Day: March 15, 2018

Being serial entrepreneurs themselves, during their careers BITRUST leaders learned a thing or two about “hows” and “how nots”. The practical knowledge coming from personal wins and sometimes priceless failures is invaluable in building a new product and developing a company. Let’s look at the principles used in everyday work at BITRUST and are important for its future success.   

 “We can thoroughly study a work process or a new methodology in our attempt to become more productive and achieve better results. However, this is rather a complete mindset of the whole team that will lead a company to its breakthrough,” says the CEO of BITRUST Alex Duhamel. Sharing, explaining, demonstrating and simply living the main principles is what Alex does every day.

Be fast and flexible or die

This is the law in current conditions of blockchain business development. For BITRUST, in our everyday work on the cryptocurrency insurance peer-to-peer marketplace, it means that the actual result in making one step closer to the minimal viable product, the first milestone to achieve, will always be more important than piles of software documentation.

“This emphasis on speed and flexibility calls for a different approach to managing new product development. So, we work like explorers — we make a hypothesis, test it in the shortest possible time, evaluate the result and build on it or move on. We cannot afford to go all in just to discover the platform could be executed in a better way in the end. It has to be perfect,” Sergey Silin, the CTO of the company, shares his view on the topic.

Development of a BITRUST minimum viable product (MVP) to demonstrate user interface and specific features of the platform and collecting feedback from the cryptocurrency community for further refinement is planned for the 30^th of September 2018. So, there is not a single minute to waste!

All strategies are transitional

Following from the previous principle, this statement is also about flexibility but in the managerial, sales and other strategies. Not only your product can and will change according to what’s best, but also the strategy built around it. It’s critical to change or divert both as soon as you’ll have determined they don’t work anymore.

As the OpenView venture partner George Roberts rightly says: “The startup graveyard is littered with businesses that struggled to do this. While it’s noble to stick to your guns and follow your intuition when the market and the data tell a different story your strategies and approach must adapt.”

 Feedback is of a price of gold when creating a flawless user experience

It’s definitely not just about the code — the goal is to design entire BITRUST system around giving customers an amazing experience of using a trustworthy and convenient tool. And the best way to know what is working is to ask!

Blockchain philosophy is about community and participation, and BITRUST project is no exception. Building a community around BITRUST has a crucial importance and it is one of the tools for understanding if the direction the company is taking is right. “We invest a lot of research, effort, thought and creativity into developing a P2P platform that would encompass all the best practices known before and have this exceeding your expectations effect that users are instinctively looking for in new online services. We want to invite a wide pool of investors to benefit from BITRUST, so it should be really universal with a flawless UI,” Alex makes a point.

However, clients or potential customers are not always right. And it’s important to listen to their feedback but to design a roadmap for bettering the product within a company. That is why BITRUST is on the way to attracting experienced and diverse board of advisors, who will add their expert opinion to all the valuable feedback received after the launch of MVP and following versions of the platform.

The right team is a strategic advantage

One can create a great product and generate excellent ideas. However, these are people who ultimately develop, launch, market and support them. So, gathering an outstanding team becomes not only a requirement but a strategic necessity

At BITRUST these are

• courage,
• focus,
• respect and
• commitment

valued the most. Courage to dream big, focus on delivering the best result, respect for the team members and everything new, as well as a commitment to high standards and a common goal.

Alex shares his confidence about the BITRUST team: “Launching and running a blockchain startup is a marathon, not a sprint, so, having the right people working for the same goal together with you is a strong foundation for making it to whatever could be a yet another forthcoming finish line in this case — a successful launch, first thousand of happy customers, blockchain community support. And at BITRUST we definitely do have this advantage.” 

 To finance the development and launch of the BITRUST platform, a limited-supply sale of BITRUST tokens (BTFs) will be created by BTF Project Limited. The sale will start on 5^th of march— see more information about the BITRUST ICO structure and the company here.

