Day: January 20, 2018

Key Points

• Bitcoin gold price formed a low at $143.92 and started a recovery against the US Dollar.
• There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD (data feed from Bitfinex).
• The pair has to break the $240 resistance and the 100 simple moving average (4-hours) to gain momentum.

Bitcoin gold price is recovering above the $200 level against the US Dollar. BTG/USD now has to clear strong sell offers near the $240 and $250 resistance levels.

Bitcoin Gold Price Resistance

After a strong decline, bitcoin gold price found buyers below the $150 level against the US Dollar. The price traded as low as $143.92 before started an upside correction. It recovered well and traded above the $180 and $190 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $338 high to $143 low.

More importantly, the price was successful in moving above the $200 resistance. However, the price is facing a major hurdle near the $240 level. There is a key bearish trend line forming with resistance at $240 on the 4-hours chart of BTG/USD. The trend line resistance at $240 is near the 100 simple moving average (4-hours). Furthermore, the 50% Fib retracement level of the last decline from the $338 high to $143 low is at $241 to act as a barrier for buyers.

Therefore, clearly the $240 level and the 100 simple moving average (4-hours) are major resistances. A break above the $240-250 zone is needed for buyers to gain traction. On the downside, an initial support is at $200. Below the mentioned $200, there could an increase in selling pressure toward $180.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is moving lower and is currently below the 50 level.

Major Support Level – $200

Major Resistance Level – $250

Charts courtesy – Trading View, Bitfinex

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A recent report indicates that less than one percent of all Bitcoin transactions involve money laundering. #NEWS

Bitcoin exchanges are under fire in India, as many of the nations top banks have suspended or greatly curtailed functionality on exchange accounts. #NEWS

The realm of blockchain technology and cryptocurrencies is expanding exponentially. So much so that regular companies and huge multinationals are now looking towards applying the tech to improve their business operations, increase productivity, and reduce unnecessary expenses. The energy sector is slowly embracing the latest hot tech and oil giant Shell is making moves to integrate blockchain systems into its operations.

Foray into energy

It was reported this week that London based blockchain startup, Applied Blockchain, has secured investments from Shell Trading International Ltd and Calibrate Partners LLP for minority stakes in the company. The fintech company which was started in 2015 develops blockchain applications focusing on distributed ledger technology and smart contracts. This is its first entry into the energy sector and it already has clients from the telecoms, banking, automotive, manufacturing, and aerospace industries.

According to the company website Applied Blockchain founder and CEO, Adi Ben-Ari, said;

“Our experience as one of the earliest companies delivering blockchain solutions into production for both start-ups and corporates has provided us with a unique perspective on the value, and challenges, associated with the technology in the real world. The investments and partnerships will accelerate our growth and enable us to deploy our solutions to a truly global business ecosystem.”

Energy giants are already embracing the technology and according to a Reuters report a consortium involving BP, Shell, and Statoil is already working on the development of a blockchain based energy commodity trading platform.

According to Johan Krebbers, Shell Global Solutions International CTO;

“Blockchain applications have huge potential to shake up how we do things in the energy industry from streamlining process, to simplifying how we work with our suppliers and serve our customers. Investing in Applied Blockchain is part of our commitment to use digitalisation to create value in our core business and develop new business models.”

Venture capitalists

Shell was not the only corporation to invest in the Canary Wharf based blockchain startup. They were joined by venture capitalists Calibrate whose fund manager said;

“We believe in the long-term promise and process innovation that blockchain brings and believe Applied Blockchain is strategically positioned to lead in this space. We are particularly excited to partner with Shell and Applied Blockchain to innovate in commodity trading.”

Blockchain and crypto solutions will be increasingly sought as companies latch on to the potential that immutable distributed ledger technology can offer. This can only further the already fired up cryptocurrency industry to even higher levels and greater global adoption.

