Bitcoin Price Poised for ‘Imminent’ Breakout As Network Hashrate Hits Record Highs

The price of bitcoin could see an ‘imminent’ breakout, according to the latest Glassnode data. The data firm says bitcoin (BTC) has been flashing bullish for the past six weeks amid positive onchain activity. Meanwhile, the BTC network hashrate has continued to grow, with the seven-day average reaching 123.4 exahash per second (EH/s) on Monday. In a report published July 6, the Glassnode Network Index (GNI), which measures the overall state of the Bitcoin network, rose by one point week-on-week, to a value of 56 points. At the same time,…

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The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network

The most popular stablecoin tether (USDT) has officially been minted on the Bitcoin Cash blockchain via the Simple Ledger Protocol (SLP). At press time there’s only 1,010 SLP-based USDT in circulation, as the firm Tether Limited seems to be issuing small amounts and testing the SLP framework. Tether (USDT) is the king of stablecoins in the crypto economy and according to the company’s transparency page, there are more than $9.8 billion tethers in existence. The stablecoin is a token that is also hosted on a number of blockchains including the…

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Escalating Bank Runs Spur Chinese Government to Require Approval for Large Cash Transactions

A series of bank runs has prompted the Chinese government to begin requiring approval for large cash deposits and withdrawals at commercial banks, starting with banks in a northern province. Recently, two bank runs happened within a week as people lost faith in financial institutions amid unprecedented economic contraction. China’s Efforts to Prevent Bank Runs China has launched a measure aimed at curbing bank runs. Starting July 1, residents of the northern province of Hebei are required to “apply for approval if they plan to make large cash deposits or…

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Tiktok Ban: US May Join India in Banning Chinese Social Media Apps

The Trump administration is looking at banning Tiktok and other Chinese social media apps, according to Secretary of State Mike Pompeo. The US has been concerned about Tiktok being used by the Chinese government to mine American users’ data. India has already banned Tiktok in its country, along with 58 other mobile apps. US Considers a Ban on Tiktok U.S. Secretary of State Mike Pompeo said on Monday in an interview with Fox News’ Laura Ingraham that the Trump administration is “looking at” a ban on Tiktok and other Chinese…

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Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap Features

With over 11 Million Bitcoin.com Wallets created, we’re building new features our users need most in order to enjoy the best possible cryptocurrency experience. Our wallet’s latest features now provide seamless swaps between bitcoin (BTC), bitcoin cash (BCH), and the stablecoin honestcoin (USDH). Moreover, Bitcoin.com’s new portfolio breakdown allows users to manage their assets with ease. Bitcoin.com is the premier destination for all your bitcoin needs with crypto-infused tools, the hottest digital currency news, a gaming platform, educational resources, and a powerful noncustodial wallet. This week Bitcoin.com is pleased to…

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South African Investors to Lose $13 Million as Bitcoin Scammer Declared Bankrupt

A South African high court has declared an alleged bitcoin scam mastermind, Willie Breedt, bankrupt. The court decision follows an application by one disgruntled investor, Simon Dix, a News24 report states. Willie Breedt is the CEO of the defunct Vaultage Solutions (VS), the company at the center of the alleged cryptocurrency scam. According to South African media reports, an estimated 2,000 investors invested a total of 227 million South African rands or $13.35 million into Breedt’s company. Trouble for the company’s investors started when Breedt reportedly broke off all communication…

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Crypto Derivatives Volumes Crash 36% to $393 Billion in June, a Low for 2020

Crypto derivatives trading volumes plunged 36% to $393 billion in June, the lowest they have reached in 2020, according to a new report by Cryptocompare. The decline may be the result of a lull in investor interest in the instruments during the month in review. In May, derivatives – contracts signed by at least two people to buy or sell a digital asset at an agreed price in the future – soared to a record high $602 billion, possibly driven by the hype that accompanied Bitcoin’s third halving in that…

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Developer Reveals Layer-Two Private Messaging and Payment System on Bitcoin Cash

On July 4, 2020, the Bitcoin Cash proponent Cain published an interview with the blockchain developer, Shammah Chancellor, about a new project called Stamp Chat. At its basic level, “Stamp is a prototype of a layer-2 private messaging and payment system on Bitcoin Cash. It implements stealth [plus] confidential transactions on top of Bitcoin Cash using layer-2 protocol technologies.” This week Bitcoin Cash supporters were introduced to a new tool called Stamp, an encrypted message and payment system that leverages the Bitcoin Cash (BCH) chain. The project is being developed…

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European Blockchain Ecosystem Needs €350 Million for the Next 18 Months

A study report by Leadblock Partners, an appointed representative of Sapia Partners LLP, finds an accelerating growth of the European blockchain ecosystem. The findings of the Leadblock Partners study suggest European respondents have a funding need for €350 million for the next 18 months. The European Enterprise Blockchain start-up ecosystem is mainly composed of early-stage start-ups at the pre-seed to series A-stages. About 60% of surveyed start-ups are now generating revenues, and of which 33% are generating €250k of recurring revenues. The study notes that improving performance is due to…

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Bitcoin Volatility Hits Three-Year Low, Sparking Fears of Massive Sell-Off

The cryptocurrency data analytics and research company, Skew has warned that bitcoin could see a massive sell-off due to declining volatility. The data analytics firm says that bitcoin (BTC) realized volatility hit 20% over the past 10 days – it’s the lowest 10-day reading in nearly three years. “Last time we reached that level, we had the great sell-off of November 2018 shortly after,” Skew cautioned on Monday. Back then, the price of BTC crashed by almost 50% from $6,500 in November to around $3,200 in early December. It was…

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