Day: March 3, 2018

Key Points

• Bitcoin price started a nice upside move from the $10,100 swing low against the US Dollar.
• There is a contracting triangle pattern forming with resistance at $11,400 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
• The pair may decline or correct a few points, but it remains supported above the $10,500 level.

Bitcoin price is back in an uptrend above $10,500 against the US Dollar. BTC/USD is likely to continue moving higher towards the $12,000 and $12,500 levels.

Bitcoin Price Trend

This past week, there was a fresh upside wave initiated from well below the $10,000 level in bitcoin price against the US Dollar. The price formed an intermediate low around the $10,100 low and moved higher. The most important thing is the fact that the price is now well above the $10,200 support and the 100 simple moving average (4-hours).

Recently, it moved above the $11,000 resistance and formed a high at $11,384. It is currently correcting lower and is testing the 23.6% Fib retracement level of the last wave from the $10,106 low to $11,384 high. At the moment, it seems like there is a contracting triangle pattern forming with resistance at $11,400 on the 4-hours chart of the BTC/USD pair. There is a possibility that the pair may correct lower in the near term towards $10,800 support. However, downsides are likely to find buyers near the $10,800 and $10,500 levels. Moreover, the 50% Fib retracement level of the last wave from the $10,106 low to $11,384 high at $10,745 is also a support zone.

Overall, the price remains in an uptrend as long as above $10,500. On the upside, it may continue to move higher towards the $12,000 and $12,500 levels.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently moving lower towards the 50 level.

Major Support Level – $10,500

Major Resistance Level – $11,400

Charts courtesy – SimpleFX

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Two Indian crypto token marketplaces have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Two Token Marketplaces Halt Trading

Two Indian crypto token marketplaces, Btcxindia and Ethexindia, have announced that they will “halt cryptocurrency trading from March 5,” the Economic Times reported.

Over 35,000 members have used the two platforms, the news outlet added. Btcxindia, which began as one of India’s oldest bitcoin exchanges, has been operating for four years. However, last year the platform dropped bitcoin trading to offer real-time ripple (XRP) trading for Indian rupees (INR). Btcxindia recently posted a notice on its website, stating:

Customers are advised to withdraw their funds (BTC, XRP and INR) on or before 04 March 2018, if not [their accounts] will attract annual wallet maintenance fees…XRP/INR trading will be halted effective from 05 March 2018.

Ethexindia is “India’s first ether exchange,” according to its website. The platform, which has been offering ether (ETH) trading for rupees for two years, has also halted both INR and ETH deposits. “Deposits received, if any, will be automatically reverted to the respective bank accounts,” the company emphasized, adding that, “ETH/INR trading has been halted from 01 March 2018. Customers are kindly advised to withdraw their INR and ETH.”

Both marketplaces are managed by S Capital Solutions Pvt Ltd. Other than these two platforms, S Capital also has a 12% equity stake in Crypt E Tech Solution, the company behind bitcoin payment service provider Blockonomics, according to its website.

Regulatory Pressure Mounting

The Indian government has been discussing the regulatory framework for cryptocurrencies and digital tokens. The roles of the regulators for cryptocurrencies have reportedly been decided and the law governing bitcoin is expected soon. Btcxindia recently informed its members:

As we heard in the budget speech, the Indian government is discouraging cryptocurrency trading. This has been clear also by government actions in the last year, and has put our business under a lot of stress and put us in a position where we don’t feel that we can continue our business in a professional manner any longer.

The company emphasized that “Until new rules are in place for tokens on public blockchains, we are halting our trading platform,” adding that the company will now focus solely on its blockchain consultancy work.

What do you think of these two platforms suspending trading because of regulatory pressure? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Key Highlights

• ETH price is trading above the $780 support, but with a negative bias against the US Dollar.
• There is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair should break the $850 resistance and the 100 simple moving average (4-hour) for more gains.

Ethereum price is facing a tough challenge against the US Dollar and Bitcoin. ETH/USD has to gain pace above $850 to continue moving higher.

