Bitcoin Price Soars to $11,400 as Traders Say a ‘Bull Phase’ Is Igniting

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Here’s Where the Earliest ETH Ever Mined Ended Up 5 Years Later

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US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace

US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace

The U.S. Securities and Exchange Commission (SEC) intends to award a fixed-price contract on a single source basis to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring company as it plans focus on BNB coin, as well as other tokens on the Binance’s DEX. The BNB token has multiple forms of utility and powers the Binance Ecosystem as its underlying gas.

The U.S. regulator says it has chosen Ciphertrace because “its products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.”

This follows a determination by the contracting officer “that Ciphertrace Inc is the only source that can reasonably meet the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

According to the SEC notice, “the period of performance for the contract is anticipated to be one year with four one year option periods and the total value of the contract shall be below the Simplified Acquisition Threshold.”

The SEC intends to award a contract to Ciphertrace on or before July 31, 2020. The regulator adds, “this notice is not a competitive request for proposals. A competition solicitation will not be issued.”

Still, the U.S. watchdog stresses the “government will give consideration to interested parties that identify their interest and capability to respond to the requirement or submit proposals by the response date of the notice.”

Meanwhile, the SEC’s announcement follows an announcement by Ciphertrace last November stating support for Binance Chain.

In a press release, Ciphertrace said at the time this support would enable developers, investors, and regulators to browse the Binance Chain blockchain, identify high-risk addresses and set controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications.

Ciphertrace support was expected to “enable Binance Chain to provide institutional-grade anti-money laundering (AML) controls and transparency.”

At the time of the announcement, Binance said the partnership would encourage greater community involvement, developer participation, and public interest in Binance Chain.

What does the award of this contract mean for Binance? Share your thoughts in the comments section below

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Japan: Central Bank’s Top Economist to Lead Department Researching CBDC

Japan: Central Bank’s Top Economist to Lead Department Researching CBDC

Japan continues to intensify efforts in its proposed central bank digital currency (CBDC) project as the country’s central bank has appointed its top economist to oversee the department conducting research on CBDC.

Japan Getting Serious With Proposed Digital Yen

According to Reuters on Friday (July 31, 2020), the Bank of Japan (BoJ) selected Kazushige Kamiyama, the bank’s top economist, to head the payments and settlement department. The department in collaboration with 6 other banks, is carrying out research efforts regarding CBDCs. 

Kamiyama’s appointment comes on the heels of recent reports that the BoJ has decided to make digital currency research a “top priority”. Also, the Japanese central bank set up a new team to accelerate research into modalities and implications for issuing a digital yen. 

Furthermore, the government is also looking at including digital currency in its 2020 economic plan. Meanwhile, the latest developments from Japan’s apex bank concerning CBDCs signal a different turn from the bank’s initial cautious attitude. 

Japan’s increased interest in CBDCs is reportedly prompted by China’s digital currency efforts. Lawmakers have been urging the BoJ to consider issuing a digital yen to counter China’s digital yuan. Earlier in 2020, Japan’s finance minister warned that China’s CBDC project could adversely affect the stability of the global economy. 

Notably, countries in the APAC region are in the lead when it comes to CBDCs, with China taking the number one spot in the region and globally. As reported by BTCManager recently, Cambodia was preparing to launch its Project Bakong in a few months. 

Also, Thailand’s CBDC project is at the third stage, which will be tested by large businesses for transactions. Furthermore, South Korea has set up a legal advisory committee that will investigate any regulatory hurdles before issuing a CBDC. Meanwhile, the Philippines’ central bank is considering looking into issuing its CBDC. 

CBDC Fever Still High

While the CBDC bandwagon has APAC countries in the majority, central banks of other countries outside Asia are also researching digital currency projects. The central bank of France released a list of successful applicants that will trial the bank’s CBDC project

Also, some analysts from the Bank of Canada opined that among other characteristics, a CBDC should be made accessible. The Netherlands, on the other hand, expressed its desire to be the leading 

 

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Bloomberg: Americans Trade Depreciating Dollars For Bitcoin

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Ethereum‘s Breakout Rally Suggests Bitcoin is Poised to Explode Past $12,000

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Ethereum‘s Breakout Rally Suggests Bitcoin is Poised to Explode Past $12,000


  • Ethereum and Bitcoin are both showing immense signs of strength today as they push towards their recently established key resistance levels
  • ETH once again appears to be leading Bitcoin, as its large upwards price movements now tend to take place just before those seen by BTC
  • This could prove to be incredibly positive for the benchmark cryptocurrency, as analysts believe it could help send it past $12,000 in the days ahead
  • For this possibility to come to fruition, the aggregated market must maintain its strength

Ethereum is currently showing signs of strength as it pushes up towards $350. Bitcoin has closely followed its uptrend, as the benchmark crypto is now pushing up towards its resistance in the mid-$11,000 region.

This ETH rally has come about following an extended period of consolidation within the $330 region, and analysts are widely expecting it to push up towards, or even past, $350 in the near-term.

This could prove to be extremely positive for Bitcoin as well because the benchmark cryptocurrency is continuing to track ETH’s general trend.

