The Indian state of Andhra Pradesh announced a partnership with Covalent Fund to kickstart a blockchain ecosystem at its Fintech Valley Vizag.

Key Highlights

• Ripple price traded toward the $1.7500 level before facing selling pressure against the US dollar.
• There is a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may continue to correct lower in the short term toward the $1.3000 and $1.2500 support levels.

Ripple price is slowly moving down against the US Dollar and Bitcoin. XRP/USD has to break the $1.5000 resistance to gain upside momentum toward $1.7500.

Ripple Price Resistance

After a nice upside move above the $1.7000 level, Ripple price struggled to gain momentum against the US Dollar. The price formed a high near $1.7440 and started a downside correction. It moved down and broke the $1.6000 support and the 23.6% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. More importantly, there was a break below the $1.5000 support and the 100 hourly simple moving average.

XRP price is currently testing the 50% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. As long as the price is below the $1.5000 resistance, it remains at a risk of more declines in the near term. The stated $1.5000 resistance is close to the 100 hourly SMA. Therefore, if the price moves higher, it could face sellers near $1.5000. There is also a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD.

On the downside, the $1.3000 level is a decent support. Should there be a break below $1.3000, the price could test the $1.2500 and $1.2000 levels. Any further declines would call for a test of the $1.0000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Level – $1.3000

Major Resistance Level – $1.5000

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Struggling to Gain Momentum appeared first on NewsBTC.

An effort to connect startups with companies formally recognized by Hyperledger, the measure may accelerate the rate at which new ideas find traction.

Key Highlights

• ETH price traded as high as $1151 before starting a downside correction against the US Dollar.
• There is a short-term bearish trend line forming with resistance at $1050 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is currently trading just above the $1000 level and is struggling to remain above the mentioned level.

Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD may break the $1000 level for more downsides in the near term.

Ethereum Price Resistance

Recently, we saw a correction wave from the $753 swing low in ETH price against the US Dollar. The price traded above the $1000 level and even broke the $1120 resistance. However, the upside move was limited by the $1150 level and a short-term top was formed at $1151. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last major wave from the $753 low to $1151 high.

Furthermore, there was a break below the $1050 support and the 100 hourly simple moving average. At the moment, the price is trading near the 38.2% Fib retracement level of the last major wave from the $753 low to $1151 high. Should there be a break and close below the mentioned fib level at $999, there could be more declines. The next major support is at $950 and the 50% Fib retracement level of the last major wave from the $753 low to $1151 high.

On the upside, there is a short-term bearish trend line forming with resistance at $1050 on the hourly chart of ETH/USD. The pair needs to break the $1050 resistance and the 100 hourly SMA to gain upside momentum in the near term.

Hourly MACD – The MACD is currently placed in the bearish zone with a few negative signs.

Hourly RSI – The RSI is now below the 50 level, but it is stable.

Major Support Level – $999

Major Resistance Level – $1050

Charts courtesy – SimpleFX

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For a few months the team worked together with independent auditors to create a detailed Transparency Report. In it, you can find details about the company’s strategic plan and actualized financial performance of all four of their business ventures.

Also, you can access documentation surrounding partnerships, ownership and property rights.

Here, we will discuss only the details of Cointed’s structure. If you want to get a general idea of who are the amazing people behind Cointed and how they work, check this rundown of the company.

Change of Headquarters: Hong Kong

Currently, Cointed Austria is the parent company.

However, the team has opted for a step inside the Asian market. It has been pinpointed as the biggest growing market for the future, and the best way to capitalize on this is to set up HQ in Hong Kong.

To make the move, share ownership will be transferred from Cointed Austria to Cointed Hong Kong. Both management and the team remain unchanged. The subunits’ managing will be divided among Christopher, Charli, Daniil and Wolfgang.

The change will make penetrating the local market and getting licences easier. Also, it brings better access to the whole Asian market, which makes it a golden opportunity.