 Make sure to follow us on Facebook and Medium to be the first to find out about BITRUST development news and everything else that’s important in crypto world!

The post The Philosophy Behind BITRUST Development appeared first on NewsBTC.

According to local reports the Japanese firm Mikan Co. Ltd., creator of the Mikan (英単語アプリ) English language app has announced the beta-launch of a bitcoin cash (BCH) only mobile wallet for iOS and Android.

Also read: Mini-POS Launches Zero Confirmation Bitcoin Cash Point-of-Sale Terminal

Bitcoin Needs to be a Part of Life

The Tokyo based firm, Mikan, has announced the beta-launch of a bitcoin cash wallet called Yenom which will be released in late March. The Japanese company established in 2014 is well known for its app that teaches English words. The English word application, ‘Mikan,’ has exceeded 2 million downloads since its first release. The Yenom BCH wallet has officially started its pre-registration, and the company plans to invite users to test the beta platform.

Mikan’s press release explains that the company believes bitcoin should “become a part of people’s lives.” The platform’s developers hope the application is “easy to understand and easy to use compared to existing applications.” Mikan’s wallet announcement details the platform’s ultimate goal is “making it possible to use bitcoins easily.”

Turning Over the Existing Money Structure

The company says Yenom was designed and dedicated to function with bitcoin cash. Mikan also explains the wallets name and why it was chosen. The name “Yenom” reads “money” upside down. Mikan explains the underlying philosophy behind this name stating:       

[Yenom] shows the intention of “turning over the existing money structure” through this service.

Mikan details that while the virtual currency industry is exciting, it’s strongly said that most cryptocurrencies are traded for the purpose of speculation. But the company believes the great potential for bitcoin is within its “currency” use case, and Mikan thinks this will be realized when cryptocurrencies become a commonplace like traditional currencies. Bitcoin needs to be a part of life, says Mikan, “like water, electricity, and the internet.”

What do you think about the Japanese company Mikan’s bitcoin cash wallet? Let us know in the comments below.

Images via Shutterstock, Mikan, and Yenom. 

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The markets reacted very badly to Google’s announcement that it was going to ban all cryptocurrency advertising. Over $60 billion was shed in less than 24 hours and most altcoins lost over 20% of their value. Panic selling still gripped a large number of inexperienced traders and the markets suffered as a result.  The internet giant’s decision may not be all that bad though, at least for the top cryptocurrencies.

It is pretty obvious why central banks and governments want to control and regulate cryptocurrencies. But when advertising driven internet monopolies decide to crack down on them one has to question their motives. Google’s announcement comes a couple of months after Facebook decided to axe all ICO advertising. A bizarre move as the social network still allows rogue accounts to disseminate crypto spam, scams and clickbait among countless crypto groups which are full of this dross.

Top Cryptos Will Benefit

According to Forbes the top cryptos such as Bitcoin, Ethereum, Ripple and Litecoin are so well known that they don’t need advertising. Craig Cole from CryptoMaps told the news outlet;

“While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”

With all of the scams and ‘shitcoins’ being weeded out, the overall supply of genuine good tokens will be limited which should have a positive effect on their prices. According to Coinmarketcap there are currently over 1560 cryptocurrencies, and these are just the ones that the website lists.

Crypto Media Booming

The surge in interest in cryptocurrencies has spawned a new online media sector with crypto news websites sprouting up quicker than new coins are. The more professional of these players are likely to be the ones to benefit from the web monopolies banning ads. That revenue will be channeled into smaller outfits and startups more deserving of it than likes of all consuming portals such as Facebook and Google. This will create a more diverse online ecosystem of crypto news and information for investors and traders.

Crypto warlord John McAfee remained positive about long term investments when replying to a message of concern, but was not too confident for those investing or trading in the short term.

If you are a long term investor you will have no concerns. If you are short term, I can give you no advice, other than short term investers can hope for mediocrity at best, and oblivion at most likely. Great wealth can only be obtained by investing in the future – 2 to 5 years.

