Cryptocurrency News Roundup for August 31, 2020

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In an in-depth exclusive today, BeInCrypto journalist Tony Toro delved deep into the rapidly evolving cryptocurrency debit and credit card market and the impact it could have on the burgeoning asset class.



The report highlights how competition in the niche is consistently on the rise with more and more crypto businesses joining the bandwagon by offering their own payment products.

Even traditional payment networks like PayPal and Visa are gearing up to launch their own Bitcoin payment solutions. Continue reading for more on that and other big stories from the day in BeInCrypto’s daily news roundup for Aug 31, 2020.



Competition for Offering Cryptocurrency Debit and Credit Cards is Rising

Visa and PayPal are just two of the big names that are getting ready to offer cryptocurrency services. When they do, their extensive debit and credit card offerings may eat up most of the current market.

However, that has not stopped an ever-increasing number of fintech firms from launching their own crypto payment solutions.

These products, as experts point out, are inherently designed to resolve many of the issues the average crypto user faces today when trying to buy, sell, or just spend their cryptocurrency, including price volatility, slow transaction times, and regulatory issues, among other things.

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Bitcoin’s Bullish Close Barely Fails to Confirm Upward Trend

During the week of August 24 – 31, the bitcoin price created a bullish hammer. The candlestick succeeded a shooting star, which was a bearish sign coming after a parabolic uptrend.

The week concluded with a bullish close over the July 2019 highs. This is a strong sign of continuation since BTC was able to sustain the higher prices after the breakout.

However, technical indicators are weak with both the RSI and MACD showing significant bearish divergence compared to the July 2019 highs.

  • Bitcoin is trading inside a short-term ascending wedge.
  • Daily technical indicators are bullish but weekly signals are bearish.
  • There is resistance and support at $11,750 and $11,250.

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What Does Bitcoin’s Dominance Rate (BTCD) Breakdown Mean for Altcoins?

At the beginning of August, the Bitcoin Dominance (BTCD) rate fell below the 62.30% support area, something which it had not done since June 2019. Unless it is successful in reclaiming this level, the BTCD should decrease all the way to the next support level at 53.80%.

If it is able to reclaim it, the closest resistance level would be found near 66%, the previous descending resistance line. This increase would fit with the possible wave count that BeInCrypto discussed in our previous BTCD analysis.

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Chainlink’s (LINK) Massive Rally May Finally Be Kaput

The daily Chainlink (LINK) chart shows that the price created what resembles a shooting star candlestick yesterday. A close below $14.91 would complete an evening star, which is considered a bearish reversal pattern.

Technical indicators provide a mixed outlook. While the short-term MACD is increasing and has given a bullish reversal signal, the long-term MACD is decreasing. A close below $14.22 would invalidate the bullish reversal signal given in the MACD.

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Management Shakeup at CoinMarketCap Sees CEO Exit

It looks like CoinMarketCap, one of the oldest market data aggregators in the crypto space, is in a major transitional phase. The platform, which was recently acquired by Binance, appears to have suffered a number of defections, including its CEO Carylyne Chan.

Chan is not the only one to be departing. In addition, Spencer Yang is also leaving the company. According to his LinkedIn profile, Yang was vice president of operations at CoinMarketCap from June 2019 – August 2020, listing “acquired” next to his former title.

Meanwhile, Matthew Lippl, global head of design and growth, told BeInCrypto that he too is leaving the company.

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Is Big Tech a Harbinger of the ETH Market Cap?

Crypto trader and an active member in the community, Kaleo, recently drew some eyeballs by claiming that ETH could spike to an all-time high in excess of a $1 trillion market cap during its ongoing bull run.

Apparently, the unapologetic ETH maximalist believes that if tech stocks can show such phenomenal growth, then ETH can do something similar.

While anyone familiar with crypto knows that such predictions are a dime a dozen, they very often fail to pan out. Is there a possibility that maybe this time could be different?

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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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