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Key Points

• Bitcoin price formed a major bottom at the $9096 low and recovered well against the US Dollar.
• The BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart (data feed from SimpleFX).
• The price must settle above the $12800 level to gain upside momentum in the near term.

Bitcoin price is gaining momentum above $11,500 against the US Dollar. BTC/USD is trading with a positive bias and it looks set to break the $12,800 resistance.

Bitcoin Price Resistance

After a major decline, bitcoin price was able to find buyers below the $10,000 level against the US Dollar. A low was formed at $9096 from where an upside recovery was initiated. The price moved higher and was able to trade above the $10,000 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14,219 high to $9096 low.

There are many positive signs on the chart above $11,000. More importantly, the price is above the 50% Fib retracement level of the last decline from the $14,219 high to $9096 low. At the moment, the BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart. It is positive sign above $12,000. However, the pair has to settle above the $12,800 level to gain upside momentum. Moreover, the price should clear the 61.8% Fib retracement level of the last decline from the $14,219 high to $9096 low at $13,010.

Overall, it looks like the pair is around a crucial juncture below $13,000. Should bitcoin succeeds in moving above $13,000, there could be more gains in the near term above $15,000.

Looking at the technical indicators:              

4-hours MACD – The MACD is now slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level and is moving down slowly.

Major Support Level – $11,000

Major Resistance Level – $13,000

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – Can BTC/USD Capitalize Further? appeared first on NewsBTC.

Key Highlights

• ETH price is trading nicely above the $1000 level and is moving positively against the US Dollar.
• There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair has to settle above $1150 and the 100 simple moving average (4-hours) to gain traction.

Ethereum price has recovered nicely against the US Dollar and Bitcoin. ETH/USD now has to break the $1150 and $1180 level to gain further momentum.

Ethereum Price Resistance

There was a slow and steady recovery initiated from the $750 swing low in ETH price against the US Dollar. The price gained traction and was able to move above the $900 resistance level. There was also a break above the 23.6% Fib retracement level of the last decline from the $1415 high to $753 low. There are many positive signs on the chart above $1000. However, the price is currently facing a major upside barrier near $1150 and $1180.

There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD. The trend line resistance at $1150 is also near the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last decline from the $1415 high to $753 low is at $1162. Therefore, there are many resistances on the upside around the $1150-1180 levels. Once there is a break and close above $1180, there can be more gains in the near term.

The next major resistance would be the 76.4% Fib retracement level of the last decline from the $1415 high to $753 low at $1259. On the downside, an initial support is at $1000. However, the most important support is now forming at $900.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $1000

Major Resistance Level – $1180

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – Can ETH/USD Overcome This? appeared first on NewsBTC.

Bulgarian law enforcement agencies have raided the offices of Onecoin in Sofia as part of a multinational effort to neutralize what authorities call a “centralized cryptocurrency pyramid scheme”. Three million people may have been defrauded by the company which offers services on four continents, according to media reports. Bulgarian officials were diligent enough to note that Onecoin has nothing in common with the decentralized Bitcoin.

Also read: Nigerian SEC Associates Shady MLM Schemes Like Onecoin With Bitcoin

50 People Questioned, No Arrests

Servers, documents and other evidence have been confiscated from Onecoin and about 50 people have been questioned by investigators, according to the official statement. No arrests have been reported so far. Bulgarian prosecutors, national security agents and members of the organized crime combating unit were involved in the joint operation. They acted on request from Germany, where Bulgarian-born “founder and visionary” of Onecoin, Ruja Ignatova, had been taken to court. “Onecoin” payments were banned in the Federal Republic and in 2016 the UK Financial Conduct Authority issued a warning about the company. The Ministry of Interior of Bulgaria released a video of the search in Onecoin’s building:

In just three years, about three million people have subscribed for the educational packages offered by Onecoin, Bulgarian prosecutors announced at a briefing on Friday. The company is suspected of commercial fraud, money laundering and illegal payments. During the press conference security officials clarified for the audience that while Bitcoin is a decentralized system, the “so called cryptocurrency Onecoin” is centralized.

