The most important news this week
Are you bored with bitcoins? This price level is the key to a major breakout.
It was a quiet week for the cryptocurrency – and there was almost no movement in Bitcoin. At the time of writing this report, BTC was 0.75% lower than it was seven days ago. This week, traders were about to head off a massive drop after Bitcoin fell below $ 9,000 for the seventh time in two months. Cointelegraph analyst Michael van de Pope says that BTC consolidates below $ 9,300, but that is not necessarily bearish, as the main breakout in action may be. He warned that the support should remain at $ 8900-9000 to prevent further falls in the bearish area and the main resistance level should be exceeded at $ 9300. Everyone is looking at stock markets amid concerns that an unpleasant recession could pull BTC here. The coronavirus crisis in the United States is getting worse and worse, and a key member of the White House Task Force COVID-19 warns that the country can see 100,000 cases a day if immediate action is taken to halt the spread.
OKCoin CEO says PayPal will increase the cryptocurrency if rumors are confirmed
Some fear that PayPal wants to steal money to launch a cryptocurrency with plans to add bitcoin to the platform. But not everyone agrees with this theory. COCoin, COO Jason Lau believes that any PayPal migration of digital assets “will definitely have a positive impact on cryptocurrency coverage for a large new audience,” said Cointelegraph: “The addition of PayPal encryption will add additional awareness and low new acceptance to the friction payment method for individual users. Lau explained that Many crypto users often participate first in simple, convenient and easy ways. Venmo, then they come to OKCoin to develop and implement their investment and business plans. ”
Authorities destroy the largest network of criminal chats
Police forces across Europe have succeeded in “penetrating” the encrypted chat network, which is suspected by top-level criminals who smuggle drugs and import weapons. About 800 people, including two lawyers, were arrested during a dramatic three-month process. The network is called EncroChat, and the company behind it sold the modified Android phones that provided an anonymity guarantee. The question now is whether this crisis is part of a coordinated campaign to discredit secrecy techniques in the public eye. A bill banning end-to-end encryption has been introduced in the US Senate in recent weeks.
The FCA study says 2.6 million UK residents are buying digital currencies
The UK Financial Conduct Authority estimates that approximately 2.6 million UK consumers have purchased cryptocurrency at some point. About 1.9 million – 3.86% of the adult population – currently owns digital assets. The Financial Conduct Authority (FCA) says there is “statistically significant growth” compared to the report in 2019. Industry awareness seems to be growing as well … 73% of adults have heard about cryptocurrency compared to 42% last year. FCA studies show that 75% of UK crypto owners have digital assets under £ 1,000 ($ 1,229), while 83% buy crypto assets on stock exchanges outside the UK.
Report: By 2027, with the help of the blockchain and the Internet of Things, $ 300 billion in food will be tracked.
A new report from Cointelegraph Consulting and VeChain predicts that US $ 300 billion in food will be tracked using blockchain technology every year by 2027. In addition to tackling some of the industry's most pressing questions, the study suggests companies can also save $ 100 billion annually. It is estimated that up to 20% of the world's wine sales are counterfeit, and up to 70% of wild salmon and Atlantic cod are “convincing with less attractive, cheaper, or less expensive species”. Global industry leaders like Walmart, Carrefour and Dole are among those who are already using blockchain to track supply chain products.
At the end of the week, Bitcoin cost $ 9,038.38, ether – $ 225.39, and XRP – $ 0.17. The total market value is $ 258,996,382,559.
Among the top 100 cryptocurrencies, the three largest markets in the Altcoin market per week are Flexacoin, VeChain, and Digitex Futures.