Blockchain Progress

2023-08-18 20:09:01 Kenyan Residents Asked to Participate in a ‘Public Survey on Virtual Assets’

Kenya residents who wish to shape their country’s policy towards the crypto ecosystem can now do so by participating in a public survey on virtual assets and virtual assets service providers, the Financial Reporting Centre (FRC) has said. The FRC says the public’s feedback “will play a vital role in shaping the future of the virtual assets ecosystem and promoting a safer and more transparent financial system.”

Kenya’s Financial Reporting Centre (FRC) has asked residents of East Africa’s largest economy to participate in its ongoing public survey on virtual assets and virtual assets service providers (VASPs). FRC, a statutory body established under Kenya’s anti-money laundering law, says the anonymously shared feedback is expected to help authorities better understand the country’s crypto ecosystem.

In a statement left on its website, the anti-money laundering body acknowledges the rapid growth of the ecosystem as well as the space’s potential ability “to spur financial innovations and efficiency.”

Therefore, in order to protect the Kenya financial system and consumers, the FRC said it wants Kenyans to share their thoughts via the survey. Open / Comment

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2023-08-15 19:49:02 Bitcoin, Ethereum Technical Analysis: BTC Unmoved by Better Than Expected US Retail Sales Data

After peaking at $29,660.25 to start the week, BTC/USD fell to a low of $29,272.35 earlier in today’s session. Since moving above $30,000 on August 8, the world’s largest cryptocurrency has mostly trended sideways.

One reason for a lack of direction appears to be due to the relative strength index (RSI) tracking between a support and resistance of its own.

The index is currently at a reading of 47.57, and has mostly moved between a floor at 47.00, and ceiling at 49.00 in recent days. For bulls, a breakout above the 49.00 zone will also likely be the straw needed to break the camel’s back.

Ethereum (ETH) has remained largely unchanged in the past few days, rising by 0.11% in the past week. ETH/USD bottomed out at $1,837.21 so far during today’s session, which is almost $20.00 lower than Monday’s high.

Price has mostly consolidated around a support point of $1,830 in recent days, however the prospect of a moving average crossover is keeping bullish hopes alive.

The 10-day (red), and 25-day (blue) moving averages are on the cusp of an upwards crossover, which could likely send prices above $1,900.

Similar to BTC, there will first need to be a breakout above a ceiling on the RSI indicator for this to take place. On this occasion the resistance point is at 47.00, and the index is currently tracking at 45.23. Open / Comment

2023-08-12 19:58:02 Fire blocks Discloses Bitforge Vulnerabilities Affecting Dozens of Wallet Providers

Fireblocks, a digital assets security company, has disclosed vulnerabilities affecting several cryptocurrency wallets, collectively named “Bitforge.” Through these vulnerabilities, criminals could steal millions in cryptocurrency without having direct contact with the owners of the wallet or its providers. While some providers have already applied patches, others are still vulnerable.

These vulnerabilities attack the Multi-Party Computation (MPC) algorithms of several vendors.

Similarly, the second vulnerability deals with Lindell17, a signing protocol. Fireblocks states this exploit “originates from Lindell17 implementations deviating from the specification of the academic paper and ignoring or mishandling aborts in case of failed signatures.”

This vulnerability was discovered in the Zengo wallet and later confirmed to work against Coinbase Wallet as a Service (WAAS), as in open-source protocol implementations. Zengo and Coinbase have already patched their wallets to deal with this exploit.

Due to the number of wallets potentially affected by this set of vulnerabilities, Fireblocks has built a utility to allow wallet providers and users to check if their wallets can be exploited using these vulnerabilities. Open / Comment

2023-08-09 19:19:02 Bitcoin, Ethereum Technical Analysis: BTC Surges Above $30,000, as Moody’s Downgrades 10 US Banks

Bitcoin moved above $30,000 late on Tuesday, as markets reacted to the news that rating agency Moody’s had downgraded several U.S. banks. The list includes State Street, Northern Trust, and Bank of New York Mellon. Ethereum was marginally higher.

Bitcoin chart by TradingView

Previous gains have since slipped, and as of writing, the cryptocurrency is trading at $29,791.72.

On a technical front, one of the catalysts of the move appeared to be a breakout which took place at the 52.00 resistance level on the relative strength index (RSI).

The RSI is now tracking at 55.39, with a ceiling at 57.00 upcoming.

Ethereum chart by TradingView

This latest rally also led to price strength colliding with a resistance point at 50.00, where it continues to sit at present.

In order to make a leap towards the $1,900 zone, this ceiling on the RSI will first need to be broken. Open / Comment

2023-08-06 20:04:02 Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO

The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.”

Reiterating his warning earlier this year that the U.S. dollar’s dominance is under threat as Russia and Saudi Arabia eye the Chinese yuan for oil trade, the Devere boss emphasized:

A shift away from dollar influence could have positive implications for Asian economies.

He explained that reduced reliance on the greenback would allow Asian countries to “implement policies that are more tailored to their domestic economic conditions, potentially boosting stability and growth.”

“A diminished dollar dominance would lead to more stable exchange rates, reducing volatility and uncertainty in cross-border transactions,” he noted. The Devere executive concluded:

A decline in dollar dominance would encourage Asian countries to diversify their reserve holdings, leading to better allocation of resources and increased investment in productive sectors. Open / Comment

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2023-08-03 19:28:02 Bitcoin, Ethereum Technical Analysis: BTC Moves Back Below $29,000, as Bullish Sentiment Weakens

Bitcoin was once again trading below the $29,000 level on Thursday, as bulls retreated following yesterday’s gains. The drop appeared to come as traders secured profits, following a failed breakout of a key price point. Ethereum also edged lower today.

Bitcoin (BTC) dropped below the $29,000 zone in today’s session, as bulls appeared to have abandoned their positions following Wednesday’s gains. After peaking at $29,988.00 yesterday, BTC/USD slipped to an intraday low of $28,946.51 earlier in the day.

This comes as the bullish sentiment surrounding Microstrategy’s latest BTC investment seems to have already faded. In addition to this, the relative strength index (RSI) failed to move past a key ceiling at 50.00, and has bounded off a floor at 42.00.

Price may now consolidate, as traders’ attention turns to Friday’s nonfarm payrolls report.

Additionally, ethereum (ETH) also moved lower earlier in the day, dropping below a support point of $1,850 in the process. ETH/USD bottomed out at $1,822.35 during today’s session, following Wednesday’s high at $1,860.19.

As a result of today’s decline, ethereum moved back towards a four-week low at $1,812. The slippage took place after the RSI fell below a floor at the 45.00 level, and it is now at a reading of 41.93. Should momentum continue to drop, the next price target will likely be the $1,795 level. Open / Comment

2023-07-31 19:41:00 Report: SEC Asked Coinbase to Delist All Crypto Assets Except Bitcoin Prior to Filing Lawsuit

According to Brian Armstrong, the CEO of crypto exchange Coinbase, the U.S. securities regulator reportedly told his company to delist all digital assets save for bitcoin. Armstrong said acceding to the SEC’s demand would have “meant the end of the crypto industry in the U.S.”

According to the CEO, the SEC only filed its lawsuit against Coinbase after the latter ignored the regulator’s advice.

Commenting on the crypto exchange platform’s encounter with the SEC just before the lawsuit was filed, Armstrong said the regulator even refused to explain why it wanted the trading of other assets to be halted. Open / Comment

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