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Litecoin Payment Merchant LitePay to Cease Operations

After roughly a month of being in business, merchant processing platform LitePay from the Litecoin Foundation has abruptly ceased operations, having officially begun on 1 February 2018. Internal disputes With just over a month of operations and little to zero functional integration, the announcement still came as quite of a surprise; Keith Yong, director of operations, wrote a …

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After roughly a month of being in business, merchant processing platform LitePay from the Litecoin Foundation has abruptly ceased operations, having officially begun on 1 February 2018.

Internal disputes

With just over a month of operations and little to zero functional integration, the announcement still came as quite of a surprise; Keith Yong, director of operations, wrote a statement on the Litecoin Foundation blog:

“We wanted to inform you that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is preparing to sell the company.”

 He continued:

“Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company…”

Yong went on to explain that Kenneth Asare had been unable to give the Litecoin Foundation any proof of where the money was being spent and added that there were further complications.

Regret over hype

LitePay planned to offer LitePay Debit Cards which would have been capable of automatically exchanging Litecoin (LTC) into any fiat currency in the world, a simple tool enabling global transactions at the tap of a button. It had also been developed to enable LTC payments for retail, billing, donations and e-commerce.

The announcements of the coming LitePay release provided LTC with a few price boosts on the market, and naturally, the price has been in decline since the bad news.

Despite the setback, the Litecoin team remains optimistic. Yong further wrote in the announcement:

“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market-ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.”

Litecoin creator Charlie Lee also chimed in on the matter, apologizing over Twitter for creating too much hype:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”

But for now, at least, cryptocurrency and Litecoin fans may have to wait a while longer before an LTC payment solution is in place. It’s not to say that LitePay is entirely off the cards as Asare could decide to sell the project to a capable company with a strong development team.

 

 

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Multi-Billion Dollar Conglomerates Enter South Korea Cryptocurrency Space

South Korean cryptocurrency exchanges might be looking at a boost in funding as several of the country’s largest multi-billion dollar conglomerates are making their way into the market. This news comes shortly after a period of uncertainty after a significant January dip, prompted by narratives from news outlets as speculation surrounded the government’s stance on cryptocurrency regulations. …

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South Korean cryptocurrency exchanges might be looking at a boost in funding as several of the country’s largest multi-billion dollar conglomerates are making their way into the market.

This news comes shortly after a period of uncertainty after a significant January dip, prompted by narratives from news outlets as speculation surrounded the government’s stance on cryptocurrency regulations.

Now, some of the wealthiest insurance, telecommunications, gaming and internet conglomerates in the country are gearing up to fund the next generation of South Korean cryptocurrency exchanges.

Why now?

Positive reports indicate that initial coin offerings (ICOs) may, in fact, have a safe space to operate in, though these would only be available to domestic investors. Additionally, the discussion of how to proceed forward with ICOs and crypto-trading has since been unravelling further.

At the end of January, Kim Sang-Joo, chairman of South Korea’s Fair Trade Commission, made it clear that in a radio interview that it wouldn’t be possible for the South Korean government to shut them down, stating:

“In reality, it is impossible…Whether a violation of the e-commerce law is likely to happen relatively quickly, the e-commerce law does not have the right to close the virtual exchange.”

Who is involved?

NHN Entertainment Corporation (NHN) is the largest gaming conglomerate in South Korea worth USD 1.29 billion.

Having already funded China’s previously dominant cryptocurrency exchange OKCoin; according to OKCoin president Cho Jeong-hwan, the exchange is to be launched in March with 60 Cryptocurrency-to-Korean Won (KRW) pairings.

Another set of major players come from the companies behind Upbit, the fourth largest exchange in the world and the largest in South Korea. It is run by Dunamoo, a subsidiary of Kakao, the largest Internet company in South Korea. Together the pair are worth just over USD 10 billion, and their crypto-only exchange has proven to be a hit with traders.

The largest of the three come from NXC, the parent company of South Korea’s largest gaming company Nexon, which is worth USD 11.5 billion and owns the country’s second largest cryptocurrency exchange Korbit.

With them is SK Telecom, Korbit’s first significant investors and South Korea’s largest telecommunications company worth approximately USD 17 billion.

New developments make for bright horizons

The discussion of finding a means to create the right framework for cryptocurrency exchanges and ICOs is happening and could be ramped up by the advances of huge investors into the cryptocurrency space.

Moments such as these indicate an exciting new period for a country that feverishly trades cryptocurrency, and could bring good tidings for the cryptocurrency community across the globe if South Korea can prove that blockchain and related products are compatible with existing systems.

 

 

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Litecoin Takes a Dip as LitePay Ceases Operations

Litecoin has taken a significant price hit since promised payment processor LitePay has informed them that it has closed up shop. What Went Wrong? On Monday, March 26 the Litecoin Foundation, a non-profit dedicated to the advancement of Litecoin and an investor in LitePay,  announced on its website that LitePay CEO Kenneth Asare informed them that LitePay had … Continue reading Litecoin Takes a Dip as LitePay Ceases Operations

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Litecoin has taken a significant price hit since promised payment processor LitePay has informed them that it has closed up shop.

