Cracking $7.4K Opens Path to $8.1K Resistance — Analyst

Bitcoin (BTC) stayed rangebound on Dec. 2 after a descent from near $8,000 over the weekend failed to crack the $7,000 support. Cryptocurrency market daily overview. Source: Coin360 Bitcoin volatility lessens but $7.5K evades traders Data from Coin360 showed the largest cryptocurrency trading in a narrower $300 corridor as the week began, with 24-hour performance bottoming out at around $7,180. At the top of the range, BTC/USD nonetheless failed to retake $7,500, at press time fluctuating around $7,300. Bitcoin seven-day price chart. Source: Coin360 The reduction in volatility soothed analysts,…

This Vibrant Country Is One of the Fastest-Growing Crypto Nations

At a recent B2B event in Turkey, suit-clad men and women from traditional financial institutions and the public sector stood in line to take a selfie with a guy in a hoodie. That guy, Binance CEO Changpeng “CZ” Zhao, found time to attend the annual Turkish Capital Markets Summit in Istanbul, Turkey on Nov. 19. Between his speech at BlockShow Asia 2019 and the controversy over alleged false reporting, it’s been a busy month for CZ. After his fireside chat on stage, where he praised Turkey as one of the…

Ripple Transfers 1 Billion XRP Tokens From Escrow Wallet and Back Again

Whale Alert, the ever-vigilant live tracker for cryptocurrency transactions, noted that Ripple transferred a total of 1 billion XRP tokens from its escrow wallet on Dec. 2. The blockchain-based payments firm moved the massive amount of tokens in two separate transactions, worth around $219 million in total as of press time. Interestingly, the company transferred the exact same amount of tokens back into escrow only seven minutes later, this time in three separate transactions. Is Ripple crashing the token’s price? This isn’t the first time that Ripple has executed such…

Monero Implements Hard Fork, Including New ASIC-Resistant Mining Algorithm

The Monero (XMR) network has been successfully upgraded to RandomX, a new mining algorithm that aims to be ASIC-resistant. On Nov. 30, the Monero community workgroup did a live stream on YouTube in which the upgrade took place at around the 58 minute mark. The new upgrade also introduced proof-of-work (PoW) algorithm, RandomX, which uses random code execution together with memory-focussed techniques to be resistant to application-specific integrated circuits (ASIC) — devices optimized for professional mining operations. The upgrade is also reportedly optimized for general-purpose central processing units (CPU) in…

US SEC Hires In-House Attorney As New Chief Of Cyber Unit

The United States Securities and Exchange Commission (SEC) has hired Kristina Littman as Chief of the Division of Enforcement’s Cyber Unit, a specialized unit that aims to protect investors and markets from cyber-related misconduct.  Littman’s credentials On Dec. 2, the SEC announced the new hire. The press release elaborated that Littman started at the SEC’s Division of Enforcement in 2010 as a staff attorney. Since then, she has held several senior attorney positions in the Market Abuse Unit and the Trial Unit. Since August 2017, she has served as the…

Bitcoin Price Shifts Toward Key Moving Average as Bears Target $5,000

As part of its current mid-term downtrend, Bitcoin (BTC) could be headed toward its 200-week moving average (MA), a level that has been a major historical bottom.  Since hitting its 2019 high of approximately $13,890, Bitcoin has seen lower highs indicative of a downward trend, at least in the mid-term.  After a corrective bounce up to $7,875 last week, Bitcoin was unable to shake its larger downtrend, heading back down to $7,285 by press time. The asset could ultimately have its sights set near $5,000 before a mid-term trend reversal…

Former CFTC Chair to Remain Focused on Crypto and Blockchain at New Law Firm

Former United States Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo was hired as senior counsel at the New York-based law firm Willkie Farr & Gallagher. Digitize the dollar and take power away from central banks On Dec. 2, Reuters reported that Giancarlo in his new role at Willkie Farr & Gallagher will continue to focus on digital innovation in areas such as cryptocurrencies and blockchain. Giancarlo, also known as “Crypto Dad,” commented on his new role: “I will divide my time between assisting Willkie clients in their worldwide commercial…