Day: March 19, 2018

Nothing can be better news for a cryptocurrency than a listing on a major exchange. Less than an hour ago Hong Kong based exchange Binance announced that it was listing XEM trading pairs.

The blog post stated that XEM/BNB, XEM/BTC and XEM/ETH trading pairs are now available on Binance for trading. Nem has had a rough ride in recent weeks and was the worst performing altcoin in the top 25 for February.

Prices recovered a bit when Tokyo exchange Coincheck announced that they had refunded all 260,000 customers that were affected by the Nem heist that saw 523 million tokens flow into the hands of hackers.

Nem’s price reacted instantly to the Binance listing announement. According to Coinmarketcap it spiked over 20% in under an hour from $0.28 to $0.34. In terms of Bitcoin the jump was closer to 25% as it went from 3300 satoshis to 4047 sats.

Over the week XEM has fallen around 26% and looking at the past month it is down 36% from a high of $0.52 this time last month. At the time of writing Nem was trading at $0.33 or 3863 satoshis.

The post Nem Price Spikes on Binance Listing appeared first on NewsBTC.

The bank of Thailand has announced its plans to use blockchain technology to improve services while lowering operating costs and tightening security but will keep cryptocurrency regulations in place.

BoT Integrating into International Ecosystem

Veerathai Santiprabhob Thailand’s Central Bank Governor spoke at Thai FinTech Fair 2018 on Monday outlining the plan to implement blockchain technology for its bond issuance and central bank digital currency, and interbank payment system. Using blockchain technology could shorten the central bank’s bond underwriting time from 15 days to just a few, he said.

In his address, Santiprabhob said that the central bank has a proof of concept to develop a wholesale bank digital currency using blockchain to be called Inthanon. This program will improve the bank’s management of interbank Baht settlements as well as keeping its practices current with its counterparts in the rest of the world.

The central banks of Canada, England, and Singapore already have digital currency services in place while Saudi Arabia and South Africa are testing like systems. The digital currency system could improve efficiency and reduce interbank settlements costs if it can be made part of the international ecosystem already existent. Mr. Veerathai said about the cross-border platform.

“More than five financial institutions, both local large and foreign banks, have shown interest in participating. With the massive transaction volume of such banks, the project would improve efficiency and the country’s ecosystem,”

In related news, 14 Thai commercial banks have partnered with seven private companies and government agencies to create the Thailand community Blockchain Initiative project. The project is starting with blockchain supported letters of guarantee (LG) that are now being tested by the regulatory overseers at the Central bank.

The seven partners are Metropolitan Electricity Authority, Provincial Electricity Authority, and Electricity Generating Authority of Thailand, PTT Global Chemical Plc, PTT Polymer Marketing, IRPC Plc and Siam Cement Group. With related technology and legal aspects being supported by Accenture, Baker & McKenzie, NECTEC, and IBM.

Mr. Veerathai said the central bank is also preparing itself for future digitization which includes regulation amendments in accordance with technology development.

No Respite From Regulations

The Bank of Thailand is not changing its stance on Cryptocurrency or ICO’s, continuing to prohibit financial institutions from taking part in key cryptocurrency related activities. Some local banks have decided not to support cryptocurrency transactions in any way going so far as to close the accounts of both exchanges and traders.

Thai Rath Newspaper reported last week that the Thai Ministry of Finance was drafting two new regulatory laws involving additional taxes that could further shake up the once cryptocurrency trading-friendly kingdom.

The post Bank of Thailand Implementing Blockchain, Remains Firm on Crypto Regulation appeared first on NewsBTC.

Key Highlights

• Ripple price started a nice upside move and traded above the $0.6500 level against the US dollar.
• There is a short-term connecting bullish trend line forming with support at $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently placed nicely above $0.6500 and 100 hourly simple moving average for further gains.

Ripple price is trading with a positive bias against the US Dollar and Bitcoin. XRP/USD may continue to move higher and it could even break the $0.7500 resistance.

Ripple Price Trend

There was a decent start of an upward wave in Ripple price above the $0.6000 level against the US Dollar. The price traded higher and succeeded in settling above the $0.6200 resistance. There was a break above a major bearish trend line with resistance at $0.6500 on the hourly chart of the XRP/USD pair. It opened the gates for more gains and the price settled above the $0.6800 level and the 100 hourly simple moving average.

