In today’s Weekly Update, we take a closer look at some interesting blockchain implementations which occurred over the last seven days.
Like every Monday, we have a short summary of the last seven days for you. Last Weekly Update was all about Australia, sports, and mining. Let’s see what’s interesting has happened this time.
Blockchain votes in India?
The idea of blockchain utilization for voting is actually quite popular (we already heard about such projects in the United States, and Thailand). Last week, we learned some details about its implementation in India. The idea originated from a problem of lost votes of people who were not able to take part in an election due to not being present in their registered voting district.
Thanks to the blockchain technology, citizens will be able to vote even while being far from their registered city. Moreover, putting the voting system on the distributed ledger will also prevent from casting multiple votes. According to India’s Chief Election Commissioner Sunil Arora, the new system is going to be implemented until April 2021.
Russia: Crypto is linked to money laundering
The discussion about the legal context of cryptocurrencies went on an entirely new level in 2019, with national authorities getting interested in that topic after the widespread idea of stablecoins caused by Libra. Some of them favor the possibilities of decentralized assets and blockchain technology, while others see them as a threat.
The second opinion is quite common for the Russian government, and last week we have experienced another example of this approach. In a published list of rules concerning suspicious and possibly illegal transactions, Russian Central Bank stated cryptocurrency transactions as potentially related to money laundering.
Peter Schiff: “I never said the price of Bitcoin could not rise”
We recently wrote about Peter Schiff, a well-known cryptocurrency antagonist who lost his bitcoins because of forgetting a password to his wallet. At first, he believes that his troubles were caused by wallet malfunction, but with the Internet pointing his mistakes, Schiff gradually slowed down and changed his arguments. Now, Schiff once again takes the floor about the Bitcoin:
It is a notable change in Schiff’s rhetoric, who switches his approach from “useless digital asset” to “potentially good investment.” Who knows how his future statements will look like – especially when he, now again, hold about 0.4 BTC, which was raised in a donation campaign aimed to convince him about bitcoins value.
Binance isn’t “Malta-based cryptocurrency company” at all
The surprising news comes from Malta, the promised land of the cryptocurrency industry. The Malta Financial Services Authority (MFSA) stated that Binance is not authorized by Maltese authorities; thus, the exchange doesn’t have a right to describe itself as “Malta-based.” Binance’s CEO, Changpeng Zhao, referred to the case in his last tweet:
It is not the first trouble which this cryptocurrency exchange has in the curse of the last months. In 2019, Binance suffered a significant leak of users’ data, later exposed by an anonymous hacker.
The development of the blockchain industry has caused the emergence of various cryptocurrencies. Many of them are related to particular ideas or products, setting the trend for “themed” currencies. But the latest invention of the crypto world takes it to the next level. In the response of the coronavirus outbreak, some developers made a coin named CoronaCoin (NCOV).
This token is using something which we can describe as a “poof of death.” The initial token supply is equivalent to the estimated world’s population (7,604,953,650 NCOV), and with every death, tokens are also being burnt, increasing, in theory, the value of remaining coins.
As developers themselves stated, NCOV is a viral coin “backed by an actual virus.” But in the face of the tragedy which coronavirus outbreak surely is, the idea of “proof of death” is surely a one step too far – even if developers claim that 20% of income will go to charity organizations facing the disease.
Blockchain against copyright theft
Last but not least, for this week, we have some cheering words from the Joint Photographic Experts Group, the organization responsible for the development of the famous image format. JPEG believes that the blockchain technology may be an effective way of protecting copyrights, thanks to the utilization of encryption and watermarking the metadata of the protected file.
It is always positive to see that well-established companies or organizations are noticing the possible advantages of blockchain technology. And let’s hope that such news will be more common in the future.
Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He’ll Be Back
Just months after making a grand entrance in the cryptocurrency space, the Barstool Sports Founder Dave Portnoy reaffirmed that he’s out of the field. In a recent podcast with Anthony “Pomp” Pompliano, the controversial day trader justified his exit by claiming that Bitcoin is a giant Ponzi scheme.
Portnoy’s Controversial Bitcoin History
Portnoy has become one of the most influential and controversial faces of legacy market day trading. Earlier this year, he declared that he’s “coming to Bitcoin,” which attracted lots of attention. Even the Winklevoss twins offered their help to educate him on Bitcoin.
