Day: December 21, 2017

Kakao’s cryptocurrency exchange Upbit now claims to be the largest crypto exchange by volume in South Korea, one of the top three markets globally. Listing over 120 coins and leveraging Kakao Talk’s massive user base, Upbit currently facilitates an average daily trading volume of 5 trillion won.

Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions

Upbit Claims the Number 1 Spot

It has only been about two months since the launch of Upbit, the cryptocurrency exchange affiliated with Kakao Talk, South Korea’s most popular chat app which is installed on over 90% of all smartphones in the country. The exchange is operated by Dunamu Inc, the operator of Kakao’s securities trading platform called Kakao Stock.

After experiencing exponential growth, Upbit announced its achievements on Wednesday, local publications reported. “Cryptocurrency exchange Upbit ranked first in the domestic market and in the global market in the first two months of service opening,” Ajunews wrote, adding that:

Upbit showed explosive growth within a short period of time with a total membership of 1.2 million, an average daily users of 1 million and concurrent users of 300,000. The maximum daily transaction value is 10 trillion won, and the average daily transaction value for December is 5 trillion won.

Trading Volumes: Upbit vs Bithumb

Prior to Upbit’s debut, the largest cryptocurrency exchange in South Korea had been Bithumb which, according to reports, had approximately 70% of domestic market share. Bithumb supports trading of 12 cryptocurrencies while Upbit’s website currently shows trading availability for 121 coins.

Upbit’s 24-hour trading volume of bitcoin (BTC) at the time of writing is KRW1.053 trillion (~ USD975 million), according to its website, which far exceeds Bithumb’s volume of 446.623 billion won shown on Coinmarketcap.

However, Bithumb’s volumes for its other 11 coins surpass Upbit’s equivalents. Bithumb’s 24-hour trading volume for bitcoin cash (BCH) is 659.983 billion won, which is slightly ahead of Upbit’s 620.144 billion won. Ripple (XRP) has the most 24-hour trading volume on Bithumb, with 1.117 trillion won traded, beating Upbit’s 860.028 billion won. Bithumb’s 24-hour trading volume for ether (ETH) is 329.738 billion won, which also beat Upbit’s 146.051 billion won.

When including all 12 cryptocurrencies, Bithumb’s overall 24-hour trading volume is 4.511 trillion won at the time of writing. In comparison, the total volume for the same time period of Upbit’s top 22 coins is 4.515 trillion won, which already exceeds Bithum’s total volume.

Number One Free App In Korea

Upbit’s trading app has also become one of the most popular free apps in South Korea. On Wednesday, Twitter user Hyug tweeted “Upbit is now no. 1 in Korean app store.”

However, app rankings change daily. At press time, Bithumb’s app has overtaken Upbit’s as the top free app in the Korean iOS app store, leaving Upbit in the second spot.

In order to grow the platform further, Dunamu Inc announced on Wednesday that they will appoint co-founder and former CEO of Kakao Corp, Lee Seok-woo, as the new representative of Upbit, Etnews reported. Lee led the growth of Kakao Talk but resigned as CEO in November 2015 over allegations that he did not do enough to prevent the spread of minors sexting on his platform. That aside, he plans to “secure Dunamu Inc as a leader in the new financial innovation industry,” he was quoted saying.

Recently, Upbit has also been at the center of regulatory controversy since it is the only major exchange that has not joined the Korean Blockchain Association, which would require the exchange to implement self-regulatory measures. Nonetheless, Upbit has already started complying with the government’s mandates announced last week and posted notices on its website regarding the ban on minors and foreigners.

What do you think of Upbit? Would you use it? Let us know in the comments section below.

Images courtesy of Shutterstock, Bithumb, Kakao, Upbit, and Twitter user Hyug.

Need to calculate your bitcoin holdings? Check our tools section.

The post Popular Chat App Kakao’s Exchange Upbit Claims Number One Spot in South Korea appeared first on Bitcoin News.

Key Highlights

• Ripple price surged above the $1.00 level and traded as high as $1.24 against the US Dollar.
• There are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently correcting sharply lower and may soon test the $0.9500 and $0.9000 supports.

