Mode launches peer-to-peer capabilities, allow users make instant bitcoin transfers

Mode launches peer-to-peer capabilities, allow users make instant bitcoin transfers

UK fintech Mode announces the launch of its new instant Bitcoin transfers feature, as part of its continued mission to open up access to the exciting world of digital assets. The free feature allows Mode users to seamlessly sync their contacts on the Mode app, and send instant Bitcoin transfers to other Mode users, anytime, anywhere. 

Mode already provides an easy way for everyday investors to own a piece of Bitcoin, by enabling them to instantly deposit GBP funds via Open Banking and Faster Payments, and use those funds to buy from as little as £50 worth of Bitcoin in just a few taps. 

This move comes off the back of sharply rising Bitcoin network transaction fees, which have soared by as much as 547% in the month of August. Not only do users face the expense of transferring Bitcoin funds to friends, but due to the nature of the network, transfers can often take between 10 minutes and up to a day. Both factors inconvenience Bitcoin users and were fast becoming a roadblock in Mode’s mission to bring Bitcoin mainstream. 

Janis Legler, Chief Product Officer at Mode, said: “Launching our new peer-to-peer Bitcoin transfers feature means our users can easily introduce their friends and family to the world of Bitcoin, something they’ve been wanting for quite some time. It also marks our first step towards seamless transfers worldwide, which we hope will project us forward in becoming the next-generation truly digital banking app as the world prepares for an increasingly cashless society.

“Our next move is to launch regular money transfers and continue to leverage the potential of ‘Open Banking’ technology and progressive regulation to provide further novel and innovative features for our users.”

Thanks to Mode’s newest feature, there is no better time to introduce your friends to the world of crypto. For every friend invited to Mode, both the existing and new user receive £10 worth of Bitcoin. T&Cs apply. Download Mode now: apple.co/2ZbEo8h

Source: itedgenews.ng

Author: Posted By: ITEdgeNews


Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

bulls-stampede-toward-$12k-bitcoin-price-as-weekly-close-approaches

Bitcoin price continues to meet resistance at the $12K level, will bulls break through it before the weekly close?

Bitcoin price is making a strong push toward $12,000 with just 24-hours before the weekly close occurs

Despite multiple rejections at the $12K mark, BTC continues to make higher lows and traders are buying dips at underlying support levels

Chainlink reached a new all-time high at $19.80 and Ether is struggling to push above $430

Cryptocurrency daily market performance snapshot. Source: Coin360

Typically, for Bitcoin (BTC), weekends are marked by reduced trading volume as day traders take a break and the CME Bitcoin markets are closed.

Experienced traders will also know that exchange order books thin out during the weekend, providing opportune moments for clever Bitcoin whales to exploit these gaps and sway the price through whipsaw volatility.

This Saturday things are different as the scenarios mentioned above are not deterring traders from a renewed push to the $12K mark.

If the current move to the key level fails, it would be the second time in a week and for some analysts multiple rejections at a key resistance level can be a bearish signal.

On the other hand, there are also an equal number of traders who will argue that multiple retests of a key resistance level heighten the chance that it will be breached on future attempts.

BTC/USDT daily chart. Source: TradingView

A few positives for Bitcoin price are: the daily chart continues to show a pattern of higher lows, the RSI is in bullish territory at 66, and traders show strong interest in buying into each dip, as shown by the rising purchasing volume on the daily timeframe.

In the event that traders can manage a 4-hour close above $12,000, Bitcoin will need to pursue a daily higher high above $12,068 and $12,123 then things will get quite interesting.

For the time being, we can see that the price is simply compressing into a tighter range within the pennant and drop the lower trendline should be supported by the high volume VPVR node extending from $11,730 to $11,500.

Typically a drop from such a pennant would warrant some concern but given buyer’s demonstrated interest in buying since July 28th and further back to March 12, it seems bulls will eventually have their way by flipping $12K to support in the short-term.

Bitcoin daily price chart. Source: Coin360

As Bitcoin fought to retake the $12K level, the performance from altcoins has been a bit of a mixed bag.