Ethereum Price Resistance

There was a slow and steady rise in ETH price this past week above $800 against the US Dollar. However, there was no upside break above the $900 resistance. Later, the price started a minor downside move towards $800 and kept forming lower low. More importantly, the price remained below the $900 pivot level and the 100 simple moving average (4-hours).

The last swing low was formed near $776 from where the price moved higher. It traded above the 23.6% Fib retracement level of the last decline from the $970 high to $776 low. However, there was no break above the $880 resistance and the 100 simple moving average (4-hour). ETH also failed near the 50% Fib retracement level of the last decline from the $970 high to $776 low. Since then, is it is slowly declining and is currently trading below $850. On the upside, there is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD.

It looks like the price may continue to move down and it could test $800. To initiate a fresh upside move, the price must break the $850 resistance and the 100 simple moving average (4-hour). Above $850, the next resistance levels are at $880 and $900.

4-hours MACD – The MACD is mostly flat with negative signs.

4-hours RSI – The RSI is moving lower towards the 30 level.

Major Support Level – $800

Major Resistance Level – $850

Charts courtesy – SimpleFX

The post Ethereum Price Weekly Analysis – Can ETH/USD Break This Resistance? appeared first on NewsBTC.

There has been a lot of media coverage and chatter in the crypto community over the concept of ‘decentralized’ exchanges. Unfortunately, this type of coverage magnifies the confusion among crypto enthusiasts regarding market structure and price discovery. It is vital to separate discussions of price discovery from the settlement process. Otherwise, ‘decentralized exchanges’ that have limited (or no) price discovery mechanisms will continue to be promoted as panaceas.

Key Points

• Bitcoin cash price is trading above the $1,120 support with a neutral bias against the US Dollar.
• There is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
• The pair is trading with a neutral bias as long as it is above the $1,120 in the near term.

Bitcoin cash price is finding it hard to move higher above $1,300 against the US Dollar. BCH/USD must break the $1,300 resistance to more gains in the near term.

Bitcoin Cash Price Upside Hurdle

There was no major upside move above the $1,300 resistance in bitcoin cash price against the US Dollar. The price made a nice upside move around the $1,250 and $1,300 resistance levels. However, the price was not able to move above $1,300 and started a downside move. A low was formed $1,118 from where a minor upside correction was initiated.

It moved above the 23.6% Fib retracement level of the last drop from the $1,617 high to $1,118 low. However, the upside move faced sellers near $1,300 and the 100 simple moving average (4-hour). Moreover, there is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair. Furthermore, the 38.2% Fib retracement level of the last drop from the $1,617 high to $1,118 low prevented gains. There are a few bearish signs and it may move down back towards the $1,150 support level. Below the $1,150 support, the next support level is around the $1,120 level.

On the upside, the price must break the $1,300 resistance and the 100 SMA to gain bullish momentum toward $1,500.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has moved below the 50 level.

Major Support Level – $1,120

Major Resistance Level – $1,300

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Weekly Analysis – Can BCH/USD Hold This? appeared first on NewsBTC.

Bitcoin will remain the world’s leading cryptocurrency for some time to come. Over the past few days, the Bitcoin Dominance Index has been on the rise. This correlates with the recent BTC price increase we have seen forming on the charts. The big question is whether or not this is Bitcoin’s next big time to shine.

The Bitcoin Dominance Index

Different metrics can be used to determine which cryptocurrencies are worth keeping an eye on. Ranking them by market cap is a popular option these days. The trading volume of individual currencies is also worth exploring. One metric has always stood out: the Bitcoin Dominance Index. It is an interesting tool, although not everyone sees the added benefit in using it.

What this metric does is determine Bitcoin’s market share compared to all other currencies combined. In the early days, the Bitcoin Dominance Index was close to 70% or more. This figure has begun sliding over the years and even dips below 35% on a regular basis. Especially late last year, the BDI was not looking great for the world’s leading cryptocurrency.

