Day: November 16, 2017

A new paper outlines an additional layer to the Lightning Network that would make payment channels even more scalable.

Speed Mining Co., Ltd. (Hereinafter, Speed Mining) built a Cryptocurrency Mining Center in Asahikawa, Hokkaido, Japan. Their Coin, SMS Coin is going to be listed on exchanges by pairing BTC, ETH, and others in exchanges located in UK, Argentina, and Hong Kong on December 1st.

Japan’s First Mining Center Operation

Speed Mining group’s Blockchain Specialists build the most profitable portfolio of mining machines in an optimum mining environment, Asahikawa, Hokkaido, which is the coldest area of Japan. We plan to build another center in Myanmar in future for the cheaper electricity.

About Speed Mining

Established as a company that performs cryptocurrency mining business.

We have succeeded in constructing an optimal mining environment composing of a mining machine portfolio by blockchain specialists and others. In the future, we plan to research and develop our own mining chips.

Capital：100 million JPY
SMSCoin Site：https://www.smscoin.jp/en
Contact：[email protected]
TEL：81+3-5457-1587（Tokyo Branch）
Available Time Zone：Weekdays 10:00～19:00 (JST)

 

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Key Points

• Bitcoin gold price is struggling to gain traction and remains below $200 against the US Dollar.
• This is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD (data feed from Bitfinex).
• The price is likely to remain in a downtrend and it could even retest the $150 support area.

Bitcoin gold price is struggling a lot below $220 against the US Dollar. BTG/USD might extend declines and likely to trade toward $160-150.

Bitcoin Gold Price Resistance

There was a no recovery in bitcoin gold price above the $280 resistance against the US Dollar. The price started a downside move after failing to move above the $280 resistance and the 100 hourly simple moving average. It traded close to the $150 level and formed a low near $157.49. At present, the price is correcting higher, but struggling to break the 23.6% Fib retracement level of the last decline from the $280 high to $157 low.

It seems like there is a declining channel forming with resistance at $220 on the hourly chart of BTG/USD. The pair is likely to remain in a downtrend until there is a break above $220. Before $220, the $200 level and the 38.2% Fib retracement level of the last decline from the $280 high to $157 low are also hurdles. Above $220, the 100 hourly simple moving average is positioned near $230 to act as a barrier.

Overall, there are many hurdles for buyers starting with $200 up to $240. On the downside, the most important support is near $160 and $150. Any further declines could see buying interest above $150, but limited.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is not showing any major bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD has just moved above the 50 level, but with a divergence.

Major Support Level – $160

Major Resistance Level – $220

 

Charts courtesy – Trading View, Bitfinex

The post Bitcoin Gold Price Technical Analysis – BTG/USD in Downtrend appeared first on NEWSBTC.

Max Keiser, a prominent financial analyst and the host of RT’s Keiser Report, has reaffirmed his short-term bitcoin price target at $8,000.

Hedge Funds Rush Into Bitcoin Following CME’s Bitcoin Futures Listing

Throughout this week, following the official announcement of CME Group, the largest options exchange in the world, to launch a bitcoin futures exchange by the second week of December, major hedge funds including the $95 billion US-based hedge fund Man Group revealed their plans to invest in bitcoin in the short-term.

Large-scale hedge funds with multi-billion dollar valuations and hundreds of billions of dollars worth of assets under management only permit their partners and managers to invest a minimum value of around $300 million to a particular asset. As such, the entrance of hedge funds like Man Group by the end of December 2017 would likely lead to flow of tens of billions of dollars into the bitcoin market in the mid-term.

The market’s optimism surrounding the entrance of institutional and retail investors into the bitcoin sector has led to an increase in the price of bitcoin, which has risen from $5,600 to $7,200 in a matter of days. Given that the majority of hedge funds have not invested in bitcoin yet and their plan to do so has already created upward momentum for bitcoin, it is likely that the price of bitcoin will surge rapidly upon the launch of CME’s bitcoin futures exchange.

In a recent interview with Reuters, billionaire investor and hedge fund legend Mike Novogratz stated:

“The institutionalization of this space is coming. It’s coming pretty quick.”

Several analysts have noted this week the the trading volume of existing bitcoin futures exchange LedgerX, which was approved by the Commodities Futures Trading Commission to operate as a bitcoin derivatives, futures, and options trading platform, has increased substantially since its debut in October.

More to that, Bitfury vice chairman George Kikvadze wrote:

“I visited some 30 Institutional Investors over last few days. Stats for the visit: 12 are investing in Bitcoin 10 are about to invest in Bitcoin 8 still need time.”

Bitcoin Will Become More Liquid

Since January, within 10 months, bitcoin has evolved into a $120 billion market without the capital and volumes from the traditional finance sector and institutional investors. Without hundreds of billions of potential capital that would likely be invested in bitcoin in the upcoming years, the price of bitcoin rose from less than $900 to $7,200.

As institutional and retail investors engage in bitcoin trading and allocate tens of billions of dollars into bitcoin in the mid-term, bitcoin will become more liquid, transforming into a more robust and efficient store of value. Thus, in the mid-term, the interim price target of Novogratz at $10,000 is highly likely, given the increasing interest and demand for bitcoin from the traditional finance sector and large-scale retail traders.

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