The recent high was $0.7247 from where a downside correction was initiated. XRP price tested the 38.2% Fib retracement level of the last wave from the $0.6277 low to $0.7247 high. On the downside, there is a short-term connecting bullish trend line forming with support at $0.6850 on the hourly chart. The trend line support is close to the 50% Fib retracement level of the last wave from the $0.6277 low to $0.7247 high. Therefore, the $0.6600-0.6800 zone is a decent buy area.

As long as the price is above $0.6600, it may continue to rise in the near term. On the upside, a break above the $0.7250 resistance is needed for a push towards the $0.8000 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 60 level.

Major Support Level – $0.6600

Major Resistance Level – $0.7250

Charts courtesy – Trading View

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

Canada’s VersaBank has signed memorandums of understanding with a crypto exchange and a crypto fund that may use its custodial service.

One of the biggest issues facing the cryptocurrency ecosystem at the moment is exchanges. Just by their nature they are centralized and controlled by a profit hungry company. The entire ethos of crypto is to enable peer-to-peer digital money however we are not quite there yet. With exchanges such as Coinbase raking in billions of dollars from inflated fees and commissions the need for a decentralized exchange has never been greater.

Decentralizing the Exchange

The Kyber Network aims to solve this problem and, according to the company blog, has just announced the public beta launch. The exchange exists on the blockchain and is fully decentralized and trustless with no client funds held by the company. Since launching the exchange on the Ethereum mainnet it has only been available to a select few white-listed addresses. Developers claim that this enabled them to improve the platform in a controlled environment.

The announcement stated that on Monday the 19th at 3pm (GMT+8) the public mainnet beta stage will begin. They reminded users that the platform is still in beta testing and there are areas in need of improvement. “That being said we encourage all members of the Kyber Network community to activate their accounts and start trading. We are proud to say that this marks another significant milestone in Kyber Network history.”

Announcement: Kyber Network is now open to all!

We are super excited to open the exchange to all and are now commencing our public beta launch!

Make sure to check it out and read the below for more info!https://t.co/fRbvZsxjDt

— Kyber Network (@KyberNetwork) March 19, 2018

The Kyber Network ICO was a huge success raising 200,000 ETH in its public crowdsale in September 2017. According to co-founder and CEO of the Singapore based company, Loi Luu;

“This is an incredible milestone that is a testament to the incredible team we have built at Kyber Network. There is a need for more decentralization in the cryptocurrency trading markets and we feel that what we have built will become one of the primary trading hubs for crypto assets over the coming year.”

Security has been another major headache for exchanges with the recent Coincheck hack and attempted incursions at Binance making the news. The Kyber Network exchange claims to allow any token to be traded for any other securely with complete liquidity. It will also be using a smart contact interface that enables existing wallets to send and receive different tokens than those they already support.

It will also have its own reserve vault of cryptocurrencies to ensure liquidity, these will be managed by independent ‘reserve managers’ which can monetize idle assets and earn by serving trade requests. Each of the reserves can make its own price for every token pair that it supports. When there is a request for converting from token A to to token B, the Kyber operator contract will pick the best rate from all the reserves to process the request.

The Kyber Network is one step closer to a peer-to-peer crypto exchange however its ultimate success will be determined by how many users it can garner when the complete system goes live.

The post Decentralized Exchange Kyber Network Announces Public Beta Launch appeared first on NewsBTC.

Key Highlights

• ETH price is slowly moving higher and it is currently trading above the $520 support against the US Dollar.
• Yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is now facing a major resistance near $560 and the 100 hourly simple moving average.

Ethereum price is in a recovery mode against the US Dollar and Bitcoin. ETH/USD must breach the 100 hourly SMA to continue its upside momentum.

Ethereum Price Resistance

There was a decent upside move in ETH price from the $480 swing low against the US Dollar. The price traded higher and recovered above the $500 and $520 resistance levels. The best part was a close above the 50% Fib retracement level of the last drop from the $610 swing high to $454 low. It seems like the price is now trading in a positive zone above the $520 level.

During the upside move, yesterday’s highlighted major bearish trend line with resistance at $535 was broken on the hourly chart of ETH/USD. At the moment, the pair is struggling to break the $560 resistance and the 100 hourly simple moving average. Moreover, a close above the 61.8% Fib retracement level of the last drop from the $610 swing high to $454 low is needed for buyers to take control in the near term. Once the price succeeds in breaking the $560 resistance and the $570 barrier, it could easily move above the $600 level.