Chainlink (LINK) continues to lead the market, rallying 12% to reach a new all-time high at $19.80. Ether (ETH) appears to be losing steam as it pulled back 2.2% and struggles to reclaim the $340 level.

Meanwhile, EOS finally managed to break above a key resistance to rally more than 18% and currently trades for $3.75

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $373.4 billion and Bitcoin’s dominance index is currently at 58.8%.

The post Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches appeared first on BTC Ethereum Crypto Currency Blog.

Source: cryptomoneyteam.co

By TeamMMG

Bulls Stampede Toward $12K Bitcoin Price as Weekly Close Approaches

BITCOIN IS FALLING BELOW KEY SUPPORT???

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Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

Analysts Fear a Strong US Dollar Will Dampen Bitcoin’s Bullish Momentum

August 23, 20200 Comments

On Aug 21, Bitcoin (BTC) price declined by more than 3% from around $11,880 to $11,511 on Coinbase. Coincidentally, the U.S. Dollar Index (DXY) started to rebound from its 4-month downturn.

BTC/USD daily chart. Source: TradingView.com

BTC/USD daily chart. Source: TradingView.com

As the dollar increased by 1.3% from $92.28 to $93.20, Bitcoin, major cryptocurrencies, and gold fell in tandem. The seemingly inverse correlation between the dollar and Bitcoin might indicate that the weakening dollar partially catalyzed BTC’s recent rally.

Since the major Black Thursday Bitcoin correction, analysts have attributed the current BTC rally to the fading dollar.

Researchers at Kraken exchange, wrote:

“Behind the surge, Bitcoin’s correlation with #gold strengthened to a 1-year high of 0.93. This occurred as markets turned to safe haven assets amid an uptick in COVID cases, increased government spending, mixed corporate earnings, inflation fears and a weakening US dollar.”

Contrarily, when the dollar reverses and begins to rally, the chances of a Bitcoin consolidation phase could rise.

In the last 48 hours, as the US Dollar Index climbed, the price of gold also slumped by more than 3.5%. Gold had been rallying strongly in recent weeks, buoyed by the rising uncertainty around the global economy.

The US Dollar Index shows signs of a recovery. Source: TradingView.com

The US Dollar Index shows signs of a recovery. Source: TradingView.com

As such, Scott Melker, a cryptocurrency trader, said that the inverse relationship between Bitcoin and the dollar is more compelling than its recent correlation with the stock market. He noted:

“Bitcoin’s inverse relationship with the dollar is far more compelling than the idea that it is correlated with the stock market.”

The dollar has underperformed against major reserve currencies like the Japanese yen since April and analysts anticipate that if it can sustain its strong momentum gold and the U.S. dollar will be negatively impacted.

According to Michael Hewson, CMC Markets UK’s chief market analyst, the dollar’s recovery is causing gold’s uptrend to weaken. Hewson said:

“The rebound in the US dollar has also sparked a fresh bout of weakness in gold prices which sold off sharply and are now testing support at $1,920 an ounce, and the renewed uncertainty over the pace of further monetary stimulus from the Federal Reserve.”

Data from Skew also shows that Bitcoin and gold have seen a newfound correlation in recent weeks. If the prices of BTC and the precious metal continue to move in tandem, the likelihood of the strengthening dollar causing a BTC pullback rises.

Karl Schamotta, Cambridge Global Payments’ chief market strategist, said the dollar could be seeing a short squeeze. He explained:

“You’re seeing a bit of an unwind in the short dollar trade that had gained so much momentum in the last couple months.”

The confluence of a dollar short squeeze, the upcoming stimulus deal, and rising economic certainty are contributing to the rebound of the dollar but will this be a short-lived or longer term trend.

Source: cryptobrain.net

Author: by admin


Curiosity in Crypto Up in Belarus as ‘Info Conflict’ Rages

Curiosity in Crypto Up in Belarus as ‘Info Conflict’ Rages

Amid unconfirmed experiences pertaining to be from Belarus, the nation might quickly impose overseas forex trade limits – a transfer that some suppose might drive residents to crypto en masse.