— John McAfee (@officialmcafee) March 15, 2018

Google’s ban is not set to start for another four months, and that is a long time in crypto land. Cryptocurrencies still need time to gain acceptance from users, and build defenses from cyber criminals, mainstream media FUD, internet monopolies, repressive governments, and billionaire bankers.

The post Google’s Ad Ban a Good Thing for Top Cryptocurrencies appeared first on NewsBTC.

The peer-to-peer mobile payment service, Abra announced the integration of 20 new cryptocurrencies and 50 fiat currencies into the firm’s app with real-time exchange features. Today the company is rolling out 13 new digital assets and will release the remainder over the next week.

Also read: Google Bans Crypto Ads: No Currencies, ICOs, Exchanges, Wallets, Advice

The Exponential Growth of Cryptocurrencies

Abra is a mobile platform that allows users to fund their accounts with BTC, bank wires, ACH transfers, and Amex cards. The company says in the next few weeks it will be adding litecoin and ether deposits as well. Today the company added 13 out of 20 new digital assets and the ability to swap between 50 different fiat currencies worldwide. The list of new currencies added includes litecoin, ripple, bitcoin cash, ethereum classic, dash, zcash, dogecoin, vertcoin, and more.

“With the exponential growth of cryptocurrencies and their increasing importance in today’s culture, the Abra app offers a timely mobile experience that provides more access and exposure to these new digital currencies in an easy, quick and safe way,” explains Bill Barhydt, founder and CEO of Abra during the announcement.  

Our goal is to empower customers around the world, using their local currencies to freely invest in a wide variety of cryptocurrencies at any time, from anywhere without the restrictions of banks and fees.

Stablecoin Technology

Abra notes that the platform’s users don’t have to be verified with extensive KYC background checks as all that’s required is a users phone number. The cryptocurrencies are “held directly on the user’s phone, allowing them access to their coins at any time,” says Abra. In addition to the crypto-based assets, Abra users who might want to avoid volatility can swap into 50 fiat currencies utilizing a technology developed by the firm called “stablecoin.” The stablecoin protocol allows the creation of synthetic digital assets based on LTC and BTC by utilizing a multi-sig smart contract.

The Extension of More Cryptocurrencies and Possibly Stocks, Bonds, and Other Commodities  

The General Partner at Multicoin, and the co-founder of Civic, Vinny Lingham, is pleased with the Abra development team’s efforts.

“By bringing 20 cryptocurrencies onto one platform, Abra has repaired a fractured system that has frustrated users who want to expand their crypto portfolios,” Lingham emphasized.

Abra also says that in the future it plans to add more types of investment vehicles and a slew of other cryptocurrencies. “Consumers in any country can now invest in any asset class regardless of where the asset originated — This model can be extended to stocks, bonds, commodities and more with no changes to the existing Abra app,” the company adds.

What do you think about Abra adding 20 new cryptocurrencies to the mobile platform? Let us know in the comments below.

Images via Shutterstock, and Abra.

Need to calculate your bitcoin holdings? Check our tools section.

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The Moonlite project plans to be a green crypto mining project that will operate on a global scale. It will mine various coins such as Bitcoin, Bitcoin Cash, Litecoin, and Dash with the use of sustainable, low cost, green energy.

To achieve its goals, the company is going to utilize emerging technologies, custom algorithms, and AI for improved efficiency and growth in profits. By utilizing advanced blockchain technology, which will be run by qualified experts, Moonlite is going to raise the value of their tokens.

The End Goal of the Moonlite Project

Moonlite has plans to create a huge data center, which will begin on April 2, 2018. The installation and configuration of the mining equipment is going to start on July 1, 2018. This will also be the official launch day for the data center. Mining operation will then kick off on August 1, 2018.

A Closer Look at the Moonlite ICO

The ICO started on February 28, 2018, and is set to close in seven days. From the net profits collected, 35 percent will go towards a buyback program. This is the process where Moonlite will purchase back the MNL tokens at their current trading price.

