Day: February 16, 2018

After a few days of positive cryptocurrency momentum, it seems the markets may turn bearish as we head into the weekend. Such a  turn of events is anything but surprising, as we have seen some very solid gains all week long. Even though the mood is souring, the Bitcoin Cash price is still making some major gains. With a 10.78% increase over the past 24 hours, it seems things look pretty good.

Solid Bitcoin Cash Price Gains Have Arrived

Even though most cryptocurrency enthusiasts and speculators only focus on Bitcoin and Ethereum, the ecosystem is about so much more than just two currencies. While not everyone is convinced Bitcoin Cash is here to stay, it has become evident this altcoin has a more than loyal following. Additionally, we see various service providers and retailers switch from Bitcoin payments to Bitcoin Cash in recent months.

All of this is also impacting the Bitcoin Cash price. With the rough start of 218 seemingly behind us, it is time to look toward the future. In the case of the Bitcoin Cash price, the future seems to rest somewhere above a $1,500 valuation. As the Bitcoin Cash price surpassed this $1,5000 threshold a few hours ago, it seems evident the road to $2,000 will be long and hard. It is not impossible to overcome, mind you.

These solid price gains are the direct result of an increase in USD value. Thanks to Bitcoin’s uptrend, the Bitcoin Cash price has gained 10.78% in USD value over the past 24 hours. However, BCH also managed to gain on Bitcoin itself, resulting in a 9.19% increase in the BCH/BTC ratio. With Bitcoin Cash back above 0.15 BTC, it will be interesting to see how this trend evolves in the coming weeks. Reaching a new all-time high price will not happen anytime soon, though.

With $849.976m in 24-hour trading volume, the demand to buy BCH seemingly outweighs the desire to sell. All cryptocurrency speculators want to maximize their profits at all times and the current trend indicates we may see a Bitcoin Cash price of $1,750 before the week is over. Even so, this trading volume is a lot lower compared to what we have seen in recent days, as BCH usually generates close to $2bn in volume on a good day. This current price increase seemingly doesn’t impact the volume in a positive manner.

OKEx is the leading exchange when looking at the BCH trading volume. Their lead over Upbit is just $1.3m, though, and these two exchanges will one-up one another throughout most of the day. OKEx is also in third place with their USDT trading pair. The first non-Korean fiat currency pair comes in the form of Bitfinex’s BCH/USD market, followed by the GDAX BCH/USD market. All things considered, things look pretty promising for Bitcoin Cash, even though the momentum can turn bearish at any moment now.

It is unclear what the rest of today and the weekend will bring in terms of the Bitcoin Cash price. With all markets suffering from a bearish fever right now, it is possible Bitcoin Cash will elude the bears’ grasp, for the time being. Assuming that is the case, a Bitcoin Cash price of $1,750 by Sunday afternoon is not entirely impossible. If the markets were to turn bearish, however, the decline may go as deep as $1,325. An interesting weekend lies ahead, that much is rather evident.

South Korea has quickly become a critical region for all cryptocurrencies. Any local exchange is of great interest to both Korean and international traders. When companies such as Upbit add a new coin to be traded, there will be a genuine interest in it. In the case of 0x, it will be interesting to see how it performs in South Korea. The addition of XRZ to Upbit may herald a new era for this project as a whole.

South Korea has become the new China for alternative cryptocurrencies. More specifically, it was very important for altcoins to get listed on Chinese exchanges in the past. Such developments often resulted in major price gains and overall positive momentum. Ever since China became a trivial cog in the cryptocurrency machine, South Korea has taken its place. Any currency listed on Korean exchanges is worth keeping an eye on. Upbit, the country’s second-largest exchange, is adding new coins on a rather regular basis right now.

Upbit Adds 0x to Their Platform

Their latest addition comes in the form of ZRX, the native token of the 0x protocol. It is an interesting choice, for many different reasons. A lot of people consider 0x to be the cryptocurrency-related protocol worth keeping an eye on. This decentralized exchange framework is of great interest to a lot of traders. Slowly but surely, the industry is moving to decentralized exchanges rather than centralized counterparts. Even so, companies such as Upbit will always have a place in the world of cryptocurrency exchanges.

Hey #Bittrex community: Are you ready for another token announcement? Here we go–starting now, $ZRX is available for trading on the #BittrexExchange.

— Bittrex (@BittrexExchange) February 15, 2018

With the Korean exchange now listing 0x as a trading market, an interesting situation is created. It seems the company lists all tokens traded on the Bittrex exchange. More specifically, 0x was added to Bittrex yesterday. Not long after, Upbit does exactly the same. An interesting correlation between both companies. It does appear the volume for both exchanges is picking up as a result of this addition. On Upbit, 0x has generated over $12.1m in volume over the past 24 hours. Bittrex generates a nearly identical volume as of right now.

With these exchanges supporting 0x, the price is also on the rise. Many speculators consider exchange listings to be good for the price overall. More liquidity in the market is never a bad thing either. If Upbit can generate a decent trading volume, things will start looking good for ZRX. Getting listed on Korea’s second-largest exchange is no small feat. For now, it remains to be seen what type of impact this news will have.

The post 0x Introduced in South Korea, Will Upbit Leads its Momentum? appeared first on NewsBTC.

Having found weak hands above the $10,200 mark in Asian hours, bitcoin has slipped back into four figures.

Coinbase exchange has acknowledged an error that led to overcharging customers, promises refunds in full to all affected #NEWS

Jacob Zuma corruption scandal damaged one of Africa’s biggest economies #EXPERT_TAKE

A group of notable ethereum startups are partnering to create a new financial fund designed to boost the blockchain’s ecosystem.