The CTD token will be issued by the Hong Kong HQ. As headquarters, it’s the holding company of all of the other Cointed Business Units. The process of transferring ownership from Cointed GmbH to Cointed Hong Kong is under close audit by Deloitte. You can find the pre-contract in the attachments.

HQ is being changed, but Cointed Austria will continue its operations normally, as it’s crucial for the European market. It’s also key because it operates all of the ATM machines of the company in the area.

Cointed Sweden

This branch is responsible for the company’s mining operations. Although most servers are still away, soon they will all be under one roof in Sweden. The mining hardware and other equipment is already there and operating.

Cointed Turkey

Turkey is emerging as a big player on the crypto market, and Cointed is up to make the most of this. This business unit operates 15 pieces of the self-developed crypto ATM model X and is active in selling hardware already.

In the near future, the Cointed Online Exchange will be online in Turkey too.

Four SBUs will be formed in strategic locations: Italy, Spain, Cyprus and Hungary.

Setting up Strategic Business Units (SBUs) across many countries is essential for a successful expansion.

Italy and Cyprus are surfacing as the next brimming crypto markets, and make a natural move. An SBU in Spain will not only open the relatively new market there, but also serves as an ideal stepping stone to other spanish speaking countries.

Wrapping it all up

Cointed have been preparing their Transparency Report for almost two months. It’s showing that Cointed has not only spearheaded its market, but also is the first to take up the transparency banner.

Remember the first blockchain Transparency initiative has just started, on January 12, 2018.

The Cointed team is working hard to hit all the switches so make sure to follow the latest Bitcoin News!

The post Cointed Transparency Report: Company Structure and Ownership appeared first on NewsBTC.

After a strong Saturday, the global market has dropped over 10%. Bitcoin (BTC) is down 8% to US$11,500, and a over 75% of the top 100 coins have also lost Bitcoin value in the past 24 hours.

However, there are a handful of strong contenders that have overcome this dip. Among these are Waltonchain (WTC) and VeChain (VEN). VEN is up 2% in USD, currently trading just above $US8.00, with a BTC value of just under 70k sats. WTC is down a slight 2% in USD, and trading around US$29.00.

Today’s performance of both coins is symbolic of their sizable gains recently, even in the wake of the major bear trend within the past week. Both Walton and VeChain strive to incorporate their blockchain infrastructures to enhance performance and efficiency for businesses.

Waltonchain offers revolutionary technology that combines blockchain architecture with RFID technology. Waltonchain claims to create a “Value Internet of Things” ecosystem, where RFID hardware combined with blockchain software is applied to create a highly secure, fully traceable, and counterfeit resistant approach to supply chain management.

VeChain, like Walton, provides solutions to revolutionize commerce and aid businesses. Unlike WTC, however, VEN is geared towards aiding consumers by providing quality assurance and verifiable genuine products.

Since the beginning of December, WTC has appreciated over four times from just over US$7.00 to its recent high of over $30.00. VEN has proven far more impressive, seeing a growth of over 32x, from US$0.25 to its current price of $8.09. This recent VeChain surge has also taken the coin to new all-time highs. Just earlier today, the coin appreciated to a record $8.31.

Both coins have risen exponentially since inception, as more and more investors recognize potential behind these China focused cryptocurrencies. While both provide impressive technology, much of the value is likely due to speculative purchases in response to monumental partnerships. Both coins have countless top tier partnerships, made up of billion dollar partners. Most significantly, both coins are partnered with different divisions of Chinese national government- Waltonchain with China’s Mobile IoT Alliance, and VeChain with the State owned China National Tobacco Corporation.

Vechain currently ranks 20 on Coinmarketcap, with a market cap of almost US$2.25 billion. Waltonchain sits at 43 with a marketcap of over $700 million. While both coins have grown dramatically from prices in the pennies, they both have huge potential for even more explosive futures. If the coins’ teams can carry out their objectives outlined by their respective road maps, both have legitimate potential in taking hold of a spot in the top 10 market caps.

