Cryptocurrency News Roundup for August 25, 2020

Quorum is the enterprise blockchain platform developed by banking giant JP Morgan Chase, who, as part of the deal, will also be making a strategic investment in the Brooklyn, N.Y.-based Ethereum venture studio. Both companies have so far refrained from disclosing the financial aspects of the deal. More on that and other big stories and market updates from the day in BeInCrypto’s daily news roundup for August 25, 2020.

JPMorgan Inches Closer to Crypto in ConsenSys Tie Up

At one point in the history of the firm, CEO, Jamie Dimon, publicly and unapologetically denounced bitcoin. Following the launch of Quorum, however, the investment bank is now teaming up with some of the most high-profile developers working on the cutting edge DeFi space. ConsenSys Quorum, as it will now be known, is described as an “open-source protocol layer” that will support businesses building either public or private solutions on the Ethereum blockchain. Read the Full Article

Playing Monopoly With Satoshis on the Lightning Network

A new Bitcoin and Satoshi Nakamoto-inspired rendition of the popular board game Monopoly was recently proposed on Reddit. The game drew interest from the crypto community. Simply put, the gameplay of the new Monopoly rendition follows the classic Monopoly structure, but with a few twists that make it great for teaching someone how to use Bitcoin. More specifically, in this game, the Bank has a fixed amount of Bitcoin. This is an accurate representation of Bitcoin’s scarcity. Players put this BTC into a custodial wallet like Wallet of Satoshi or Blue Wallet. Read the Full Article

Bitcoin Barely Hangs on After Dropping to Support Levels

The Bitcoin price had been moving to the upside since reaching a local low of $11,367 on Aug 22. The rally continued until Aug 24, when BTC seemingly broke out from the $11,700 resistance area. However, the price reached the 0.382 Fib level of the entire previous decline, was rejected, and has fallen back below the area since. The move was combined with an RSI decline below 50 and a drop in the MACD, both considered bearish signs.

• Bitcoin was rejected by an important Fib level and has begun to fall.
• The price has broken down from a short-term ascending support line but is still holding on to longer-term support.
• Bitcoin has likely begun the final wave of a correction.

Read the Full Analysis

Australian Bitcoin Conman Arrested for Alleged Loot of $1.73M

Australian law enforcement agencies have nabbed an individual who allegedly perpetrated a series of Bitcoin-related crimes to accumulate millions of dollars. The accused, Peter Foster, is suspected of being a serial conman who had reportedly mastered the art of impersonating his targets to steal bitcoin. Foster has been charged with five counts of publishing false or misleading material to obtain an advantage, ten counts of dishonestly obtaining financial advantage by deception, and knowingly dealing in the proceeds of crime with intent to conceal. Read the Full Article

Binance Gets Green Light to Launch in Florida

An August 24 update on the Binance.US website outlined the details of the launch for Floridians in a similar tone to Coley, “We couldn’t be happier to welcome Florida residents to Binance.US!” The announcement was also met with social media users clambering for other states. Heavily populated states like New York and Texas are still off-limits for Binance due to their licensing requirements. Read the Full Article

Waves Has Likely Kicked Off a Long-Term Upward Move

The Waves price had been consolidating near the 10,000 satoshi level for almost a year, in the period between July 2019 – 2020. The price initiated an upward move that took place via a bullish engulfing candlestick during the week of August 10 – 17, on above-average volume. The price has been gradually decreasing since. However, WAVES has yet to even reach the 0.382 Fib level of the previous correction, which would likely be the first major resistance area. Read the Full Analysis