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Cryptocurrency News Roundup for Aug 3, 2020

Source Node: https://beincrypto.com/cryptocurrency-news-roundup-for-aug-3-2020/
Time Stamp: August 3, 2020 3:43 PM - Modified On: May 21, 2021 - Published By:
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Bitcoin started the week on a positive note after an unusually volatile weekend by recent standards. The BTC/USD price temporarily reached a local high of over $12,000. The eventful weekend was preceded by a credit-rating downgrade from Fitch who placed a “negative outlook” on the United State’s triple-A rating on Friday. Fitch added that a “resurgence of inflation” could be on the cards, which would in turn force the Fed to increase interest rates. It would be interesting to see the effects that would have on Bitcoin and its brethren.

Why Analysts are Bullish on Bitcoin Despite Close Beneath Key $11,700 Level

Source Node: https://bitcoinist.com/why-analysts-are-bullish-on-bitcoin-despite-close-beneath-key-11700-level/?utm_source=rss&utm_medium=rss&utm_campaign=why-analysts-are-bullish-on-bitcoin-despite-close-beneath-key-11700-level
Time Stamp: August 3, 2020 2:00 PM - Modified On: May 21, 2021 - Published By:
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Bitcoin has been flashing some mixed signs to investors as of late Despite seeing intense bullishness throughout the past week as it rallied from the lower-$10,000 region to highs of $12,000, analysts still remain cautious regarding where it may trend next Their present lack of bullishness is rooted in the cryptocurrency’s inability to close its weekly candle above $11,700 This is a historically important level that analysts were closely watching over the past couple of days That being said, it has still maintained above its crucial macro support of $10,600

Bitcoin is not Completely Banned in China: Beijing Arbitration Commission

Source Node: https://cryptopotato.com/bitcoin-is-not-completely-banned-in-china-beijing-arbitration-commission/
Time Stamp: August 1, 2020 11:04 AM - Modified On: May 21, 2021 - Published By:
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China has no reservation against ‘Bitcoin activities as virtual commodities,’ the Beijing Arbitration Commission (BAC) said in a report today. The report also added that the country’s laws and regulations ‘do not prohibit’ private possession and legal circulation of BTC.Bitcoin Is Not A Currency, But A ‘Virtual Commodity’Today local non-profit arbitration organization, the Beijing Arbitration Commission, pointed out in a report that Bitcoin cannot be used as a currency. It is not a legal tender and is not issued by China’s apex monetary authority.Overall, BTC doesn’t share the same legal

Crypto As Payment Means Outlawed In Russia After Putin Law Signing

Source Node: https://insidebitcoins.com/news/crypto-as-payment-means-outlawed-in-russia-after-putin-law-signing
Time Stamp: August 1, 2020 9:13 AM - Modified On: May 21, 2021 - Published By:
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Vladimir Putin, the President of Russia, has recently signed a new law. This law will officially prohibit the usage of cryptocurrencies in order to facilitate payment within the country, and will be in effect by 2021. At the same time as this, Russia’s government has recently begun to utilize blockchain technology in order to facilitate its constitutional amendment Crypto Payments Illegal For Russia Come 2021 RIA, a local news outlet, went into detail on Friday about the matter. RIA explained that President Putin’s bill he just signed will see to

VET Geared For New Highs As VeChain Readies Latest Innovations

Source Node: https://insidebitcoins.com/news/vet-geared-for-new-highs-as-vechain-readies-latest-innovations
Time Stamp: August 1, 2020 9:09 AM - Modified On: May 21, 2021 - Published By:
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VeChain has seen a recent four-month rally, which only recently managed to die down. However, depending on the metrics you trust on the matter, a massive breakout event could happen, once more, which could see massive new highs for the currency. VeChain Getting The Best Of Things Of all the various cryptocurrencies the world has to offer thus far, VeChain stands as one that’s had a very good year of 2020. The pandemic may have caused a massive amount of chaos for the crypto industry at large, especially during Black

Putin Outlaws Crypto as a Payment Means in Russia

Source Node: https://cryptopotato.com/putin-outlaws-crypto-as-a-payment-means-in-russia/
Time Stamp: August 1, 2020 7:10 AM - Modified On: May 21, 2021 - Published By:
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President Vladimir Putin of Russia has signed a new law that will prohibit the use of cryptocurrency as a payment means in the country by 2021. Meanwhile, the Russian government recently deployed blockchain technology for its constitutional amendment.Crypto as Payment to Become Illegal in 2021According to a report by local news outlet RIA on Friday (July 31, 2020), the bill signed by President Putin will prevent citizens from using crypto to pay for goods and services in Russia. The bill will, however, enable transactions via digital financial assets (DFA).Also, government

Why This DeFi Exchange is a One Way Ticket for Ethereum’s ERC-20 Tokens?

Source Node: https://coingape.com/why-this-defi-exchange-is-a-one-way-bullish-ticket-for-cryptocurrencies/
Time Stamp: August 1, 2020 4:31 AM - Modified On: May 21, 2021 - Published By:
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advertisement Uniswap is a decentralized exchange with a unique mechanism for trading ERC-20 tokens on its platform. Apparently, its the perfect platform for pumping tokens. CryptoGainz, prominent crypto trader tweeted, Advertisement there’s no orderbook to scare buyers or induce selling, only a bullish narrative and sell side liquidity crisisUniswap evaluates the price of a token based on the balance of Ethereum and of the token. On a successful trade or exchange, the value is added in accordance with the Ethereum swapped for the token. Hence, there are no order books

Bitcoin Just Broke Past $11,500—and That’s Huge For Bulls

Source Node: https://www.newsbtc.com/2020/08/01/432966/?utm_source=rss&utm_medium=rss&utm_campaign=432966
Time Stamp: August 1, 2020 3:02 AM - Modified On: May 21, 2021 - Published By:
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Bitcoin is ripping higher once again. In the past few hours, the leading cryptocurrency has begun to test the year-to-date highs at $11,500. And just minutes ago, BTC reached a local high of $11,700 after an influx of buying pressure. It is unclear if this rally is sustainable yet: Bitcoin has yet to close above $11,500 on any longer-term time frames like the 4-hour, 12-hour, or one-day charts. Chart of BTC's price action over the past 10 days from TradingView.com Analysts say that Bitcoin breaking past $11,500 increases the potential

Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches

Source Node: https://www.newsbtc.com/2020/08/01/crypto-tidbits-bitcoin-11k-ethereum-2-cardano-shelley/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-tidbits-bitcoin-11k-ethereum-2-cardano-shelley
Time Stamp: August 1, 2020 12:00 AM - Modified On: May 21, 2021 - Published By:
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Another week, another round of Crypto Tidbits. It’s been an explosive week for the Bitcoin and crypto market, to say the very least. Bitcoin surged from under $10,000 to as high as $11,500 this week. Over the past seven days, the asset has gained approximately 20% — the best weekly performance in many months. Chart of BTC's price action over the past two weeks from TradingView.com Bitcoin’s recent price action comes as a breath of fresh air for crypto traders, which had to deal with BTC flatlining in the $9,000s for