On the downside, there is a decent support forming near $520. Below $520, the $500 level is a short-term support. ETH price has to stay above the $500 level if it has to move higher above $560 in the near term.

Hourly MACD – The MACD is currently flat in the bullish zone.

Hourly RSI – The RSI is nicely placed above the 50 level.

Major Support Level – $520

Major Resistance Level – $560

Charts courtesy – Trading View

The post Ethereum Price Technical Analysis – Can ETH/USD Break 100 SMA? appeared first on NewsBTC.

There’s a new Japanese Android and iOS game called Itadaki Dungeon that allows players to earn small micro-bits of BTC while venturing through 3,000 underground levels. The free game is a 2D course filled with weapons, special items, and cryptocurrency treasure.

Also Read: US State Exempts Cryptocurrencies From Property Taxes 

The 2D Mobile Game Itadaki Dungeon’s mBTC Incentives

The company Atstage Inc. has recently launched a 2D video game called, Itadaki Dungeon, which allows players to earn bitcoin while trying to beat roughly 3,000 courses. The levels feature a dungeon-type of atmosphere where players can use a sword, hammer, or gun to attack starving monsters waiting to harm them. While perusing through the medieval landscape, little bitcoins appear, and characters can snatch the coins up and add it to their collected items. Each bitcoin-treasure contains a small amount of mBTC, and Itadaki Dungeon players can try and gather as much as they can while playing the game.

The game has a 4.1 rating on the Google Play and iOS app store and has some decent reviews on the platform alongside positive reviews on other forums. For players familiar with the games “Itadaki Street” and “Dragon Quest” the entertainment is quite similar.

“Test your skills in an expansive dungeon with 3000 underground levels,” explains the Atstage Inc. developers.

The courses are simple with flat, one-lane paths that you can rush through on your way to the stairway to the next underground level.

The Japanese Dungeon Game Follows Other Video Games Incorporating Crypto-Rewards

The Atstage creation Itadaki Dungeon follows other video games and fun mobile apps that offer cryptocurrency rewards. For instance, there is the game Bitcoinbandit a mobile phone game that allows players to earn mBTC. Coins are collected in the tournament mode within the game, and top-ranking players can earn additional mBTC payments. The game Counterstrike Global Offense (CS: GO) offers virtual currency rewards in Digibyte. While other altcoin networks like the game Spells of Genesis has integrated cryptocurrency rewards as well. Pokébits is a Pokémon RPG browser game that adds a BTC faucet to the gaming experience. Players compete in missions throughout well known Pokémon arenas while earning satoshis.

Just like the other games, Itadaki Dungeon will attempt to attract players with mBTC rewards. The game is free, but don’t expect to be a ‘bitcoin-millionaire’ overnight playing the Japanese mobile game, as the game’s reviews say you got to play a lot of courses to earn small fractions of mBTC.  

What do you think about Itadaki Dungeon? Does playing countless hours of dungeon-like courses interest you if you are rewarded in mBTC? Let us know your thoughts about this game in the comments below. 

Images via Itadaki Dungeon, Atstage Inc., and the Steemit user Shogun. 

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The post Find Real BTC Rewards Roaming 3,000 Levels in New Japanese Mobile Game appeared first on Bitcoin News.

Olympian Apolo Ohno may have just launched a cryptocurrency exchange, but he isn’t pulling punches when talking about his industry vision.

Morgan Stanley put out a note to its clients on Monday the 19th breaking down Bitcoin trading in comparison to the Nasdaq during the dot-com crash 20 years ago.

Bitcoin Similar to Dot-Coms Through Bear Markets

According to the report, Bitcoin is behaving very similar to the way the Nasdaq did in 2000. There is parity in the pattern of price declines and the rally of 250 -280 percent “in their most exuberant period” just before the bear market.

“Just that the bitcoin rally was around 15 times the speed,” Sheena Shah, strategist at Morgan Stanley said.

There have been four bear markets with Bitcoin since 2009 and through each, the cryptocurrency has lost between 28 and 92 percent of its value. It lost 70% of its value from it’s $20,000 high mark in December to $7,000 in February before recovering slightly to where it is today over $8,000. Averaging a loss of between 40-50% of its value through each bear market is similar to the Nasdaq’s performance 18 years ago Shah said.

