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Slipping Yuan May be Good for Bitcoin Price, Past Data Suggests

Slipping Yuan May be Good for Bitcoin Price, Past Data Suggests

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Slipping Yuan May be Good for Bitcoin Price, Past Data Suggests Bitcoin traders should keep an eye on the ongoing slide in the yuan, analysts say. That’s because, historically, the cryptocurrency looks to have put in a positive performance during bouts of weakness in the Chinese currency. The yuan (CNY) fell to 7.1613 per U.S. dollar earlier on Tuesday to hit the lowest level since early September and taking its cumulative month-to-date and year-to-date losses to 1.4% and 2.85%, respectively.  The decline to eight-month lows could be associated with concerns about the U.S. response to China’s proposed security law for Hong Kong and the resulting haven demand for the greenback. Senator Marco Rubio put out a tweet late Tuesda
Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally

Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally

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Please share if you find this article interesting. Market Wrap: Bitcoin Can’t Stick to $9,000 While Stocks Rally The equities markets far outpaced cryptocurrencies Tuesday on optimism that economic restrictions put in place to help slow the spread of the coronavirus are easing. Bitcoin (BTC) poked its head above the $9,000 level briefly during morning trading in New York but fell to below $8,700 on selling. As of 20:35 UTC (4:35 p.m. ET), bitcoin was trading at $8,846, a loss of 1% over 24 hours.  The largest cryptocurrency by market cap is currently trading below its 10-day and 50-day technical indicator moving averages, a signal of bearish sentiment.  “Bitcoin failed to break higher and has been bouncing off support in the $8,700 region,” said Max Boonen, CEO of cryptocurre
Blockchain Bites: Facebook’s Calibra Facelift and Tencent’s ‘New Infrastructure’ Investments

Blockchain Bites: Facebook’s Calibra Facelift and Tencent’s ‘New Infrastructure’ Investments

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Please share if you find this article interesting. Blockchain Bites: Facebook’s Calibra Facelift and Tencent’s ‘New Infrastructure’ Investments We’re happy to be back after a recharging long weekend. Let’s get to the news. India’s central bank has clarified its crypto stance, Tencent is looking to invest in “emerging technologies” including blockchain and Facebook’s digital wallet subsidiary announced a rebranding and new details. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.  Top Shelf Libra’s New FaceA statement announcing the rebranding of Facebook subsidiary Calibra to Novi also reveals details of the anticipate
To See Libra’s Potential, Look at the Philippines, Not the US

To See Libra’s Potential, Look at the Philippines, Not the US

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Please share if you find this article interesting. To See Libra’s Potential, Look at the Philippines, Not the US Leah Callon-Butler, a CoinDesk columnist, is the director of Emfarsis, a consulting firm focused on the role of technology in advancing economic development in Asia. The recent update to the Libra white paper has re-ignited debate around Facebook’s digital currency ambitions, albeit not to summer-2019 temperatures. “Haven’t read it yet” or “not been following for a while” are common responses when I ask my peers how they feel about the latest developments. Given how many of them believe Facebook’s original ambitions have been muzzled under government hostility and regulatory pressure, the declining interest from the blockchain community is perhaps not that surprising
Facebook’s Calibra Rebrands to Novi, Details Wallet Tie-Up With WhatsApp

Facebook’s Calibra Rebrands to Novi, Details Wallet Tie-Up With WhatsApp

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Please share if you find this article interesting. Facebook’s Calibra Rebrands to Novi, Details Wallet Tie-Up With WhatsApp In the approach to the launch of Facebook’s Libra payments ecosystem, a key subsidiary has been given a new name and a new look. According to an announcement on Tuesday, Libra’s wallet provider Calibra has now been rebranded to Novi – a portmanteau of the Latin root words, “novus” meaning new and “via” meaning way. The first wallet product from the firm is intended to hold Libra’s various digital currencies, once the Facebook-led initiative goes live. Novi also comes with a design revamp that is said to represent “the fluid movement of digital currencies,” but maintains an element of the Libra icon in its logo. The Novi logo (Credit: Novi/Libra) “W
First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies

First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies

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Please share if you find this article interesting. First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies Bitcoin prices are caught in a downdraft, after a series of rallies in recent weeks that repeatedly fizzled out at the $10,000 mark.  “There is no clear understanding where bitcoin will go,” Yuriy Mazur, head of data analytics at cryptocurrency exchange CEX.IO told CoinDesk’s Omkar Godbole. “It may either retrace back to $6,500 or reach $10,000.” You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t
Bitcoin Bounce Stalls at $9K Amid 2% Rise in S&P 500 Futures

Bitcoin Bounce Stalls at $9K Amid 2% Rise in S&P 500 Futures

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Please share if you find this article interesting. Bitcoin Bounce Stalls at $9K Amid 2% Rise in S&P 500 Futures Bitcoin moved back over $9,000 earlier on Tuesday alongside signs of an improved risk appetite in the traditional markets.  Prices rose to a high of $9,010 at 08:05 UTC, but quickly fell back below $8,900, pouring cold water over excitement generated by Monday’s 2.3% bounce from the two-week low of $8,630.  At press time, the number one cryptocurrency by market value is changing hands near $8,860, according to CoinDesk’s Bitcoin Price Index.  Meanwhile, the futures tied to the S&P 500, Wall Street’s equity index, are reporting over 2% gains Tuesday. Major European equity indexes are flashing green, too, with the U.K.’s FTSE index leading the way with a 1.33% gain,
VideoCoin Adds Cash Payments and Rewards in Bid to Take On AWS

VideoCoin Adds Cash Payments and Rewards in Bid to Take On AWS

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Please share if you find this article interesting. VideoCoin Adds Cash Payments and Rewards in Bid to Take On AWS Serial entrepreneur Halsey Minor knows about mass adoption. He’s helped create technology platforms like CNET and Salesforce, to name a couple. Announced Tuesday, Minor’s VideoCoin platform, which draws on dormant computing resources to process streamed video, is adding fiat payment rails as the project looks to move beyond the limited sphere of crypto and blockchain tokens. The network becomes commercially available starting May 27. A broader reach is essential, says Minor, CEO of Live Planet, an immersive video startup that provides technology to VideoCoin, in order to take the fight to the market-leading Amazon Web Services (AWS). (Interestingly, Minor’s first
Zcash’s First Halving May Solve Its Inflation Problem

Zcash’s First Halving May Solve Its Inflation Problem

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Please share if you find this article interesting. Zcash’s First Halving May Solve Its Inflation Problem Mining reward halvings are a hot topic in the crypto markets, as they alter a cryptocurrency’s supply and often have a significant impact on prices.  Bitcoin, the biggest cryptocurrency by market value, underwent its third halving on May 11, which reduced the reward per block mined to 6.25 bitcoin from 12.5. Bitcoin offshoots bitcoin cash and bitcoin SV also witnessed halvings in April.  Next in line is zcash (ZEC), a privacy-focused cryptocurrency first created in 2016 that uses a proof-of-work (or mining) algorithm and encrypts user information within shielded transactions. Currently, it is the 26th largest cryptocurrency by market value, as per data source CoinMarketCap
As Bitcoin Falls to 2-Week Lows, Small Investors Look to Be Buying

As Bitcoin Falls to 2-Week Lows, Small Investors Look to Be Buying

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Please share if you find this article interesting. As Bitcoin Falls to 2-Week Lows, Small Investors Look to Be Buying With bitcoin’s price losing altitude again, small investors appear to be seeking exposure to the top cryptocurrency by market value. Prices fell by 9.8% last week to register bitcoin’s biggest weekly decline since the second week of March, according to CoinDesk’s Bitcoin Price Index. A two-week low of $8,630 was registered early on Monday, with prices last seen at $8,730 – down over 11% from the post-halving high of $9,960 registered on May 18.  Despite the price drop – or perhaps because of it – the number of addresses holding smaller amounts of bitcoin has continued to rise.  The number of unique addresses holding at least 0.01 BTC (around $87 at pres