Day: February 3, 2018

Key Points

• Bitcoin price declined sharply this past week and traded towards $7,500 against the US Dollar.
• There was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
• The pair traded as low as $7,599 and it is currently correcting higher toward the $9,500 level.

Bitcoin price is recovering after a major decline below the $8,000 level against the US Dollar. BTC/USD is struggling to move above $9,500 and it may move down once again.

Bitcoin Price Resistance

This past week, we saw a monstrous decline in bitcoin price from well above $11,000 against the US Dollar. The price traded lower and broke the $10,000 and $9,000 support levels. The decline was such that the price even broke the $8,200 and $8,000 support levels. During the downside, there was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair. It traded close to the $7,500 level and formed a low at $7,599. Later, an upside correction was initiated and the price move above the $8,000 level.

It also moved above the 23.6% Fib retracement level of the last decline from the $11,820 high to $7,599 low. However, there are many resistances on the upside near the $9,500, $9,650 and $10,000 levels. At the moment, the price is facing sellers near the 38.2% Fib retracement level of the last decline from the $11,820 high to $7,599 low. Above $9,350, there is a horizontal resistance near $9,650. To the topside, there is a bearish trend line with resistance at $10,300.

Therefore, it won’t be easy for the current recovery to continue above the $9,500 and $10,500 levels.

Looking at the technical indicators:              

4-hours MACD – The MACD is currently reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is finding it hard to move back above the 50 level.

Major Support Level – $8,000

Major Resistance Level – $10,500

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – BTC/USD Recovery to Fade Soon? appeared first on NewsBTC.

Cryptocurrencies have grown popular in India, and digital asset markets in the region have seen exponential growth despite uncertainty from the Indian government. Now, this week the founders of the popular application Crowdfire have announced the team is launching an Indian-based bitcoin exchange this March.

Also read: Russian Cryptocurrency Bill Is Ready – Regulators Share Details

Crowdfire Founders Plan to Launch a Cryptocurrency Exchange This March

On the same day the Finance Minister Arun Jaitley of India discussed digital currencies and blockchain the founders of Crowdfire announced they are creating an Indian cryptocurrency exchange this March. The trading platform will be called Wazirx, and it’s being built by Nischal Shetty, Anirudh Khusape, Sameer Mhatre, and Siddharth Menon who developed the well-known Android app that boasts 19Mn users. Shetty says he’s been into cryptocurrencies since 2009 and he tested out mining bitcoins in the early days. This year he said he got “sucked in to the blockchain rabbit hole” and decided to build a cryptocurrency exchange for India.

Nischal Shetty: ‘Current Exchange Standards In India Is a Frustrating Experience’

Shetty says he’s not pleased with the current exchange standards in the country and wants to build a more transparent product. “If the frustrating experience of substandard product wasn’t enough, I was surprised to see how opaque most of the exchanges were in terms of communicating with their users — When dealing with other people’s money, transparency is the best way forward,” explains the Crowdfire founder.  

People trust us with their money, we need to provide them with clear information on what’s happening behind the scenes, why something’s not working right, what features we’re building, what fees we charge them, etc. It’s also our responsibility to inform users prior to making changes that affect them.

Despite Government Uncertainty the Crowdfire Co-Founder Says His Team Plans to Be Very Vocal About Blockchain In India

Wazirx is also creating an ‘exchange-backed token’ called WRX that will be similar to other trading platform tokens that Binance and Cobinhood offer. Every Indian resident will be given a certain amount of WRX for free if they register and verify the identity of their accounts. Shetty details they will buy back the WRX equivalent to “10% of our quarterly profit as and when profitability is achieved.” The exchange launch will begin in March and start by listing ethereum (ETH), bitcoin core (BTC), ripple (XRP), and litecoin (LTC) with more coins to follow, Shetty explains.

