Bitcoin Must Hold This Level Or Risk Falling To $10,000

Bitcoin has seen a remarkable recovery trend that has caused its price to surge past $22,000 once more. This is a welcome development for the digital asset, which has been suffering from many dips, but it is not all rosy for the cryptocurrency. Since the market continues to remain in a bearish trend, there are levels that bitcoin must maintain above to keep such high prices. Otherwise, it risks falling more than 85% from its all-time high. Bitcoin Must Hold Above $17,000 Many prominent figures in the finance industry have…

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Linux to launch Foundation to support digital wallet development

The Linux Foundation, a global nonprofit organization that enables innovation within the blockchain ecosystem through access to open source technology, has announced plans to launch the OpenWallet Foundation (OWF).  The OWF is a collaborative effort between companies in the technology and public sector, as well as stakeholders within the blockchain ecosystem, to develop open-source software to support the interoperability of digital wallets; software designed to send, receive, store and monitor digital assets. According to a press release issued on Sept. 13, the primary goal of the OWF is to build…

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FTX (FTT) Token Flashes Buy Ahead Of A Rally, Will $35 Be Reclaimed

The FTX (FTT) token has had a difficult time, but it has recently flashed a buy signal, indicating that the price is poised to rise against tether (USDT). The crypto market’s early week saw altcoin prices surge as most coins rallied with significant price gains, with the FTX (FTT) token poised to make a relief bounce. (Data from Binance) FTX (FTT) Token Price Analysis On The Weekly Chart  Weekly FTT Price Chart | Source: FTTUSDT On Tradingview.com The price of FTX has struggled to maintain its bullish momentum in recent…

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SWIFT and Symbiont announce corporate data blockchain pilot

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) disclosed on Tuesday a partnership with fintech company Symbiont to provide more accurate data for financial firms through blockchain technology.  Vanguard, Citigroup, American Century Investments, and Northern Trust are among the companies participating in the initiative. According to the announcement, the pilot project “could help providers distribute data in near real time to global custody clients.” Through Assembly, Symbiont’s proprietary technology platform, smart contracts will be used “to create a network effect that leverages the 11,000+ institutions connected to SWIFT globally.” In 2017,…

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OpenNode sets up BTC payment infrastructure in Bank of Bahrain regulatory sandbox

Bitcoin infrastructure provider OpenNode will test a Bitcoin payment processing and payouts solution in the Central Bank of Bahrain’s (CBB) regulatory sandbox, the company announced Sept. 13. This is the latest of several steps the kingdom has taken to join the crypto economy both on its own and as a member of the Cooperation Council for the Arab States of the Gulf (GCC).  OpenNode will provide the first Bitcoin (BTC) infrastructure in Bahrain, although the Gulf island nation has been luring fintech companies to its shores for the past several…

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Filecoin service provider announces move to Singapore in light of tightening restrictions in China

RRMine Global, a Filecoin service provider offering global cloud-computing asset management, announced Wednesday that it has shut down business operations in mainland China and is relocating its headquarters to Singapore.  The company said the decision to move countries and launch upgrades to their system came after the it rebranded from RRMine to RRMine Global. RRMine Global is ending its operations in Mainland China after the Chinese government tightened cryptocurrency restrictions, signaling the government’s commitment to heavily regulating the Web3 industry. Steve Tsou, the Global CEO of RRMine Global, shared: “Very…

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Celsius CEO plans to restructure firm to focus on crypto custody: Report

Crypto lending platform Celsius, currently in the middle of bankruptcy proceedings, reportedly plans to rebuild around crypto custody services. According to a Tuesday report from the New York Times, Celsius CEO Alex Mashinsky and head of innovation and chief compliance officer Oren Blonstein aimed to revive the company using a project named Kelvin — storing users’ crypto and charging fees on certain transactions. Mashinsky reportedly made the announcement at a Sept. 8 meeting for employees, at which the company discussed possible scenarios for its future after filing for Chapter 11…

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Bitcoin margin long-to-short ratio at Bitfinex reach the highest level ever

Sept. 12 will leave a mark that will probably stick for quite a while. Traders at the Bitfinex exchange vastly reduced their leveraged bearish Bitcoin (BTC) bets and the absence of demand for shorts could have been caused by the expectation of cool inflation data. Bears may have lacked confidence, but August’s U.S. Consumer Price Index (CPI) came in higher than market expectations and they appear to be on the right side. The inflation index, which tracks a broad basket of goods and services, increased 8.3% over the previous year.…

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NFT creator Doodles raises $54M in funding at $704M valuation

On Tuesday, nonfungible tokens (NFTs) collection Doodles announced that it had raised $54 million at a $704 million valuation in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. As told by Doodles, the investment will allow it to scale its growth strategy and monetize its intellectual property globally through ventures in the music, culture and entertainment industries. Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, it…

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New regulatory bill grants Uruguayan Central Bank control over the nation’s crypto industry

The Uruguayan government has introduced legislation to the parliament that acceleratin the regulation of the crypto space in the country and establishing the central bank as the regulatory authority. Introduced on Sept 5, the bill strives to clarify the country’s regulatory framework for cryptocurrency assets, stating that all companies that provide digital asset-related services, including initial coin offerings (ICOs) are under the supervision of the Superintendency of Financial Services (SSF), a central bank entity. Cryptocurrency exchanges, custody services and any financial services relating to these digital assets should also adhere to…

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