BitMax.io Support
Aug 22 · 3 min read

Major Headlines (Coindesk)
Bitcoin Selloff Stalls at Historical Price Support Near $10K
In Palestine, Civilians Are Using Bitcoin More Than Hamas
US Treasury Blacklists Bitcoin, Litecoin Addresses of Chinese ‘Drug Kingpins’
Crypto Futures Exchange Deribit Launching Bulk Derivatives Trading
Korean Banks Back $7.4 Million Funding Round for Blocko
Blockchain Education Initiatives Launch at California Universities
White House Advisory Says Cryptocurrencies Used for Fentanyl Purchases

Takeaway
Bitcoin Selloff Stalls at Historical Price Support Near $10K
• Bitcoin’s defense of the 100-day moving average and a bullish divergence of an hourly chart indicator suggest scope for a minor price bounce to $10,300
• Bitcoin will remain in the hunt for a drop to $9,467 (Aug. 13 low), as long as the rising wedge breakdown seen on the 4-hour chart remains valid.
• A UTC close above $10,956 would shift risk in favor of a rally to $11,850-$12,000. A weekly close above $12,000 is needed to confirm bullish revival.

In Palestine, Civilians Are Using Bitcoin More Than Hamas
• Experts say Hamas is now using bitcoin for cross-border fundraising at an unprecedented rate.
• General awareness in Palestine of bitcoin and ethereum has increased since 2018.
• Freelance payments and remittances are reportedly the leading use-cases for bitcoin transactions in the Palestinian territories.

US Treasury Blacklists Bitcoin, Litecoin Addresses of Chinese ‘Drug Kingpins’
• The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned three Chinese nationals and their cryptocurrency addresses, alleging they violated money laundering and drug smuggling laws.
• “Zheng and Yan have shipped hundreds of packages of synthetic opioids to the U.S., targeting customers through online advertising and sales, and using commercial mail carriers to smuggle their drugs into the United States.”

Crypto Futures Exchange Deribit Launching Bulk Derivatives Trading
• Deribit claims it’s becoming the first crypto futures and options exchange to provide large-volume trades of bitcoin and ether derivatives.
• Deribit’s CEO, John Jansen, reportedly said the new service will offer block trades with a minimum of 40 bitcoin and 800 ether for options contracts linked to those cryptocurrencies.
• Paradigm offers tools allowing over-the-counter traders to automate price negotiation and settlement. Using Paradigm’s messaging service, parties can set up the options trades, which are then then settled and cleared at Deribit. Commonly, traders use Telegram to carry out such negotiations.

Korean Banks Back $7.4 Million Funding Round for Blocko
• Blocko, a South Korean blockchain firm working on enterprise applications of the tech, says it’s raised 9 billion Korean won (around $7.44 million) in an Series B+ round.
• Blocko said Korea’s oldest bank, Shinhan, as well as KEB Hana Bank, LB Investment and Dadam Investment took part in the round. The investment brings the firm’s total funding to date to over $20 million.

Blockchain Education Initiatives Launch at California Universities
• A VC-backed blockchain firm that helped curate courses at Harvard, Oxford and Cambridge is officially rolling out its programs at three California universities.
• MouseBelt‘s Blockchain Accelerator launched Wednesday at UC Davis, UC Los Angeles and UC Santa Barabara, boosting the educational presence at the noted U.S. schools.
• MouseBelt will sponsor undergraduate to PhD level programs. The first fund will cover research across all three campuses, specifically for blockchain project development.
• “We aim to help these universities become a driving force for innovation in the blockchain space, as well as provide students and researchers with the opportunity for both theoretical and industry experience.”

White House Advisory Says Cryptocurrencies Used for Fentanyl Purchases
• The White House issued two advisories on drug purchases in the U.S. Wednesday, using the communications to make specific references to the role of cryptocurrencies in such transactions.
• The advisories, addressed to both financial institutions and digital payment platforms, state that “virtual currencies,” particularly bitcoin, bitcoin cash, ethereum and monero, can be and have been used for illicit substance purchases on the clear, deep, and dark nets.
• “An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or [convertible virtual currency] to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China,” the advisory states.

(All citations of the News Digest are taken from Coindesk.)

BitMax.io

BitMax is global operator of digital asset exchanges for diverse groups of clients from retail to institutions. The trading platform, architected by a group of Wall Street quant trading veterans, is designed for reliability and speed of trade execution, and ease of connectivity.

BitMax.io Support

Written by

BitMax.io

BitMax.io

BitMax is global operator of digital asset exchanges for diverse groups of clients from retail to institutions. The trading platform, architected by a group of Wall Street quant trading veterans, is designed for reliability and speed of trade execution, and ease of connectivity.

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