Every purchased token is going to be burned. Thus, reducing the total number of available tokens over time. It will result in the rise in token share among token holders, further increasing its collective value owing to rising scarcity of the tokens.

The token holders will have a say in important matters relating to the organization. Decisions are made via a secure voting system. It will allow token holders to express their will on corporate matters. The buyback revenue will be given in ETH or BTC.

The proceeds of the ICO will go towards cash reserves, operational reserves, the advisory team, and set up costs. The MNL token can be purchased via the ICO against Dash, Litecoin, Ethereum, Bitcoin, Ripple, fiat, or Bitcoin Cash payments. Purchase by fiat can be made via MasterCard or Visa. The tokens have been valued at 1ETH=1000 MNL. There will be a total token supply of 100 million MNL.

You Can Be Part of Something Huge

If you want to be part of one of the biggest crypto mining operations globally, you should sign up to the ICO. You will be rewarded via the profit sharing and the token value. The company is available on Twitter, Facebook, and Telegram. Here, you will be able to find all the details that you might need.

What do you think about the Moonlite project and its mining ambitions? Leave us your thoughts in the comment section below.

The post What You Should Know about the Moonlite Project appeared first on NewsBTC.

Key Highlights

• Ripple price started an upside correction and moved above the $0.6500 level against the US dollar.
• There is a crucial bearish trend line forming with resistance at $0.7200 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair must move above the $0.7200 resistance and the 100 hourly simple moving average to gain momentum.

Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD has to move above the $0.7200-0.7300 zone to recover further in the near term.

Ripple Price Upside Hurdle

There was a major decline noted yesterday towards $0.6200 in Ripple price against the US Dollar. The price traded as low as $0.6260 and later started an upside correction. It moved above the $0.6500 resistance to start an upside recovery. It also traded above the 38.2% Fib retracement level of the last drop from the $0.7899 high to $0.6267 swing low.

However, the upside move was protected by a major resistance near $0.7080-0.7100. The stated $0.7080 level was a support earlier and now it is acting as a resistance. Moreover, the 50% Fib retracement level of the last drop from the $0.7899 high to $0.6267 swing low also protected losses. At the moment, the price is consolidating around the $0.7000 level and is preparing for the next move. To the topside, there is a crucial bearish trend line forming with resistance at $0.7200 on the hourly chart of the XRP/USD pair.

The 100 hourly simple moving average is also positioned around the $0.7100 level. Therefore, a break above the $0.7080 and $0.7100 levels is must for further recoveries. On the downside, the $0.6500 level is a decent support followed by the $0.6200 swing low.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.

Major Support Level – $0.6500

Major Resistance Level – $0.7080

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – Can XRP/USD Recover Further? appeared first on NewsBTC.

Cryptocurrencies were not brought up for criticism at an annual Chinese consumer protection event, despite rumors to the effect.

There have been a lot of stories in the news about people throwing away fortunes in Bitcoin as part of the general hysteria around cryptocurrency but a recent incident in Russia where a plane lost tons of gold and silver shows that hard currency is just as likely to go missing.

Russian Plane Drops Payload of Gold

The story of the British man who threw away a hard drive with 7,500 Bitcoin on it in a landfill and then sought permission to comb through the 350,000 tons of rubbish has been in the world press since late 2017.

There is also the story of the Hypnotherapist in the US state of South Carolina who charges one Bitcoin plus %5 of recovered funds to put people under and regress their memories in order to recover forgotten passwords.

These stories often come under headlines like the craziest things people do to recover lost Bitcoin and are written in a way to highlight that it’s not just the people that are crazy but the idea of Bitcoin and digital currency in general.

This presumption leaves out the fact that people, institutions, and governments lose huge amounts of fiat, hard cash all of the time.

Just yesterday a Russian Cargo plane that had stopped to refuel on its way from a Siberian gold mine lost part of its payload of over 200 bars of Dore, a gold-silver mix.

