputy editor-in-chief of The Province newspaper in Vancouver, which is part of the Postmedia group, Canada’s largest media organization. As a journalist, Dawson’s work has taken him all over Asia, Europe, North, and Central America. He serves as an editorial advisor to the Vancouver-based South Asian Post, Asian Pacific Post, and Filipino Post newspapers as well as several publications in Korea, Hong Kong, Malaysia, India, Singapore, Philippines, and England. Dawson is a much sought-after media commentator on Asian affairs and has been called to speak to Members of Parliament in Canada’s House of Commons on matters pertaining to national security and at international seminars sponsored by organizations like the United Nations. Dawson has been invited by the governments of India, Malaysia, Taiwan, China, Hong Kong, and the United States to act as a media observer/advisor on a variety of Asian-Canada issues.

“We’re tremendously excited to add entrepreneurs of this caliber to our advisory board. The experience and knowledge base that these gentlemen bring to the table can be applied across business sectors and we expect they’ll be able to bring a great deal to our portfolio companies moving into 2020 and beyond,” said Shafin Diamond Tejani, CEO of Victory Square Technologies. “Reinforced by these new additions, our team continues to support our portfolio companies as they maximize their growth and accelerate their path to commercialization with well-executed scalable business models,” Tejani added.

Check out VictorySquare.com and sign up for VST’s official newsletter at VictorySquare.com/newsletter.

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF)  builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.

VST’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using blockchain, AR/VR, and AI to disrupt sectors as diverse as fin-tech, insurance, health, and gaming.

What we do differently for startups:

VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24- 36 months, you’ll scale, monetize and be ready for public listing or private sale.

What we do differently for investors:

VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF). For investors, we offer early-stage access to the next unicorns before their unicorns.

Our portfolio represents a unique liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.

ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)

The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Please visit the company’s website at VictorySquare.com. For a free report on Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) visit cryptocurrencynews.com.

Please See Disclaimer

Rakuten Launches Cryptocurrency Exchange for Customers

by
Rakuten

Rakuten

Rakuten has begun accepting applications for accounts for its anticipated cryptocurrency exchange called “Rakuten Wallet.” The company announced that pre-registration is available for customers with Rakuten Bank, but further details as to whether the service will be available for everyone has not yet been revealed.

The company previously stated that the crypto exchange will commence business in June 2019 and it will come with a mobile app that allows trading of crypto assets.

New Crypto Exchange for Customers

Rakuten had a revenue of $9 billion in 2018, and the decision to support cryptocurrency is seen as a way of accelerating adoption at the consumer level.

Although the company has operations worldwide, its base in Japan is a significant force in the crypto industry, with trading in Yen contributing to over half of the total Bitcoin purchases. Japan is the home of the first ever cryptocurrency exchange, Mt. Gox, and the creator of Bitcoin adopted a Japanese alias, Satoshi Nakamoto. The country is credited for its advanced cryptocurrency regulations, and the Rakuten Wallet will receive clearance from the Japanese Financial Services Authority.

Although Rakuten is a diverse company, its focus on e-commerce will be vital in supporting cryptocurrency. Since 2015, some of Rakuten’s branches have been experimenting with Bitcoin payments. According to Rakuten, the role of crypto payments in offline retail, e-commerce, and in p2p payments is expected to grow in the future.

Benefits to Customers

The use of crypto payments is expected to eliminate the risk of chargebacks that customers have to encounter when they use credit cards, the conventional payment method in e-commerce.

>> Proof of Capital: A New Blockchain Venture Fund Worth $50 Million

With crypto payments, customers will not have to worry about asking for refunds from credit card providers or banks. Equally cryptocurrency payments are cheaper because there are no fees incurred, which may impact on profit margins of the merchant.

Rakuten indicated that in order for the company to efficiently offer crypto payment, there is a need to have a cryptocurrency exchange function.

Are you excited by the news?

Featured image: DepositPhotos @ dimarik

If You Liked This Article Click To Share

Go to Top