Day: February 19, 2018

Week begins with Bitcoin and Ethereum Classic leading short-term market gains. #NEWS

Creditcoin makes crypto-lending and investments accessible to the masses, cuts the red-tape.

Two FinTech firms have come together to make it easy to navigate the crypto world. These two companies plan to launch Creditcoin, which will operate across blockchains in the P2P lending market.

The Gluwa platform, to be powered by Creditcoin, will address the issues of accessibility of the crypto market by those in the fiat world by seamlessly connecting them with cryptocurrencies. This platform simply aims to interconnect the $600 billion fractured across the world of crypto.

The Technical Aspects of Creditcoin

Gluwa and Aella Credit are the two fintech companies that have come together to create a blockchain based protocol that will allow investors to lend in any crypto. The Creditcoin network is a blockchain purpose designed for investments. It aims to connect fundraisers to investors with similar goals. And, the use of distributed ledger system ensures permanent record of lending and borrowing interactions on the platform, which can be used in future credit evaluations.

The Creditcoin network starts by matching offers from investors and projects. A fundraiser will post seeking certain amounts of money. It will also post the collateral it intends to offer and the interest rate of repayment. If they find an investor willing to accept these conditions, they will announce the deal on the Creditcoin network. The network will then verify the transaction and send Creditcoin to the fundraiser. For this transaction to go through, the fundraiser has to confirm that it is willing to return the funds with interest.

If an investor needs to evaluate which fundraiser to trust, all they have to do is use the transaction history of the fundraiser on  the blockchain to verify how safe it is to invest in a certain project. The good thing is that the blockchain is immutable. That means the details cannot be altered to hide what is really going on. If a fundraiser wants to receive better terms, they can always share details that are more personal.

Why the Creditcoin Network Matters

The good thing about the network is that it eliminates third parties. By doing so, this network helps to cut down the costs that third parties impose on investors. It also means that smaller scale investments can be feasible due to the elimination of third party costs. Since the system is decentralized and public, there is no way to mess around with it. Thus, you can always trust the credit history and make an objective risk assessment.

The Creditcoin token sale is currently underway and those interested to know more about the platform or purchase the tokens can do so by visiting https://buycreditcoin.com/

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The Australian Competition & Consumer Commission reportedly received over 1,200 complaints about cryptocurrency scams last year.

A Japanese startup to save money for Influencers. #SPONSORED

After yesterday’s negative trading pressure, most cryptocurrency markets are showing some positive momentum as of right now. The Ethereum Classic price shows a lot of upward momentum as of right now, thanks to a solid 17.7% gain in the past 24 hours. Whether or not this means the Ethereum Classic price will surpass $40 or higher later today, remains a big question, though.

Ethereum Classic Price is Looking Pretty Solid

It has become rather evident most cryptocurrency markets will see a strong bounce throughout 2018. Even though it is unclear whether or not that means we will see significant increases in the coming days or weeks, the momentum is certainly turning in favor of cryptocurrencies once again. Especially in the altcoin department, things are looking up once again, which is positive news for the people speculating on the Ethereum Classic price as of right now.

To put this into perspective, the Ethereum Classic price has risen by 17.7% in the past 24 hours. That in itself is a rather significant gain for any cryptocurrency, let alone an altcoin. This massive increase puts the Ethereum Classic price back above $38.4, and it is likely we will see it hit $40 in the coming hours. Reaching a new all-time high is not out of the question either, although the Ethereum Classic price will need to push past $45.51 to make that happen.

It is also worth noting the Ethereum Classic price is rising thanks to solid gains in the ETC/BTC ratio. With Ethereum Classic rising by 12.11% in favor of Bitcoin, it is evident there is a lot more progress to be made in the future. After all, most altcoins are trying to decouple from Bitcoin’s volatility as of right now, yet very few of them are successful in doing so. Every new rise in the altcoin/BTC ratio will bring us one step closer to seeing altcoins perform independently of Bitcoin in the future, although no major shakeups will occur in the coming weeks or months.

With $692m in 24-hour trading volume, things are not looking all that bad for Ethereum Classic right now. The vast majority of top altcoins still struggle to get past $250m in 24-hour trading volume, and it is evident that trend will not change anytime soon. For some reason, there is less demand to trade all cryptocurrencies in general, which makes it rather difficult to note anything positive in this regard. If ETC can generate nearly $700m in volume, there’s no reason to think other altcoins can’t do the same in the future, though.

For once, it’s not the Korean exchanges driving most of the Ethereum Classic trading volume. That being said, we do see both Bithumb and Upbit in the top five, but the leading exchange by trading volume is OKEx as of right now.This exchange also ranks third with their USDT trading market, which is rather surprising. Penance completes the top five with $52.45m in 24-hour trading volume, which is not too shabby either. All things considered, the volume seems healthy enough to push the Ethereum Classic price up even further in the coming hours.

For the time being, Ethereum Classic is perhaps the best market for altcoin trading as of right now. We also see the other markets turn green again, which will effectively allow for other currencies to flourish in the near future. With these current Ethereum Classic price gains, it may be best for most users to take profits and hold onto the rest, as the markets can turn volatility at any given time. Then again, with the Ethereum Classic price so close to setting a new all-time high, holding your balance is also a viable option if you enjoy taking risks.

Bitcoin seems to have found a bottom below $6,000, although a long-term bull revival is still not certain, according to the price charts.

As demand returns to the markets South Korea is once again leading the way for trade volume. Bitcoin recorded a monthly high trading volume on exchanges in the country as fears of clampdowns subside and confidence returns to the crypto markets.