The 3.5-ton weight of bars were scattered over a remote area that was immediately closed down so locals couldn’t make off with any of the precious metals. In the end, officials reported they have recovered all of the 172 of 200 bars that fell from the plane without giving any details of how.

US Military Turned to Electronic Payments

That may be just one isolated instance of a freak accident but there is the ongoing situation of US payments and cash hordes kept in Afganistan and Iraq during wartime activity gone missing.

Audits going back ten years continually show huge amounts of US dollars, usually as pallets of cash simply disappearing from ‘secure’ locations. In one case alone $6 billion went missing from an Iraqi bank.

The majority of this money was earmarked for salaries of Iraqi and Afghani service men and contractors working along the US forces as well as cash kept on hand to pay for equipment and supplies.

Eventually, the US government decided to end the problem of skimming and outright theft by paying electronically. Sending money directly to contractor and service men’s bank accounts.

So what is the safest way to store and move currency, an encrypted string of numbers or a pallet full of paper?

The post $368 Million in Gold Falls From Airplane, Bitcoin’s Advantage Over Traditional Assets appeared first on NewsBTC.

There is a flicker of hope at-least in the short term and if we consider yesterday’s shift in momentum across these liquid alt coins then there is a probability of higher highs today.

However, we cannot discount chances of prices crashing yesterday’s lows and under-extension in LTC, Monero, Lumens, NEO and EOS. Any break below and the week should end with bears firmly in control.

Let’s have a look at these charts:

XLM/USD (Stellar Lumens)

Investors are offloading cryptos en-mass and while the depreciation continues, Lumens took a hit losing 10% on top of what it lost on Wednesday. This effectively means that within 2 days, prices are now trading below the middle BB  and the 61.8% Fibonacci retracement level at $0.30 in the weekly chart.

In the 4HR chart, there were attempts of higher highs but going forward every high would be a selling opportunity as we trade on the bear break out. It would even be ideal if a stochastic sell signal prints in the 4HR chart because that would be perfect for short entries.

In the mean time, prices seem to be reacting at $0.20 and already a stochastic buy signal turning from the oversold territory is visible in the 4HR chart. Therefore should there be a recovery, sellers should looking for shorts anywhere between $0.25 and $0.30 preferably with a stochastic sell signal in place.

XMR/USD (Monero)

Fact is, sellers are in charge and that should be a common theme at least in the coming days or weeks. However I should sound this alarm. If you didn’t get in earlier then it’s probably safe to stay off and wait for proper entries in the next couple of days.

To begin with, Monero is trending within a bear break out pattern because of that surge below the middle BB-a line of importance in our analysis. The 50% retracement level at $260 will also be our immediate resistance line while $20 or the 61.8% Fibonacci retracement level will look to tame sellers. All these are in the weekly chart.

At the moment-and you can check that reaction in the 4HR chart, prices are reacting at around $200 and there might be some higher highs even in the midst of this strong depreciation.

A stochastic buy signal is already in place and our short term resistance level will be the middle BB at $230 and the minor break out level at $250 if bulls push past $220 in today’s sessions.

EOS/USD (EOS)

Like most alt coins, the overall coin trend is bearish but the best way of jumping into the fray and benefiting from lower lows is by perfect timing.

From technical considerations, I cannot say this is a good time to sell EOS even if bears are definitely in charge. Judging from yesterday’s price action, bears didn’t follow through.

Because of that stochastic buy signal in the 4HR chart, I will recommend waiting for prices to appreciate to this week’s peaks at $5.8 and $6.2. Those should be wonderful opportunities for selling and trading with the main trend.

LTC/USD (LTC)

As per yesterday’s plan, LTC sellers are rejecting lower lows. The middle BB at around $150 is acting as immediate support and already we can see a reaction in the 4HR chart.

Following an under-extension and a whole bull candlestick forming below the lower BB, prices are now charting higher with a stochastic buy signal accompanying this buy pressure resurgence.

