SCI Daily Crypto Digest: Twitter’s Turn!
March 27, 2018

Image from Coindesk.com

Bitcoin tested support at $7,800 before rebounding and going back above $8,000. Lack of interest in this quiet market continued to weigh on the crypto space, as well as news that Twitter is joining Google and Facebook in banning ICO ads. BTC continues to be stuck within a wide $7,800 — $9,200 range and currently trading at the bottom of this range.

Support is at $7,800 while resistance levels are at $9,200 and $10,000.

*BTCPHP: 452,810 / 419,360

*USDPHP: 52.1580

*BTC market cap: $139B

*Crypto market cap: $313B

Heatmap image from coin360.io

News:

*It’s official. Twitter confirms that it is prohibiting ads of ICOs and token sales on its platform, joining Google and Facebook who made similar moves earlier. A spokesperson from the micro-blogging site explained in an email that they “know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”

*The Cointelegraph reports that South Korea’s largest multi-billion dollar conglomerates in various sectors including insurance, telecommunications, gaming, and Internet are entering the cryptocurrency market by funding up-and-coming exchanges. The article outlines how conglomerates Kakao, NHN, SK Telecom, and Nexon are invested in crypto exchanges Upbit, OKCoin, and Korbit. The article further concludes that “the stability of leading cryptocurrency exchanges could allow the South Korean market to continue growing at an exponential rate with sufficient capital and resources to compete against the global cryptocurrency market.”

*Nvidia (NVDA) is feeling the strong demand from cryptocurrency miners, saying that they must increase the production of its graphics processing units (GPU) to address the shortage caused by cryptocurrency miners. Crypto miners snapped up GPU cards from companies such as Nvidia and AMD, pushing its sales to record levels. Nvidia’s stock in particular has more than doubled in price, YTD, even after returning a 3-bagger to its investors last year.

*Would-be Litecoin merchant processor LitePay has abruptly terminated its operations, the Litecoin Foundation announced in a post on its website on Monday, Coindesk reports. LitePay — which also claimed it would offer a crypto wallet and “LitePay debit card” through which users could convert litecoin into U.S. dollars — was unveiled in December of 2017 and set to launch in February of this year.

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['Jervis C. Tinimbang']
['Blockchain', 'Bitcoin', 'Philippines', 'Cryptocurrency', 'Fintech']