Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update

Bitcoin Price Key Highlights Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback. The Fibonacci retracement tool shows the potential support levels where buyers could be waiting. Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an uptrend. Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary. Technical Indicators Signals The 100 SMA is safely above the longer-term 200 SMA to indicate that…

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Bitcoin Cash Price Analysis: BCH/USD Extending Losses Below $750

Key Points Bitcoin cash price tumbled sharply and broke the $800 support area against the US Dollar. There are two bearish trend lines formed with resistance at $770 and $810 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is likely to extend the current decline below the $740 support level in the near term. Bitcoin cash price is under pressure below the $800 support against the US Dollar. BCH/USD is trading below $760 and it could revisit the $720 support. Bitcoin Cash Price Decline…

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Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

Bitcoin bears may be in the midst of taking an upper-hand. At press time, BTC is changing hands at $7,536 on Bitfinex, down 6.9 percent on the day, a figure that also finds the price breaking a key support level at $7,800. The world’s largest cryptocurrency by market capitalization has been largely confined to a narrow price range of $7,673–$7,800, since it broke $8,000 yesterday. However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins. As such, bulls now are looking…

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Among Digital Assets, Only Digital Currencies ‘Can Really Be Used at Present’

A PwC Switzerland executive said that among the various types of digital asset, only digital currencies are can reasonably be used at present, according to a post on the PwC website July 31. In the post, Roland Stadler, Senior Manager and Data & Analytics Specialist at PwC Switzerland, claims that while digital assets “seem similar at first glance,” on closer inspection they differ. Stadler makes a distinction between “digital assets” and “currencies,” because “only a few” can be considered currencies in the “literal sense of the word.” He then divides…

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Barclays and Citi Among the Banks Trialing IBM’s ‘Blockchain App Marketplace’

Tech giant IBM and forex settlement provider CLS are collaborating in testing a platform known as LedgerConnect that will make it possible for banks, software vendors, and fintech firms to deploy, share, and consume blockchain-based software. The platform was developed by IBM in partnership with Hyperledger. Banking giants Barclays and Citi are among two of the nine financial institutions that are taking part in the proof of concept (PoC). LedgerConnect will serve as a blockchain marketplace for the financial sector, and this is expected to speed up innovation in the…

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South Korean Authorities Investigate Crypto Fraud That Promised Investors Shipwreck Gold

South Korean authorities are investigating a crypto investment scam involving the Seoul-based Shinil Group as the key figure, Korea JoongAng Daily reported July 31. Shinil Group (Shinil) allegedly promised to pay investors in gold from a sunken Russian shipwreck. Earlier this month, Shinil announced it had found the Dmitrii Donskoi, a Russian armored cruiser that sank 113 years ago, according to Reuters. The company claimed that the ship was loaded with 150 trillion won ($131 billion) worth of gold. To encourage investors to purchase the company’s own cryptocurrency, Shinil promised…

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In Its First Public Acquisition, Binance Buys Decentralized Trust Wallet

Major crypto exchange Binance has made its first public acquisition, having bought Trust Wallet, according to an announcement July 31. Launched in 2017, U.S.-based Trust Wallet is an open source, anonymous, and decentralized wallet that supports Ethereum (ETH) and over 20,000 different Ethereum-based tokens (ERC20, ERC223, and ERC721). While the details of the deal are not disclosed, Binance told TechCrunch that it paid in a mixture of fiat money, Binance stocks, and its own BNB token. Trust Wallet will remain autonomous in most of its operations, while Binance will help…

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Asset Management Firm Northern Trust to Start Crypto Custody Business

Northern Trust Corp., a leading global asset management firm with $954 billion in total assets under management, is planning to start a custody service for digital assets, Bloomberg reported July 31. The company’s head of corporate and institutional business Pete Cherecwich told Bloomberg that the company has started developing a strategy to secure custody-held digital assets such as cryptocurrencies. He said the firm aims to offer a product similar to existing custodial services while charging lower fees: “The fees right now the custodians are charging are pretty high, not the…

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Why Tokenization Is Still a Chimera: Expert Take

In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from blockchain technology and ICO funding to taxation, regulation and cryptocurrency adoption by different sectors of the economy. If you would like to contribute an Expert Take, please email your ideas and CV to george@cointelegraph.com. The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Tokenization is nothing new The term “tokenization” is mainly associated with…

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Stellar Cryptocurrency Lives Up to Name With 40% July Gains

Bitcoin’s 26 percent rally left many a cryptocurrency in the dust over the course of July. Indeed, the bitcoin dominance rate, a widely used indicator that tracks the percentage of the total crypto market cap contributed by bitcoin, rose to 48 percent, up from 42 percent, to record a 7-month high over the 31-day period, a function of money shifting from alternative cryptocurrencies into bitcoin. That said, not every alternative cryptocurrency saw gains. Ether, the cryptocurrency that powers the ethereum blockchain, and the second-largest cryptocurrency by total value, as an…

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