Key Points Bitcoin cash price declined sharply and broke a major support near $560 against the US Dollar. Yesterday’s highlighted a contracting triangle pattern with support at $580 on the hourly chart of BCH/USD (data feed from Kraken) was broken. The pair is now looking to settle below the $500 level, which would be a strong bearish sign. Bitcoin cash price tumbled along BTC against the US Dollar. BCH/USD is now attempting a break below a major support of $500. Read more …
OmiseGo has moved to stamp out rumors about the company possibly being impacted by China’s crackdown on ICOs. Through a Reddit post OmiseGo reassured everyone that China’s ban on ICOs will not necessarily harm the OMG network. On the post, OMG said China’s prohibition only refers to decentralized currencies, meaning it doesn’t necessarily affect the OMG network: “The OMG network is currency-agnostic and the open-source, white-label digital wallet framework we provide will allow financial service companies to select what services Read more …
Latin American social site Taringa, often called ‘Latin America’s Reddit’, has suffered a massive breach of user data. Login details for nearly all of the site’s users were compromised. The social site had instituted a system in 2015 to pay users for content production using Bitcoin. The site partnered with Xapo to create digital wallets for content producers, and then began funding them with Bitcoin for participation. Wallet balances of the individual users will likely be low, but the massive Read more …
Bitcoin appears to be moving into a new period of price discovery. Following a new ruling that finds China’s regulators moving to outlaw initial coin offerings (sales of new cryptographic tokens often exchanged for bitcoin), the bitcoin price fell to its lowest total since August 22 today. At press time, bitcoin had declined to just above $4,000 – halting at $4,037.50 across global exchanges – a 20% decline from its all-time high of $5,013 observed on September 1. Of the Read more …