Protests and strikes proceed within the nation after a disputed normal election returned incumbent president Alexander Lukashenko to energy.

And per a Telegram submit from Belarus Economic system, a channel with over 29,000 members, the Lukashenko regime is about to challenge a crackdown on overseas trade and banking actives.

The submit’s authors declare that draconian measures are within the pipelines in Minsk, with all overseas trade purchases set to be outlawed apart from intelligence agency-approved trades, a ban on “transactions with overseas companions,” a ban on commerce offers that make use of foreign currency echange and the creation of a physique that might be approved to freeze and block worldwide transactions.

Some consider that ought to banks cooperate in plans like these outlined above, residents’ property might primarily change into nugatory – main them to hunt options like crypto purchases.

Belarusian exchanges say that enterprise is up for the reason that protests started earlier this month, notably as banks at the moment are charging exorbitant charges for USD and euro purchases.

Nonetheless, crypto trade insiders have warned warning – urging residents to remember that an “data warfare” has begun, and advising that they keep away from being caught up in it.

RBC quotes Artem Strelchenok, the CEO of Belarusian crypto trade Free2ex, as stating that current bans on home offers that make use of overseas forex has been in impact for greater than 5 years. He added that the remainder of the measures talked about within the Telegram submit sounded “like nonsense.”

Strelchenok added,

“Curiosity in crypto has elevated since [the protests began]. Additionally, it’s price remembering that cryptoassets have been common for a number of years in Belarus. It’s logical that folks at the moment are remembering this truth. I wish to emphasize that Belarusian legislation regulates the crypto sector.”

As beforehand reported, there have additionally been options that Minsk might use its crypto sector, which makes up some 4% of its GDP, to bypass American or EU-imposed sanctions. Some warned that the crypto trade might be compelled to “decide a aspect” – deciding whether or not to throw of their loyalties with pro-EU and USA-affiliated tech corporations or Russia- or China-linked enterprises.

Source: bitcoinflashnews.com

Author: By admin


Bitcoin Stalls, Ethereum 2.0 Outage, and IRS Crypto Crackdown

Bitcoin Stalls, Ethereum 2.0 Outage, and IRS Crypto Crackdown

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week.

Another week, another unsuccessful attempt at meaningfully cracking $12,000. Bitcoin suffered an 8.6% drop to as low as $11,370 after a stubborn rejection at $12,400. Now, technical analysts are cautiously anticipating a consolidation phase in the short-term.

Cointelegraph analyst Michaël van de Poppe says dropping below $11,500 again could lead to a bearish divergence for the world’s biggest cryptocurrency. Here’s the problem: Clouds are beginning to darken over the stock market, and this could affect BTC

The “Buffett Indicator” is hinting that the U.S. stock market is currently at dot-com levels — potentially indicating that equities are highly overvalued. A crash could trigger a major reaction on the BTC markets… but the jury’s out on whether it’ll be good or bad.

Some argue that the correlation between Bitcoin and the S&P 500 has been diminishing recently — potentially boosting the bull case for BTC if stocks decline. Indeed, a new report by Grayscale Investments recently said that Bitcoin’s current market structure “parallels that of early 2016, before it began its historic bull run.”

There was further bad news for the already delayed Ethereum 2.0 upgrade this week. Medalla, the final multi-client testnet before the long-awaited Phase 0 launch, came to a shuddering halt when a bug took most validators offline.

Medalla is now back up and running again, if not entirely stable. But some, such as the Bitcoin SV blog CoinGeek, have described the disruption as a major disaster that proves Ethereum 2.0 is not ready to launch, with “significant delays likely.”

Not everyone agrees with this dire outlook. Raul Jordan, the editor of Prysmatic Labs, insists that the outage “does not inherently affect” the upgrade’s launch date. Even though he described the bug as “carnage,” he insisted that this is exactly what testnets are for: ironing out problems in an environment where real money isn’t at stake.