As of right now, the Bitcoin Dominance Index is rising. The latest figure sits at 41.9%, which is rather spectacular. None of the other top altcoins is mimicking Bitcoin’s gains these days. It is an interesting development, although one that has a precedent. Last year, Bitcoin dominated most discussions until altcoins started making their mark. It is possible 2018 will bring us more of the same.

Max Keiser Goes Into Bullish Mode

If Max Keiser is to be believed, the Bitcoin Dominance Index is a sign of things to come. He claims the Bitcoin price will continue to rise for the foreseeable future. Right now we are looking at a BTC value of just over $11,500. That is quite significant and further confirms Bitcoin is rebounding strongly.

As predicted, #Bitcoin dominance continues to increases. 80% coming…

— Max Keiser (@maxkeiser) March 3, 2018

One also has to wonder how valuable most of these altcoins are. Even in the top 15, there are a fair few half-finished projects at best. Others are simply trying to do the same as Bitcoin and a few of them aren’t even traditional cryptocurrencies at all. Even so, all of these coins and tokens have their individual value, according to most speculators.

For the time being, the Bitcoin Dominance Index will probably continue to rise. Ethereum is stuck in sideways trading momentum, as are Bitcoin Cash, XRP, NEO, and a few others. Whether or not we will see more “big gains” for Bitcoin, remains to be seen. Right now it is the best currency worth keeping an eye on. If Max Keiser is to be believed, this Bitcoin Dominance Index will rise to 80% or more. An ambitious outlook, but anything is possible.

The post Bitcoin Enters Bull Market as Dominance Index Surges Above 40% appeared first on NewsBTC.

BitPay is the world’s leading Bitcoin payment processor. The company is looking well beyond the world’s leading cryptocurrency as well. Their support for Bitcoin Cash has been quite interesting to keep an eye on. It is now possible to sue BCH with the BitPay Visa debit card as well. More importantly, this is done at no fee.

BitPay Continues to Surprise

It is evident there is more to cryptocurrency than just Bitcoin. Even companies such as BitPay acknowledge things are changing rapidly in this ecosystem. The company recently introduced support for Bitcoin Cash as an extra currency. This news has been received with great enthusiasm by the BCH faithful.

However, this support doesn’t extend to transactions and payment processing. BitPay has also enabled BCH as a funding method for their native Visa debit card. This change went into effect as of this week. It is an intriguing change which catches a lot of people by surprise as of right now. Owners of the card don’t need to do anything special, as this new option shows up automatically.

The introduction of Bitcoin Cash support for the Visa card exists side-by-side with Bitcoin top-ups. Giving customers more choices is always a great idea in this regard. These two options work in very similar ways, although there is one big difference between the two. Bitcoin top-ups or be subject to a 1.9% network fee. Using BCH, on the other hand, is completely free of charge, for the time being.

Fee-free Bitcoin Cash Top-Ups

It is a change few people had ever expected to see. With its lower transaction fees, it is only normal BitPay wants to make these services as cheap as possible. For now, they seem to lean toward BCH in this regard, rather than Bitcoin. It is impossible to tell if this BCH top-up option will remain free. That will mainly hinge on how the BCH network fees evolve in the coming weeks and months.

Whether or not there will be a lot of interest in this feature, remains to be seen. Users can compare both deposit options side-by-side when making a transaction. This should make it easier to determine which options work best at that given time. There are different exchange rates and confirmation times to take into account at all times, though.

In the end, this is positive news for Bitcoin Cash supporters Whether or not Bitcoin users will be happy about this change, remains to be determined, though. This ongoing spat between BTC and BCH has been going on for quite some time now. It is evident both currencies can effectively compete with one another through the BitPay platform from now on. Which one will come out on top, has yet to be determined. Right now, it clearly sees as if BCH is the better option for all intents and purposes.

The post BitPay Visa Top-Ups Become a lot Cheaper With Bitcoin Cash appeared first on NewsBTC.

