Cryptocurrency News Roundup for August 28, 2020

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Following the launch of Japan’s first cryptocurrency fund, the SBI Group is now rolling out cryptocurrency contracts for difference (CFDs).

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With this move, the Tokyo-based financial services giant has become the first foreign exchange company to offer such a derivative product for digital currencies in Japan.

Meanwhile, despite all the selling pressure earlier on the day, Bitcoin managed to stay put above the key support around $11,200. In fact, as of this writing, the alpha-crypto has steadily made its way up to the $11,500s.

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More on these and other big stories from the day in the Friday edition of BeInCrypto’s daily news roundup.

Japanese Fin Giant SBI Announces Crypto Derivatives Trading

If everything goes per plan, the SBI Group will publicly launch its CFD trading desk on August 31, 2020. At launch, it will consist of a total of six trading pairs including Bitcoin (BTC), Ether (ETH), and Ripple (XRP) against the Japanese yen and the U.S. dollar.

It’s worth noting here that SBI has traditionally been quite supportive of crypto. If you remember, it was one of the first financial services heavyweight to forge an alliance with startup Ripple back in 2016.

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Bitcoin Manages to Hang On Above $11,200

The Bitcoin price has been decreasing since Aug 17, when it reached a local high of $12,467.

On Aug 25, BTC created a bearish engulfing candlestick and has been retracing since. However, the retracement has failed to breach the $11,500 area, which previously acted as support and has now turned to resistance. This is a sign that the upward move since the drop is likely to be a retracement.

The main support level is found near $11,200, first created by the bullish engulfing candlestick on Aug 5 (red arrow).

  • Bitcoin is following a descending resistance line.
  • There is support at $11,200, $10,900 and $9,900.
  • The price has created a short-term double-bottom.

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Stablecoin Offerings Expand with DeFiDollar Debut and USDC2 from Coinbase

Multiple new and seemingly upgraded stablecoins have entered the ever-expanding dollar-pegged token market this week. The new development has prompted optimism in many circles that the burden on current networks, along with sky-high gas fees will now significantly ease up.

With that said, Tether continues to occupy the throne in the realm of stablecoins. However, with nearly two-thirds of its supply based upon Ethereum, there is definitely room for others.

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OCEAN Corrects After Capturing New All-Time High

The OCEAN price seems to have begun an impulsive formation at the beginning of last August. The increase accelerated on March 13 of this year, indicating that it has begun an extended wave 3 (in black below), of a five-wave formation (blue).

If this is correct, then the price is now likely in the fourth wave, which could end between the 0.5-0.618 Fib level of wave 3, found between 2,591 and 3,191 satoshis.

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NEO Makes Another Attempt to Break Out Above Long-Term Resistance

The shorter-term NEO chart reveals two distinctive patterns. The first is a triple top, that took place between August 21 – 25. While this is a bearish pattern, a decline has already occurred as a result of it.

Meanwhile, the second is an ascending triangle, which is a bullish reversal pattern. While the ascending support line is intact, the resistance line is ambiguous due to the presence of several wicks. As long as the price is trading above this support line, it should break out.

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Yearn.Finance’s Token YFI Hits New All-Time High

Nearly a week after becoming the first altcoin to have exceeded the Bitcoin price, DeFi heavyweight yearn.finance’s homegrown token YFI has recorded a new all-time-high. New data from CoinGecko reveals that the YFI price climbed all the way up to $17,711 earlier on Friday.

Interestingly, the new ATH occurred at roughly the same time Aave announced its YFI listing. Expectedly, Crypto Twitter responded with a series of even more bullish YFI predictions.

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Brave Browser Now Features a Gemini Trading Widget

A Gemini blog post announced the new integration, “We are excited to announce that Gemini and Brave have partnered to make it easier for users to buy, sell, store, and earn crypto when using the Brave browser.”

The Brave browser is popular for blocking unsolicited advertisements and rewarding users with a native token called Basic Attention Token (BAT) when they choose to view ads.

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Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer.

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