CBX Weekly Newsletter // 21 Oct 2020
- Bitcoin at $12K once again
- US Fed open to private sector collaboration in possible digital dollar
- Crypto Domain Owners Can Now Be Verified With Twitter Accounts for Safer Payments
Bitcoin at $12K once again
Bitcoin continues to climb higher!
The cryptocurrency jumped more than 2% Monday, confirming a descending triangle breakout. The pattern indicates the rally from the Oct. 8 lows near $10.,500 has resumed.
Open interest in bitcoin futures listed on the Chicago Mercantile Exchange, which is considered synonymous with institutional interest, jumped over 20% to a seven-week high of $624 million Monday, validating the bullish breakout on technical charts.
Further, macro factors look to be aligned in favor of the bulls. The likes of the European Central Bank and the Reserve Bank of Australia are expected to ramp up monetary stimulus over the next two months — a long-term positive development for the perceived store of value assets like bitcoin and gold. Traditional markets are pricing additional inflation-boosting U.S. fiscal stimulus.
But a number of big sell orders appear positioned around $12,000, which could make it harder for bulls to engineer a quick move past that mark.
US Fed open to private sector collaboration in possible digital dollar
Federal Reserve Chairman Jerome Powell said Monday that the Fed is open to collaborating with the private sector on a possible digital U.S. dollar, but reiterated that the central bank has not committed to actually launching one.
“We will have lots of conversations with industry and stakeholder engagement, and that’ll help us in our work on digital currencies and cross-border payments,” Powell said in an International Monetary Fund panel.
Powell said private sector initiatives like Facebook’s Libra project have accelerated central banks’ interest in setting up their own digital currencies.
But Powell cautioned that the Fed faces “difficult policy and operational questions,” such as the monetary policy implications of a digital dollar. Powell also listed illicit activity and cyber attacks as risks.
“I actually do think this is one of those issues where it’s more important for the United States to get it right than it is to be first,” Powell said.
Crypto Domain Owners Can Now Be Verified With Twitter Accounts for Safer Payments
Via coindesk.com
Blockchain startup Unstoppable Domains and oracle network Chainlink have launched a new feature allowing individuals or entities with blockchain domains to authenticate themselves using their Twitter accounts.
Announced Tuesday, the Twitter authentication service lets .crypto domain holders verify address ownership via the MyEtherWallet app.
The feature is powered by Chainlink oracles, which connect each .crypto address from Unstoppable Domains to a public Twitter username.
The firms said the Twitter authentication could help stem crimes in cryptocurrency payments such as phishing hacks.
The verification is confirmed on-chain, where users are visually notified over whether the recipient they are sending funds to is legitimate.
“It’s time to remove fraudulent practices from blockchain payments,” said Kosala Hemachandra, MyEtherWallet founder. “Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer.”
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