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October 15, 2018

Cardano Price Analysis: ADA/USD Surging Towards $0.090

Key Highlights

ADA price formed a decent support near the $0.0700 level and rallied recently against the US Dollar (tethered).
There was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair is placed nicely in a positive zone and it could move further towards $0.0880 and $0.0900.

Cardano price jumped back in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate gains towards the $0.0900 resistance.
Cardano Price Analysis
After a downside move below the $0.0800 level, cardano price found support against the US Dollar. The ADA/USD pair formed a decent support base near the $0.0700 level and later started an upside move. There was a sharp upward move and the price broke the $0.0750 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low.
It opened the doors for more gains above the $0.0800 level. More importantly, there was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair. The pair rallied further and traded above the $0.0810 level. There was a test of the 76.4% Fibonacci retracement level of the last decline from the $0.0886 high to $0.0694 low. The current price action is positive above the $0.0800 level and there could be more gains. On the upside, the price is facing a tough resistance near the $0.0880 and $0.0900 levels. A break above these may well open the doors for a push towards $0.1000.

The chart indicates that ADA price recovered nicely from the $0.0700 support base. If there is a downside correction, the $0.0750 level is likely to protected losses.
Hourly MACD – The MACD for ADA/USD is back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is moving higher towards the 80 level.
Major Support Level – $0.0750
Major Resistance Level – $0.0880
The post Cardano Price Analysis: ADA/USD Surging Towards $0.090 appeared first on NewsBTC.

NewsBtc.com

Has Bitcoin Bottomed Out With its Last Dip at $6,200? Investors Optimistic

Since Bitcoin found a foothold in the $6,200-$6,800 range in early-August, crypto traders have been doing their best to discern where this unpredictable market will head next. But, with positive crypto-centric news becoming commonplace, there has been an unprecedented number of investors, commentators, and industry leaders that have foreseen a bottom in the tumultuous cryptocurrency market.
“Last Dip Ever”
AngeloBTC, a well-followed cryptocurrency commentator and analyst, recently broke his one-month-long Twitter hiatus to claim that Bitcoin was seeing its “last dip ever,” alluding to the well-read theory that crypto assets are finally starting to undergo a bottoming phase.

Last dip ever. pic.twitter.com/IiJ1AoR2UB
— Angelo฿TC (@AngeloBTC) October 15, 2018

Although some claimed that his bullish call was fueled by hope, and nothing more, the fact that such a prominent trader made this prediction comforted thousands of his 124,000 Twitter followers. While Angelo, who was BitMEX’s top trader by volume in early-2018, failed to rationalize his call with technical and fundamental indicators, there has been a multitude of industry leaders that have done that job for him.
Mike Novogratz, a former Wall Street guru turned crypto diehard, revived his dust-ridden Twitter page in early-September to claim that this market “put in a low.” Clearly tapping into his knowledge of traditional capital markets, the Galaxy Digital CEO explained that markets of any variety “like to retrace to the breakout.” So, seeing that crypto assets essentially “retraced the whole of the bubble,” Novogratz claimed that a reversal to the upside is imminent.
Image Courtesy of Mike Novogratz/Bloomberg
While critics of this theory may point out that the chart Novogratz highlighted is now one-month outdated, his point is still as valid as ever. One week after he issued his “#callingabottom” tweet, Novogratz took to CNBC Fast Money to highlight the other side of the coin — fundamental indicators.
Although his appearance on CNBC stretched out to a painstaking 11 minutes, a theme was consistent throughout his comments, which was that institutions are poised to allocate capital to the cryptocurrency market, adding that “institutional FOMO” is proverbially right around the corner.
Since then, however, Novogratz has since retracted some of his short-term price predictions. But, investors shouldn’t be wary, as other industry leaders picked up right where the CEO left off. Long-time Bitcoin proponent Tom Lee, the head of research at Fundstrat Global Advisors, told his clients that $1,900 per Ether by year’s end is a likely scenario. Despite not explicitly stating it, it is likely that Lee also believes that his $25,000 Bitcoin prediction is still in the cards as well.
Crypto News Cycle Turns Positive, “Kindling” For The Next Bonfire
Blockchain Capital’s Spencer Bogart also had bullish sentiment to tout, recently claiming that while patience is essential, the long-awaited bottom is within this industry’s grasp. Giving his forecast some credence, Bogart explained that the positive developments the crypto market has undergone in the past few months will be “kindling” for crypto’s next bonfire, or growth cycle in other words.
And, as seen by the recent news cycle, this industry has undoubtedly seen its fair share of fundamental developments that will only better the experience for institutional and retail participants.
Bakkt, a cryptocurrency platform aimed at revolutionizing how institutions, retail investors, and merchants interact with this industry, is slated to launch its first product in November. If the launch of its physically-backed futures products goes according to plan, the platform, which has been formally backed by the Intercontinental Exchange, Microsoft, and Starbucks, will only increase the adoption and real-world use of crypto assets.
In a bid to seemingly undermine Bakkt’s launch or to hop on the gravy train, American banking giant TD Ameritrade joined hands with ErisX, which will reportedly offer Bitcoin, Ethereum, Litecoin, and Bitcoin Cash futures by Q2 of 2019. Some argue that ErisX is even more bullish than Bakkt, as its futures vehicle will immediately be available to TD Ameritrade’s 11 million consumers upon launch.
Not only have multinational corporations forayed into crypto through partnerships, but Wall Street giants are willing to gain a vested interest in this budding space through the establishment of crypto-focused products and services. Morgan Stanley, Citigroup, and Goldman Sachs, for example, all recently began work on offering Bitcoin derivative swaps to their clients, which will allow these firms to bring crypto trading to the mainstream.
It is important to note that the aforementioned developments are just the tip of the iceberg when it comes to positive crypto news. So make no mistake, despite the dismal performance of the market, this industry is far from dead in the water.
Although the fundamental indicators are signaling crypto’s biggest bull run to-date, as pointed out by Joseph Young, the lack of volume is still one hurdle the crypto market needs to clear before a bull run is all but confirmed.