One analyst is even noting that it could help lead Bitcoin past $12,000 in the days and weeks ahead.

Bitcoin Shows Signs of Strength as It Tracks Ethereum’s Price Action

At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,200. This marks a notable climb from daily lows in the upper-$10,000 region that were set yesterday.

Its overnight surge came about close on the heels of that seen by Ethereum, which hovered within the $330 region for a couple of days before pushing as high as $346 earlier this morning.

One analyst recently pointed out that BTC is closely tracking Ethereum’s price action, which – for the time being – is playing into bull’s favor.

He concludes that ETH’s present strength could guide Bitcoin up towards $12,000.

“Is ETH leading Bitcoin again… If so, I think Bitcoin sees $12k soon,” he said.

Bitcoin Ethereum

Image Courtesy of Josh Rager. Charts via TradingView.

BTC Approaches Crucial Hurdle After Confirming Key Support

It does appear that Bitcoin is approaching a key hurdle that buyers will need to surmount if they want to catalyze further strength.

Its ongoing upswing towards these levels, however, may be bolstered by its ability to confirm $10,900 as support earlier today.

“And $10,900 indeed turned support. Crucial hurdle; clearing this level and I think we’ll see another slight rally towards $11,500 to close the gap on the CME charts,” one analyst observed.

Image Courtesy of Crypto Michaël. Charts via TradingView.

How the market trends in the coming hours should offer greater insight into the implications of the connection between Bitcoin and Ethereum.

Featured image from Unsplash.
Charts from TradingView.

Vitalik Buterin: Future Lotteries Could Benefit From ETH 2.0’s Randomness

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Price Analysis 7/31: BTC, ETH, XRP, BCH, BSV, LTC, ADA,CRO, BNB, EOS

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Market Wrap: Bitcoin Pushes to $11,450, DeFi Value Locked Now at $4B

Bitcoin and ether continue to make gains Friday and stakeholders are increasingly investing their crypto into DeFi.

  • Bitcoin (BTC) trading around $11,333 as of 20:00 UTC (4 p.m. ET). Gaining 2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,974-$11,460
  • BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin trading on Coinbase since July 28.
Source: TradingView

Bitcoin’s price pushed as high as $11,460 on increased buying volume Friday, continuing its bullish run to cap a week of economic uncertainty. 

“The U.S. Q2 GDP results were rough and traditional markets are seeing a bit of risk off – a sharp move lower in yields and weakness in stocks,” Dan Koehler, liquidity manager for cryptocurrency exchange OKCoin, told CoinDesk. “It’s a crucial time for bitcoin, in my view.”

Indeed, stocks are taking a beating Friday, with major global indexes down or flat.

Bitcoin (gold), S&P 500 (blue), FTSE 100 (green) and Nikkei 225 (red) in July.
Source: TradingView

Bitcoin beat major equity indexes for July, up over 20% for the month. “It will be interesting to see how bitcoin behaves in a risk-off environment this time around, having broken and thus far held above $10,400,” added OKCoin’s Koehler.

Michael Rabkin, head of institutional sales at crypto trading firm DV Chain, said a positive news cycle on the crypto front is helping the market. “We’ve been seeing more buying over the last few days, specifically since the past week’s announcement which would allow banks to hold custody,” he said. 

“There’s definitely a more bullish sentiment since that announcement came out and as we’ve seen, has resulted in upward momentum,” Rabkin added

Mostafa Al-Mashita of Global Digital Assets, a digital assets-focused merchant bank, said alternative cryptocurrencies, or altcoins, is where he expects traders to take profits near-term. “The market is consolidating as altcoins catch up to the recent bitcoin pump,” he said. “I would expect altcoins to lead for a few days before bitcoin rising again.”

DeFi locked at $4B

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $344 and climbing 3.1% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Since June 1, the total value locked in Ethereum-powered decentralized finance, or DeFi, has risen 300% from $1 billion to $4 billion, according to data aggregator DeFi Pulse.

Total locked in DeFi the past three months.
Source: DeFi Pulse

In just two months, total bitcoin locked in DeFi more than quadrupled from 4,975 to 20,610 BTC. Total ether locked in DeFi has grown 60%, from 2.6 million to 4.2 million ETH. Stablecoin dai locked is up 19%, from 365 million to 435 million. 

Azamat Malaev, co-founder of HodlTree, a new DeFi protocol for interest-yielding tokens, said the catalyst for this growth was investors locking crypto with a particular big DeFi lender to achieve “yield” or profit. ”It started with the launch of the Compound token distribution on June 15,” he said. “And, of course, with a time delay information began to spread.” 

Other markets

Digital assets on the CoinDesk 20 are mostly higher Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

Notable losers as of 20:00 UTC (4:00 p.m. ET):

  • Gold is up 0.90% and at $1,973 as of press time.
  • Oil is flat, in the green 0.12%. Price per barrel of West Texas Intermediate crude: $40.37
  • U.S. Treasury bonds all slipped Friday. Yields, which move in the opposite direction as price, were dow most on the two-year, in the red 12%.

Disclosure

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Decentralized Apps May Solve SIM Swapping Woes

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