Day: January 26, 2018

The future of Bitcoin has been in jeopardy for some time now. A fractured community and network issues have proven to be rather problematic, as demonstrated in the substantial decline in the dominance index of bitcoin.

More specifically, there is the competition in the form of Bitcoin Cash. If Vinny Lingham can be believed, it is only a matter of time until Bitcoin takes a backseat to its offspring. It’s another big validation for BCH, although the future has yet to be determined.

Most investor think Bitcoin and Bitcoin Cash are on the same path. That is not entirely the case, even though they both have the Bitcoin moniker Vinny Lingham claims BCH is better for fast payments. Bitcoin, on the other hand, works best for people looking to invest, as a robust and secure store of value. He echoes how Bitcoin is a store of value instead of a currency these days. That is a very worrisome development for Bitcoin, to say the least. After all, it is supposed to be a proper currency, yet it clearly isn’t right now.

Vinny Lingham has High Hopes for Bitcoin Cash

From a product standpoint, Lingham thinks Bitcoin Cash is in the best position. More specifically, it is the peer-to-peer cash we have been looking for. That doesn’t mean Bitcoin Cash will overtake Bitcoin by default either. There is still a lot of work to be done in this regard. Especially when it comes to mainstream use, both currencies lack significant traction right now. It will take a lot of effort to make cryptocurrency go mainstream, unfortunately.

Furthermore, Lingham remains confident Bitcoin and Ethereum are both solid investments. However, they are not the only currencies people should pay attention to whatsoever. Vinny is confident now is the best time to buy some Bitcoin Cash as well. Given the current market volatility, diversification is always the best course of action. Both Bitcoin and Ethereum may have reached their glass ceiling for quite some time to come.

It is evident the opinions on Bitcoin Cash will remain divided for some time now. The currency certainly has a lot of merit due to technical superiority right now. Bitcoin has the main “marketing appeal, for the time being. It will be interesting to see how both of these markets evolve in the next few months. It is evident Bitcoin is not the perfect cryptocurrency most people think it is. In fact, it is far less of a currency compared to a few years ago. Whether or not any altcoin will effectively overtake BTC, remains to be determined.

The post Vinny Lingham is Rather Bullish on Bitcoin Cash Than Bitcoin appeared first on NewsBTC.

China’s National Internet Finance Association, a self-regulatory group, has warned against participating in overseas ICOs and cryptocurrency trading.

The current cryptocurrency market trend has taken a turn for the worse once again. More specifically, we see all other major cryptocurrencies in the red once again. In the case of the NEM price, things are not looking all that great as of right now. In fact, it seems the NEM price is taking a massive dump all of a sudden, resulting in a 17.58% decline over the past 24 hours. Not a positive sign, although there appears to be an explanation for this current dip.

NEM Price Dips in Spectacular Fashion

It is evident the cryptocurrency markets are taking a big hit across the board once again. Almost $50bn has been wiped off the total market cap in the past few hours, even though there is no real reason behind it. In the case of the NEM price, we are now looking at a value of $0.793, which is a fair bit lower compared to the $1.18 value a few days ago. Such a sudden dip in value is partially caused by the Bitcoin price crash, but there are other factors at play as well.

More specifically, there is a rumor of how Coincheck may have been affected by a breach. A total of 600,000 NEM may have been stolen and dumped on the market, which would effectively force the NEM price to collapse. It would certainly explain the sudden 17.58% drop in price, although this is clearly not the only reason for this development. Moreover, the NEM price also dropped by 10.76% in BTC value, which is another worrisome sign.

Over the past few weeks, the NEM price has risen to spectacular values in quick succession. Few people assumed this altcoin would ever surpass $1, but it seemed to be a rather trivial matter in the end. Right now, the NEM price will have a tough time recovering in value in the near future. Especially now that all markets have turned uber bearish once again, we may be looking at a NEM price of $0.75 or lower before the day is over.

With just $98.7m in 24-hour trading volume, the demand for NEM doesn’t seem to be all that big right now. Keeping the potential Coincheck issue in mind, it seems the exchange itself hasn’t generated any significant trading volume for NEM either.  It is unclear if there is any truth to the “hack” rumors at this point, though, as it seems the NEM price would have taken a big dip regardless of that particular development.

Most of the NEM trading volume originates from the Zaif exchange as of right now. With $26.243m in volume, the Japanese company is ahead of Upbit and Bittrex. Zaif is also the only non-Korean fiat currency exchange in the entire top 18 for NEM, which is pretty interesting to keep an eye on. It is evident the NEM price on Zaif is a lot lower compared to Bittrex, Poloniex, and other Western exchanges. An interesting development which may drive the NEM price down even further in the coming hours.

For the time being, it remains unclear what the future will hold for the NEM price. Depending on whether or not the Coincheck rumors are true, this may only be the beginning of a major price drop. At the same time, if Bitcoin continues to go down in value, it’s not unlikely the same result will become evident rather quickly. None of the cryptocurrency markets look overly healthy right now, but things can always turn around when people least expect it. For those willing to take a gamble, buying NEM at the current price could prove to be a rather lucrative investment.