For a number of weeks before New Year the good times rolled for cryptocurrency enthusiasts as markets went from strength to strength and new records highs were made across the board. A different picture has been painted in January as they’ve have largely been down trending following a high on January 7 when total market capacity reached a record $832 billion. Since that day the markets have fallen by 33% to around $558 billion where they sit today.

Bearish on crypto

Bitcoin reached the lowest point since the end of November last week but rallied back to $11,600 during today’s Asian trading session. However this is down from a high of $12,800 just two days ago indicating that the bears maybe taking hold once again and causing the market correction. The altcoin board is a sea of red today as they are also all down but as much as 14% in some cases in a pattern that is now becoming quite repetitive. Bitcoin is still the king of crypto and its siblings usually follow suit in either direction.

Ethereum has lost around 8.3% over the past 24 hours at the time of writing according to Livecoinwatch – this is a fall to around $1,060 from $1,190 a couple of days ago. However it should be noted that ETH is still showing a strong resistance to the downward slide of Bitcoin’s price since its all-time high of nearly $20,000.

Asian exchanges are dominating the trade and there is a selling mood this morning. Ripple has fallen by a similar 8.5% in the past 24 hours now shedding over 60% of its value since that high of $3.8 on January 5. Bitcoin Cash, Cardano and Litecoin have all followed suit dropping on average ten percent. This market correction has yet to reach the lows of last week’s mass selloff which was largely fueled by another clampdown in China and a lot of media FUD.

Whale pressure

The expiration of the first futures contract may also have taken its toll on the markets. By offering these contracts to institutional traders through well-established financial exchanges and trading houses raises the specter of whales being able to manipulate the markets to spark a selloff if they have shorted the contract. As it turns out the bears came out victorious for the first XBT F8 contract from CBoE as it was settled at a price of $10,900, well down on the $17,000 that BTC was trading around when they were launched.

There could be more downward pressure on markets when the CME contracts expire in a few days on January 26. The CME contracts are tied to 5 Bitcoin’s whereas CBoE’s contract was only one, the stakes are larger this time and the markets could be feeling it already.

The post Cryptocurrency Market Endures Minor Correction Led by Asian Markets appeared first on NewsBTC.

Bitcoin (BTC) continues to be highly volatile. Having ranged over 30% in the past week, the cryptocurrency was, at one point, down 56% from all time highs. The BTC market cap now stands at US$190 Billion, with just over US$5 Billion traded in the past 24 hours.

Bitcoin Price Key Highlights

• Bitcoin price recently broke past the descending trend line resistance and has reached the $13,000 level before making a correction.
• Applying the Fib extension tool on the breakout move shows the next potential upside targets.
• Technical indicators are also suggesting a pickup in bullish momentum.

Bitcoin price could be ready for an uptrend as price is completing its retest of a broken descending trend line.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside, but an upward crossover seems imminent. Once completed, it could indicate a pickup in bullish pressure and draw more buyers back in.

The next upside target could be at the 38.2% extension around $12,580 then the 50% extension closer to the $13,000 mark. Stronger bullish pressure could take it higher to the 61.8% extension at $13,451 then the 76.4% extension near $14,000. The full extension is located at $14,859.

Stochastic is on the  move up to indicate that buyers are present while RSI has more room to climb, so bitcoin price might follow suit. A return in bearish pressure, on the other hand, could put bitcoin price back below the trend line to resume its drop.

Market Factors

Bitcoin price appears to have drawn a boost from more positive updates in South Korea regarding the operation of bitcoin exchanges. At the same time, dollar weakness could be in play for much longer as the US government shutdown persists.

Over the past few days, it has been confirmed that there will be no cryptocurrency ban in South Korea and that bitcoin futures might even be allowed. Keep in mind that this Asian nation accounts for majority of bitcoin activity worldwide, so the news could revive volumes in the days ahead.

In other parts of the world like China and India, there are still efforts to limit bitcoin trading.

The post Bitcoin Price Technical Analysis for 01/22/2018 – Hope for the Bulls! appeared first on NewsBTC.