Wazirx says it has “top of the line identity verification systems that process KYC within a few hours of signing up” and the firm will have regular security audits. The exchange will also have Android and iOS mobile apps, the website reveals. Even though the country’s central bank and politicians have been leery about cryptocurrencies, Shetty says his team will be very vocal about the technology and believes India will be a crypto-frontrunner.       

“Once in a lifetime does a generation get to be part of something that brings about a paradigm shift in the world — While India has been a follower of trends, I believe we can be the frontrunners in the crypto adoption,” Shetty emphasizes.

Expect us to be very vocal about what’s happening in the blockchain space in India.

What do you think about the founders of Crowdfire launching an exchange in India? Let us know what you think in the comments below.

Images via Shutterstock, Wazirx, and Crowdfire. 

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

The post Crowdfire Founders Plan to Launch Indian Bitcoin Exchange appeared first on Bitcoin News.

Singapore – 03 February 2018 – New Era Energy (NewEra), the Singapore company focusing on accelerating renewable energy adoption in Southeast Asia, entered into a partnership with Bamboo Capital Group (BCG) to pilot the world’s first blockchain-enabled Carbon Credits Certification Protocol. This MOU is the first activity lined up in NewEra’s pledge to invest up to US$50 million into renewable energy projects.

“Our goal is to raise awareness of climate change and accelerate the adoption of clean energy in Southeast Asia, and we believe with proper verification and certification of clean energy footprint, we can create a rewarding ecosystem to encourage individuals to go green,” says Mr. Leonard Ng, Co-founder of NewEra.

Despite the Paris Agreement, global temperatures and carbon emissions are reaching record highs. The global commitment to reduce emissions and adopt clean energy initiatives is often slowed down and hampered by financing inefficiencies, high costs, stakeholder deadlock, and inaction. For instance, in Vietnam, with domestic-only resources, greenhouse gas emissions will only be reduced by 8% by 2030. In contrast, with international support, this will increase to 25% in Vietnam by 2030.

NewEra aims to address these inefficiencies by opening up the carbon credits market – a US$50 billion market in 2017 according to The World Bank – to the masses. The company is building a blockchain-enabled platform on blockchain technology to tokenize carbon credits, measure clean energy footprints, and a transparent, accountable, and secure system that brings carbon credits to the masses.

“Innovation and environmental responsibility is at the heart of BCG. We are excited to be working with NewEra in their effort to promote clean energy amongst the masses in the world,” said Mr. Nguyen Ho Nam, Chairman of BCG. “The collaboration will be a win-win for all parties,” added Nguyen.

BCG is listed on Ho Chi Minh Stock Exchange (HOSE) developing over 2000MW of solar and wind projects.

About NERA

Founded in 2017, New Era Energy (NewEra) is a blockchain company that uses blockchain technology to enable a decentralised system to increase transparency and credibility to create and make carbon credits accessible to the masses. The company comprises of a well-rounded team with a combined experience of 60 years in the clean energy sector. Against the negative connotation of blockchain when it comes to the environment, NewEra is promoting and supporting a greener world and rewards their community members through their bounty program for taking part in green activities and projects. For more information on NewEra, visit: www.NewEra.energy/

About Bamboo Capital Group

Established in 2011, Bamboo Capital Group (BCG) has since grown into a group company with 10 subsidiaries and affiliated companies in Vietnam, specializing in  various  industries including Consulting, Investment Fund Management, Investment Banking, Real Estate, Manufacturing, Import and Export, Transportation, Mineral, Services and Tourism. With a multicultural team of professional, enthusiastic and experienced people, BCG is always a pioneer in providing creative financial solutions, sophisticated and flexible products and services to improve local economic conditions.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Counterfeiting is one of the primary challenges in front of retailers throughout the world, considering the fact that the annual global counterfeit goods supply is reaching close to half a trillion dollars. A growing number of global retailers are using blockchain technology as a countermeasure against counterfeiting. Baikalika, a premium water provider, is using blockchain to differentiate its bottled water from fakes.