U.S. Immigration and Customs Enforcement is working to expose transactions made by drug traffickers using cryptocurrencies to hide their trails.

China’s central bank is considering its own digital currency, but it may not be built with blockchain technology, according a senior official.

Strange behavior at Japanese Coincheck cryptocurrency exchange appears to focus on NEM. #NEWS

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Key Highlights

• ADA price is slowly moving higher from the $0.5157 low against the US Dollar (tethered).
• There is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD (data feed via Bittrex).
• The pair may continue to move higher and it could trade above the $0.6500 level in the near term.

Cardano price is in a slow uptrend against the US Dollar and Bitcoin. ADA/USD is likely to extend gains above the $0.65 and $0.68 levels in the near term.

Cardano Price Trend

A short-term bottom was formed above $0.5000 in ADA price against the US Dollar. The price started an upside move from the $0.5157 swing low and traded above the $0.6000 level. The upside move was positive above $0.6000 since the price was able to close above the 100 hourly simple moving average. It traded as high as $0.6859 from where it corrected lower. It moved down below the 23.6% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.

On the downside, there is a major bullish trend line forming with support at $0.6200 on the hourly chart of ADA/USD. The pair is moving nicely above $0.6000 and it recently tested the 38.2% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high. Any major decline seems to be limited considering the supports at $0.6200 and $0.6000. The $0.6000 is important since it is the 50% Fib retracement level of the last wave from the $0.5157 low to $0.6859 high.

On the upside, the price may soon move above $0.6500 one more time. Above $0.6500, the price could test the $0.6800 level in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone with positive signs.

Hourly RSI – The RSI is currently moving lower towards the 50 level.

Major Support Level – $0.6200

Major Resistance Level – $0.6800

Charts courtesy – Trading View, Bittrex

The post Cardano Price Technical Analysis – ADA/USD in Slow Uptrend appeared first on NewsBTC.

Bitconnect is facing litigation from six individuals accusing the company of operating a Ponzi scheme in addition to numerous violations of securities laws. The six plaintiffs collectively invested approximately $771,000 USD into Bitconnect, and are seeking recourse following the sudden removal of the company’s lending platform that immediately led to a more than 90% loss in the value of Bitconnect tokens.

Also Read: Not Content Scamming $1.5 Billion, Bitconnect Wants Another $500 Million for ICO

Bitconnect Receives Class-Action Lawsuit

The complaint has been filed by Charles Wildes, Francisco Doria, Aric Harod, Akiva Katz, James Gurry, and Ronald Nelson with the Southern District Court of Florida, and is made on behalf of all Bitconnect customers, in addition to the aforementioned plaintiffs individually.

The suit has been brought against all three corporate entities comprising the Bitconnect company, in addition to defendants “Glenn Arcaro, Trevon Brown a/k/a Trevon James, Ryan Hildreth, Craig Grant, and Cryptonick” – who are accused of aggressively recruiting new investors into the Ponzi scheme using social media.

Bitconnect Accused of Running “Wide-Reaching Ponzi Scheme”

The preliminary statement of the complaint describes Bitconnect as having raised “millions of dollars’ worth of cryptocurrency” through “a trading platform and lending program fraudulently promoted and operated by” the defendants.

The complaint states that “Bitconnect guaranteed investors up to a forty percent total return per month on their investments, following a four-tier investment system based on the sum of the initial deposit.” Investors were “promised a one percent return on investment on a daily basis, which Bitconnect purported would be generated by its own proprietary trading bot and volatility software,” which was to be paid out “regardless of market performance or the fluctuating price of cryptocurrency.” An investment of just one thousand dollars would grow to generate a $50 million return within three years of compounding daily interest, the company is reported to have shilled.

The plaintiffs state that Bitconnect’s former $2.5 billion market capitalization was “built through the use of fraudulent means,” in particular “a wide-reaching Ponzi scheme that defrauded investors, made a mockery of state and federal securities laws, and employed an army of social media mercenaries who were paid to bring more unsuspecting victims into the fraud.”

Bitconnect’s Lending and Exchange Platform Shuts Down

During early January, Bitconnect boasted a market capitalization of more than $2.5 billion. After receiving cease-and-desist notifications from regulators in Texas and North Carolina and an increase in accusations of comprising a Ponzi scam, Bitconnect suddenly announced that it would shut its lending and exchange platform – leaving many Bitconnect token-holders unable to liquidate their assets, the value of which rapidly depreciated by over $95%.

Despite the turmoil, BCC tokens are refusing to die, with many investors seeking to offload their BCC tokens in exchange for BCCX – a token soon to be launched by the company through an initial coin offering. As a consequence, somehow, BCC has a market capitalization of more than $100 million dollars, and has witnessed nearly $5.5 million worth of trading during the last 24 hours, according to Coinmarketcap.

Do you think that the plaintiffs will be successful in suing Bitconnect? Share your thoughts in the comment section below!

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