However, his controversy quickly followed him in the vigilant cryptocurrency field, where the community rapidly spotted his pump and dump techniques. After buying several altcoins and claiming a loss of $25,000, Portnoy said that he’s out.
In Pomp’s recent podcast, he reaffirmed that he doesn’t own any digital assets as of now. He went even further by asserting that Bitcoin is “in my mind one big Ponzi scheme.” He argued that “you get in, and you just have to not be the one left holding the bag.”
Interestingly, though, his 2020 purchase of Bitcoin wasn’t the first. He admitted that he bought about $50,000 worth of BTC during the parabolic price increase in 2017 at about $15,000. When asked if he still holds the coins, Portnoy said that he lost the hardware wallet.
Lack Of Accountability Is A Problem, But I’ll Be Back: Portnoy
One of the most notable features regarding Bitcoin has been the anonymity of the creator – Satoshi Nakamoto. Although the pseudonym is well-known and disputed, and some people claim to be Nakamoto, the true identity remains a mystery to this day.
Portnoy believes that this is a problem. He argued that if he ends up losing money or being scammed, he prefers to know who’s the person behind the entire operation. With Bitcoin, though, this “lack of accountability” raises concerns that he’s not comfortable with. Nevertheless, he noted that he’s planning to get back into BTC:
“I’ll get back. I’ve been saying that I’ll be back into Bitcoin. I don’t know when, but I’ll be back.”
He argued that the community and mostly the memes attracted him the most in the first place, and it’s what he misses the most.
China’s Blockchain-Based Service Network (BSN) Integrates Tezos
- The popular blockchain company Tezos has become the last integrated network into China’s ambitious Blockchain-based Services Network (BSN).
- Developers can employ the Tezos protocol through BSN’s global public city nodes and portals for a “simplified development and deployment experience.”
- All three global public city nodes, namely Hong Kong, California, and Paris, have integrated with the Tezos Blockchain in both mainnet and testnet.
- Developers wanting to utilize the Tezos blockchain need to set up an account on BSN’s website and head towards the “permissionless services” section.
- Upon choosing the preferred public city node, developers need to “create a new project” and “choose the chain” (mainnet or testnet).
- After seeing the new project’s creation based on the Tezos blockchain, the next step is to insert Project ID, Project Key, and Access Address from the Project List.
“All APIs provided by Tezos can be accessed in similar ways, and the original data format will be returned.”
- China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
- Prior to Tezos, BSN integrated other popular blockchain companies starting with Chainlink’s oracle.
- BSN also integrated the Chinese-based platform NEO to accelerate the adoption of the blockchain technology in the country.
Crypto Price Analysis & Overview September 25th: Bitcoin, Ethereum, Ripple, Chainlink, and Tezos
Bitcoin dropped by a total of 3% over the past seven days of trading as it reached the $10,600 level today. The cryptocurrency briefly pushed above the $11,000 mark last Friday but could not sustain this level as it broke beneath it during the weekend. On Monday, BTC saw a precipitous 7.5% fall as it dropped from $10,910 to reach as low as $10,200.
Bitcoin continued to head lower on Wednesday as it reached $10,140 before the buyers regrouped to initiate a rebound, which happened yesterday. During the rebound, BTC managed to break back above the 100-days EMA and reach as high as $10,760 – where it ran into resistance at the bearish .382 Fib Retracement.
The coin has dropped slightly from there to trade at $10,600 today.
Looking ahead, if the bulls can continue above the $10,760 level, higher resistance lies at $10,900 $11,000, and $11,200. Added resistance is expected at $11,340 (bearish .618 Fib Retracement), $11,500, and $11,600.
On the other side, the first level of support lies at $10,430 (100-days EMA0. This is followed by support at $10,330, $10,140, and $10,000.
Ethereum suffered a steeper 11.3% price decline over the past week as it reached the $346 level today. The coin was trading above $380 last Friday but started to drop lower during the weekend. On Monday, Ethereum fell from $365 to reach as low as $335 (100-days EMA).
The price decline continued on Wednesday, which saw ETH drop as low as $320. Luckily, the bulls regrouped for a rebound on Thursday in which ETH managed to reach the $252 resistance (bearish .236 Fib Retracement). It also produced a bullish engulfing candle, which is a strong bullish signal.
Moving forward, if the buyers can break the $352 level, resistance lies at $364 (2019 high), $382, $390, and $400.
On the other side, support is first expected at $336 (100-days EMA). Beneath this, support lies at $320, $306, and $300.