Ripple price after an upside surge above $1.20 against the US Dollar faced sellers, also versus Bitcoin. XRP/USD is moving down toward the $0.9000 support.

Ripple Price Correction

There was a solid rise in Ripple price above the $1.00 handle against the US Dollar. The price made a nice upside move and traded above the $1.10 and $1.20 resistance levels. It traded to a new all-time high at $1.2495 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high.

It seems like the current correction may extend toward the $0.9000 level. On the downside, there are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair. The trend lines support is also around the 50% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high. Therefore, the $0.9000 level is a major support and it will most likely prevent downside move in the near term. Below $0.9000, the price could extend declines toward the 61.8% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high at $0.8790.

On the upside, the price may move back above $1.00. However, the next major resistances are at $1.20 and $1.25 in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower sharply toward the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $1.2000

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Upside Surge and Correction appeared first on NEWSBTC.

One of the worst aspects of modern culture is that many people have gotten used to living only in their own media bubbles. Any differing opinion must be wrong and all information from outside our own echo-chamber is automatically labeled FUD, Russian propaganda or #FakeNews. Sadly, some in the bitcoin community not only do this but also resort to unethical behavior to hurt free discussion they disagree with in other forums. Such is the case of r/btc being targeted by someone who can’t handle competing ideas.

Also Read: Litecoin Creator Charlie Lee Reveals He Sold All His Litecoin

r/btc Mod Hacked

Reddit administrators have confirmed users’ complaints about a compromised r/btc mod account. Whoever took over the account redirected the forum’s stylesheet to point to /r/bitcoin, messed around with the configurations to automatically remove all new posts, and made numerous childish changes to the subreddit’s style and layout. The matter has been resolved and the offending account was deleted.

One reason that someone has decided to attack r/btc in this way is that the forum is rapidly gaining momentum. Only two weeks ago we reported that the subreddit reached 100,000 subscribers for the first time, and today it is already exceeding 125,000 participants.

Continued Censorship on r/Bitcoin

While the hack is important to try and clear out in public, if you wanted to discuss this incident on the largest cryptocurrency forum on Reddit, r/Bitcoin, you might not be able to do so. The moderators of the subreddit have begun locking and deleting references to the hack, effectively trying to shut down the discussion.

Such censorship is, of course, nothing new to anyone keeping an eye on the behavior at r/Bitcoin. A recent exposé showed that it is a standard practice for the subreddit, with mods routinely trying to skew the free flow of information in order to manipulate what users are allowed to see and say. The main point of disagreement these days, and the issue they most want to suppress, is bitcoin cash and anything related to it.

For the time being this approach appears to be backfiring as more and more people are joining r/btc to be free of censorship.

Have you experienced any censorship on r/Bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

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At least NEM is flat.

We cannot say the same with LTC, DASH, Monero and to some extent IOTA. Buyers are waiting for a sign and some are backing off, will you? It depends on your tolerance level.

Check out what I think:

NEM IS FLAT

If you were waiting for me to say anything then I have to disappoint you AGAIN. Folks, there is no fireworks in NEM. If you like the swings though, then this is your pair.

Otherwise, for trend and break out traders, it’s the same story as yesterday. NEM is flat and is literally swinging within a $0.21 range marked by the 20 period MA and the December 20 highs of around $1.05.

Let me remind you, if a buy opportunity presents itself through a break out then I will buy.

However, if there is also a strong break below the middle BB, I will sell and exit my previous buy. Our ideal buy zone is around $0.53 and I really think buy pressure will from anytime implode especially if the second condition come to pass.

DASH IS $200 DOWN…SHOULD WE CONTINUE COUNTING LOSSES?

My gut feelings were right! Ha ha! GrandPa BTC is wobbling and it’s contagious and messing up DASH buyers.

You know, after yesterday spike I was waiting for any close above $1500.

In TA, such a large, beautiful number with a couple of zeros is called a round number and is sensitive to prices. I was waiting for a close above that level and my patience was over after that bearish engulfing candlestick turning from the 61.8% Fibonacci level.