Cryptocurrency in Japan has proven to be a rather interesting topic. While the government officially legalized this form of money, the country’s exchanges are trying to introduce more regulation in their own way. A group of 16 registered companies will create a self-regulatory body to generate more trust in this industry moving forward.

Self-Regulation in the Cryptocurrency World

The cryptocurrency situation has unfolded in an interesting direction for Japan as of late. Although the country is one of the world’s first to officially recognize crypto as legal currency, there is a growing need for more regulation, even though it will not be introduced by the government itself, by the look of things. Instead, trading platforms themselves will focus on self-regulation for the time being. More specifically, 16 government-registered cryptocurrency exchanges will create this self-regulating body. It is expected that more companies will join this group later on, especially those whose applications with the government are currently being reviewed.

For the time being, there is no official word on which name this self-regulating body will receive or when it will go into effect. A tentative, albeit vague timeline of “spring 2018” has been floating around. The big question is how powerful this new body will be and what it will bring to the table.

It is commendable to see cryptocurrency exchanges focus on regulating themselves first and foremost, especially considering how things have been evolving recently. The recent Coincheck hack in Japan further highlights the need for some official “repercussions” for companies that lose customer funds for whatever reason. Additionally, a proper set of regulations may provide a safety net for customers who suffer due to such incidents.

As of right now, the Japanese government has not attempted to prevent any company from operating as a cryptocurrency exchange. That’s been somewhat of a surprise to a lot of people, especially given Coincheck’s recent issues. Even so, the company has repaid all of the affected customers out of its own pocket. This is in stark contrast to the Bitfinex exchange, which gave all users a “balance haircut” when the platform was breached a few years ago. This proactive approach by Coincheck may have helped it to remain operational after this hack.

For the time being, it remains to be seen what this self-regulatory body will entail exactly. More information on this topic should be made available in the near future. It is a positive approach overall, as these exchanges know best what needs to happen in order to protect customers at all times.

Over the past six months, the vast majority of South Korea’s youth and millennials have invested thousands of dollars in the cryptocurrency market, with hopes to make big returns in the short-term.

However, the massive market correction that occurred in January led most of the investments of South Korean millennials to decline by half, especially those that have invested in cryptocurrencies like Ripple, which is down 3x since its all-time high.

Glimmer of Hope

Former Google intern 24-year-old Juwon Park told NBC News in an interview that she didn’t expect or want a fortune from her $2,500 investment in the market, but seeked for a glimmer of hope which the strict South Korean society fails to offer to most young adults.

In South Korea, many teenages are forced to a single system called the College Scholastic Ability Test, which is similar to the SAT of the US, to enter prestigious colleges. But, the lack of demand for university graduates and increase in demand for experienced individuals by companies have left millennials confounded and astray.

Consequently, many millennials have entered the cryptocurrency market, not necessarily to make a quick buck, but as a glimmer of hope.

“I didn’t want a fortune. I just wanted enough to give me that glimmer of hope. Now it’s gone,” said Park, adding that she had convinced her mother to invest another $25,000 in the market, which has decreased by more than 50 percent since January. “I wasn’t expecting 100 million won to fall from the sky. For me, because prices were rising so quickly, I thought they’d keep rising once I bought in. Then I realized I’d been too greedy.”

Park noted that she hopes the market will recover after it stabilizes, especially that the South Korean government and the US have demonstrated their willingness to efficiently regulate the global cryptocurrency market. “I am hoping that [after] this whole government regulation, once it gets sorted out, the price will normalize,” Park said.

As shown in the decline of the “Kimchi Premium,” which spiked to 30 percent at one point for most major cryptocurrencies, the speculative mania in South Korea, specifically amongst millennials, has settled down since the major correction.

Market Stabilization

Elaine Ramirez, a tech analyst based in Seoul, told NBC that the correction will allow the cryptocurrency market to gain greater opportunities, and ensure that weak hands or speculators do not lead to massive short-term bubbles.

“Its a global trend, and South Koreans are indulging in being at the forefront of it. On a macroeconomic level, it’s a way to gain greater opportunities when economic growth has been sluggish, and young adults see it as an escape from chronically high youth unemployment rates.”