“You can only buy from a company that is part of the International Marketing Association of Onecoin”, the head of Bulgaria’s Specialized Prosecution Office Ivan Geshev said, quoted by Nova. The offices of the Sofia-based subsidiary “One Network Services” EOOD and 14 other connected companies have been searched by the Bulgarian authorities.

Onecoin Busted, Onecoin Online

Onecoin operations had not ceased after its servers in Sofia were shut down, Bulgarian prosecutors admitted. The local subsidiary has been offering services on four continents, but “Onecoin Ltd.” is actually registered in the United Arab Emirates and operates through hundreds of affiliates around the world, with key markets in Europe, Asia, Latin America and Africa, according to its website. Associated companies have been investigated by authorities in Britain, Ireland, Italy, US, Canada, Ukraine, the Baltic States and other countries.

The distribution of Onecoin is forbidden in several jurisdictions, including Germany. Bulgarian authorities conducted the operation on January 17 and 18 in response to legal assistance request from the Prosecutor’s Office in the German city of Bielefeld stemming from October 2017. The 37-year-old Ignatova, former CEO of Onecoin, has German citizenship. The “virtual currency” that Onecoin offers to its customers has been used as a means of payment, circumventing local laws that cover payment services, according to the German financial regulator Bafin. Authorities have also noted the possibility of using the network to fund organized crime and terrorism.

Representatives of the Bulgarian Special Prosecutor’s Office, officers from the General Directorate Combating Organized Crime and agents of the State Agency for National Security have participated in the operation. Their actions against the international criminal organization have been observed by Europol delegates and German investigators.

One (Ponzi) Coin Exposed

Onecoin, and the network of companies behind it, has been exposed as a Ponzi scheme in multiple media reports and by many cryptocurrency experts. News outlets and journalists have been threatened by Onecoin lawyers for shedding light on the nature of its global business. Authorities, regulators and law enforcement agencies in countries like Hungary and Italy have taken measures against it and imposed fines, as news.Bitcoin.com has reported. In April the German federal financial supervisory authority seized funds from a company associated with the multi-level-marketing scheme to promote and sell the “cryptocurrency”.

The company has been singled out in numerous warnings issued by authorities around the world and investigated by relevant agencies. The latest attempt to end its activities is the largest in scale so far and has been coordinated with partners from other countries, as Kapital points out. The Sofia-based “One Network Services” Limited Liability Company was registered with just 2 BGN (≈1 EUR) authorized capital, according to a publication by Dnevnik. It has been previously headed by Ignatova’s mother, Veska, also investigated in Germany. Both women have vacated their Onecoin executive posts last year.

In a statement sent to the media, “One Network Services” said it had been targeted in a showcase police operation. The company has never maintained illegal activities neither in Bulgaria, nor in other countries, the press release stated. Its representatives added they were cooperating with the authorities but were kept in the dark about the subject of the investigation.

In a 2016 presentation Onecoin’s founder and visionary said: “We will rewrite history… In two years nobody will speak about bitcoin anymore.”

Do you think the raid in Sofia will put an end to Onecoin? Tell us in the comments section below.

Images courtesy of Shutterstock. Onecoin

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post Onecoin Offices Raided in Sofia, Servers Shut Down appeared first on Bitcoin News.

Altcoins often struggle in the retailer adoption department. That is only normal, as most retailers want nothing to do with cryptocurrency. Especially complicated solutions are absolutely unacceptable in this regard. Anyone with an interest in Bitcoin Cash can soon accept such payments through a new WooCommerce extension. It is not the first of such plugins, but more competition can only be considered to be a good thing.

Integrating cryptocurrency payments into WooCommerce has become a lot easier in recent years. Various plugins exist to do so when it comes to Bitcoin. For altcoins, there is a bit more work involved in most cases. A new extension for Bitcoin Cash payments will come to market in the next day or so. It offers a lot of functionality for e-commerce store owners to benefit from. There are other plugins which offer similar functionality, though. It never hurts to check out different solutions which try to achieve the same goal.

