Author: dfmines

Researchers in Moscow are developing a new service that will allow users to transfer digital data to their heirs, including crypto keys. The Russian “time capsule” will be capable of storing and relaying other private information as well such as a record of the whereabouts of valuable items. Russian Universities to Provide Service Allowing Crypto […]

Erik Voorhees is embarrassed by toxic Bitcoin maxis and told a podcast: “I don’t know when they got into Bitcoin, but absolutely that is not the community that I come from in Bitcoin.”

Several states’ securities regulators have been furrowing their brows with regards to BlockFi Interest Accounts (BIA) lately. This includes BlockFi’s home state of New Jersey, who was arguably one of the more strict in their action towards the firm; New Jersey issued a cease and desist that instructed the firm to stop offering their BIA product before the end of this week. Now, securities regulators in New Jersey have pumped the brakes for a moment, extending that deadline. However, in the meantime, Vermont has joined the ranks of New Jersey, Texas, and Alabama for issuing regulatory concerns around BlockFi’s BIA product. New Jersey Extends Deadline New Jersey’s state attorney general issued a cease and desist on July 19, ordering the firm to stop accepting new BIA accounts by July 22. That deadline was seemingly extended to July 28, and now has been extended once more to September 2. This will give the company over a month to sort through what appears to be very substantial regulatory hurdles. The news came as part of a company announcement on BlockFi’s website from CEO Zac Prince. Prince also elaborated that New Jersey’s actions would not impact current BIA customers in the state, or other BlockFi products, and that the order only calls for preventing the creation of new BIAs. “Your access to BlockFi is completely unimpaired,” said Prince, adding that he saw these regulatory calls as “an opportunity for BlockFi to help define the regulatory environment for our ecosystem.” As the broader crypto and DeFi landscape continues to grow, so too will regulatory eyeballs. | Source: CRYPTOCAP:TOTAL DEFI on TradingView.com Related Reading | TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control Vermont Adds Their Name To The List While another calendar month is likely a nice sigh of relief for BlockFi’s domestic team stateside, they’ll have their hands still full with Vermont joining the ranks of the aforementioned list of states targeting the BIA product. The Vermont Department of Financial Regulation has given the company 30 days to show the department commissioner evidence as part of a ‘Show Cause Order’. Alabama also issued the firm a Show Cause Order with a similar 30 day command. Additionally, like the three other states pulling out the regulatory microscope, Vermont is also calling out the BIA product as the main point of contention. Through the flurry of headlines for the company in recent weeks, BlockFi has maintained it’s stance that it’s BIAs are not securities and that the firm is in active, ongoing conversations with regulators. The crypto grey area is likely to continue to cause emerging companies headaches, as regulators sort through what are and what aren’t securities. Regardless of how the situation shakes out in each state, it’s likely going to be a busy few months for BlockFi ahead. Related Reading | Hands-On With TradingView ‘All Time Highs’ Bitcoin & Stock Tarot Cards Featured image from Pixabay, Charts from TradingView.com

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ConsenSys described the case’s conclusion as highlighting “the value of aggressively combatting meritless claims.”

Glen Oaks Escrow has made its first BTC-backed refinancing of a property in San Diego.

Bitcoin price remained in a positive zone above the $39,000 level against the US Dollar. BTC is likely to climb further higher above $40,500 and $41,000. Bitcoin is trading nicely above the $38,200 and $38,500 support levels. The price is now trading well above $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum if it clears $40,200 and $40,500. Bitcoin Price Eyes More Upsides Bitcoin price started a fresh increase from the $36,500 support zone. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level. The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. It is now holding the $39,000 support level. There is also a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If there is an upside break above the $40,200 resistance zone, there are chances of more upsides. The next major resistance is near the $40,800 and $41,000 levels. A close above $41,000 could trigger a steady increase towards the $42,000 level. Dip Supported in BTC? If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,400 level and the triangle lower trend line. The first major support is now near the $38,600 zone. It is near the 50% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. A clear downside break below the $38,600 support might call for a move towards the $37,600 level. The next major support is near the $37,200 zone. Technical indicators: Hourly MACD – The MACD is likely to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $38,600, followed by $38,000. Major Resistance Levels – $40,200, $40,500 and $42,000.