Day: February 21, 2018

Key Points

• Bitcoin cash price declined further and traded towards the $1,250 support against the US Dollar.
• There is a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD (data feed from SimpleFX).
• The pair is currently correcting higher, but it could face sellers near the $1,320 and $1,350 levels.

Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD declined towards $1,250 and it is currently correcting higher.

Bitcoin Cash Price Downtrend

Yesterday, there was no major correction in bitcoin cash price above the $1,400 level against the US Dollar. The price declined further and broke yesterday’s low of $1,312. It even traded below the $1,300 level and moved towards the $1,250 support. A new low was formed at $1,251 from where the price started a short-term upside correction.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,508 high to $1,251 low. There are many resistances on the upside and any major correction could face sellers near $1,350. To the topside, there is also a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD. The trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $1,508 high to $1,251 low. Therefore, if the price corrects higher further, it is likely to face sellers near the $1,300 and $1,320 level. Above $1,320, the next major upside hurdle is at $1,350.

On the downside, the recent low of $1,251 is a major support. It won’t be easy for sellers to break the $1,250 support zone. Below $1,250, the next support sits at $1,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is strongly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently correcting higher towards the 35 level.

Major Support Level – $1,250

Major Resistance Level – $1,320

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Technical Analysis – BCH/USD Correcting Higher appeared first on NewsBTC.

When Blockchain meets finance: major banks partner with R3 Blockchain alliance and TradeIX to launch trade finance platform. #NEWS

Even if the SEC doesn’t pursue an enforcement action against a token seller, buyers can sue privately under U.S. securities laws to unwind the sale.

Bitcoin Price Key Highlights

• Bitcoin price is still in correction mode but appears to be bouncing off the trend line support.
• Applying the Fibonacci extension tool shows how high price could go if the trend line holds.
• Technical indicators are signaling that the uptrend is about to resume.

Bitcoin price is finding support at the area of interest on the trend line, 200 SMA, and $10,000 mark so the rally might resume from here.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse. Also, the 200 SMA lines up with the rising trend line connecting the latest lows.

Stochastic is pulling up from oversold levels to signal that bullish pressure is returning. Similarly, RSI is also turning higher to show that buyers are ready to jump back in.

A bit of bullish divergence can be seen on stochastic as the oscillator formed higher lows while price had lower lows. A bounce could take bitcoin price up to the 38.2% extension around $11,000 or the 50% extension at the swing highs.

The 61.8% extension is located at $12,000 or another long-term area of interest. The 76.4% extension is at $12,788 then the full extension is at $13,590.

Market Factors

The US dollar enjoyed another wave higher on hawkish FOMC minutes and risk aversion. Policymakers agreed that stronger growth momentum could warrant further tightening in the months ahead.

This led to higher bond yields and another weak close for US equities as business and consumer activity could be dampened by higher interest rates. Note that bitcoin price has been trading alongside stocks and commodities, so the dip also affected the cryptocurrency.

Nonetheless, it’s still worth noting that bitcoin sentiment has improved after a few nations have expressed the need to keep the door open for industry developments. Then again, some top financial officials have made negative remarks on bitcoin, particularly on its ability to be a store of value.

The post Bitcoin Price Technical Analysis for 02/22/2018 – Potential Bounce Targets appeared first on NewsBTC.

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US SEC and DOJ move against founder of former crypto exchange BitFunder for fraud, obstruction, and perjury. #NEWS

Government-backed researchers in Canada are planning to unite with India’s technology industry association NASSCOM to research blockchain. Together, the two hope to create an global epicentre for studying the implications and applications of the innovative tech leading to increased “high-end technology capabilities.”

Blockchain: Beyond Cryptocurrency

The teaming up of Canada’s Blockchain Research Institute (BRI) and NASSCOM (National Association of Software and Services Companies) aims to explore the use of blockchain technology in both government and academia. There are several areas in which India perceive blockchain to be disruptive to current industries, both financial and otherwise. These include land registry, healthcare, and banking.