Bitcoin and crypto market waiting for 1 thing
1. Final shakeout 2. Positive developments (Bakkt, Custody, Banks) 3. Months of stability Bitcoin at $6,200 ~ $6,800 range since August 9 4. Lower highs since January bottoming out with record low volatility 5. Volume
— Joseph Young (@iamjosephyoung) October 15, 2018

Featured Image From Shutterstock
The post Has Bitcoin Bottomed Out With its Last Dip at $6,200? Investors Optimistic appeared first on NewsBTC.

NewsBtc.com

Bitcoin Price Watch: BTC/USD’s Upside Drift, Reversal And Tether’s Decline

Key Points

Bitcoin price rallied above the $6,600 and $6,700 resistances and later reversed gains against the US Dollar.
There was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Tether (USDT) pairs rallied above the $7,000 and $7,500, but later trimmed most of its gains.

Bitcoin price broke the $6,700 resistance, but it failed to hold gains against the US Dollar. BTC/USD is back to $6,400 and it is currently under pressure.
Bitcoin Price Analysis
There was a major sell-off noted for Tether (USDT) pairs, which ignited an upward move in bitcoin price against the US Dollar. The BTC/USD pair also gained traction and moved above the 6,600 and $6,700 resistance levels. Earlier, there was a decent support base formed near the $6,150 level. The price started an upward move above the $6,300 level and the 100 hourly simple moving average.
The upside move was strong as the price broke an ascending channel with resistance at $6,300. Moreover, there was a break above a major bearish trend line with resistance at $6,310 on the hourly chart of the BTC/USD pair. The pair rallied towards the $6,800 level and traded as low as $6,825. Sellers appeared and protected further upsides above $6,825. Later, there was a sharp reversal and the price trimmed most of its gains below $6,600. It even broke the $6,500 level and it is currently testing $6,400. The 61.8% Fib retracement level of the recent run from the $6,152 low to $6,825 high is also acting as a support.

Looking at the chart, bitcoin price faced most of its gains above $6,600. This seems like a false break caused by Tether unwinding. Going forward, there could be range moves above $6,300 before the next leg.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,520
The post Bitcoin Price Watch: BTC/USD’s Upside Drift, Reversal And Tether’s Decline appeared first on NewsBTC.

NewsBtc.com

Bitcoin Explodes to $7,000 within 24 Hours; What Caused the Short-Term Rally?

After months of bearish action, the Bitcoin price on Monday soared above $7,000 within a matter of hours.

BTC/USD bounced from $6,269 earlier today to establish fresh highs towards $6,950, according to CoinMarketCap, adding approximately $9 billion to its market cap. On some exchanges, including Hong Kong-based BitFinex, the pair skyrocketed above $7,000.
Weak USDT Pumps Bitcoin
The circa ten percent jump was waved by the sell-off of USDT, a USD-pegged token, which didn’t exactly remain pegged to the greenback. The controversial stablecoin dropped to as low as 85 cents amidst a growing bearish sentiment against it which benefitted its quote currencies. They included Ethereum, Ripple, EOS, and other top coins – other than Bitcoin.
USDT was already receiving flacks for staying below its promised peg for weeks. The coin’s issuer, Hong Kong-based Tether, and its close ally Bitfinex, an international cryptocurrency exchange, recently dropped Noble Bank as their chief banking partner after news of insolvency started surfacing. Tether, which was reportedly holding the funds that backed USDT supply in Noble Bank, couldn’t maintain the peg for the same reasons. Hence, the price fell.
But, researchers argued whether Tether had funds to stabilize USDT at all. The company reportedly has been avoiding independent financial audits since launch. The crypto community is already questioning the authenticity of Tether’s early day promises in which it said that it would perform regular audits to prove a 1:1 relation between its USDT supply and USD capital.
A large USDT population, amid a mounting negative sentiment, swapped their holdings for Bitcoin, eventually pumping its value to a synthetic higher high.
Bitcoin Real Value Undecided
The stark difference in Bitcoin value between mainstream crypto exchanges is noteworthy, at the same time. The exchanges which had larger Tether volume apparently expressed higher Bitcoin upside swings compared to those with less-to-zero Tether volume. On BitFinex, for instance, the highest recorded Bitcoin-to-dollar exchange rate today was circa $7,785. Around the same time, US crypto exchange Coinbase noted Bitcoin upside limited to 6810.