With China being the top manufacturer of counterfeit products, it makes perfect sense to use technology for help. The Chinese packaged water industry is growing exponentially, valued at $16.4 billion in 2015. A growth in income level and adoption of a healthy lifestyle has catalysed the premium water segment in the country. A growing demand of premium water has attracted fake goods manufacturers, with multiple cases of counterfeit water being confiscated by the local authorities. Baikalika is positioning itself to tap the growing premium water demand in China by using blockchain to ensure the authenticity of its premium water.

Baikalika extracts water from Baikal lake, a UNESCO heritage site, one of the largest and oldest sources of freshwater on Earth. The core of Baikal lake is a source of ideal drinking water, maintaining high levels of dissolved oxygen, an optimum pH balance, and the mineral composition for consumption. Baikal water is in a huge demand because of these properties, and its demand has attracted counterfeiting practices throughout the country.

Use of Blockchain Technology to Deliver Pure Water

While Baikalika’s premium water supply is a strong selling point, their implementation of blockchain technology to provide authentic water to their customers gives them a rare edge over competition.

How does it work?

Baikalika is using blockchain to differentiate its bottled water from fakes. The company adds a QR code on every single bottle, which makes it easier to access product information by simply scanning the code. Baikalika plans to put all the product-related information on its blockchain, including its production details, storage information, and even transit route.

Buying Baikalika’s Water with Crypto Assets

Baikalika is ready to organize a token sale for its premium water. The company has released its own crypto asset, BKL token, conforming to ERC20 standards. It has a total token supply of 1.1 million tokens. A single BKL token entitles the token holder to 1,200 liters of premium Baikal lake water, delivered over a period of 50 years, which translates to 2 liters of water every month. Holding 50 BKL tokens will offer daily water supply of 3.5 liters.

Baikalika’s public presale will start on February 12, 2018 and will continue till March 19, 2018. The company is offering early-bird 40% discount to the first buyers during its presale.

Baikalika’s public crowdsale will start on March 20, 2018 and will last till April 30, 2018. During the crowdsale stage, the company will offer 10% discount to the buyers of first 300,000 tokens, following which, there will be no discount until the hard cap is reached.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Key Highlights

• ETH price declined sharply this past week and traded as low as $740 against the US Dollar.
• There was a break below a major bullish trend line with support at $1,115 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair is currently correcting higher, but it is facing a major resistance on the upside at $1,020.

Ethereum price is in a bearish zone against the US Dollar, but it is stable against Bitcoin. ETH/USD is currently recovering higher, but it is facing a crucial hurdle near $1,020.

Ethereum Price Upside Hurdle

There was a major downside move from well above $1,100 in ETH price against the US Dollar. The price declined heavily and moved below the $1,100 and $1,020 support levels. During the downside move, there was a break below a major bullish trend line with support at $1,115 on the 4-hours chart of ETH/USD. The pair traded below the $900 level and is currently well below the 100 simple moving average (4-hours).

A low was formed at $740 from where an upside correction was initiated. The pair managed to recover above the 50% Fib retracement level of the last major decline from the $1,150 high to $740 low. However, there are many resistances on the upside around the $1,020 level. There is a bearish trend line on the same chart with resistance at $1,025. The trend line resistance at $1,025 is also near the 100 simple moving average (4-hours). At present, the 61.8% Fib retracement level of the last major decline from the $1,150 high to $740 low is acting as a resistance.

Therefore, the $1,020 and $1,025 levels are important resistance levels. It won’t be easy for buyers to clear $1,020 to push the price further higher.

4-hours MACD – The MACD is currently reducing the bearish pressure.

4-hours RSI – The RSI is currently struggling to move back above the 50 level.

Major Support Level – $880

Major Resistance Level – $1,020

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD Facing Crucial Resistance appeared first on NewsBTC.

This week one of Europe’s largest power companies, Enel, has announced the firm has absolutely “no interest whatsoever in selling power” to cryptocurrency miners.

