Month: December 2017

According to the Press Secretary, the President’s staff is now monitoring cryptocurrencies, though no specific statement has yet been made.

It is safe to say all cryptocurrency markets are still reeling after that first Bitcoin price correction. With most altcoins still in the red, it remains to be seen which markets will recover first. So far, the Ethereum Classic price is showing some positive signs of a recovery. With an Ethereum Classic price of over $27.5 right now, it appears to be a matter of time until $30 is reached once again.

Ethereum Classic Price Stars to Rebound

It is good to see some cryptocurrencies show positive signs of life after the Bitcoin price onslaught earlier this week. More specifically, the Bitcoin price has a tendency to affect all different altcoins in existence as well. It doesn’t matter how much such currencies try to decouple from Bitcoin, the price correlation will always be present regardless of what some people might think.  Ethereum Classic is no exception in this regard, that much is rather evident.

The Ethereum Classic price has evolved in an interesting direction over the past week. Seven days ago, this currency was still valued at just over $18. ETC Has maintained this value with relative ease over the past few weeks, with very little room for growth. That suddenly came to change a few days ago, when the Ethereum Classic price suddenly started surging toward $34.

It was a big surprise to a lot of people, as it still remains to be seen whether or not the value of ETC is based on anything else but speculation and hype. Then again, the same can be said for virtually all other cryptocurrencies. It is evident people who have held onto their ETC for some time now finally have an option to cash out with a healthy profit. That would also explain why this all-time high price triggered a steep decline all the way to $22.6 over the next two days.

One thing working in favor of ETC is how the trading volume is still pretty solid. In fact, this altcoin has more trading volume than some top 15 cryptocurrencies combined. A very interesting development, although this volume will eventually shift to a different cryptocurrency as well. Since we already know where it is coming from, no one will be surprised to see the volume dry up in a few days as another cryptocurrency becomes the flavor of the week.

More specifically, Bithumb is the sole exchange responsible for the Ethereum Classic price pump. They do get a bit of help from Coinone, and Korbit and Coinnest are also in the top 6 ranked by volume. It is evident South Korea has become a major hub for cryptocurrencies recently, and things will continue to evolve in an interesting direction. Things will get very interesting once these Korean exchanges decide to support other cryptocurrencies which are also popular on Bithumb.

How things will play out for the Ethereum Classic price, remains to be seen.We may see another run up to $30 in the next few days. With a 5% gain in USD value and 6.7% gained in BTC value over the past 24 hours, things look rather promising. It will all depend on whether or not the Bitcoin price will continue to correct or not. That seems highly likely at this point in time, though.

Vice Chairman of Supervision for the Federal Reserve, Randal K. Quarles, made it clear that the Federal Reserve’s position on cryptocurrencies is one of extreme caution, but suggests that banks may be the best solution for digital payments.

Billionaire investor Carl Icahn has jumped on the bandwagon of those in finance who have recently claimed bitcoin is in a bubble.

It is always remarkable to see how generous cryptocurrency enthusiasts can be. More specifically, there are always people willing to share their wealth with whoever needs it. In the case of Archive.org, they are getting a solid amount of money from the cryptocurrency community so far. Not only in Bitcoin, mind you, but they get even more money from BCH supporters. That in itself is pretty interesting to keep an eye on.

Every year, Archive.org has its donation drive. This service is invaluable to all Internet users all over the world. It provides a lot of content for people to enjoy without any copyright repercussions whatsoever. Moreover, it is also considered to be the “archive” of the internet itself, which is something we should all cherish. Services like these can’t operate without proper support from the community and a bit of financial backing.

Archive.org now Accepts Both BTC and BCH

More specifically, it is why the yearly donation drive from Archive.org is so interesting. It always attracts a lot of attention, and cryptocurrencies play a big role in this process. Last year, they raised a decent amount of money in Bitcoin. This year, they are not just accepting BTC, but also Bitcoin Cash, which is an interesting decision. So far, it seems like these efforts are paying off, as there is a genuine interest from the BCH community. No one wants to see archive.org go away anytime soon.

With over $4,800 collected from BCH donations, the decision is certainly a good one. Surprisingly, this amount is over twice as high as all Bitcoin donations combined. One wouldn’t necessarily expect this situation to evolve in such a direction from day one. However, there are always some good surprises to be found in the world of cryptocurrencies. With Bitcoin Cash donations outpacing Bitcoin, things have taken an interesting turn.

It is good to see the cryptocurrency community support this donation drive by Archive.org. Similar to any other “charitable goal”, any form of Bitcoin can make a big impact in this regard. It is possible the BTC donations are lower due to the increasing network fees. Whether or not that is the case, remains to be determined, though. There is a genuine interest from both communities, which is all that matters. Any sort of “race” unfolding is only a secondary aspect to pay attention to. How all of this will play out in the long run, has yet to be determined.

Header image courtesy of Shutterstock

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Crypto exchanges struggle to meet demand for Bitcoin.

An older attempt to overcome ethereum’s restrictions is getting a refresh, and may bring the platform closer to its aim of being a “world computer.”

The Trump administration has said it is keeping an eye on cryptocurrencies like bitcoin in the wake of its recent explosive price jumps.

Key Points

• Bitcoin gold price declined recently and moved below the $300.00 support against the US Dollar.
• This is a major bearish trend line forming with resistance at $290 on the hourly chart of BTG/USD (data feed from Bitfinex).
• The price might continue to struggle to break the $290 and $300 resistance levels in the near term.

Bitcoin gold price is in a bearish trend below $320 against the US Dollar. BTG/USD is holding $250, but remains at a risk of more declines.

Bitcoin Gold Price Barrier

There was no respite for bitcoin gold price as it remained below the $350 pivot against the US Dollar. The price made a downside move and traded below the $320 and $300 support levels. The decline was strong and the price even tested the $250 support area. A low was formed at $252.44 from where a correction was initiated. It moved above the 23.6% Fib retracement level of the last decline from the $346 high to $252 low.

However, the upside move was limited by the $300 resistance. Buyers failed to push the price above $300 and $310 resistance levels. The 50% Fib retracement level of the last decline from the $346 high to $252 low also acted as a major hurdle. Moreover, a major bearish trend line with current resistance at $290 on the hourly chart of BTG/USD also prevented upsides. It seems like the pair is facing a lot of hurdles on the upside near $300 and $320.

As long as the price is below $300 and $320, it might continue to move down. On the downside, the $250 support is very important followed by the $220 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is still below the 50 level.

Major Support Level – $250

Major Resistance Level – $300

Charts courtesy – Trading View, Bitfinex

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