Michael Nye weekly news #4
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Michael Nye Weekly Crypto Update #4

Weekly crypto news summary.

Everyone ok after that crazy drop in Bitcoin’s price? I know it messed a fair amount of people up, but we’re still here! Can’t get rid of us, no sir.
*Looks at bags*
No way man, can’t shake us out!
*Sniff*
Come at me, bro!

Bitcoin Price Plummets, Experts Weigh In 😨

Bitcoin Price Drop

Bulls in disbelief. The price of Bitcoin dropped significantly over the last 24 hours to the low $8,000’s before recovering slightly. Opinions as to why the price sank are varied, ranging from technical analysts to the lackluster launch of the Bakkt futures contract. Of specific interest is the $8,500 CME futures gap that appeared in June of this year.

While futures gaps do not necessarily need to be filled, they tend to be hit most of the time. From here the price of Bitcoin is in a bit of a confusing area. Bulls will be looking for upwards price action to coincide with Fibonacci levels, while bears will be anticipating further down pressure to break support.

Encryption API to Launch on AWS 🚀

StrongSalt raises $3m
Image source: techstartups.com

Blockchain startup, StrongSalt, received $3 million in funding after closing out its seed round from Valley Capital Partners. The software will feature encryption that can be utilized in diverse workflows and both permissioned and permissionless blockchains, adding additional layers of protection. Pricing and availability are pending, though it appears to be an enterprise solution. Use cases involve corporate communication networks, streaming services, and financial products 💰.

As more companies experiment with blockchain solutions, third-party solutions like this and Chainlink and Constellation Labs will find their niche. The encryption-as-a-service platform will be launched at the AWS event held in Las Vegas later this year. I am way too excited about this.

Medici Ventures Bets on Blockchain ID Firm 🧱⛓

Medici Ventures, a wholly-owned branch of Overstock.com, has invested $2 million into Evernym. Evernym is currently creating a platform for identities on the blockchain. Evernym President Steve Havas is ambitious and focused on delivery, stating “Right from the start we’ve made it a rule not to cut corners in terms of ensuring privacy by design, privacy by default position for our products – ultimately we’re designing applications that we as individuals would be happy to use.”

Evernym is the lastest in a small group of companies vying for a decentralized ID system , Microsoft being the most well known. It’s “Ion” project was announced earlier this year and is designed to work on the Bitcoin network at launch, but is ultimately blockchain agnostic.

H&R Block Offers Customers Crypto Advising 🤔🤓

Tax firm H&R Block has begun offering an advising service for cryptocurrency. In a press release yesterday, the company revealed it would be helping people who had received an IRS letter inquiring about unreported cryptocurrency trades. A round of 10,000 letters has been sent out this year by the IRS to individuals with large crypto transactions that went unreported. As each crypto trade and transaction is mainly seen as a taxable event in the US, each one should be reported to the IRS 📝.

Other tax companies have begun to assist as well. The large firm PwC released a tool designed to “provide assurance services for entities engaging in cryptocurrency transactions.”

2020 Begins Crypto Adoption in France ☕️

At the Paris Retail Week event, French news outlet Cryptoglobe reported that over 25,000 retail stores in France will be accepting cryptocurrencies. Slated for 2020, the stores will utilize a combination of payment processors and platforms including Global POS, EasyWallet , and payment platform Easy2Play. Bitcoin will be converted into Euros at the point of sale.

While Bitcoin will be the only accepted cryptocurrency at launch, there are plans to expand the number of coins/tokens accepted. Brands that will be active at launch are Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde, and Norauto.

Where Ya Boi At? 🌎

Korea Blockchain Week is here, and Ya Boi is there! Not only is he meeting with the big crypto players, but he’s taking time out of his busy day to help CryptoTytan use chopsticks:

What a nice guy! He also picked up what appears to be a training mask, wen 80’s training montage?

Alright good talk everyone, let’s get Bitcoin back to $20k next week. Or at least get XRP to $589, I’ll take either one.

“Let’s Fucking Go!”
– Kaltoro / kaltoro.com

Kaltoro Avatar

Article written by: Twitter https://twitter.com/kaltoro_

Michael Nye

Follow Nye on Twitter: Twitter https://twitter.com/MrMichaelNye

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