Coinbase Founder Launches Cryptocurrency Fueled Charity ‘Givecrypto’

Coinbase Founder Launches Cryptocurrency Fueled Charity 'Givecrypto'

On June 27 the CEO and co-founder of Coinbase, Brian Armstrong, announced the launch of a new cryptocurrency powered charity called Armstrong says he’s always believed in the power of cryptocurrency funded philanthropy and explains the new nonprofit is all about empowering, educating, and elevating global communities.  

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30% Aims to Empower Those in Need With Cryptocurrencies

This Wednesday the CEO of Coinbase Brian Armstrong introduced his new nonprofit called Givecrypto which aims to “distribute cryptocurrency to people living in poverty.” In recent a Medium post, Armstrong explains the funds will derive from cryptocurrency holders and Givecrypto will distribute small payments to people all around the globe.

Coinbase Founder Launches Cryptocurrency Fueled Charity 'Givecrypto' “Initial recipients will be people living in emerging markets, especially those going through financial crisis,” Armstrong details.

The goals behind are to help people in need by sending money to them directly, advance real-world usage and benefits of cryptocurrency, and provide universal access to an open financial system.

Crypto-Luminaries With Deep Pockets Can Donate to Those in Need Rather Than Buy Lambos

Givecrypto donors can send funds with the cryptocurrencies such as BTC, BCH, ETH, LTC, XRP, and ZEC. So far the organization has raised a bunch of funds from users donating $1Mn to over $10K USD from blockchain luminaries, firms, and venture capitalists such as Zooko Wilcox, Chris Larsen, Joanne and Fred Wilson, Matthew Roszak, Roger Ver, Fred Ehrsam, Ted Rogers, and Bitmain.

Coinbase Founder Launches Cryptocurrency Fueled Charity 'Givecrypto'
The website.

Armstrong states that people who have invested in cryptocurrencies from the early days have amassed tons of wealth over the years. However, the Coinbase CEO has noticed the image of “bros in Lambos” has misrepresented the crypto-community as a whole.

“This doesn’t represent the best of our community. Most people I respect and know in the crypto ecosystem believe we have a responsibility to help this technology reach a much wider audience,” explains the Coinbase founder.

It’s still very early days in crypto and yet we’re already seeing philanthropy in cryptocurrency, from Ripple giving away $29 million to public schools to the Pineapple Fund or projects like Eat BCH. Now is the time to make sure we fold philanthropy and giving back into the fabric of this new industry.    

Armstrong has also detailed that since the initial fund is being raised the nonprofit is looking for an executive director to run the operations. “This role would report to and work directly with me, to help grow — I will remain on the board of,” Armstrong concludes.

What do you think about the new charity Givecrypto? Let us know your thoughts on this subject in the comment section below.  

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Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

Over the past two days, BTC/USD markets dipped below the $10K price region to a low of $9,260 on February 25. The following day the price per BTC has since bounced back on Monday morning, jumping over $700 in value and touching a high of $10,400.

Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media

BTC Rides Back Above $10K

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000BTC/USD markets were sluggish over the past weekend as the currency remained just above the $9K price zone for over two days. Prior to the dip, the price of BTC reached around $11,600 gaining momentum after the recent 65 percent ‘crash’ in value. During this afternoon’s trading sessions (eastern standard time) the price per BTC is hovering around $10,150-10,300. Trade volume is roughly around $7Bn over the past 24-hours, and the Japanese yen is dominating that number. Currently, the yen represents over 51 percent of the global BTC trades after recently dropping below 30 percent. The yen is followed by the USD (22%), tether (USDT 13%), the Korean won (5%), and the euro (4.5%). At the time of publication, the top five exchanges swapping the most BTC includes Okex, Bitfinex, Binance, Upbit, and Bitflyer. The most popular trade today on Shapeshift with BTC is litecoin (LTC) with 792.898 BTC in trade volume.

Technical Indicators

Looking at the chart shows BTC/USD markets had been consolidating into a triangular pattern over the past two days. Trade volume is lackluster compared to the rally that started gaining steam on February 7. The two Simple Moving Averages (SMA) both long (200 SMA) and short-term (100 SMA) are spread apart. The 200 SMA is well above the short-term 100 SMA, indicating the path to the upside will be met with resistance. The weekly Relative Strength Index (RSI) and Stochastic also indicate oversold conditions and bulls may have a hard time gaining higher ground today. MACd reveals the same thing as the indicator is headed south back to initial support.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000
BTC/USD Markets hit $10,400 on the exchange Bitstamp on February 26, 2018.

On the backside, foundational support has increased so if the price gets tugged below sub-$10K levels there’s solid ground between $10,000 to $9,400. If bulls manage to break resistance and keep the momentum going, then they will meet some walls around $10,300-10,600. After that oppositional area, it will be smooth sailing northbound until $11,350. The price has dropped lower than the ‘neckline’ after following a classic ‘head and shoulders’ pattern. This indicates after coming close to the $11,350 range we could see a more significant sell-off if bulls can’t break through this key region.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000
Volume during Monday’s trading sessions is relatively weak compared to prior rallies. BTC/USD Market prices are hovering around $10,150-10,300.

The Top Cryptocurrency Markets

Overall most cryptocurrency markets are seeing gains today as the top ten most valued cryptocurrencies are all in green. The second largest market capitalization held by ethereum (ETH) is up 4.9 percent as each ETH is worth $871. Ripple (XRP) markets have seen gains around 3.7 percent as one XRP is around $0.95. The fourth largest market cap is bitcoin cash (BCH), and its markets are up 6.8 percent. One BCH is averaging about $1,241 per token as markets have $485Mn in global trade volume. Lastly, the fifth biggest market cap still belongs to litecoin (LTC) as its markets are up 5.6 percent with one LTC priced at $223. BTC’s market capitalization is dominating all 1521 cryptocurrencies in existence by 38 percent.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

The Verdict: Short-Term Bearish — Long-Term Bullish

Overall the digital asset community is positive, and many believe cryptocurrency markets will go parabolic again this year. Some traders believe we will see another steep drop before this happens while others think we just experienced the final drop below $10K. At the moment the price is holding above the $10,000 region and seems to be chewing away at orders until the next move. There may be some tighter consolidation periods before the ‘next big move’ happens.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Bitstamp, Bitcoin Wisdom, AP, and Coinmarketcap.

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