Bitcoin’s Breakdown Will Take ‘Weeks, If Not Months’ to Rebound, Says Fundstrat Analyst

lt will take “weeks, if not months” to repair the “technical damage” caused by the recent collapse of Bitcoin (BTC), according to a Fundstrat Global Advisors analyst, Bloomberg reports today, Nov. 15. In a note to clients yesterday, cited by Bloomberg, Fundstrat’s Rob Sluymer predicted that Bitcoin’s collapse yesterday has pushed crypto markets into a “deeply oversold” area, while “longer-term technical indicators aren’t so favorable.” Sluymer concluded that Bitcoin will be able to support a “multi-month rally,” but only after the “significant” damage done this week has been overcome: “This…

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Ohio Congressman Wants to Allow ICOs to ‘Sidestep’ Securities Laws

Ohio Congressman Warren Davidson plans to introduce a bill that would allow Initial Coin Offerings (ICOs) to “sidestep” U.S. securities laws, according to a report from Washington Examiner Nov. 13. Citing a spokesman for Davidson – Republican congressman for the 8th district of the state of Ohio – the publication reports that the prospective bill would propose that ICOs be treated as products rather than as securities at the federal and state level. The move would reportedly “eliminate” the U.S. Securities and Exchange Commission (SEC)’s oversight of the industry. The…

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Paul Scholes, Former Manchester United Star, to Support Crypto Startup

Soccer Legends Limited, a Hong Kong-based startup, is aiming to integrate blockchain technology into soccer, the most popular sport in the world. The project is designed to “bridge the gap between soccer superstars, youth talents and fans.” Soccer fans can use the 433 Token to support a future superstar, interact with the most famous players and to influence important soccer-related decisions. According to the company, Paul Scholes (Manchester United legend 11-times English Premier League champion) and Andriy Shevchenko (AC Milan legend, UEFA Champions League Top Scorer, Ballon d’Or winner and…

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Major Russian Art Gallery Tretyakov Launches Blockchain-Based Art Patronage Project

The prestigious State Tretyakov Gallery in Moscow, Russia, is launching a blockchain-based art patronage scheme, Russian news agency TASS reports Nov. 15. The project, dubbed “My Tretyakov,” allows individuals or enterprises to make a private donation to contribute to the digitization of an item from the gallery’s collection, thereby become the artwork’s patron. The system, developed with business innovation collective RDI Digital, uses blockchain technology to assign and manage the patronage structure. According to a press statement from the gallery: “The donation amount is still under discussion. The system randomly…

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South Korea’s Gyeongbuk Province Launches ‘Special Committee’ to Create Blockchain Hub

The government of South Korea’s Gyeongbuk province has launched a “Blockchain Special Committee” with the goal of creating a blockchain hub in the region, local media outlet Daily News reported Nov. 14. North Gyeongsang Province, also known as Gyeongbuk, plans to create a blockchain hub, inviting 40 domestic and foreign experts in the industry to consult on the project. Lee Cheol-uoo – a former member of the National Assembly of South Korea and current governor of the province – explained to local media the aims of the newly established committee…

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Bitcoin Price Sell-Off Slows As RSI Hits Four-Year Low

Bitcoin is looking oversold after a drop to 13-month lows Wednesday and could defend immediate support at $5,000 in the next few days. The world’s top cryptocurrency by market value fell to $5,324 (price via Bitstamp) in a matter of hours yesterday, reaching its lowest level since Oct. 18. The average price across major exchanges, as calculated by CoinDesk’s Bitcoin Price Index fell 10 percent – the biggest single-day drop since March 30. While BTC had supposedly carved out a long-term bottom around $6,000, the convincing break below that level…

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Acting AG Backed Alleged ‘Invention-Promotion Scam’ Touting ‘Time Travel’ Crypto

Acting U.S. attorney general (AG) Matthew G. Whitaker has come under fire for his association with an allegedly fraudulent patent company that involved cryptocurrency, U.S. news journal MotherJones reported Nov. 14. Whitaker, a Trump loyalist, was appointed by the U.S. president to replace former attorney general Jeff Sessions Nov. 7. Among other controversies, Whitaker is now being scrutinized for his involvement with “World Patent Marketing,” an alleged scam that marketed sundry outlandish products from aspiring inventors, including a “theoretical time travel commodity tied directly to price of Bitcoin.” As MotherJones…

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EOS Proves Yet Again That Decentralization Is Not Its Priority

Recently, Blockchain protocol EOS became subject of a new scandal: its governance model was questioned, as evidence showing a moderator reversing transactions which had already been confirmed surfaced on Reddit. Crypto community was triggered once again, but perhaps it is time to face it: EOS is not really decentralized. At least it is isn’t what EOS “is after”, in the words of its co-founder Daniel Larimer. What is EOS and how it works? EOS.io is a blockchain-powered smart contracts protocol for the development, hosting, and execution of decentralized applications (dApps).…

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Top Crypto Exchange Binance Adds Circle’s USD Coin in Latest Stablecoin Support Move

Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately. USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency. Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month. “For increased transparency, USDC has engaged a top-ranking auditing firm to release monthly…

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CoinShares CSO Demirors Urges Calm Among Bitcoin Investors as Prices Slide 12 Percent

Institutions “taking money off the table” was a major factor contributing to Bitcoin’s (BTC) and altcoins’ sudden price drop, the CSO of CoinShares told CNBC Nov. 14. Speaking on the network’s Fast Money Segment, the cryptocurrency exchange-traded products firm’s Meltem Demirors said volatility was a given in the run-up to the Bitcoin Cash (BCH) hard fork. “Any time there are hard forks things tend to trade weird and strange, so I think people are trying to take some risk off the table,” she explained. Markets began tumbling Wednesday, Cointelegraph reported…

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