As such, our first level of possible price liquidation will be that resistance trend line at around $170 and thereafter this week’s highs at $190 will be our ultimate sell level.

NEO/USD (NEO)

Two things: As long as NEO prices are below the middle BB in the 4HR and weekly charts, then it makes no sense to buy. Unless of course there is a market moving event that negates NEO current slides.

So far, like the rest, there is a broad base recovery in the 4HR chart complete with shifting momentum.

However, note that every high is another selling opportunity. Ideally, $100 or retest of the middle BB in the weekly chart should be a perfect level for selling this pair as we trade a bear break out pattern common across all altcoins.

All BitFinex, Bittrex and CoinBase charts courtesy of Trading View

The post NEO, EOS, LTC, Monero, Lumens: Technical Analysis March 16, 2018 appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin has fallen through support at $8000 and could be due for more losses if this serves as resistance moving forward.
• Applying the Fib retracement tool shows the nearby resistance levels that could keep gains in check.
• Technical indicators are also reflecting increased bearish pressure.

Bitcoin price has fallen through the key $8000 level and is showing signs of a pullback to nearby correction levels.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. The gap is still pretty narrow so an upward crossover is still a possibility, although the 100 SMA is also near the 61.8% Fibonacci retracement level.

This could act to the area of interest’s strength as resistance, likely pushing bitcoin price to fall back to the swing low at $7682.4. Stochastic is crossing higher without reaching oversold conditions, which suggests that buyers are trying to hop in.

RSI is on the move up but appears to be changing its mind halfway through, so sellers could be putting up a fight. A break below the swing low could confirm that a longer-term selloff is underway.

Market Factors

It looks like the odds are stacking up against bitcoin price these days, as the looming G20 Summit is leading investors to worry that global leaders would take a hardline stance against cryptocurrencies.

So far, the headlines haven’t been so positive, as regulators are stepping up efforts to crackdown on potentially illegal activity while there have been reports of security glitches. IMF head Lagarde has called upon encryption experts to help catch criminal activity involving digital currencies as well.

And to top it all off, Google’s announcement on banning cryptocurrency ads by June also took a huge toll on bitcoin price this week. This followed a similar announcement by Facebook back in January, which drove prices around 12% lower then.

Dollar demand is also supported owing to expectations of a FOMC interest rate hike for next week as data has been mostly upbeat.

The post Bitcoin Price Technical Analysis for 03/16/2018 – Support Break and Retest? appeared first on NewsBTC.

FOMO Moments

The crypto market free-fall seems to have stalled for the time being, things are still not looking too pretty though and further dips could be ahead. Bitcoin has found some support at around $8,000 and is currently hovering around this level. Altcoins have largely suffered and shed all gains since the last big dip five weeks ago. One or two are in the green during the Asian trading session this morning but only one stands out with double digit gains, and that coin is Lisk.

According to Coinmarketcap Lisk is trading 13% higher today, up from $11 this time yesterday to $12.4 today. In terms of BTC its gains are marginally lower at 12% rising from 138828 satoshis 24 hours ago to 156337 sats at the time of writing. LSK has had a bad week falling 12% overall, and a worse month where it has lost over 60% of its value. This time last month Lisk was trading at over $30 (or 317110 satoshis) so it has taken a beating along with the rest of the altcoins.

The renewed interest in LSK has come on the release of Lisk Hub 2.0 which was announced on their Twitter feed a few hours ago. “We released Lisk Hub 0.2.0 today. The main goal of this release is to improve test coverage so that we can do bi-weekly releases with confidence that we are not breaking any previous features.” Lisk is one of those cryptocurrencies with great potential but no real product as yet which is partly why the token has been floundering lately.

Lisk is traded across all exchanges with Binance, Bit-Z and Bittrex leading the way. Trade volume for the past 24 hours has increased and is currently $35 million. LSK has a market cap of $1.3 billion and is holding 18^th spot in the charts.

Other altcoins showing increases today include Ripple, Ethereum Classic, DigixDAO, Verge, and Decred.