Therefore, for buyers, this is my simple advice: Exit your position(s) if bears drive prices below the middle BB. It’s that simple.

Take a loss like a man, brush it off and wait for better entries which might be below $1000. Place it at around $900.

IOTA….DON’T YOU!!

Yesterday, I wrote a novel of an analysis about IOTA.

For all I know, price close below the 20 period MA and short term traders should pull their cash and maybe invest in a FCUK wallet or cologne! I would love to know how it smells though.

MONERO SHORT TERM BEARS

How quickly can price drop? DASH and Monero got the answers. After testing $475, we needed a follow through and instead, Monero replicated DASH and BTC.

All of these P2P currencies are dropping like a stone! I don’t know where the bull-on switch is on but I seem to know what may happen if the 20 period MA main support in the 4HR chart is broken.

We are bullish, yes without a doubt but in the weekly chart and that’s about it.

However, stochastics are bearish in our entry chart and until we have a convincing buy signal Monero sellers may take the front seat. Now, the question is …will prices reach $300?

That I don’t know but should this bear trend continue, I will place a 30% chance.

LTC FOLLOWS BTC STEPS…LIKE FATHER LIKE SON

Guys, let’s stay calm and collected. LTC and their buds are having a rough day but we should not panic. Evidently, prices are actually consolidating and still on the upper edge of our potential support zone-I marked it on the chart.

As we can see, LTC bears are in charge and the faster prices band along the lower BB, the better for LTC buyers to jump in at best prices which is around $250.

Even if it is not at around $250, at least a stochastic buy signal at or lower levels will be a signal to go long.

All charts courtesy of Trading View

The post NEM IS FLAT WHILE DASH AND MONERO TRACKS GRANDPA BITCOIN appeared first on NEWSBTC.

Crypto’s creative explosion may have hit a critical mass this year, but the results ahead could be just as impactful, argues Polychain’s Ryan Zurer.

Bitcoin Price Key Highlights

• Bitcoin price continues to trend lower and has just dipped below the $13,500 mark.
• Price seems to be drawing some support from this area, though, probably making its way up for a correction.
• Applying the Fib retracement tool shows the nearby inflection points that might serve as resistance.

Bitcoin price is trending lower on its 1-hour time frame and might be due for a pullback to the area of interest at $16,000.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

The 61.8% Fib is closest to the falling trend line resistance that’s been holding for the past few days. It also coincides with the broken support at the $16,000 longer-term area of interest.

The 38.2% Fib is near the $15,000 psychological level which might also contain plenty of sell orders. The 50% Fib is located at $15,285.

Stochastic is pulling up from oversold territory to reflect a pickup in buying pressure that could allow the correction to stay in play for a while. RSI is also pulling up so bitcoin price might follow suit.

Market Factors

The persistent slide in bitcoin price has probably been leading traders to liquidate their positions before the year comes to a close. The euphoria over the launch of bitcoin futures has faded after all, and there are no major catalysts that could spring another rally.

Then again, there are a few network upgrades scheduled all the way until March next year and this would still likely leave bitcoin stronger than ever. However, issues pertaining to bitcoin trading manipulation have eroded confidence in the cryptocurrency somewhat.

Meanwhile, the dollar remains strongly supported by tax reform progress as the government is on track towards implementing corporate tax cuts soon. This would be very positive for businesses and consumers, thereby upping the chances of seeing more Fed rate hikes next year.

The post Bitcoin Price Technical Analysis for 12/22/2017 – Bears Settling In appeared first on NEWSBTC.

The hugely popular encrypted messaging app Telegram boasts over 180 mln users, and if our sources are correct, all of them are about to be exposed to the concept of digital currency via Telegram Open Network. #EXCLUSIVE

Over the last few months we have experienced a major boom in the cryptocurrency sector and now the search term for the words Buy Bitcoin has surpassed the term Buy Gold for the first time. It is the most in-demand financial product in the world and we are experiencing a shift in what money is that we have never gone through before. Now programmers have the code to generate money and they are coming up with new superior ways to make money benefit for more and not just the 1% on the planet.