The majority of speculators have also invested in many cryptocurrencies or tokens they do not have knowledge in, and solely due to FOMO, or Fear of Missing Out. Long-term corrections–as in the cryptocurrency market, a few months are a relatively long period of time–prevent speculators from taking over the market and inflating the valuations of cryptocurrencies.

This is an optimistic trend for the entire cryptocurrency market, and it will allow major cryptocurrencies to regain momentum for more robust mid-term and long-term growth.

The post Young South Koreans Invested in Cryptocurrency For Hope, Lost Nearly Half of Their Money appeared first on NewsBTC.

Blockchain-oriented companies are always looking for ways to gain a competitive edge over others. In some cases, that means switching from one blockchain to another. For its part, Tutellus is switching over from Ethereum’s blockchain to NEM’s chain. It’s a remarkable decision, although it remains to be seen if this creates a precedent for other companies.

From Ethereum to NEM

Over the past few years, we have seen a ton of projects try and build on top of the Ethereum blockchain. Given the technical advantages that this blockchain has to offer, such a decision seems to make a lot of sense. With its smart contracts, asset creation, and other tools, Ethereum’s chain can bring a lot of functionality to other projects building on top of this ecosystem. However, Ethereum’s blockchain is not necessarily suited for every purpose one can think of, as the Tutellus team’s recent action shows.

Their decision to migrate from Ethereum’s blockchain to NEM is quite intriguing, for many reasons. While the team acknowledges Ethereum is a very powerful blockchain ecosystem, they are also concerned about the expenses associated with it. More specifically, the transaction fees are an area of concern right now, especially for projects needing to run many events per user and per unit of time. There is also some concern regarding the centralization aspect of any project building on top of Ethereum in its current state, which is something that needs to be addressed as well.

Moreover, it seems the Tutellus team isn’t too happy with the way Ethereum’s blockchain performs as of right now. Their blog post calls this ecosystem downright “slow”. This is especially true in terms of the number of transactions per second broadcast by the network. Without immediate improvements on the horizon, it is evident the network will eventually clog up once again. If all of the projects building on top of Ethereum were to go live right now, the situation would quickly become unworkable for all parties involved.

NEM’s blockchain, on the other hand, seems to offer viable solutions to these problems. According to the Tutellus team, NEM has a big community of developers, although the same can be said about Ethereum as of right now. It is certainly true that NEM is headed in a very different direction from Ethereum right now, and that can be perceived as a good thing.

More specifically, this blockchain is designed to process a lot more transactions per second from day one. Unlike Ethereum’s chain, NEM can generate around 1,000 transactions per second. While that is still unimpressive compared to the likes of Visa and MasterCard, it is a step up from Ethereum. Additionally, it seems NEM’s upcoming Catapult upgrade will push this number to 4,000 TPS under perfect conditions.

One of the main selling points of NEM is how every individual project can have its own internal blockchain tied to the NEM parent chain. As such, projects can consolidate users’ transactions in their own blockchains and connect them to NEM to consolidate specific information. This is very different from Ethereum’s chain, which would be forced to handle all of this consolidation directly. Rest assured the Ethereum developers will come up with a way to address these problems in the future, but for now, NEM seems to be better suited for Tutellus.

Coinbase user files class action lawsuit against the platform, accusing them of non-public disclosure of plans to launch BCH in December, 2017. #NEWS

It seems virtually every person and company aims to create their own cryptocurrency. While that is commendable, it also raises the question as to how viable all of these projects will be in the long run. The co-creator of Uber has officially announced the Eco cryptocurrency, although it remains to be seen who will use it.

What Purpose Does Eco Serve?

It is always interesting to see what newly-announced cryptocurrencies bring to the table. Garrett Camp, the co-founder of Uber, is launching Eco as a way to deal with the shortcomings cryptocurrencies face right now. His approach is to create a global digital currency which has daily use. It’s an interesting approach, although it is not entirely uncommon for people to look in that particular direction right now.

