Day: March 12, 2018

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SBI Virtual Currency, a subsidiary of SBI Holdings, will no longer partner with Huobi Group on setting up two Japan-based cryptocurrency exchanges.

The future value of Bitcoin has always been an intriguing topic of debate. Any prediction associated with this notoriously volatile cryptocurrency will always generate a backlash. John Oliver, the host of HBO’s Last Week Tonight, is a bit on the fence in this regard. More specifically, he claims Bitcoin can be either worthless or billions very soon.

John Oliver and Cryptocurrency

It is always refreshing to see a new talk show regarding cryptocurrency. Although this is just one episode of Last Week Tonight, it does raise a lot of interesting questions. More specifically, John Oliver touched upon some very intriguing topics during that episode. One of his topics revolves around the Bitcoin price, which is of great interest to many people around the world.

More specifically, John Oliver states the obvious truth about Bitcoin. Its price will either be zero or billions in the next few years. This is the most logical assumption when it comes to the future Bitcoin price right now. It is a big gamble to invest in cryptocurrrency. That also applies to any other investment people make in other industries.

John Oliver wants to warn people about the risks. Markets are volatile and tend to swing either way. It may not necessarily be a global currency anytime soon either. However, Oliver acknowledges it may happen, for all we know. We see more efforts towards regulating Bitcoin, which also gives it more legitimacy in the long run.Until that is in place, however, Bitcoin will always remain a niche market, for obvious reasons.

Can Bitcoin be Worth Billions?

If John Oliver is to be believed, a billion-dollar value for Bitcoin is not impossible. Achieving that high value will not be easy whatsoever, though. The way things look right now, breaking the $12,000 resistance will be very difficult. Reaching a billion per BTC means the current value needs to increase by quite a margin. It is not impossible, but it is highly unlikely from a short-term perspective.

That being said, the John Oliver show also warns people not to invest money they cannot afford to lose. Unfortunately, most cryptocurrency enthusiasts won’t heed that warning. More specifically, the FOMO in this industry has never been higher than right now. People are seemingly concerned about missing out on the next financial revolution.Throwing caution to the wind is never a good idea, that much is rather evident.

For the time being, it will be interesting to see how well the prediction by John Oliver holds up. It seems we are in for a lengthy period of status-quo as of right now. That doesn’t mean things won’t improve or deteriorate in the future. Anything is possible in the world of cryptocurrency, especially right now. With the futures market gaining popularity and cryptocurrency hedge funds increasing in number, things will get very interesting. For now, the Bitcoin price will remain a topic of substantial debate for quite some time to come.

The post Can Bitcoin Become a Global Reserve Currency? John Oliver Weighs In appeared first on NewsBTC.

Coincheck, the Japanese cryptocurrency exchange at the center of a recent hack, starts reimbursing victims today.

From a network design perspective, bitcoin is ugly. As with as city, you have to experience it from a bottom-up perspective to understand its allure.

Key Highlights

• ADA price recovered from the $0.1850 swing low against the US Dollar (tethered), but faced sellers near $0.2230.
• There was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair has to break the $0.2250 and $0.2300 resistance levels to continue moving higher.

Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD is facing a major resistance below $0.2300 and is struggling to break the same.

Cardano Price Resistance

There was a decent upside move in ADA price after it found support near $0.1850 against the US Dollar. The price recovered and moved above the $0.2000 resistance level. The upside move was positive since there was a close above the $0.2000 level and the 100 hourly simple moving average. It traded above the $0.2200 level, but it faced a strong resistance near $0.2250.

During the upside move, there was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. It is a positive sign, but the price has to break the $0.2250 and $0.2300 resistance levels. At the moment, the price is consolidating and is trading below $0.2220. An initial support is near the 23.6% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high. However, there is a major support forming near $0.2100 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high.

Therefore, the $0.2100 is a decent support. On the upside, a break above the $0.2300 level is must for the price to continue moving higher.

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

Hourly RSI – The RSI for ADA/USD is currently well above the 50 level with positive signs.

Major Support Level – $0.2100

Major Resistance Level – $0.2300

Charts courtesy – Trading View

The post Cardano Price Technical Analysis – Can ADA/USD Break This? appeared first on NewsBTC.

The Winklevoss twins have been strong advocates of Bitcoin since they invested back when it was trading at $8. Today the billionaire brothers have their own exchange which is set to expand to include others from the ‘Satoshi family tree’, these are likely to be Litecoin and Bitcoin Cash.

Welcoming Members of the Satoshi Family

The Gemini Exchange operates primarily as a Bitcoin and Ethereum trading platform, however the twins have plans to expand this to include LTC and BCH this year. The move could have a big impact on CBoE Global Markets Inc which is Gemini’s partner on Bitcoin futures. The Chicago based exchange also has plans to expand its futures contracts beyond Bitcoin and currently uses Gemini to calculate its XBT contracts.

At the 34th annual CBOE Risk Management Conference the twins discussed ‘Digital Assets and the Future of Finance’ with Paul Stevens from the exchange.

The 34th Annual @CBOE Risk Management Conference with Cameron @winklevoss and @tylerwinklevoss discussing “Digital Assets and the Future of Finance” #CboeRMC https://t.co/ScGRYpTKWj

— Gemini (@GeminiDotCom) March 8, 2018

The next possible futures contracts could well be Ethereum, possibly followed later in the year by Litecoin and Bitcoin Cash if they get listed on Gemini, which will be responsible for supplying the data.

According to Tyler Winklevoss the licensing agreement with CBoE is scalable, and they entered into the deal knowing it could expand in terms of offerings. Prices usually react when cryptocurrencies get listed on major exchanges; this has been the case historically with rival exchanges Coindesk Inc., and Coinbase. The move would place Gemini in a better position to compete with Coinbase which may then need to increase its own listings by adding others such as Ripple.

Optimistic about greater institutional investor participation in 2018, Tyler went on to say;

“Futures have gotten off to an incredible start. In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,”

The Winklevoss twins also praised the SEC for taking the official stance that crypto exchanges must register as a national exchange with the regulatory agency. Gemini itself is regulated by the New York State Department of Financial Services. Regulation is a critical move in protecting investors from fraudulent activity and products.

Bitcoin Cash has seen a positive reaction already, trading up 11.5% on the day however Litecoin has remained lackluster during this morning’s Asian trading session and is only up 4.4%. Real price action will be seen when the official announcement is made.

The post Gemini Exchange Likely to List Litecoin and Bitcoin Cash appeared first on NewsBTC.