All Tether driven. Not a healthy pump.
— Alex Krüger (@Crypto_Macro) October 15, 2018

At the press time, Bitcoin is trading approximately $300 higher on BitFinex than Coinbase, signifying that the market is yet to decide the Bitcoin’s real-time price, which could settle anywhere between $6,300 and $6,600 once the volatility drops. Another factor is bears that have already exited their long positions on a strong rally all across the exchanges, causing a circa $1,000 downside correction. Before the US market opens, BTC/USD could retreat back to its old range below $6,600. Long sentiments would be minimal in times of the lower lows formation.
Investors Moving to Other Stablecoins
As Bitcoin continues to go haywire, investors are already parking their funds to other stablecoins. TrueUSD, for instance, is Tether-competitor, whose volume and value have gained traction in the past 24 hours.

Although, TrueUSD is correcting lower, but is yet maintaining its peg against the US dollar. The coin against the dollar itself is trading 1.9 percent higher than expected on Binance. TrueUSD’s weekly rate has been 3.7 percent higher than the greenback, confirming that the coin is emerging amidst the unrest in the Tether market.
The post Bitcoin Explodes to $7,000 within 24 Hours; What Caused the Short-Term Rally? appeared first on NewsBTC.

NewsBtc.com

Peer Stablecoins are Showing 10% Premium against a Weak Tether

A mass exodus from the most popular dollar-pegged stablecoin Tether (USDT) has led to its devaluation against peer stablecoins.
USDT on Monday broke away from its historically tight link with the US Dollar to touch 85 cents across multiple crypto-exchanges. As a result, a substantial USDT volume shifted to other cryptocurrencies, including Bitcoin, raising their price in an otherwise bearish market. Among the gainers were also other stablecoins whose per token value advanced against the dollar – as well as the Tether’s USDT.
USDC, TrueUSD, GUSD among Gainers
Traders started to flee USDT in the wake of growing skepticism against its issuers. There were doubts about whether Tether was operating a fractional reserve to inflate the Bitcoin price artificially. But traders opted to pool their crypto funds into USDT to protect themselves against the market’s trademark volatility. The faith in Tether diminished at last on Monday amid speculation over its poor financial status and alleged BitFinex’s insolvency, an exchange whose CEO is the USDT issuer.
Circle USD rising against the USD-peg
At the same time, stablecoins promising lower credit risk than USDT have shown up to 10% premium in their price against the USDT. Circle and Gemini, for instance, noted an impressive surge in their stablecoin prices against the dollar. While Gemini’s GUSD token surged as high as $1.05, Circle’s USDC established its new monthly high near $1.07, according to data available at CoinMarketCap.com.
TrueUSD, stablecoin, also witnessed an increase in demand against the limited supply amid Tether’s negated price action.

Bitcoinland:
where a simple filthy statist buck is "worth" $1.08 on an exchange… because reasons: pic.twitter.com/ktQaaLHojb
— Tim Swanson (@ofnumbers) October 15, 2018

TrueUSD, Gemini and Circle are US-regulated entities and are liable to issue tokens backed by real fiat funds or face severe penalties. Tether, on the other hand, has been accused of ducking independent financial audits of its balance sheets in the past, to which it reasoned that the auditing procedures were “excruciatingly detailed.”
Gemini stablecoin rising as Tether drops
It demonstrates why a growing negative sentiment in Tether market is influencing USDT holders to fly to less risky alternatives like TrueUSD, USDC, and GUSD. Alex Kruger, in his interview to NewsBTC’s Chief Editor Joseph Young, had predicted the ongoing scenario earlier.
“One should expect a great percentage of all USDT (Tether) holdings to migrate to GUSD (Gemini) and USDC (Circle),” he had said.
Can Tether Reclaim $1?

The USDT/USD is now undergoing a reversal action, the authenticity of which cannot be verified at the time of this writing. The tether issuer would need to settle community criticism once for all by opening their doors to independent financial auditors and make their balance sheets public. Unless that happens, one cannot look at the so-called stablecoin as a haven for safe crypto parking anymore.
The recent market performance of Tether’s peers has proven that the community would jump the sides than stay in the superstition of stability.
The post Peer Stablecoins are Showing 10% Premium against a Weak Tether appeared first on NewsBTC.