According to the Morgan Stanely report trading volume can also be seen as a red flag. The Bitcoin trading volume has jumped nearly 300% since the market decline in December but each rally saw volumes fall ahead of the bear market to come. Shah said regarding the trading volumes;

“The follow-up rally for both bitcoin and the Nasdaq always saw falling trading volumes. Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.”

Tethers Effect on Market Trading

The Morgan Stanley report continued to point out the effect that the Tether cryptocurrency may have had on market trading. Citing that during the latest bear market the Tether USDT coin which is purportedly backed up one to one with US Dollars took up a bigger share of Bitcoin trading compared to the three historically major trading currencies; US Dollar, Chinese Yuan and the Japanese Yen.

“The coin USDT is not a major funding unit but its increasing use is an interesting development,” Shah wrote. “Over the coming years, we think that market focus could turn increasingly towards cross trades between cryptocurrencies/tokens, which would transact via distributed ledgers only and not via the banking system.”

Bloomberg reported in January that Tether has been subpoenaed by the US commodities trading commission under speculation that they do not hold the $2.2 billion in reserve in order to back their token. Bitcoin’s price continues to vacillate around the $8,000 mark early this week after enjoying a $1,000 price boost from the news that the G20 would not be receiving any further regulatory recommendations from the FSB.

The post Bitcoin Following Nasdaq Path but 15 Times Faster appeared first on NewsBTC.

Key Points

• Bitcoin cash price is slowly gaining pace and is currently trading above $950 against the US Dollar.
• There was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is now trading above the $940 support and the 100 hourly simple moving average.

Bitcoin cash price is trading nicely in a bullish zone against the US Dollar. BCH/USD may correct a few points, but it could find support near the $940-950 levels.

Bitcoin Cash Price Support

There was a slow and steady upside move initiated from the $903 swing low in bitcoin cash price against the US Dollar. The price traded higher and managed to move above a major resistance near $920. Moreover, there was a break above the $930 level and the 100 hourly simple moving average. The best part was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair.

The pair traded above the $950 level and tested the $1,000 resistance. A high was formed at $1,018 from where a downside correction was initiated. At the moment, the price is trading just below the 23.6% Fib retracement level of the last wave from the $903 low to $1,018 high. However, there are many supports on the downside near $940. The mentioned $940 level is also around the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $903 low to $1,018 high is at $961.

Therefore, it seems like there is a decent support forming near $940, $960 and the 100 hourly SMA. On the upside, a proper close above $1,000 could ignite more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is decreasing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level with positive signs.

Major Support Level – $940

Major Resistance Level – $1,000

Charts courtesy – Trading View

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

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US President Donald Trump bans US citizens from purchasing the Petro in an executive order today, authorizes Treasury Dept. action. #NEWS

The U.S. government has pushed back against an effort to dismiss the charges in an ongoing initial coin offering (ICO) fraud lawsuit.

FOMO Moments

Markets are in the green for a second day as cryptocurrencies struggle to claw back heavy losses over the past week. Bitcoin is leading the charge and has climbed to $8,600, up 5.3% on the day. Altcoins are also predominantly green and in recovery mode, some are gaining faster than others and one way out in front this morning is Qtum.

According to Coinmarketcap Qtum is trading 56% higher during the Asian session this morning. The token was trading at $13.60 this time yesterday and has jumped to $21.15 within 24 hours. The weekly picture is also positive for this altcoin as it has shown a 15.6% gain on prices last Tuesday. Over the month however Qtum is down 34% from $32 on February 20. Against BTC the coin is up 50% at 246388 satoshis from 166331 sats this time yesterday. At its peak in early January Qtum traded at 582182 satoshis, or almost $100.

Space based Qtum was added to Shapeshift a week ago which has kept momentum going while most others have fallen. Investment app Abra has also recently listed Qtum among their top twenty tradable cryptocurrencies. Additionally a recent conference in San Francisco brought positive news for Qtum where decentralized app developments were discussed for the platform.

Qtum is traded heavily in South Korea with Bithumb and Upbit taking almost half of the trade volume in KRW. Just over $600 million has been traded in the past 24 hours and Qtum’s market cap currently stands at $1.5 billion ranking the altcoin at 18^th.

Other altcoins enjoying over 20% growth this morning include Cardano, Eos, and Ethereum Classic. Total crypto market capitalization has risen 6.7% in the past 24 hours to $336 billion with many hoping that this could be the start of the recovery.

More on Qtum can be found here: https://qtum.org/

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 Qtum appeared first on NewsBTC.