Bitcoin price rally to $12K is meaningless until bulls flip it to support

On Tuesday Bitcoin (BTC) bulls mustered enough strength to push BTC price slightly above the $12K mark, a level not seen since Sept. 1.  Cryptocurrency daily market performance snapshot. Source: Coin360 The move occurred after Monday’s (Oct. 19) high volume surge to $11,822 was followed by continued buying into Tuesday, providing enough momentum for bulls to push above the ascending channel to $12,038. BTC futures volume by exchange. Source: Digital Assets Data The rally to $12K was also accompanied by soaring volumes across the top Bitcoin futures exchanges on Monday…

Kik Settles with SEC for $5M Over Kin ICO

Key Takeaways Kik has signed a proposed settlement that will have the company pay a $5 million penalty over its 2017 ICO. A district court previously ruled against Kik and in favor of the SEC. Like most blockchain companies that have settled with the SEC in the past, Kik will continue to operate. Share this article Kik has agreed to settle with the U.S. Securities and Exchange Commission after a two-year legal battle, according to a joint letter and court judgement published today. Kik Will Face Restrictions As it is…

Dash Joins Ethereum’s DeFi, Letting Users Earn Both Node Rewards and Yield

Key Takeaways Dash has partnered with StakeHound to create Ethereum-compatible DASH coins, also called StakedDASH tokens. The new tokens are ERC20 variants of DASH which will be used in DeFi applications. StakedDASH token holders will be able to earn both Masternode staking rewards as well as DeFi yield. Share this article The Dash team has recently announced their token’s entrance into Ethereum’s DeFi ecosystem. DeFi development company StakeHound will lead the initiative by creating Ethereum-wrapped tokens called StakedDASH. Dash Team Launches DeFi Token The Dash team has indicated that the…

Brazil is prepping an IPO for its state-run digital bank

Brazil’s Minister of Economy, Paulo Guedes, said during an online event this Tuesday that Brazil “is about to” join the Organization for Economic Cooperation and Development (OECD) and that the Brazilian government has plans to launch a public offering of shares (IPO) for the newly-created digital bank of Caixa Econômica Federal. Caixa Econômica Federal created a digital bank during the pandemic to help the government send financial aid to around 64 million Brazilians. Guedes’ comments came during the Milken Institute Global Conference, during which he said that the Central Bank…

Chainlink’s Latest Downtrend Eases as Whales Buy Up Discount Tokens

Key Takeaways Chainlink may be on the verge of another rejection from the 50-day moving average. While the $10 level seems to be acting as stiff support, slicing through it could lead to a drop towards $8. Despite the high probability of a correction, on-chain metrics show that the buying pressure behind this cryptocurrency is surging. Share this article Chainlink is currently trading underneath a critical resistance barrier. Failing to move past it could be catastrophic for the decentralized oracles token while slicing through it will likely ignite FOMO among…

OKEx users express frustration over suspended withdrawals

Major exchange OKEx suspended crypto withdrawals on Oct. 16. With little information coming from the firm or its CEO Jay Hao in the time since, users have begun demanding answers via Twitter. In an Oct. 20 tweet from Hao, the CEO stated that there had been “no on-chain out-flow” since the exchange announced it had “temporarily suspended” withdrawals on Friday. “Your assets are safe,” said Hao. “We’ll do our best to resume withdrawals ASAP.” The exchange reported on Oct. 16 that it had suspended cryptocurrency withdrawals because one of its…

In China, most blockchain R&D funds are going toward this segment

A report published by Securities Daily explained how China’s publicly-listed companies spend the millions they have allocated toward blockchain R&D. The study surveyed 23 companies in China who began working with blockchain back in 2016. Figures suggest that companies allocate an average 20% of their annual revenues toward such purposes. The majority of these funds are spent to further government-related solutions. The report highlighted that Yuanguang Software, an enterprise software provider, have increased their related research spending by around $24.3 million since 2016. Other companies, such as Xinchen Technology, have actively spent funds…

Study finds CME drives Bitcoin price, but it excludes stablecoin volumes

On Oct. 14, Wilshire Phoenix investment firm released its Efficient Price Discovery report, which detailed how CME Bitcoin (BTC) futures impact Bitcoin price discovery. The firm concluded that “CME Bitcoin futures contribute more to price discovery than its related spot markets.” And the researchers also suggested that: “CME Bitcoin futures have grown to become significant, this is not only demonstrated through trading volume and open interest, but also by influence on spot price formation.” Wilshire’s analysis correctly states that price discovery in traditional markets is a contested topic. The report…

Polkadot Protocol StaFi to Form DAO With Commonwealth and Edgeware

Share this article StaFi protocol, a Polkadot parachain, announced it will be exploring ways to transform into a fully decentralized DAO. StaFi’s Road to Decentralization The DeFi protocol will partner with Commonwealth Labs and Edgeware to help them through this process. StaFi has already been incorporated on the Commonwealth platform alongside seven other Polkadot projects.  Slowly but surely, Polkadot is challenging Ethereum on the DAO front. Most DAOs on Polkadot have already equipped similar sets of tools used by their Ethereum-based counterparts. Additionally, most of these projects operate on a…

Kraken’s Cryptowatch ships desktop trading terminal for expert traders

The Cryptowatch platform, a subsidiary of the Kraken exchange, announced on Tuesday the release of its desktop-based trading app. Cryptowatch is a trading terminal that aims to group most market data and exchanges under one roof. Traders using the platform are able to connect their accounts across many popular exchanges and place orders on all of them through a single interface. Up until now, the platform could only be accessed through a web browser. The launch of Cryptowatch Desktop, an application for Windows, MacOS and Linux, aims to provide a…