BitcoinNews.com

Fincen Claims Iran Is Using Crypto to Evade Sanctions

The Financial Crimes Enforcement Network has warned U.S financial institutions that the Iranian government might be dodging economic sanctions by using cryptocurrencies. The document highlights challenges arising from peer-to-peer virtual currency exchanges and encourages banks to monitor blockchain ledgers for transactions tied to the country.
Also Read: Church Mining Cryptocurrency to Pay Higher Electricity Rates
Iranian Bitcoin TransactionsEstimated at $3.8M Since 2013
The U.S. organization, known as Fincen, issued the warning in an advisory to assist U.S. banks and other financial actors such as cryptocurrency exchanges in identifying “potentially illicit transactions related to the Islamic Republic of Iran.” The document includes a lengthy section relating to crypto, as well as an estimate that “since 2013, Iran’s use of virtual currency includes at least $3.8 million worth of bitcoin-denominated transactions per year.”
Fincen noted that “while the use of virtual currency in Iran is comparatively small, virtual currency is an emerging payment system that may provide potential avenues for individuals and entities to evade sanctions.”
P2P Exchanges Highlighted asKey Crypto Conduit
While reports have indicated that the Central Bank of Iran has prohibited domestic financial institutions from touching cryptocurrencies, Fincen stated that “individuals and businesses in Iran can still access virtual currency platforms through … Iran-located, internet-based virtual currency exchanges; U.S.- or other third country-based virtual currency exchanges; and peer-to-peer (P2P) exchangers.”
Fincen said that P2P cryptocurrency exchangers are a significant means through which Iran can bypass economic sanctions. It defined such individuals as people who offer to purchase, sell or otherwise exchange virtual currencies, either face to face or through websites. It added that “P2P exchangers may operate as unregistered foreign (money services businesses) in jurisdictions that prohibit such businesses; where virtual currency is hard to access, such as Iran; or for the purpose of evading the prohibitions or restrictions in place against such businesses or virtual currency exchanges and other similar business in some jurisdictions.”
Financial Institutions Urged toConduct Due Diligence
Fincen also said that U.S financial institutions should remain aware of the “highly dynamic” nature of the global market for cryptocurrencies.
“New virtual currency businesses may incorporate or operate in Iran with little notice or footprint,” it explained. “Institutions should consider reviewing blockchain ledgers for activity that may originate or terminate in Iran.”
Fincen urged institutions to use technology to keep an eye on open blockchains and monitor P2P transactions. Examples of the latter could include “wire transactions from many disparate accounts or locations combined with transfers to or from virtual currency exchanges.”
In addition, the organization reminded institutions and individuals in the U.S. that handle virtual currencies to refer to a list of frequently asked questions on international sanctions that was published by the Office of Foreign Assets Control earlier this year. “Financial institutions and virtual currency providers that have (Bank Secrecy Act) and U.S. sanctions obligations should be aware of and have the appropriate systems to comply with all relevant sanctions requirements and (Anti-Money Laundering/Combating the Financing of Terrorism) obligations,” Fincen said.
Do you think regimes such as Iran will increasingly turn to cryptocurrencies to dodge economic sanctions? Or do you think the concerns outlined in the Fincen document are overblown? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Fincen Claims Iran Is Using Crypto to Evade Sanctions appeared first on Bitcoin News.

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BitcoinNews.com

The Daily: Tether Sheds Its Peg

What kind of a world are we living in when bitcoin and tether, two of the stablest currencies in the cryptosphere, break out at the same time? Bitcoin is headed north while tether has taken a tumble in events that are closely linked. Of course, there’s other news in this edition of The Daily, like an NBA star selling his sneakers for bitcoin, but there’s only one story that’s got everyone talking: the crazy, topsy-turvy tale of tether, the stablecoin that couldn’t keep its peg.
Also read: Report: Barclays Drops Plan for Cryptocurrency Trading Desk
Tether Slides, Bitcoin Glides
After enduring months of scarcely moving — BTC because it was trapped within a tight range and USDT because that’s its job — both coins have made big moves over the past 12 hours. BTC began to soar around 2 a.m. EST, hitting $7,500 per coin before settling around the $6,900 mark. Tether, meanwhile, began to slide on Bitfinex, flash-crashing to as low as $0.88 after struggling to maintain dollar parity all week.
USDT dropped to under $0.90 against TUSD on Kraken.
“Watching tether die,” tweeted constant critic @Bitfinexed, who had likely been waiting for this moment all his life. In the midst of all the drama, Bitfinex issued a clarification, stating that fiat deposits should be re-enabled by Tuesday, Oct. 16. Meanwhile, the Kucoin exchange temporarily stopped USDT deposits and withdrawals due to “wallet system maintenance.” Needless to say, the movements of BTC and USDT are closely correlated, with traders seeking to escape the uncertainty of tether in favor of a safer haven. We’ll have more on this story, and what it means for Bitfinex, Tether and the cryptoconomy as a whole, later today.

too much FUD.
— CZ Binance (@cz_binance) October 15, 2018

Muun Launches Bitcoin Core Wallet
A new everyday wallet for storing and sending bitcoin core has been released in beta. Muun is now available on Google Play, with an iOS version to follow soon. “Muun is designed for people who use at least a small portion of their bitcoins. Some use cases are introducing new people to cryptocurrencies, sending money to friends, paying for online services, or getting paid for a remote job,” its developers explain.

In action, the wallet is easy to use, but is short on the sort of features that more advanced users might desire. There’s no ability to paste in wallet addresses, for instance — it only works with a QR code — and users are obliged to register an email address upon signup. For sending and receiving BTC to friends and family, however, Muun looks just the ticket. That said, for a more feature-rich wallet that’s equally user-friendly, and accepts BTC and BCH, the Bitcoin.com Wallet has got you covered.
Spencer Dinwiddie Sells Sneakers for Bitcoin
Brooklyn Nets star Spencer Dinwiddie is big on three things: height, basketball and cryptocurrency. The first two go hand in hand for the 6-foot-5-inch NBA point guard — or hand on rim, rather. Since buying his first bitcoin at $3,000 last year, Dinwiddie’s been hooked. This season his signature K8IROS sneakers, developed in cooperation with a company called Project Dream, will be buyable in bitcoin.
Dinwiddie also had some interesting comments to make about cryptocurrency, and bitcoin adoption in general.
“Blockchain in essence is transparency. So if as humans we’re looking, searching for transparency, we’re gonna get there eventually,” he said. “Now, what does that mean for the price? I don’t know. Is it a $10K bitcoin, $5K, $500K? Nobody knows; I think everyone’s guesstimating. But the tech base in general, if we as a people — all seven-and-a-half or eight billion of us — say we want truth and transparency, it’s the next step.”
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.

Images courtesy of Shutterstock, Twitter, Blockmodo, and Bleacher Report.