Also read: Dead again? In Reality Bitcoin Is Up 729% Since Last February

One of Europe’s Largest Power Companies Allegedly Evaluated Cryptocurrency Mining Operations

The Italian multinational renewable-energy corporation located in Rome, Enel, made a statement on Thursday that explains it will not sell power to data centers who plan to mine cryptocurrencies. According to the financial publication Bloomberg the company was allegedly discussing a deal with a Switzerland-based cryptocurrency business called Envion AG. The news outlet stated that “according to people with direct knowledge of the matter” Enel was evaluating the market to sell power to bitcoin and other digital asset miners. Further, a company executive also commented on the mining evaluation story.   

“Enel is particularly interested in understanding how the energy business can benefit from the blockchain technology,” the head of the firm’s front trading office, Leonardo Zannella said at the time.

Cryptocurrency miners who can move their facilities to places where electricity is cheap might have advantages.  

Enel Changes Its Tune “No Interest Whatsoever In Selling Power” to Cryptocurrency Miners

However, subsequently after the alleged discussions, the power company changed its tune. Enel says it takes pride in providing “green power” deriving from biomass and incineration practices, geothermal resources, hydroelectricity, wind, and solar power. Moreover, the company believes that cryptocurrency mining cannot be maintained in an environmentally friendly way.

“Enel has undertaken a clear path toward decarbonization and sustainable development,” explains a spokesperson this past Thursday.

The intensive use of energy dedicated to cryptocurrency mining as an unsustainable practice that does not fit with the business model it is pursuing.

The news follows the swathes of Chinese miners looking for new residency in other areas around the world. Just recently Bitmain Technologies said it was looking for properties in Canada and also launched a subsidiary in Zug, Switzerland. Enel’s decision may be seen as a small obstacle as miners can utilize more friendlier power companies willing to sell cryptocurrency miners power. Although the firm has operations in sixteen countries across Europe, North America and South America. The company controls a majority of power operations in Spain as well.

What do you think about Enel saying they won’t sell power to cryptocurrency miners? Let us know in the comments below. 

Images via Shutterstock, Enel Green Power, and Blockbase.  

Not up to date on the news? Listen to This Week in Bitcoin, a podcast updated each Friday.

The post Large European Power Company Will Not Sell Electricity to Crypto-Miners appeared first on Bitcoin News.

Crypto markets bounce back after the substantial selloff this week #NEWS

New paper released this week based on BlockDAG proposes a new, scalable Blockchain alternative #NEWS

Vitalik Buterin donates $2.4 mln in ETH to SENS Research Foundation, researching biomedical therapies against ‘age-related diseases’ #NEWS

The Russian Prime Minister Dmitry Medvedev has asked the leaders of the Eurasian Economic Union countries to jointly develop a common approach to cryptocurrencies. Both the Russian central bank and the prime minister believe that cryptocurrencies should not be restricted to one nation’s framework.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

A Common Approach to Cryptocurrencies

Russia’s prime minister Dmitry Medvedev urged the countries of the Eurasian Economic Union (EAEU) to develop a common approach to cryptocurrencies, Tass reported. At “The Digital Agenda in the Era of Globalization” forum on Friday, he expressed the necessity of bringing together “approaches to cryptocurrencies within the framework of the EAEU.”

The EAEU has five member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Other than Medvedev, the meeting was attended by Prime Minister of Armenia Karen V. Karapetyan, Prime Minister of Belarus Andrei Vladimirovich Kobyakov, Prime Minister of Kazakhstan Bakytzhan Abdirovich Sagintayev, Prime Minister of Kyrgyzstan Sapar Dzhumakadirovich Isakov, and Chairman of the Board of the Eurasian Economic Commission Tigran S. Sargsyan.

Regarding cryptocurrencies, Medvedev told the other EAEU leaders:

We should not be locked into the framework of the national model…It is impossible to implement these principles within one country; we need to bring our approaches closer to the level of the Union…Otherwise, all this will be under a completely different angle to develop and will not look completely understandable and legitimate.

