Markets

The past seven days were marked by considerable declines throughout the entire cryptocurrency market. Almost everything is in the red, with the total capitalization sliding beneath $2 trillion. There’s no other way of putting this – the past week was bad for bitcoin’s price. It was almost all downhill. The cryptocurrency was trading in the range between $61 and $63K last Friday, but things went south quickly as the weekend started. Sunday marked the first big drop where the...

Through the partnership, both Cathay and Canaan expect to expand their international coverage as the global economy recovers with the help of technology.  Canaan Inc ADR (NASDAQ: CAN), a semiconductor solution provider, has announced a strategic partnership with Cathay Tri-Tech., Inc. (“Cathey”) to introduce its artificial intelligence facial recognition module to the Japanese market. Notably, Canaan’s AI facial recognition module utilizes its Kendryte K210 AI chip.Cathay, a subsidiary of...

BeneSwap is a new decentralized derivatives trading platform based on the underlying infrastructure of OKExChain. The blockchain technology ecosystem is gradually growing into the mainstream adoption cycle. This is due to the constant rollout of innovative products by the growing number of crypto-based platforms. From centralized to decentralized exchanges, the hoard of digital assets being rolled out today finds their way to a platform where they can be traded. As the crypto world aims to...

Through the partnership, physical pieces will be distributed by DIGITALAX while Polygon will mint the corresponding NFTs. Polygon Network, formerly known as Matic protocol, has announced its collaboration with the DIGITALAX platform to issue a hybrid digital and physical fashion line. According to the dual, the partnership is based on the idea of non-fungible tokens (NFTs) as memes and a gateway that avails the sustainability of the digital markets.The NFT industry has been one of the...

It was a red week all over the cryptocurrency market. Almost everything, with a few exceptions, declined substantially as the total market cap slipped below $2 trillion. Bitcoin Bitcoin saw a turbulent week in which the price dropped by a steep 20% to break beneath $50,000 and reach as low as $47,500 today. The cryptocurrency fell beneath $60,000 at the start of the week as it saw a large spike lower in which it dropped to the $51,440 support (.618 Fib). It managed to...

As Bitcoin (BTC) and Ethereum (ETH) are classified as taxable assets by the US tax authorities, the proposed capital gains tax will also impact crypto investors who have held and earned returns on their digital currencies for a year now. The global market slumps following the aftermath of reports that the United States President Joe Biden is planning to propose a 39.6% capital gains tax to fund education and child care. As reported by CNBC, the President is formally billed to make the...

The latest adverse price developments in the cryptocurrency markets have normalized the Korean bitcoin premium known as the Kimchi premium. With the enhanced volatility, though, experts warn traders to be highly vigilant as the market is still over-leveraged. Kimchi Premium Cools Down The Kimchi premium represents the difference in bitcoin’s price on global exchanges and such operating in South Korea. CryptoPotato reported in early April that the metric, named after a...

Bitcoin’s suffering has only intensified in the past 24 hours with a massive 10% dump to well below $50,000. The alternative coins have it even worse with substantial double-digit price slumps, and the market cap lost roughly $300 billion in a day. Bitcoin Drops Below $50K It was less than ten days ago when everything seemed to be going in BTC’s way as the primary cryptocurrency had just painted its latest ATH record of $65,000. However, the ever-volatile crypto markets...

Bitcoin cash price failed to stay above $1,000 and declined heavily against the US Dollar. The price is now trading well below the $850 support level and the 55 simple moving average (4-hours). There was a break below a major contracting triangle with support near $910 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair is likely to continue lower towards the $650 and $600 support levels in the near term. Bitcoin cash price is gaining pace below...

In an announcement on April 23, Coinbase Pro stated that it had enabled trading for the Tether stablecoin. The move is huge news as previously the leading exchange would only support its own native stablecoin, USDC. The announcement added that support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. The only version of USDT available will be the Ethereum ERC-20 standard. Trading will begin on or after 6 PM...