Need to calculate your bitcoin holdings? Check our tools section.
The post The Daily: Tether Sheds Its Peg appeared first on Bitcoin News.

BitcoinNews.com

Report: Barclays Drops Plan for Cryptocurrency Trading Desk

Barclays (LSE: BARC) has reportedly scrapped its plan to launch a cryptocurrency trading desk. However, it remain unclear whether the U.K. banking giant is acting under pressure from regulators or for other reasons, such as insufficient demand for crypto-related services from hedge funds.
Also Read: Research: Corporations Fail to Deliver on Blockchain Hype, Scalability a Top Concern
Crypto Plan ‘On Ice’
A group of senior Barclays executives have stopped working on the initiative, according to a report by Financial News London, citing two people familiar with the situation. Chris Tyrer, the man who headed the bank’s “digital assets project,” is said to have parted ways with Barclays in September, following a decision to put the initiative “on ice.”
The group of four executives, assembled earlier this year, was reportedly trying to assess the long-term viability of cryptocurrencies as an asset class. They were also looking at demand for cryptocurrencies among the bank’s clients and the kind of IT infrastructure that would be needed to support trading. It is unclear if the executives had reached any firm conclusions about the project at the time the bank decided to drop the plan.
Preliminary Assessments
Sources close to Barclays first revealed that the bank was considering launching a cryptocurrency trading desk back in April. It was reportedly trying to gauge potential demand among its clients, which include hedge funds and other large investors. Although the bank denied that it had any specific plans to launch a cryptocurrency trading desk at the time, sources revealed it had already conducted preliminary demand and feasibility assessments.
In May, Barclays CEO Jes Staley denied that the bank would be opening a cryptocurrency trading desk in a speech at the bank’s annual general meeting.
“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance,” Staley told shareholders. “On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”
However, despite Staley’s denial, Barclays filed two cryptocurrency-related patents with the United States Patent and Trademark Office in July.
Will Barclays be too late to return to the crypto market once prices pick up? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Report: Barclays Drops Plan for Cryptocurrency Trading Desk appeared first on Bitcoin News.

NewsBtc.com

Bitcoin Price Analysis: Centralization of Mining Pools open Up New Attack Vectors

After losing four percent in the last week mostly compounded by strong losses of Oct 11, sellers are in control. This view is regardless of our expectations of higher highs in the aftermath of deflating dips of last week. Despite this, we recommend aggressive traders to short at spot prices. However, risk-averse traders can take a neutral stand until after there are losses below $6,000.
Latest Bitcoin News
A new joint study between Princeton University and Florida International University is reaffirming the obvious. That the Chinese is dominating the Bitcoin mining scene. Although this has been in the news for sometimes now, it is cementing how this form of centralization could at the end of the day damage the viability, security and even stability of the world’s most valuable coin.
It’s easy to see why the Chinese monopolizing the Bitcoin mining space. Ironically, their government is against cryptocurrencies and any form of blockchain fund raising as ICOs after imposing a ban of such activities almost a year ago. Bitmain which has a hold on Bitcoin and Bitcoin Cash mining has strong bases in China with more than 200,000 mining units. If all of them are the S9 miners then they effectively control more than six percent of the network’s hash rate.
This concentration won’t change unless there are U-turn support in other jurisdictions. Note that aside from Bitmain influence, Chinese miners enjoy cheap electricity tariffs at around $0.08 KWH while ordinary miners in other geographical location do mine at $0.10 KWH.
From simple calculations at current spot rates print outs show that mining in China is 20 times more profitable than in other areas. These incentives alone mean that over 74 percent of the Bitcoin hash rates are controlled by Chinese mining pools. As a result, this gives the Chinese government hallways to attack the network should they find a reason to.
Bitcoin Price Analysis
Weekly Chart

On a weekly basis, BTC is down four percent following last week’s rejection of higher highs above$7,200. Though BTC depreciation is clear we still hold on to our last Bitcoin trade plan as we retain a neutral stand.
Our trade plan depends on whether market participants will surge above $7,200 and resistance trend line or dip below the main support zone between $5,800 and $6,000 in line with last week’s losses.
Though neutral, bears stand a chance to resume last week’s trend because not only are sellers in charge after the nine months of persistent draw down but the volume and the veracity of bears rejecting prices above $7,000 and the main resistance trend line of the last eight months.
To reiterate, any meltdown below $6,000 will fuel sellers aiming at $4,500 and later $3,000. On the flip side, surges above $7,200 is a shift of momentum and the necessary impetus for buyers aiming at $8,500 and later $10,000.
Daily Chart

Back to the daily chart and BTC is recovering providing a nice opportunity for sellers to add to their shorts. Backing this inclination is the relationship between Oct 11 strong losses printing a bear engulfing pattern and the tight trade ranges of the last three bars.
Unless there are movements above Oct 11 highs, this validates an effort versus result scenario. Obviously, sellers are in prime position to drive prices below the main support trend line in the daily chart. But most importantly they can drive prices below $6,000—the upper limit of our support zone.
All things constant, and as aforementioned, bears are in control. But, we still retain a neutral stand. However, aggressive traders can as well short at spot with stops at around $6,500.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Price Analysis: Centralization of Mining Pools open Up New Attack Vectors appeared first on NewsBTC.