More on Lisk can be found here: https://lisk.io/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

The post Asian Altcoin Trading Roundup: Top Cryptocurrency is Lisk appeared first on NewsBTC.

Key Points

• Bitcoin cash price corrected higher but it failed to break the $945 resistance against the US Dollar.
• There is a major bearish trend line forming with resistance near $965 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair may continue to trade in a range below the $950 level as long as there is no close above $965.

Bitcoin cash price is struggling to break a major hurdle near $945-950 against the US Dollar. BCH/USD remains at a risk of more losses until it is below $965.

Bitcoin Cash Price Resistance

After a major decline yesterday, there was a minor correction initiated from $865 in bitcoin cash price against the US Dollar. The price corrected higher and moved above the $900 level. There was also a break above the 23.6% Fib retracement level of the last downside move from the $1,069 high to $867 low. However, the price failed to break a major resistance near $945-950.

The mentioned $945-950 zone was a support earlier, and now it is acting as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $1,069 high to $867 low also acted as a resistance. Above $950, there is a major bearish trend line forming with resistance near $965 on the hourly chart of the BCH/USD pair. Therefore, we can say that there is a crucial resistance zone forming between $945 and $965. As long as the price is below $965, it may continue to struggle to move higher.

On the downside, the $900 level is a decent support. A break below the $900 support would call for a retest of the last low at $867.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.

Major Support Level – $900

Major Resistance Level – $950

Charts courtesy – Trading View

The post Bitcoin Cash Price Technical Analysis – BCH/USD Struggling Near Key Resistance appeared first on NewsBTC.

New York state is famously tough on cryptocurrency trading but has recently struck some big deals with Bitcoin mining companies. Now the authority that controls electricity say prices for such activities is going to cost more.

Mining Operation a Boon to Small Town

It was only last month that Coinmint had made a $165 million deal with the town of Massena in Upper New York State to take over a shutdown ore smelter with plans to create a “futuristic company”

The deal promised to bring the town 150 jobs, jobs that are much needed not just in Massena but in most small towns and cities in upstate New York where the economies have been in steady decline since the end of heavy manufacturing.

Coinmint is set to open a cloud mining operation in the town. Cloud mining is a system of mining that allows users to buy a share in the computational power to produce dividends. That is the factory will own all the equipment users pay a flat rate to mine.

Part of the deal was for an allocated 15 megawatts of low – cost power that was subject to approval by the New York Power Authority. With the town on it’s side and town supervisor Steven O’Shaughnessy in their corner, it seemed a done deal.

Now Bloomberg Tech is reporting that the New York Power Authority has handed down their decision and it’s not good news for either Coinmint nor Messana.

The Authority which is made up of 36 municipal power authorities in the state have decided to raise electricity rates for crypto mining operations. In a comment to local news Commission Chair John Rhodes said

“If we hadn’t acted, existing residential and commercial customers in upstate communities served by a municipal power authority would see sharp increases in their utility bills,”

The power authority gave out numbers that showed in some cases Mining operations taking up over a third of the municipal power demand.

New York’s Hard Stance on Cryptocurrency

New York State has been decidedly hard on the cryptocurrency market. As the center of financial institutions in the US it passed the BitLicense regulation that at the time made all existing exchanges illegal and set up a dense process to register an exchange to do business in the state.

It also remains one of two states (Washington, ironically another hotbed for mining, being the other) where ICO’s are illegal.

Whether or not Coinmint will continue on with opening their cloud mining operation in Massena now that the low-cost power part of the deal has fallen through is yet to be seen. But as supervisor O’Shaughnessy said 150 high tech jobs in a little city of 12,000 would be a very big boon to the economy.

The post New York Now Wants to Tax Bitcoin Mining, Following Controversial BitLicense appeared first on NewsBTC.

Like a “Wizard of Oz” character, the digital asset industry has all it needs to succeed. Just be transparent, act responsibly, and stand accountable.