While most cryptocurrency enthusiasts would prefer to see Bitcoin rise to that level of acceptance, the chances of that happening appear rather slim right now. That’s because Bitcoin lacks a lot of the traits required to make it a commonly used global digital currency in its current form. It is not fungible, its transaction throughput is far too low, and its volatile nature makes it unsuitable for both consumers and retailers.

Whether or not Eco will solve all of those problems is a different matter altogether. Since there will be one trillion tokens issued initially, this project is a bit different from what most people would expect. Half of these tokens will be given away to people who sign up for the project. A soft cap of one billion users is envisioned initially, although it remains to be seen if there will be that much interest in this project.

A large portion of the tokens will be distributed to universities running trusted Eco nodes, which is rather interesting. Advisers will also receive a portion of these tokens, as will the strategic partners of this new venture. Last but not least, 10% of the tokens will be kept by the Eco Foundation, which is tasked with maintaining the network as a whole. It seems none of these tokens will be sold through an ICO, which is a more than welcome change.

The big question is who will use this token for the purposes envisioned by Camp. Considering these tokens have no value by default, and the supply is pre-existing from day one, there is no real value to be attributed to Eco as of right now. That doesn’t mean this new token can’t become valuable in the future, but it remains unclear how this will be achieved exactly. With so many valuable digital currencies existing already, there is nothing new that sets Eco apart in any way.

For the time being, we will have to wait and see how things evolve in this regard. Camp’s concept is certainly interesting, and his networking skills in the technology sector may have a positive effect on this currency in the long run. For now, however, there is no reason to think this airdrop will become even remotely valuable in the future, but stranger things have happened in the world of digital currencies.

Cloud mining contracts are an easy way to earn Cryptocurrency through mining, as they don’t involve setting up hardware on your own. They do it by delegating the duty to a third party that mines for you and charges a small fee. Considering the risks and hassle associated with setting up one’s own mining facilities, it is a good idea and may end up being profitable, as we approach the hardcap for Bitcoin. If one wants to accumulate Cryptocurrency for the long-term, satoshi by satoshi, without getting their hands dirty, cloud mining is the way forward.

Disclosure: This is a Sponsored Article

HashFlare’s Special Promotional Code

Now mining is done under different protocols set up for each system. There is the SHA-256 system used by Bitcoin, SCRYPT used by Litecoin and other forms like ETH and EQUIHASH mining contracts. HashFlare, an established cryptocurrency cloud mining services provider is offering special discounts on all these major protocols with a special promotional code.

The special code is HF18WQOD22J5 and will work until March 6, 2018. The discount is not for unlimited number of uses with it being restricted to one per account and the total discounts available are only total 900 overall. So, users wishing to get started with cloud mining should hurry and grab this offer while it lasts.

About HashFlare

HashFlare, the company behind this promotion, has been in the mining business for over three years. That is around the time when Bitcoin was still in the hundreds, not thousands of dollars. They are offering mining contracts at $4.20 per 1 MH/s right now which is competitive already considering the wide market of cloud mining companies. The company has big mining setups operating already in SHA256, Ethereum, Scrypt and ZCash.

The cloud mining company offers instant payouts in addition to proof of hash rate feature and selection of your own mining pool. So, users don’t entrust money in a blind bank account but they can see how things are going on their own. They can monitor the total hashrate, the Bitcoins mined by the system and choose the most profitable mining pool from the list and switch accordingly if they want.

Global Outreach

Cloud mining contracts are available to users around the world with a working credit card and are perfectly legal. Bitcoin enthusiasts and people new to this world can start with beginner level contracts and see their wallets accumulate bitcoin on a regular basis in a fair and transparent manner.

HashFlare is also a good educational site for all crypto enthusiasts. They can understand about different mining algorithms and protocols and learn how it works before making up their mind regarding investing in a cloud mining contract. Most contracts are year-based and accounts will see daily coin top ups in wallets.

Please visit the website at: https://hashflare.io