NewsBtc.com

EOS Price Analysis: Trouble Brews in Cardano as Tron Outperforms other Altcoins

Of all the coins under review, Tron is a top performer adding two percent in the last day. Regardless, sellers are in control. As a result, at spot prices, EOS, Litecoin, Stellar Lumens and Cardano traders should be shorting on every high in lower time frames. Reasonable stops should be at recent highs with first targets in line with our altcoins price analysis.
Let’s have a look at these charts:
EOS Price Analysis
Days after backing use of Credit cards, Jimmy Song, a Bitcoin developer and educator said EOS is a scam in a recent interview. He went on saying the dApp platform will “die in a dumpster fire in the next five years”.

Back to price action, and EOS is stable after three days of moderate gains. Nevertheless, we retain our previous EOS trade position recommending aggressive bear traders to unload at spot rates with stops just above Oct 11 highs. Notice that the general trend is bearish. Besides, as mentioned in our last preview, we are trading within a bear break out pattern following the depreciation below the minor support trend line. However, for risk-averse traders to be in charge then we need to see strong losses below $4.5 and $4. Thereafter, first bear targets would be at $1.5.
Litecoin Price Analysis

Price movements of the last three days has been characterized by tight trade ranges and very light volumes. These tight price ranges mean prices are above the main support line at $50 but still oscillating within Oct 11 bear engulfing bar. If anything, this inactivity is overly bearish for Litecoin further cementing our previous Litecoin price analysis. Going forward, we shall hold off trading in line with our last recommendation as we wait for losses below $50 confirming a bear break out trade of early August. Thereafter, first targets would be at $30 as per our previous reiterations.
Stellar Lumens Price Analysis

Like most coins, the reaction by bulls to counter bear attempts has been disappointing to say the least. Not only are prices moving within tight ranges but they seem to be in distributing further dumping bulls hope. All things constant, risk-off traders should find selling opportunities whenever higher highs print in lower time frames. On the other hand, conservative traders should be angling for 8 cents once prices drop below 2018 lows at around 18 cents-20 cents.
Tron Price Analysis
Justin Sun shills could end up supporting TRX prices if recent rumors are anything to go by. After double digit losses mid last week, the smart contracting founder Tweeted saying they shall partner with a major billion-dollar company.

Here's a pic from @alvinchan88 with translation about @Baidu_Inc and @Tronfoundation #tron #trx pic.twitter.com/0WkYWxvek9
— EricShillMonger (@EricShillMonger) October 13, 2018

Well, unconfirmed reports hints that this company is Baidu or China’s Google. According to people familiar with this partnership, the internet provider shall formally announce this partnership in the next couple of days.

Price-wise and TRX is a “top performer” after adding three percent in the last day. Nonetheless, this doesn’t cancel our last Tron trade plan. After all, prices tend to pull back after a session of high volatility as seen on Oct 11. So, unless there are gains above Sep highs at 3 cents, aggressive traders should short at spot rates with stops at 3 cents with first targets at Jan 24 lows. In the meantime, risk-averse traders should wait for a clean break out above 3 cents or below 1.6 cents which doubles up as Aug and Sep lows.
Cardano Price Analysis
Initially, Emurgo and the Cardano Foundation was designed in a way that there was redundancy. As such, in an even of a split or failure by one wing of the Cardano then the whole project won’t screech to a halt. Now citing performance frustration coming from Cardano Foundation’s lack of activity Charles Hoskinson and Emurgo’s Ken Kodoma are pushing for the foundation “to voluntarily subject itself to the Swiss authorities; for a complete audit of all of the Foundation’s financial transactions and major decisions to be conducted; and for the results to be released to the general public.”

The doldrums in Cardano didn’t reflect on price. Instead, the degradation of Oct 11 is evident. Like most coins, prices are moving in a tight trading range with main supports at 7 cents. Regardless of price resuscitation, ADA is bearish and we recommend risk-off traders to short at current prices with stops at Oct 11 highs. However, dips below 6 cents of ADA’s ATLs will trigger the next wave of sell pressure. As such, risk-averse traders should trade with the trend until clear bull reversal patterns print.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post EOS Price Analysis: Trouble Brews in Cardano as Tron Outperforms other Altcoins appeared first on NewsBTC.

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Cryptocurreny Market Update: Only Hardcore Hodlers Still in The Game

FOMO Moments
Monday markets are looking red; XRP and Dash sliding, Tron and Tezos holding ground.
Monday morning in Asia is a red one in crypto land as markets slide further back. There have been no more major selloffs, however, and losses are marginal. Total market capitalization is still in the $200 billion range.
Bitcoin has not moved for the past four days and is still holding support at just below $6,300. BTC has dictated the flow of the rest of the market enough times this year and it seems to still be doing so as there is little movement elsewhere at the moment. Ethereum has weakened further, dropping back to $195 as ETH loses another 2% on the day.
The altcoins are all red at the moment dropping a percent or two from yesterday’s levels. In the top ten XRP, Stellar and Cardano have fallen the furthest losing around 2-3 percent on the day. The rest are down between one and two percent at the moment.
The top twenty shows a similar situation with Dash making the biggest drop of 3% to reach $156. The other alts are down 0-2 percent right now. Tron and Tezos are holding steady with no further losses.
As usual there is a daily pump going on and at the moment it is Komodo which is up 13% to $1.13. New wallets and updates continue to flow from the team but like all other cryptocurrencies KMD is still painfully low. Komodo is level on the week but up 12% since the same time last month.
At the red end of the table in the top one hundred is Nexo dropping 10%, and yesterday’s pump, Digitex Futures, is predictably dumping today falling 7%. Loom Network and Aion are also sliding 6-7 percent on the day.

