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Within the last hour Bitcoin (BTC) price dropped below $9,000 to a daily low at $8,813. Since June 24 Bitcoin price has been losing momentum while pinned below the 20-MA and today’s drop to $8,813 coincided with a surge in sell volume.
As discussed in previous analysis, buyers have been keen to purchase every dip below $9,000 and today’s drop brought the price near the edge of a key high volume VPVR node at $8,800.
f bears succeed in pushing the price below this level, the top-ranked digital asset could drop to the 200-MA at $8,325, but failure to find support at this moving average could see the price sink lower to the $7,400 to $6,800 zone.
Weekend corrections occur on thin trading volume
Investors are accustomed to mild pullbacks over weekends as trading volume tends to thin. It’s also possible that larger size traders are watching from the sidelines after yesterday’s $1.06 billion BTC futures and options expiry and the approaching monthly close next Tuesday.
According to Cointelegraph contributor Marcel Pechman the market is in a bit of a neutral zone after Friday’s massive options expiry. In private comments Pechman said:
Hdac’s blockchain platform attempts to combine secure authentication, seamless mapping and machine-to-machine transactions in a blockchain network with IoT devices. CertiK’s team of blockchain engineers worked closely with Hdac to audit the design and implementation of its codebase, which is expected to be released in the near future, the companies told CoinDesk on Friday.
Hdac had previously tapped CertiK to audit its codebase, where the security firm learned of Hdac’s plans to build blockchain solutions, a CertiK spokesperson said. This led the company to seek out a formal partnership. A codebase is a collection of source code used to build software systems and acts as a general repository.
“Because of their [Hdac’s] future plans, we decided it would make sense to formally partner with one another as a public promise of Hdac’s focus on security and a symbol of CertiK’s ability to support larger enterprise-level solutions such as Hdac’s,” CertiK’s marketing manager, Connie Ngo, said in an email.
PayPal could be gearing up to work with crypto assets, according to recent rumblings, although Decred co-founder Jake Yocom-Piatt is unsure of those rumors’ validity.
“It’s hard to say whether these are rumors or not regarding PayPal accepting cryptocurrencies soon,” Yocom-Piatt told Cointelegraph via email correspondence when asked about the rumors.
The pairing does not seem like a fit
Recent news showed PayPal seeking to fill crypto and blockchain-related job positions, while rumors circulated of the platform listing crypto assets.
Although the addition would bring digital assets greater availability, Yocom-Piatt added that the move would not line up with PayPal’s system. “PayPal, specifically, is notorious for depriving its users of access to legitimately-acquired funds on their platform with little to no justification,” he said.
“Users having their funds restricted in this fashion is something cryptocurrencies are designed to prevent, making this integration, if it is indeed in progress, an odd combination,” the Decred co-founder noted.
Despite seeing substantial growth in popularity, topping Google search trends amid the recent halving, the coronavirus pandemic and mainstream coverage, the cryptocurrency industry has somewhat been left out of the advertising world by online ad networks, social media platforms and even national governments.
In 2018, Facebook banned cryptocurrency advertising amid the initial coin offering hype. Later that year in March, Google followed, banning all advertisements of cryptocurrencies, especially ICOs, and binary options. In the same month, Twitter also banned all cryptocurrency advertising, except for a few public companies.
Several social networks in China also applied bans to crypto advertising, following the introduction of restrictions by the Chinese government. These bans, of course, were not random attacks on crypto but rather a blanket measure to prevent scams and illegal fundraisers from acquiring users through these platforms.
In fact, it is possible to advertise on Facebook, for example, if the user files a formal request with Facebook. This measure is used to force potential scammers to go to Facebook rather than the opposite. Milo McCloud, the creative director at Paradox Group — a crypto-focused marketing agency — told Cointelegraph:
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