DAILY UPDATE CRYPTOCURRENCY NEWS #03
Daily Update Cryptocurrency News
1. It's been a rough month for Mark Zuckerberg.In the fallout from the Cambridge Analytica fiasco, in which it was found a third-party data provider was mining user information on behalf of political groups, Facebook and its founder have faced an outcry of criticism over the company's role as leader-supreme data custodian for the developed world.
2. The bears continued to be in the driver's seat on Monday, pushing bitcoin (BTC) below $8,000 and opening the doors for a re-test of recent lows near $7,300.The cryptocurrency found acceptance below the crucial support of $8,217 (prices as per Bitfinex) at 12:00 UTC yesterday, signaling the corrective rally from the low of $7,240 has ended. The emboldened bears then pushed bitcoin down to $7,716 earlier today - its lowest since March 18.
3. Though Bitcoin broke out of the descending channel on March 20, it could not cross above the 20-day EMA. Currently, prices are again threatening to dip back into the channel, which is a bearish development. Our long positions initiated at $8,800 are trading under a loss. As the setup looks negative, we suggest booking a loss on 50 percent of the open positions and holding the rest with the stops at $7,600.
4. In a press conference hosted Tuesday, the operator of South Korea's largest messenger app, Kakao Talk, said the company has launched a new division to start developing a blockchain-powered platform for completion within the year. The new product will be open to the public as a foundation for application developers, Yonhap reports.
5. LitePay - which also claimed it would offer a crypto wallet and "LitePay debit card" through which users could convert litecoin into U.S. dollars - was unveiled in December of 2017 and set to launch in February of this year. Data from OpenGovUS shows that LitePay Inc. started operating on February 1.
6. As covered by Crypto Coins Reports, privacy-oriented cryptocurrency Verge (XVG) launched a ‘crowdfund contest’ to help raise 75 million XVG, worth about $3.4 million, so it could establish a “mysterious partnership.” The funding target has now been met, but reports suggest developers are delaying revealing who the mysterious partner is.
Verge’s fundraising appeal claimed that the partnership was with a global organization with a “vast network of super high traffic sites.
7. The San Francisco-based company said it will support Ethereum’s ERC20 technical standard on its platform in the coming months, according to a blog post the firm published Monday. ERC20 is the technical standard used to build Ethereum-based tokens, such as EOS, Qtum, OmiseGo and Bancor. There are more than 50,000 ERC20 token contracts, according to Etherscan website.
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