Total crypto market capitalization has fallen a further one percent during Asian trading this morning. Markets fell back to $198 billion but have recovered a little to climb back over $200 billion at the moment. Since last Monday crypto markets have lost 8%, and since the same time last month they are pretty much at the same level. Crypto markets have been at this bottom for around two months now, the longest inactive period since last year.
Bitcoin dominance has gradually increased again and is now at 54.4% as altcoins get dumped and only hardcore hodlers remain in the game.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Bitcoin (BTC) Price Watch: Bulls Defend Triangle Bottom Again

Bitcoin Price Key Highlights

Bitcoin price tumbled down to the bottom of its long-term triangle but bulls keep buying on dips.
Support continues to hold so another test of the resistance at $6,600 could take place.
Technical indicators, however, are giving mixed signals on whether support might keep holding or not.

Bitcoin price has bounced off the bottom of its triangle once more and is setting its sights on the top.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA on the daily time frame to hint that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. Then again, the gap between the moving averages is narrowing to signal that bearish momentum is slowing.
Stochastic is indicating oversold conditions and might be ready to pull up, indicating a return in bullish pressure. This could be enough to take price back up to the top of the triangle, which is right around the 50 SMA dynamic inflection point. RSI is also starting to turn higher to signal that buyers are ready to regain control.
BTCUSD Chart from TradingView
Bitcoin price is trying to keep its head afloat after the recent selloff as a break below this level could pave the way for a prolonged slide. Note that the chart pattern spans around $6,000 to $10,000 so the resulting slide on a breakdown could be of the same height.
Bulls have repeatedly defended this area as a number of investors are buying on dips. Some say, however, that only HODL-ers are in the game at this point, as the lower highs of bitcoin price also reflect increased selling pressure.
Still, there are a few things to look forward to, including a much-anticipated rebound before the end of the year. Some believe that this could be spurred by an approval of bitcoin ETFs by the SEC but recent regulatory updates haven’t been so positive.
The post Bitcoin (BTC) Price Watch: Bulls Defend Triangle Bottom Again appeared first on NewsBTC.

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Bitcoin Cash Price Analysis: BCH/USD is Struggling Below $450

Key Points

Bitcoin cash price failed to recover above the $440 and $450 resistance levels against the US Dollar.
There is a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair could decline below $420 if it continues to struggle near the $440-450 zone.

Bitcoin cash price is facing a tough barrier at $450 against the US Dollar. BCH/USD may consolidate between $420-450 before it makes the next move.
Bitcoin Cash Price Analysis
Recently, there was a minor upside correction above the $430 level in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $440 level as well. Moreover, there was a slight upward move above the 23.6% Fib retracement level of the downward move from the $515 high to $422 low. However, the price failed to gain pace above the $445 and $450 levels.
There was also no proper close above the $440 level as the price struggled near the 100 hourly simple moving average. There is also a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair. The pair is trading well below the $450 resistance and the 100 hourly SMA, which is a bearish sign. On the downside, the price remains at a risk of a break below $420 and $410. Below these, the price may perhaps test the $400 handle.

Looking at the chart, BCH price seems to be trading in a range above $420. The next break could be either above $450 or below $420 in the near term. Above $450, the price may possibly correct towards the $468 level. It represents the 50% Fib retracement level of the downward move from the $515 high to $422 low.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 40 level.
Major Support Level – $420
Major Resistance Level – $450
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Ethereum Price Analysis: ETH/USD Jumps Above Key $200 Resistance

Key Highlights

ETH price finally gained momentum and broke the $197 resistance against the US Dollar.
There was a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now placed nicely above the $197 and $200 resistance levels.

Ethereum price gained momentum recently against the US Dollar and bitcoin. ETH/USD is now placed for more gains above the $197, $198 and $200 resistance levels.
Ethereum Price Analysis
Recently, there was a minor upside move from the $184 swing low in ETH price against the US Dollar. The ETH/USD pair traded above the $190 and $192 resistance levels. However, the upside move was capped by the $199-200 area. The price failed to break the $200 zone and slowly turned south. It declined below the 50% Fib retracement level of the recent wave from the $184 low to $199 high.
However, buyers appeared near the $188-190 area. Moreover, the 61.8% Fib retracement level of the recent wave from the $184 low to $199 high also acted as a support. Later, the price jumped higher and moved above the $190 and $197 resistance levels with a positive angle. More importantly, the price surpassed a strong resistance near the $200 level. There was also a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD. Above the trend line, the 100 hourly simple moving average was beached near the $199 level. Therefore, a break and close above the $199-200 zone is a positive zone.

Looking at the chart, ETH price seems to be gaining pace above $197. As long as there is no false break above the $200 handle and the 100 hourly SMA, there are chances of more upsides. On the upsides, the next resistances are at $207 and $210.
Hourly MACD – The MACD is moving in the bullish zone.
Hourly RSI – The RSI currently near the 60 level with a bearish angle.
Major Support Level – $197
Major Resistance Level – $210
The post Ethereum Price Analysis: ETH/USD Jumps Above Key $200 Resistance appeared first on NewsBTC.