Unrepentant cryptocurrency bull Tom Lee predicts Bitcoin will reach $25,000 in 2018 and $125,000 by 2022.

Aggressive Predictions For Bitcoin’s Future

Tom Lee was the first major Wall Street analyst to cover Bitcoin and has remained bullish about the cryptocurrency market since. In his latest report, Fundstrat Global advisor’s head of research called for some high numbers in the coming years.

Having analyzed 22 bitcoin depreciations of more than 20% he found that recoveries take 1.7 times the duration of a decline in a bull market, to which he added that this is still a bull market. Given that trend, Bitcoin would make a complete recovery by July.

“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level. We view this $9,000 as the biggest buying opportunity in 2018.”

Lee said in his report on Thursday

Lee’s formula for valuing bitcoin measures money supply growth, the ratio of alternative currencies like gold to the money supply and a digital currencies share of those alternatives. He also expects to see substantial interest in crypto commodities from institutional investors in the coming year.

Lee said in his report that the $10,000 mark, which Bitcoin recovered this week, is an important psychological key for investors watching the recovery. Noting that the bottoms of the recent decline have all been V-shaped he went on to predict some big numbers.

Lee said on CNBC’s Fast Money that he expected bitcoin to go to $25,000 by July of this year and then double that by years end. $25,000 was a mark he previously set a four-year goal, which he now has reassessed to $125,000.

These may sound like grandiose predictions but coming from the man who called the new year drop of roughly 50% a buying opportunity not completely unexpected.

“We can see a case for Bitcoin’s resilience here given the sharpness of the recent decline.”

Tom Lee

Blue Chips Will All See Tremendous Growth

He moved on from bitcoin in his report to make some equally impressive predictions concerning other ‘Blue Chip’ cryptocurrencies.

He expects Ethereum to reach $1,900 by years end, up 90% from present value.

Lee also predicts the Chinese developed NEO currency will gain 50 percent from Thursday’s value to hit $225 by 2019.

As stunning as Lee’s predictions for 2018 are they actually pale in comparison to the percentage gains for each of these coins in 2017. When Bitcoin hit 19,800 in it’s December peak it was up 2,000% from its previous high value. Ethereum had 9,600% and ripple or XRP blew everyone away by going over 35,500 percent by the end of 2017.

The post As Bitcoin Goes Over $10,000, Analyst Makes Big Predictions For 2018 appeared first on NewsBTC.

Key Highlights

• ADA price struggled to gain momentum above the $0.40 level and moved down against the US Dollar (tethered).
• There was a break below a major ascending channel with support at $0.3800 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair has to stay above the $0.3700 support to avoid further declines in the near term.

Cardano price is slightly bearish against the US Dollar and Bitcoin. ADA/USD may decline a few points, but it may later bounce back to retest the $0.40 resistance.

Cardano Price Resistance

There was a steady price action in ADA price recently above the $0.3500 level against the US Dollar. The price even traded above the $0.4000 resistance, but it was not able to gain upside momentum. A high was formed at $0.4044 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high.

More importantly, there was a break below a major ascending channel with support at $0.3800 on the hourly chart of the ADA/USD pair. The pair is now trading below the $0.3900 level. However, the downside move was protected by the 50% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high. The pair is currently holding the $0.3700 support and it must stay above the mentioned levels. If it fails to stay above the $0.3700 level, it could even test the 76.4% Fib retracement level of the last wave from the $0.3420 low to $0.4044 high at $0.3553.

On the upside, the price may continue to struggle near $0.4000. A successful break above the $0.4000 level could ignite more gains toward $0.5000 in the near term.

Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.

Hourly RSI – The RSI for ADA/USD is moving lower and is currently below the 50 level.

Major Support Level – $0.3700

Major Resistance Level – $0.4000

Charts courtesy – Cryptowat, Bittrex

The post Cardano Price Technical Analysis – ADA/USD Just Broke Crucial Support? appeared first on NewsBTC.

The crypto industry in Japan is still reeling from the half million dollar Coincheck heist last month. The fallout from one of the largest digital currency hacks in history was wide reaching. Further calls for safeguards and regulation have been made in what is currently the world’s most crypto friendly nation. Rather than a heavy handed approach from the government, two of Japan’s leading cryptocurrency associations are about to merge to self-regulate the ecosystem.

Self-regulation over government restriction

It was reported today that, according to sources, Japan’s two cryptocurrency industry groups are in talks to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April with the intention of implementing further safeguards to protect traders and investors.

The move comes in the wake of the Coincheck hack which resulted in over $530 million in XEM tokens being stolen from the Tokyo exchange. The amalgamation would reassign the heads of both organizations into one self-regulatory body however no definite decisions have been made yet.

Neither association would release any details to the media however the move is a positive one and would bring about a safer environment for crypto users, merchants and exchanges. The Coincheck hack revealed a number of flaws in Japan’s crypto ecosystem but instead of the government taking a heavy handed approach, as in neighboring China, more proactive and constructive solutions are being sought.

Japan leads the way

The Southeast Asian nation is currently one of the world leaders in cryptocurrencies with reports that over 50% of the global trade last month was made in Yen. According to analytics website Coinhills Japanese exchange bitFlyer is the top exchange for daily Bitcoin trade, with over 314,000 BTC traded in the past 24 hours. Like South Korea, the country has some huge exchanges and its citizens are free to trade providing they remain lawful and do not use cryptocurrencies for any shady purposes.

Self-regulation has to be the way forward as governments are too quick to clampdown on things they cannot control or comprehend. Cryptocurrencies are a prime example and for this embryonic industry to prosper more nations should follow Japan’s lead.

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