Ethereum also struggled against Bitcoin this week as it fell from 0.035 BTC to reach as low as 0.0311 BTC yesterday. The coin had found support yesterday at the .618 Fib Retracement, which allowed it to bounce higher to the current 0.0326 BTC level.
Looking ahead, if the bulls push higher, the first level of resistance lies at 0.033 BTC. Above this, resistance is located at 0.0337 BTC (March 2019 Support), 0.0347 BTC, and 0.0352 BTC.
On the other side, the first level of support lies at 0.032 BTC. This is followed by support at 0.0315 BTC (100-days EMA), 0.0311 BTC (.618 Fib Retracement), and 0.030 BTC.
XRP witnessed a 5.5% price fall this week as the coin dropped from $0.25 to reach as low as $0.22 yesterday. The cryptocurrency managed to rebound from there to get as high as $0.24 today. However, the market is facing resistance at the 100-days EMA and must pass this to continue higher.
If the bulls break $0.24, the first level of resistance lies at $0.251 (bearish .382 Fib Retracement). Following this, resistance lies at $0.261 (bearish .5 Fib Retracement), and $0.271 (bearish .618 Fib Retracement).
On the other side, the first level of support lies at $0.235 (200-days EMA). This is followed by support at $0.23, $0.22, and $0.217.
XRP is also struggling against BTC as it posted a fresh 2-month low at 2165 SAT (downside 1.414 Fib Extension) yesterday. The coin had slipped from 2300 SAT last Friday and continued lower until it hit the 2165 SAT support.
XRP has since bounced higher to reach the 2250 SAT level today.
If the bulls can break 2250 SAT, resistance is first located at 2300 SAT (bearish .382 Fib Retracement). Above this, resistance lies at 2350 SAT (bearish .5 Fib Retracement), 2400 SAT, and 2460 SAT.
Alternatively, support lies at 2200 SAT, 2165 SAT, and 2111 SAT.
LINK saw a substantial 10% price fall over the past seven days, which saw the coin breaking beneath the $10 level and hitting as low as $7.31. There, it found support at a downside 1.272 Fib Extension level, which allowed it to rebound yesterday to reach the $9.90 resistance level today.
If the bulls can break $10, the first level of resistance lies at $10.40. Above this, resistance is found at $11.37 (bearish .382 Fib Retracement), $12, and $12.63 (bearish .5 Fib Retracement).
On the other side, support first lies at $9.00. Beneath this, support is found at $8.67, $8.00, and $7.31.
Against BTC, LINK dropped as low as 0.00072 BTC during the week. It was trading above a 3-month-old rising trend last Friday, but it went on to collapse beneath this support over the weekend. After reaching 0.00072 BTC, LINK bounced higher to get to the current 0.000935 BTC level today. Notice that it has returned to the previous rising trend line, which is now acting as resistance.
Looking ahead, the first level of resistance lies at 0.00095 BTC. This is followed by resistance at 0.001 BTC, 0.00103 BTC (bearish .382 Fib Retracement), and 0.00112 BTC (bearish .5 Fib Retracement).
On the other side, support is first found at 0.00091 BTC. This is followed by support at 0.0082 BTC, 0.00072 BTC, and 0.0007 BTC.
XTZ saw the steepest price fall on this list as it dropped by 13% over the past 7 days. The coin fell beneath the $2.32 (.618 Fib Retracement) support on Friday and continued lower to crate a new 5-month price low as it reached $1.91. This support held over the past few days, and Tezos rebounded from here yesterday to reach $2.15 today.
Looking ahead, if the bulls break $2.20, resistance is found at $2.32, $2.53 (bearish .382 Fib Retracement), and $2.72 (bearish .5 Fib Retracement).
On the other side, the first two levels of support lie at $2.00 and $1.91. Beneath this, support is expected at $1.74 (.786 Fib Retracement), $1.68, and $1.56.
Tezos is suffering further against BTC as it produced a 7-month price low this week after reaching 18,600 SAT. The coin has since bounced from here to break back above 20,000 SAT today.
Looking ahead, the first level of resistance lies at 21,000 SAT. This is followed by resistance at 22,000 SAT, 21,750 SAT, and 24,300 SAT.
On the other side, beneath 20,000 SAT, support lies at 19,380 SAT, 18,600 SATm ad 17,600 SAT (.886 Fib Retracement). Added support lies at 16,600 SAT and 15,600 SAT.
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