With the Ethereum network struggling to cope with demand, a problem exacerbated by the DeFi boom, pushing back the launch date any further would be a major issue. After all, Phase 0 had been meant to launch back in January.

As Eli Afram wrote on Twitter: “ETH 2.0 is going to need all the testing it can get. Maybe a couple of Hail Mary’s too.”

Now here’s a bit of news that’ll blow your socks off. Miners have reacted furiously to an Ethereum Improvement Proposal that would slash block rewards by 75%.

The change is designed to bring Ether’s inflation rate more in line with Bitcoin’s and to preserve ETH’s purchasing power. But miners are warning that this would have a devastating impact on security and could make a 51% attack more likely.

Some miners are disgruntled about how they’re being treated in the run-up to Ethereum 2.0. This upgrade will make the blockchain proof-of-stake, eventually rendering miners obsolete.

One of them said: “It feels really bad to be treated as a necessary evil to be paid out the minimum possible to incentivize us to keep our lights on just long enough to make the transition to 2.0 work.”

One of India’s top economists has said that private cryptocurrencies like Bitcoin and Facebook’s Libra can have a future — even when central banks launch their own digital assets.

Raghuram Rajan formerly served as the governor of the Reserve Bank of India and as the International Monetary Fund’s chief economist. He warned that it would be “problematic” if a single private cryptocurrency or CBDC ends up gaining a monopoly, as this would mean they have a “tremendous amount of power.”

Speaking on a CNBC podcast, he believed that comparing Bitcoin with Libra and Libra with CBDCs such as the digital yuan is ultimately unhelpful because each will play a different role. Whereas he predicted BTC will continue to serve as a store of value or a speculative asset, he said Facebook’s asset will be used for day-to-day transactions.

In remarks that are rather refreshing from a former central banker — let alone one from crypto-cautious India — Rajan added: “Do you trust the central bank as much with details on every transaction you make? Should the government know? The beauty of the cash in our hands is that it’s anonymous. Even if you’re not doing something illegal you don’t want the government seeing everything you do.”

Uber’s former chief security officer has been accused of trying to cover up an extensive hack by funneling a hush-money payment of $100,000 in Bitcoin through a bug bounty program.

The U.S. Department of Justice has charged Joseph Sullivan with obstruction of justice and misprision of felony in connection with the 2016 attack. During the incident, hackers obtained the license numbers of 600,000 Uber drivers — and private information belonging to 57 million users.

According to prosecutors, Sullivan took “deliberate steps to conceal, deflect, and mislead” the Federal Trade Commission regarding the breach and the subsequent payment.

U.S. Attorney David Anderson said: “We will not tolerate illegal hush-money payments. Silicon Valley is not the Wild West.”

In a statement, a spokesperson representing Sullivan claimed “there is no merit” to the allegations — adding that, without his actions, “it’s likely that the individuals responsible for this incident never would have been identified at all.” Two of the hackers pleaded guilty to charges of computer fraud conspiracy in October and are now awaiting sentencing.

At the end of the week, Bitcoin is at $11,610.43, Ether at $390.87 and XRP at $0.28. The total market cap is at $361,817,688,182.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are OMG Network, yearn.finance and Golem. The top three altcoin losers of the week are JUST, Swipe and Kava.io.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

“Fed & Treasury to take over banking system? Fed and Treasury ‘helicopter fake money’ direct to people to avoid mass rioting? Not a time to ‘Think about it.’ How much gold, silver, Bitcoin do you have?”

Robert Kiyosaki, Rich Dad Poor Dad author

“It appears that users in many regions use stablecoins to access U.S. dollars for cross-border payroll, remittance, and capital flight from local currencies.”

Chainalysis report

“ETH 2.0 is going to need all the testing it can get. Maybe a couple of Hail Mary’s too.”

Eli Afram, Twitter user

“It would have been really terrifying if the Medalla public testnet ran uninterrupted, with perfect performance right before mainnet, and then this bug occurred with real money at stake once ETH 2.0 launched.”