With the price of BTC and ETH more than doubling over the last couple of months, many are calling this a bubble but most do not understand the main causes of bubbles. With more people deciding that their wealth is more secure and has greater investment returns than fiat money the trend will continue. This will be the end of Banks as we know them today as they cannot sustain this battle against a superior product that is not owned by anyone. They will try to take control but hopefully, the coders can keep on step ahead to make sure that for the first time in our history, financial control back in the hands of the people.

In 2018 the term hyperinflation is going to be one of the big talking points, especially in the UK as the pound gets weaker which increases the prices of imports. If China goes ahead and starts selling oil in a currency other than the dollar, it is game over for the USA. The dollar is already crashing and with the prospect of Russia starting its own cryptocurrency it will not be long before the whole world has to follow suit or they will be left behind.

It could not be more obvious that cryptocurrencies are going to be the new form of money we all keep and spend. As the death of fiat currency occurs it is going to be one of the most dangerous in our history. It was hyperinflation that was a major cause about what started world war two as the German people could not eat or afford accommodation so they supported a crazy leader. We see the that happening all over the world now with the prime example been Donald Trump.

The 2007/08 financial crisis never did get sorted out, instead, trillions in fiat money were printed and given to the bankers to keep the system from collapse. The problem is so much greater than it was last time, that it will no longer be possible to print counterfeit money to pay off bad debt. The big question which no one knows the answer to is what happens when this event takes place? How would the American people react if a situation happens where they can not access all of their money from the banks because they are bankrupt. I know I would not like to be living there with so many of the population owning guns, things could turn very nasty for a long time.

Cryptocurrency is not just another form of money it is here to save the world at the same time. A new fairer financial system is needed to give everyone on this planet a basic living wage. With this technology, it is possible for the first time in our history. The only problem is all world leaders tend to do the opposite that is good for the people so it is going to take a revolution to get us there. Hopefully, this can transact peacefully as violence has never created peace before, only peace creates peace.

The post What to Expect with Cryptocurrencies in 2018 appeared first on NEWSBTC.

There are lots of arguments on both sides why you should buy bitcoin or not. Many say that it is a bubble but they have said that for the past three years now. Governments do not know what to do about it and regulation is lagging behind technology which has created a boom in financial innovation. It has also created the unknown as never before has the history of the world monetary system undergone such major technological advances.

The technology behind Bitcoin is the Blockchain and what this technology has done is make banks irrelevant for the first time in their history. You do not need human operators to check and regulate each financial transaction anymore or need to store it in financial institutions that are bankrupt both financially along with morally. This means that if situations happen like they did in Cyprus when money was stolen out of the bank accounts to pay back debt or in Greece when the people were limited to only been able to take out small amounts from the ATM machines to live off, those that are holding cryptocurrency will be immune from those unlawful acts.

The rich are starting to understand that their money is safer storing it in cryptocurrency so that it is out of the hands of the Governments than storing it in a bank. In Russia, the cryptocurrency sector is booming and the country is even considering launching their own which will be interchangeable with others. The reason for the move into this new form of money is due to the sanctions being enforced by the USA. By changing to a different monetary system they will no longer under the control of the US Government who control the current worldwide monetary system and are going to be the biggest losers when it collapses.

Bitcoin is experiencing rapid growth at the moment due to the banks and hedge funds finally entering the market. The problem with this is that they like to manipulate markets for profit gain. There will be big shifts in the price as that will be when a number of them decide to take their profits and move the money into a new asset.

At the moment no other asset class in the world is offering such crazy returns and until that stops we will continue to see a boom in the sector. Most of the world’s best-performing assets are struggling to offer any type of return which is why crypto is so appealing to many. The stock market is overheated, fiat money is dying and the property market is starting to turn ugly. Where else in this current world economic situation are you going to find returns that could potentially make you a 100% or more profit within 6 months?

Establish cryptocurrencies are the safest bet if you’re looking to get into the crypto boom. If you want to take a high risk then look into ICOs which are new cryptocurrencies that are available before they launch. Make sure you check out who the directors are before investing and only choose ones that have a verifiable proven track record.

The post Should You Invest in Bitcoin in 2018? appeared first on NEWSBTC.