Daily Berminal Brief (8/28/2018): Bitcoin Breaches $7,000 And North Korea Is Hosting A Crypto…

The State Of The Market: The Bull run continues, as Bitcoin gained 5.17%, going past $7,000. Early today, there was a sudden spike from $6,750 to $6,900, breaking the resistance at $6,800 in just 30 minutes. With Bitcoin’s gains, the entire market is in green today. The market cap has also gone up from $217 Billion to $230 Billion, gaining $13 Billion in the last 24 hours. Ethereum is currently priced at $289.76, gaining 4.42%. The biggest gainers for today are NEO GAS (30.94%), Dash (27.52%), and Bytecoin (27.31%).

1. The North Korean regime has announced a two-day crypto conference in Pyongyang, the country’s capital. The event is set to begin on October 1, 2018, but details surrounding the event is still very scarce. The country hopes to attract blockchain and crypto experts from around the world. However, North Korea faces other issues. The US has banned its citizens from traveling to North Korea, and the country has an underdeveloped tourism industry. North Korea is hoping to circumvent US sanctions using cryptocurrencies (read more).

2. Bearish Bets On Bitcoin Futures Reach Record Low with Bitcoin making continuous gains. According to a recent report from the Commodity Futures Trading Commission (CFTC), net short contracts closed at just 1266 contracts. The previous low was 1945 contracts, seen 10 weeks ago. The negative trend towards short orders indicates that traders expect a big push from this point (read more).

3. Chinese payment giant Alipay has announced a partnership with the municipal government of Wuchang in Heilongjiang Province to use Blockchain for tracking locally grown rice. Rice grown in Wuchang is famous for its quality. However, the local industry has been crippled with poor quality rice grown in other regions and passed on as Wuchang rice. From next month, every packet of Wuchang rice sold on Alibaba’s Tmall will come tagged with a blockchain-enabled QR code which consumers can use to verify its authenticity (read more).

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