🗞 Daily Crypto News, August, 8th💰

Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support;
OKEx CEO Says Indian Crypto Ban 'Unlikely', Has 3 Scenarios in Mind ;
Major South Korean Bank Joins the Crypto Custody Business;
Grayscale to Bring Crypto Ads to US Homes Amid Economic Crisis;
Bittrex and Poloniex Move for Summary Judgment in Market Manipulation Case;
🗞 Daily Crypto Calendar, August, 8th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support

After dropping 4.89% to confirm $11.4K as support, Bitcoin price is slowly making its way back toward $11.8K.

Bitcoin (BTC) price swiftly fell to $11,322 after reaching a daily high at $11,909

The drop came as U.S. jobless claims fell to $1.2 million but lawmakers inability to reach a deal on the next coronavirus stimulus package has worried some investors

Despite the pullback to the $11.4K support, Bitcoin price remains in an uptrend

While stocks continue to move higher each week, today’s collapse of talks between U.S. lawmakers attempting to negotiate the next phase of coronavirus economic stimulus could weigh on investor confidence and cause markets to open in the red next week.

As long as the price holds above $11,100 the pattern of higher lows remains, meaning the bullish uptrend remains intact.

🗞 OKEx CEO Says Indian Crypto Ban 'Unlikely', Has 3 Scenarios in Mind

Major crypto exchange OKEx opened the doors of their new platform in India, amidst speculations that another crypto ban might be incoming. This scenario the exchange's CEO finds unlikely to happen, describing the platform's first day of trading as a "huge success."

On August 5, the exchange launched a peer-to-peer (P2P) trading platform in India, thus enabling users in that country to buy cryptoassets with Indian rupees (INR).

But this comes at the time of ongoing rumors that the government is working on a crypto trading ban.

"We are paying close attention to the situation however it is our belief that the Indian government will not impose an outright ban on cryptocurrencies," Jay Hao, CEO of OKEx, told Cryptonews.com. "In talking with our Indian partners, we found that the government is more receptive to cryptocurrencies than it was before," but the worries about scams remain.

🗞 Major South Korean Bank Joins the Crypto Custody Business

KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets.

The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology.

Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated:

"Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation."

🗞 Grayscale to Bring Crypto Ads to US Homes Amid Economic Crisis

Grayscale, a major crypto asset management firm owned by Digital Currency Group (DCG) , is launching a national ad campaign in the US. It comes at the time of great socio-economic and geo-political uncertainties - which might be turning people's head towards financial and monetary alternatives.

2019 had a Grayscale 'drop gold' campaign, but 2020 is getting an ad campaign to promote crypto.

"Are you ready," asked in a tweet today Barry Silbert, founder and CEO of DCG and Grayscale, moving on to announce that a national ad campaign will be starting next week in the USA. Per Silbert, a TV ad will be shown on CNBC, MSNBC, FOX, and FOX Business. "We're going to brrring crypto to the masses," he added.

"Bitcoin’s performance following the aftermath is far more important than its sell-off going in, given the backdrop has never been more conducive for a non-sovereign, censorship-resistant, provably scarce digital asset," said Kevin Kelly, Co-founder of crypto research boutique Delphi Digital.

🗞 Bittrex and Poloniex Move for Summary Judgment in Market Manipulation Case

Attorneys representing cryptocurrency exchanges Bittrex and Poloniex notified Judge Failla of the Southern District of New York Friday of their intention to move for summary judgment in a class action case that alleges they, along with Tether and Bitfinex, were involved in fraud and market manipulation, according to court filings.

The motion seeks summary judgment, saying the plaintiffs cannot "prove the central premise of their claims" that cryptocurrency addresses at issue in the suit belong to Bitfinex nor that Bitfinex was using the funds to manipulate the market.

"In fact, both addresses belong to an individual with no apparent connection to Bitfinex," the letter explains.

Bittrex and Poloniex were added to the suit as defendants in June 2020.

The suit has been ongoing since October 2019.