Local media reported that domestic Bitcoin trading volume reached a maximum value in the month following the holiday season. Over $250 million has been traded in BTC on South Korea’s leading exchange Bithumb in the past 24 hours.

New Bitcoin Trade Volume High

The recorded volume on the 19^th was the largest in a month indicating a steady return to crypto trading for South Koreans. Over 84,979 Bitcoins were traded at a value of 1.24 trillion won. This is higher than the last peak level on January 20 when 80,829 BTC were traded. The surge rose more than half of the 16 day trading volume of 42,094 Bitcoins two days ago, and the 17 day trading volume was only 58,329 coins. The Kimchi premium, which shows overheating in the domestic market, also stood at around 6-7%.

During the big dip on February 6 Bitcoin prices fell lower in South Korea than elsewhere however it has since doubled in less than two weeks. Transaction volume has increased with the inflating price and a lot of investors got in at a psychologically significant 10 million won price level ($9,300). Positive conclusions from crypto conferences in the US, and self-regulatory bodies being setup in Japan, has boosted buoyancy in the markets and traders are returning.

Bitcoin is currently trading at $11,420 on Bithumb, and $10,800 internationally. There are often discrepancies in prices on Asian exchanges as demand is greater. The fact that a new volume level has been reached is a positive indicator for the state of the markets in general, South Korea is once again leading the way back to full confidence in cryptocurrencies.

According to Coinmarketcap Bithumb is the world’s fifth largest exchange with over a billion dollars in daily trade for all crypto assets. Ripple is currently the top traded coin on the exchange with over $300 million traded in XRP/KRW in the past 24 hours. It accounts for 30% of the total volume on that exchange with Bitcoin second at 24% and EOS third at 12.5%.

The post Bitcoin Demand in South Korea Rises as Trade Volume Hits Monthly High appeared first on NewsBTC.

Despite early skepticism on its tech amid a record-setting ICO, millions of dollars is now being traded each week by blockchain project Bancor.

Self-regulation in the blockchain and cryptocurrency industry is becoming the new norm. In Croatia, there is now a self-regulating body known as UBIK. This venture will also work toward regulating this nascent industry in the coming years.

UBIK Aims to Legitimize Cryptocurrency

Croatia is not a country most people associate with blockchain and cryptocurrency. To improve the situation, this self-regulating blockchain and cryptocurrency organization was created. UBIK aims to spread cryptocurrency and blockchain awareness first and foremost. There is also an effort toward regulating cryptocurrency in Croatia, although no further specifics were revealed at this time.

UBIK has officially registered with the government on February 13th. After receiving approval on the 17th, the “agency” officially began its operations. With over 70 members already joining UBIK, it has become evident there is a  growing interest in cryptocurrency and blockchain technology.

The project’s creators also met with officials from the Central Office of Tax Administration.  During that meeting, the topic of cryptocurrency taxation was discussed. For now, it seems as if the focus is on capital gains tax, although things can always change. Additionally, UBIK wants to focus on a regulatory framework for initial coin offerings, yet it is unclear how they plan to do so exactly.

Creating a more favorable environment for cryptocurrency and blockchain startups is not easy. So far, the Croatian government has not taken an official stance against these technologies. Instead, there appears to be a more level-headed approach. This self-regulating body appears to have the full support of the government as of right now.

Beware of the Many Scams

One thing that becomes evident is how most companies will need to register with the government. Moreover, the capital collected should come directly to the country as well. This will aid in creating and growing a database of industry experts. Collecting a list of companies active in the blockchain and cryptocurrency world will benefit the ecosystem in the long run. No further details were provided in the registration process itself at this time.

Efforts like these will prevent novice users from falling for scams. There is a mounting number of scams popping up in the cryptocurrency world. Especially where Ethereum and Litecoin are concerned, there is an increasing amount of projects which appear shady first and foremost. Only dealing with registered companies in Croatia will help create a more legitimate ecosystem in the long run.

We have seen government agencies crack down on cryptocurrency-related scams all over the world. The SEC is making a positive impact in this regard over the past few months. With UBIK also focusing on weeding out the illicit projects, things will only improve from here on out. Protecting consumers from financial harm is the top priority as of right now.

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Key Highlights

• ADA price declined recently after forming a high near the $0.4185 level against the US Dollar (tethered).
• There was a break below a major bullish trend line with support at $0.3850 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is currently holding the $0.3600 support, but it remains at a risk of more declines.

Cardano price is under bearish pressure against the US Dollar and Bitcoin. ADA/USD could break the $0.3600 support and decline further in the near term.

Cardano Price Downtrend

There was a slight upside move in ADA price above $0.4000 this past week against the US Dollar. The price traded as high as $0.4185 and it later started a downside move. It declined and broke the $0.4000 support. It also traded below $0.3800 and the 14 hourly simple moving average, which is a negative sign. Moreover, there was a break below a major bullish trend line with support at $0.3850 on the hourly chart of the ADA/USD pair.

The pair traded towards the $0.3600 support and formed a low at $0.3601. It corrected higher and moved above the 23.6% Fib retracement level of the last decline from the $0.4185 high to $0.3601. However, the pair is finding it difficult to move above the $0.3800 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $0.4185 high to $0.3601 at $0.3824 is also a major resistance. There is also a connecting bearish trend line forming with resistance at $0.3800.

Therefore, there is clearly a major resistance forming near $0.3800. ADA price has to move above $0.3800 to retest $0.4000. On the downside, the $0.3600 support holds a lot of importance, which must hold to avoid further declines.

Hourly MACD – The MACD for ADA/USD is slightly placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is moving higher towards the 50 level.

Major Support Level – $0.3600

Major Resistance Level – $0.3800

Charts courtesy – Cryptowat, Bittrex

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