Day: December 6, 2017

Marvin Goodfriend, the newest potential appointee to the Federal Reserve governing body is anti-cash because it allows too much asset freedom – a stance that may be driving many investors into the soaring Bitcoin.

According to the airline’s Chairman and Chief Executive Officer (CEO), Sudhin Shahani, the disruptive and progressive technologies like Bitcoin and Ethereum complement their vision of disrupting and changing the way the world sources, purchases and accesses air travel.

I never thought I’d say this, but, due to a digital kittens gaming application clogging the Ethereum Network (yes really) the SophiaTX Token Generation Event will be postponed for 48 hours and rescheduled for Thursday, December 7th, 2017 at 2 PM UTC (Coordinated Universal Time).

First of all, this unfortunate circumstance is beyond our control and I am sorry for any inconvenience this may cause to our community! The team here at SophiaTX is working around the clock to ensure a successful TGE launch, however, merely hours before the start time, the entire Ethereum network slowed down and brought issues due to the success of a gaming application running on their platform called CryptoKitties.

The network’s performance reached a critical point, slowing down confirmations and creating a major backlog of transactions which impact everyone on the network.

”The recent incident demonstrates why we have chosen to build SophiaTX as a proprietary blockchain technology. Businesses require sufficient speed, security, and features that are needed for a mainstream adoption by businesses, currently not provided by either Bitcoin, Ethereum and others.”

We have decided to delay the TGE start by 48 hours because a very large number of participants will use ETH during and it would be a major disappointment if their attempted contributions wouldn’t be processed timely and that would result in a significant backlog of transactions with very long waiting times. This is particularly valid, since our TGE is time sensitive, with the lowest price being in the first round and a 10% increase for subsequent rounds thereafter.

To ensure fairness and equal opportunities for all participants regardless of which currency they use (BTC, ETH or DCT) we have rescheduled our TGE by 48 hours later, hoping the backlog will decrease. All other aspects, other than the start date of the TGE will remain unchanged, only the start and end date is changed.

For those interested in our project, we suggest watching Coin Interview published yesterday and all other info provided in in our whitepaper on sophiatx.com

Who knew that adorable CryptoKitties could cause a major traffic jam? I guess that’s why I’m more of a dog person! 🙂

I hope to see you all this Thursday at 2 PM (UTC)! Until then, have a great day and keep a close watch on SophiaTX, we will have some more big announcements coming soon!

The post TGE Postponed! CryptoKitties Clogged Ethereum Network appeared first on NEWSBTC.

The success of one cat-friendly app withstanding, the leading event in the token sector saw high-level discussion of industry pain points.

Mark Yusko, the billionaire investor and founder of Morgan Creek Capital, went on Bloomberg News to defend his prediction that Bitcoin will be worth $400,000 in the long term.

By using Bitcoin, the firm will avoid the voluminous amount of paperwork related to international payments, as well as lower fees for all parties involved in the transactions.

Key Points

• Bitcoin gold price failed above $305 and started a downside move against the US Dollar.
• This is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD (data feed from Bitfinex).
• The price might extend its decline and will most likely test the $250-260 support zone in the near term.

Bitcoin gold price is under pressure below $305 against the US Dollar. BTG/USD might decline further towards the next important support at $250.

Bitcoin Gold Price Resistance

After a decent upside move above the $320 level, bitcoin gold price faced sellers against the US Dollar. The price started a downside move and traded below a couple of important support levels such as $300 and $280. The decline was such that there was an hourly close below the $300 handle and the 100 simple moving average. A low was formed at $268.87 recently and the price is currently consolidating in a range.

On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $339 high to $268 low. More importantly, there is a crucial bearish trend line forming with resistance near $285 on the hourly chart of BTG/USD. The trend line is positioned just below the 38.2% Fib retracement level of the last drop from the $339 high to $268 low. Moreover, the 100 hourly SMA is at $300 to act as a major barrier for buyers.

Therefore, it seems like the $285-300 levels are important resistances in the near term. On the downside, the price might test the last swing low of $250-260. The mentioned $250-260 area is significant support and must prevent further declines in bitcoin gold price.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is near the oversold levels.

Major Support Level – $260

Major Resistance Level – $300

Charts courtesy – Trading View, Bitfinex

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

Peter Brandt, a highly respected and experienced trader, believes the bitcoin price could surge up to $14,000 in 2018. However, the majority of analysts in the cryptocurrency space see the price of bitcoin surging beyond $40,000.

Bitcoin Heading Towards $18,000

Over the past month, the price of bitcoin has increased from around $7,000 to $12,500, by nearly two-fold. The market valuation has surpassed the $200 billion mark, and is moving closer to $210 billion.

If the price of bitcoin had increased by more than $5,000 within a 30-day period without major events or developments, it would be fair to claim that the short-term surge in value is a bubble and a large price correction is due.

However, the price of bitcoin has increased to $12,500 within a month-long period because of the optimism around the entrance of institutional investors. Billionaire hedge fund investor Mike Novogratz noted that a herd of institutional investors are moving into the bitcoin market, while Brian Armstrong, the CEO at $1.6 billion bitcoin brokerage Coinbase, stated that $10 billion in institutional money is awaiting to be invested in bitcoin.

“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets,” wrote Armstrong, emphasizing that a large portion of the traditional finance sector has already made a move into the cryptocurrency market.

Armstrong added, “by some estimates there is $10 billion of institutional money waiting on the sidelines to invest in digital currency today.”

Given the market’s enthusiasm towards the launch of bitcoin futures exchanges by CBOE and CME Group, two of the world’s largest options exchanges, Brant stated that the price of bitcoin will either achieve $14,000, or experience a minor correction to $9,200 and head to $14,000.

But, Brandt also noted that the current price movement of bitcoin demonstrates a short-term bubble within the market, as newcomers have been investing in bitcoin for short-term profits, with the intent of selling it in the short-term.

“In my 43 years as a speculator, I have never seen anything like the current bull market in bitcoin. I believe bitcoin is in a bubble, but bubbles can go on for far longer than anyone thinks,” Brandt told MarketWatch.

While it is likely that some regions like South Korea is dealing with some sort of a bubble, the US and Japanese markets, which account for more than 60 percent of global bitcoin trades, have matured, evolved, and grown to a point in which price movements are well backed by the stable market.

Many Analysts See Way Past $18,000

Analysts and investors including Novogratz and John McAfee stated that the price of bitcoin will likely surpass well beyond $18,000 in 2018, as tens of billions in institutional money flow into the market.

“Legendary trader predicts Bitcoin at $14,000 by the end if 2018. Will the old guard ever get a clue? Bitcoin will surpass that by the end of January. The world has split in half. Make sure you are in the half that embraces the new paradigm,” said McAfee.

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