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Bitcoin Exchanges Shutdown in India Due to Regulations, Pivot to ATMs

To improve crypto-to-fiat liquidity in India amidst an ongoing banking ban, Indian exchanges are finding methods that could function inside the grey areas of law.
Unocoin in its latest announcement revealed its plan to launch a network of Bitcoin ATMs across India. The Bengaluru-based crypto exchange, which has been in the field since 2013 and currently boasts a 1.2 million customer-base, already introduced one crypto trading kiosk in its hometown. It enables users to exchange Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin for cash – and vice versa.
Decorated Bitcoin ATM in Bengaluru, India
The use of cash within the crypto trading framework is not new. In the wake of the RBI ban, people have already switched to p2p and unregulated over-the-counter trading to bypass the online banking limitations. Not only the method has resulted in the birth of unregistered garage exchanges, but it has also simplified the use of digital currencies in illegal activities, such as money laundering.
Unocoin, on the other hand, is attempting to work within the legal framework. The exchange has confirmed that it would impose the current cash handling restriction as per the guidelines issued by the central bank post demonetization.
“Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India,” Uncoin explained. “The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.50) and must be in multiples of 500 rupees.”
On Banking Relationships
Unocoin clarified that their ATM network would function as a standalone project which doesn’t require banking partnerships like other ATMs. It will remove the project from the purview of RBI ban that bars regulated banks to conduct businesses with crypto companies. That said, the exchange would keep inserting cash bills into the machine on a daily basis, and customers will also be liable to dispense and withdraw funds in INR cash only.
Given that users would require to use their registered Unocoin addresses for trading, in compliance with India’s KYC/AML laws, it is unclear if they would be breaking the law or not. In the wake of RBI ban, which targets only Bitcoin companies, a standalone person trading Bitcoin for cash under a detectable scenario could still be a little riskier – if not entirely – than trading p2p.
Crypto Demand in India Unaffected
Indian Bitcoin community remains unaffected by the RBI ban, proves the local exchanges’ continuous efforts to bypass the regulation and offer them alternatives to trade. It is similar to what the industry has witnessed in China and Russia: people deflecting from the restrictions and going p2p to conduct their day-to-day crypto trades.
A survey, titled “Global Cryptocurrency Survey,” released by a German research company also found India at the fourth spot in people trading cryptocurrencies, falling behind three countries – the US, the UK, and Japan, where trading Bitcoin is not illegal. The survey was published after the RBI ban.
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Tether Forces Bitcoin to Achieve $7,500, Crypto Market Adds $20 Billion

The crypto market and Bitcoin investors were in for a shock on Monday morning, as Tether, a self-proclaimed “stablecoin,” fell 6% below its U.S. Dollar (USD) peg amid a growing sense of confusion within the cryptosphere.
Tether, Bitfinex Worries Plague Crypto Market
During the wee hours of Monday morning, crypto assets saw a strong, but suspicious move to the upside, even though volumes continued to dwindle. As users took to internet sleuthing to determine the catalyst behind this influx, it immediately became clear that something was amok.
More specifically, Bitcoin somehow eclipsed $7,200 on Bitfinex, Kraken, Binance, and OKEx, which are all platforms that support USDT, while Bitcoin only moved a tad above $6,700 on non-Tether-enabled platforms.

Bitfinex Premium $1000+ pic.twitter.com/bf9vWCSRCg
— Bitfinex'ed (@Bitfinexed) October 15, 2018

To add to the confusion, Tether, which has held its $1.00 value for months on end, fell 6% below its normal rate, further supporting the theory that something wasn’t right with this latest spurt of price action.
Alex Kruger, a respected market analyst, acknowledged this questionable market behavior, taking to Twitter to convey his thoughts on the situation. Kruger first highlighted the price disparity between Coinbase and Bitfinex, which reportedly holds close ties to the Tether Foundation.
At one point, as pointed out by the analyst, the price spread between the value of Ethereum on Bitfinex and Coinbase surpassed 10%, which is nearly unheard of in the nascent crypto market.

Some wild move on crypto. 10% spread on $ETH between Bitfinex and Coinbase.
— Alex Krüger (@Crypto_Macro) October 15, 2018

Rationalizing this unreasonable spread, Kruger quickly pointed a finger at Tether, as the supposed stablecoin fell under $0.96, while crypto assets rose across the board. This, of course, indicates that traders believe that Tether may not have the USD reserves to back all USDT in circulation, resulting in a capital flight from the stablecoin to traditional crypto assets.
And while USDT is one of the most liquid crypto assets in this market, the order books of the BTC/USDT trading pair couldn’t handle this unprecedented liquidation, resulting in Bitcoin’s unrelenting move above $7,000 on Tether-enabled platforms.
The New York-based trader corroborated this theory, issuing the following comment:
“USDT crashing, 0.94 handle, helping to push all cryptos higher… It would be quite an irony if a Tether collapse would send bitcoin out of this bear market.”
Kruger later brought clarity his aforementioned comment, noting that this 10% price surge was solely catalyzed by the USDT sell-off.
Bitfinex, which was recently subject to a multitude of bank account scares, is slated to give an update on its banking situation within the next week, which should restore trust in the exchange and Tether, which have both been rumored to be insolvent and fraudulent on multiple occasions.
Keeping this in mind, unless USDT continues to somehow capitulate at a breakneck rate, it is unlikely that this irrational price action will be sustained for an extended period of time.
Featured Image From Shutterstock
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