More Ways to Accept Bitcoin Cash Payments

This new plugin offers an API to take orders paid in Bitcoin Cash. It works similar to using PayPal or BitPay, as store owners will be notified if the transaction is confirmed. It is possible to set up zero-confirmation transaction times. That is always somewhat risky, but the extension can be fully customized in this regard.. Moreover, the merchant will see all orders in the backend as they are placed in real-time. It is a valuable addition to promote Bitcoin Cash adoption among WooCommerce users.

Whether or not a lot of retailers will use this solution, has yet to be determined. There is certainly a lot of positive momentum for Bitcoin Cash as we speak. It’s a cheaper and more efficient form of Bitcoin. Moreover, it is also a rather valuable altcoin, which makes it rather appealing to accept as a payment method. This plugin is seemingly the first which has a native callback for transaction confirmations as well. An interesting development, as improvements like these are always welcome.

It would be great to see more merchants experiment with different cryptocurrencies. This ecosystem is about so much more than just Bitcoin or even Bitcoin Cash. With global availability and rather fast payments -in most cases – cryptocurrencies should be preferable compared to payment cards. Right now, that is not the case. Plugins like this one may help turn the tide in the long run, though. An interesting future lies ahead for Bitcoin Cash, that much is certain.

Header image courtesy of Shutterstock

The post WooCommerce Store Owners Will Soon get Another Plugin to Accept Bitcoin Cash appeared first on NewsBTC.

Bitcoin users all over the world have high expectations for the Lightning Network. This technology is not close to being production ready, though. Several users have conducted some LN tests on the Bitcoin testnet. So far, these tests yield some great results. Low fees and fast transactions are everything Bitcoin doesn’t have right now. It is an interesting development to keep an eye on. It is evident the Lightning Network will spur a lot of debates moving forward.

For the Bitcoin ecosystem, scalability has been a big problem for many years. High fees and slow transactions have become the new normal. It is not an ideal situation for the world’s leading cryptocurrency whatsoever. In fact, it has caused a lot of friction in the cryptocurrency industry as a whole. The Lightning Network needs to hit the main net soon rather than later.

Lightning Network Tests Yield Positive Results

For now, one can test LN functionality on the Bitcoin testnet. It seems the technology delivers on its initial promise. Fast confirmations and extremely low fees are what everyone is looking for. Unfortunately, that is impossible to come by when using regular Bitcoin transactions. It is evident a scaling solution needs to be put in place as soon as possible. Bitcoin used to be rather cheap to use, but things have gone awry some time ago.

Hello @lightning!

Just made first Lightning payment on Bitcoin testnet. Amazing. confirmed in 2 seconds, paid 0.000001 in fees (would be 1 cent on BTC mainnet). Similar feeling of amazement to the first time I sent a bitcoin years ago.

— Michael Landau (@mikeland86) January 19, 2018

It is evident the LN technology will help Bitcoin scale first and foremost. Whether or not it will be too late by then, remains to be seen. Bitcoin has lost a fair bit of its appeal in recent months. There is a growing list of altcoins which are cheaper and faster to use. Litecoin is a good example of how this can be achieved with relative ease. Then again, Bitcoin is still the top cryptocurrency in the world. It is also regaining some of its lost value as we speak, which is a positive sign.

What the future holds for Bitcoin, remains to be determined. The Lightning Network can bring much-needed relief to this network in the future. It is unclear when LN will effectively hit the main net, though. These successful trials are a positive sign. Using it in a real-life situation is something else entirely, though. If the Lightning Network fails to fulfill people’s expectations, things will not be pretty whatsoever. Bitcoin won’t disappear, but it’s not the currency people want it to be.

Header image courtesy of Shutterstock

The post Lightning Network can Restore Bitcoin’s Former Glory appeared first on NewsBTC.