Citing that some of his peers said that “it would be possible to pay with cryptocurrencies,” Medvedev was quoted saying, “Let’s take a closer look because our economies are too tightly and closely related.” The prime minister also suggested preparing international conventions of cryptocurrencies, stressing the need to “synchronize efforts in this area with the EAEU countries.”

Russian Central Bank Agrees

In late December, First Deputy Chairman of the Bank of Russia, Olga Skorobogatova, said that the bank supports the idea of issuing a supranational cryptocurrency in the territory of EAEU or within the BRICS countries. She was quoted by Vedomosti:

The introduction of the national digital currency seems to us not entirely justified from the point of view of macroeconomics…The question that seems to us worth discussing on the site with our colleagues is the introduction of a digital currency in the territory of the Eurasian Economic Union or within the BRICS.

Do you think the Eurasian Economic Union countries should develop a common framework for cryptocurrencies? Let us know in the comments section below.

Images courtesy of Shutterstock and the Russian government.

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

The post Russia Urges 4 Other Countries to Develop Common Approach to Cryptocurrencies appeared first on Bitcoin News.

Dentacoin (DCN), the cryptocurrency designed for the global dental industry, made a big step towards its wider adoption as it was integrated in one of the most user-friendly and trusted Blockchain wallets: Jaxx.

Jaxx is a multi-token blockchain wallet that provides a unified experience across 8 platforms and devices, including Windows, Apple and Linux desktops, Apple and Android mobile devices and tablets, as well as a Google Chrome extension. The Jaxx wallet also enables crypto-to-crypto exchange with frictionless in-wallet conversion via Shapeshift. Users are always in control of their keys and Jaxx neither holds nor has access to customer funds. 

The idea of Dentacoin to serve the needs of a real-world industry and therefore to be used in the everyday life and business naturally aligns with Jaxx’ ease of use, intuitiveness and overall great user experience. 

 “We are happy to announce the integration of Dentacoin into the Jaxx wallet. Our goal at Decentral is to make decentralized technology accessible for the everyday user. We support communities that are bringing decentralized technologies to their specific industry vertical and are bringing new people to crypto. DCN is now easily accessible for over 700,000 Jaxx users worldwide,” explained Addison Cameron-Huff, Decentral’s President.

At the moment, Jaxx users can securely store their Dentacoin tokens. The exchange function through Shapeshift is planned to be available in future, meaning the seamless in-app exchange between Dentacoin and all the most popular cryptocurrencies will be possible.

“This is a big step for Dentacoin. Considering our target group, which does not necessarily consists of tech-savvy people, we strive to provide Dentacoin users with the most user-friendly options to store and exchange their tokens. This is crucial for achieving the mass adoption we aim for”, comments Dr. Klaus-Christian Werner, Industry Partners Acquisition Manager at Dentacoin.

Dentacoin is already implemented in seventeen dental clinics around the world, including Park South Dentistry, Group Health Dental, Gramercy Dental Center (all three based in Manhattan, New York City) (https://www.blog.dentacoin.com/new-york-city-dental-practices-accept-dentacoin-park-south-dentistry-group-health-dental-gramercy-dental-center/), LifDental (three practices in Buffalo, New York, USA), Aura Family Dentistry (Simi Valley, California, USA), Dental on Flinders (Melbourne, Australia), Quality Affordable Dentistry (Hemel Hempstead, UK), F3T Dental Clinic (London, UK), Studio Toia (Busto Arsizio, Italy), CONTIDENT (Budapest, Hungary), Swiss Dentaprime (Varna, Bulgaria), Dentech Dental Care (Pune, India), Mr. iTeeth (Taipei City, Taiwan), Dentist3 (Selangor, Malaysia) and Daily Care Dental (Suva, Fiji). In their quest to reach all market participants within the dental industry, the Dentacoin Foundation team recently announced a partnership with PCP Dental Recruitment as well, one of the fastest growing dental recruitment agencies in the UK. 

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.