The announcement of the union between BRI and NASSCOM, combined with the recent news that India are forming a “Future Skills” initiative aimed at educating their youth in cutting edge technology, clearly evidence a nation positioning itself as a hub for innovation in the blockchain industry. The educational platform was announced just days ago by Indian Prime Minister Narendra Modi at the World Congress on Information Technology 2018.

Meanwhile, the BRI’s stated goal is to “build blockchain-based economies around the world”. With their assistance, plus an increasingly blockchain-literate young workforce, India could well rise to the top in the field of research and application of the exciting and potentially disruptive technology. Narendra Modi’s government have even earmarked around US$500 million for developing the digital economy. This represents a doubling of public spending on the sector.

According to CNN, Don Tapscott, the founder and executive chairman of the Canadian institute, stated:

“We see our coalition with NASSCOM as a delightful opportunity to nurture the blockchain community in India… We strongly believe that India has the potential to lead the blockchain revolution.”

Whilst the Indian government are evidently receptive to the innovative potential of the blockchain, they seem somewhat more hesitant when it comes to the first real application of the technology – crytocurrency. Finance Minister Arun Jaitley recently stated in his 2018/19 Budget Speech:

“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payment system.”

This statement has been interpreted in two ways. Firstly, there are those who believe it represents out and out hostility towards digital currency. This wouldn’t be surprising from a nation who have taken extremely misguided measures such as demonetisation policies in the past. However, there are also those who stress the use of the word “illegitimate” in Jaitely’s statement. This could be interpreted as meaning greater efforts to curtail money laundering offences made possible by cryptocurrency whilst not ensuring any form of blanket ban for its legitimate use.

The post Canadian Researchers to Team Up With Indian Tech Industry to Explore Blockchain appeared first on NewsBTC.

Today, the U.S. Securities and Exchange Commission (SEC) brought charges against Jon E. Montroll and his exchange BitFunder for operating an unregistered securities exchange and defrauding users. On top of that, the agency also charged the operator — Montroll — with making false and misleading statements in connection with an unregistered offering of securities. BitFunder was a platform that permitted users to buy and sell virtual “shares” of various digital currency-related enterprises in exchange for Bitcoin.

“We allege that BitFunder operated unlawfully as an unregistered securities exchange.  Platforms that engage in the activity of a national securities exchange, regardless of whether that activity involves digital assets, tokens, or coins, must register with the SEC or operate pursuant to an exemption.  We will continue to focus on these types of platforms to protect investors and ensure compliance with the securities laws,” said Marc Berger, Director of the SEC’s New York Regional Office.

The SEC’s complaint, filed in federal district court in Manhattan, charges Montroll and BitFunder with violations of the anti-fraud and registration provisions of the federal securities laws. The complaint seeks permanent injunctions and disgorgement plus interest and penalties. 

The agency alleges Montroll operated BitFunder as an unregistered online securities exchange and defrauded exchange users by misappropriating their Bitcoin, and also for failing to disclose a cyberattack on BitFunder’s system that resulted in the theft of more than 6,000 Bitcoin. Going off the price of Bitcoin today, that’s about $61,800,000.

“As alleged in the complaint, Montroll defrauded exchange users by misappropriating their bitcoins and failing to disclose a cyberattack on the exchange’s system and the resulting bitcoin theft.  We will continue to vigorously police conduct involving distributed ledger technology and ensure that bad actors who commit fraud in this space are held accountable,” said Lara S. Mehraban, Associate Regional Director of the SEC’s New York Regional Office.

Unfortunately for Montroll, his legal troubles don’t stop with the SEC: Also today, in a parallel criminal case, the U.S. Attorney’s Office for the Southern District of New York filed a complaint against him for perjury and obstruction of justice during the SEC’s investigation. This implies that Montroll, in some way, must have not fully cooperated with the SEC during the agency’s investigation.

This case comes as the SEC is cracking down on other companies and individuals it believes are partaking in shady business within the crypto-space. In January of this year, the agency advised people to “exercise caution” with Bitcoin and other digital currencies.

The post BitFunder Founder Charged by SEC for Stealing $61 Million Worth of Bitcoin appeared first on NewsBTC.

Several companies have been so far linked to Venezuela’s petro cryptocurrency initiative in the wake of this week’s launch.

This article originally appeared on Bitcoin Magazine.

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