Raul Jordan, Prysmatic Labs editor

“Bitcoin continues to command global investor attention, there is scant supply to meet growing demand, and the infrastructure is now in place to satisfy that demand.”

Grayscale report

“Every time Bitcoin breaks a prior all-time high, especially when it takes years to break that all-time high, it tends to usually more than double. So I think $45,000 to $50,000 is a reasonable target.”

Tone Vays, crypto trader

“Bitcoin is a bit like gold.”

Raghuram Rajan, former Reserve Bank of India governor

Well-known Bitcoin derivatives trader Tone Vays believes Bitcoin will stay above $10,000 for the rest of 2020.

Although he was previously skeptical that the cryptocurrency had any chance of breaking $20,000 in 2021, he now thinks it’s possible for BTC to overtake its all-time high.

Vays said that, should Bitcoin surpass this record, history shows that the cryptocurrency has a good chance of doubling in value. Based on historical price cycles, he predicted that $45,000–$50,000 would be a reasonable target.

Various price models predict the price of Bitcoin to reach anywhere between $30,000 to $250,000 in the long-term. Historically, Bitcoin has seen a major breakout past its previous record high, reach a new peak, then correct. 

A rapid upsurge to unsustainable price levels could leave BTC vulnerable to sharp drops. Vays added: “Do we think we go as high as $100,000? I’m not willing to make that statement. For me, I would be happy if the next top was around $45,000, and that can happen quickly.”

The Internal Revenue Service released drafts of its income tax forms for 2020 this week. Every American filling out this paperwork will be asked whether or not they used crypto.

Early into its very first page, the latest 1040 form asks: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

Chandan Lodha, the founder of the crypto tax software firm CoinTracker, told Cointelegraph that this “pretty clearly shows that the IRS is taking cryptocurrency taxes even more seriously.”

Tech pioneer and crypto advocate John McAfee sensationally announced this week that he was departing his own privacy asset project, Ghost.

In a tweet on Aug. 19, he wrote: “Management is incapable of making a success of the project. It will, without a doubt fail.”

McAfee apologized for leading anyone astray, but added: “I tried to explain the fundamental principles of management, but they fell on deaf ears.”

The 74-year-old has bashed Bitcoin for its lack of privacy, but Ghost has had some problems of its own. It has been claimed that the project plagiarized content from the white paper of PIVX, another anonymity-focused crypto asset.

Following his abrupt departure, a Ghost representative wrote on Telegram: “John McAfee is a tech pioneer, a really cool guy, and a loose cannon […] John can help market GHOST to his network or doesn’t have to, but that does not affect the GHOST blockchain whatsoever.”

Fake coins continue to plague decentralized exchange Uniswap, with prominent crypto projects associated with upcoming token sales reporting impersonators trading on the platform.

Earlier this week, the upcoming DeFi lending protocol Teller Finance tweeted that a fake token in its name, as well as a Uniswap pool, had been created.

The project added: “Teller Labs has not made any official announcements on any potential, planned, or upcoming token launches.”

The highly anticipated NEAR Protocol token sale also attracted impersonation scams in the lead-up to its commencement last week — with Cointelegraph identifying two tokens impersonating NEAR on Uniswap in recent weeks.

Unlike centralized platforms, Uniswap does not maintain any rules or criteria for listing, meaning that anybody can list an ERC-20 token on the exchange.

The high-profile Twitter hack — which saw malicious actors take over 130 verified accounts including Bill Gates and Elon Musk — managed to be both technically brilliant and incomprehensibly stupid at the same time. Writing for Cointelegraph Magazine, Andrew Fenton takes a look at some of the biggest scams over the years.

Youssef speaks to Darren Kleine about his journey in the world of business — starting all the way back as a newspaper delivery boy in the 80s.

Recent advertising campaigns by cryptocurrency fund management firms are well-timed as investors look for safe havens from inflation. Gareth Jenkinson has the story.

Source: otcpm24.com

Author: News Bureau


Mode launches peer-to-peer capabilities, allow users make instant bitcoin transfers


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