What Went Wrong?

On Monday, March 26 the Litecoin Foundation, a non-profit dedicated to the advancement of Litecoin and an investor in LitePay,  announced on its website that LitePay CEO Kenneth Asare informed them that LitePay had ceased operations and was being sold.

As news that LitePay had folded went public Litecoin dropped down to $141 having lost nearly ten percent of its value since 4:08 ET. Continuing on a downward trend of losing 28% this month and over 37% so far in the year according to CoinMarketCap.

Litecoin experienced a mid-February bump when LitePay announced its merchant payment processing system for Litecoin would be up and running on Feb. 26.

As the go date came and went LitePay eventually sent an email to customers on March 5 saying that it was “checking all perspective merchants” and suspending card registrations “due to the negative perception and drastic actions card issuers have towards cryptocurrency companies.”

This statement was in reaction to an announcement made by Mastercard and Visa that they were changing the way cryptocurrency transactions would be processed from purchases to cash advances resulting in more fees for users.

LitePay was supposed to be an easy way to make cryptocurrency transactions anywhere with only a couple of clicks of the mouse. It was also supposed to include LitePay Debit Cards. Cards that would enable users to transfer Litecoin units from any digital wallet to the card in order to pay for goods and services wherever major credit cards are accepted. It was also supposed to enable the exchange of LTC to any currency in the world via ATM.

Litepay has not sent out a customer update since the March 5 email.

Charlie Lee Reacts

The Litecoin Foundation said it had refused a request from Asare for more funding after his “Ask Me Anything” Reddit session raised serious questions about what the funding was for.

The creator of Litecoin Charlie Lee took to Twitter to express his disappointment and to apologize for not thoroughly vetting Litepay before throwing the support of the Litecoin foundation behind the venture, he wrote.

The declines Litecoin experienced on Monday were felt by other coins as well.  Bitcoin went under $8,000 as the all top ten Cryptocurrencies fell into the red according to CoinMarketCap.

The Litecoin Foundation looked to reassure it’s investors by posting “Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so,” on its site.

The post Litecoin Takes a Dip as LitePay Ceases Operations appeared first on NewsBTC.

Bitcoin Price Technical Analysis for 03/27/2018 – Bears Take the Upper Hand

Bitcoin Price Key Highlights Bitcoin price is back to testing the symmetrical triangle bottom on its 4-hour time frame. Increased selling pressure could take it below support and on a continuous selloff. The Fibonacci extension levels show the nearby support areas where sellers could book some profits. Bitcoin price is back in selloff mode as … Continue reading Bitcoin Price Technical Analysis for 03/27/2018 – Bears Take the Upper Hand

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Bitcoin Price Key Highlights

  • Bitcoin price is back to testing the symmetrical triangle bottom on its 4-hour time frame.
  • Increased selling pressure could take it below support and on a continuous selloff.
  • The Fibonacci extension levels show the nearby support areas where sellers could book some profits.

Bitcoin price is back in selloff mode as it tests the triangle support to determine whether further consolidation or a downtrend is underway.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that support is more likely to break than to hold. The short-term moving average also recently held as dynamic resistance as well.

Bitcoin price looks ready to test the 38.2% extension at the swing low around $7540 or the 50% extension at $7027. Stronger selling pressure could take it down to the 61.8% extension at $6516 or the 76.4% level at $5882. The full extension is located at $4859.

Stochastic is indicating oversold conditions and is starting to turn higher, though, so there’s still a chance that bullish pressure could return. RSI has some room to fall before hitting oversold levels so there may be some selling momentum left.

Note that the triangle spans $6,000 to $13,000 so the resulting downtrend could be of the same height. If support holds, a bounce back up to the resistance around $10,000 could be seen.

Market Factors

Twitter also announced that it would ban cryptocurrency ads on its platform, following in the footsteps of Facebook and Google. This could dampen investor interest and volumes, which led several traders to liquidate positions in anticipation of low volatility.

Prior this, the mood in the industry has already been pretty somber since Japan has announced plans to shut down Binance in the country and South Korea echoed the same sentiments. Combined, this would mean lower volumes worldwide as both countries account for majority of bitcoin transactions.

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Venezuela’s Petro Token Faces Allegations of Falsified Records

The controversial state-backed cryptocurrency of Venezuela, El Petro token, has met further contention after allegedly holding falsified records regarding the initial coin offering (ICO). Venezuelan president Nicolás Maduro reported USD 5 billion raised during the event, but both CCN and Criptomoedas Fácil report a discrepancy in the total reported and the amount possible to be raised according to the …

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The controversial state-backed cryptocurrency of Venezuela, El Petro token, has met further contention after allegedly holding falsified records regarding the initial coin offering (ICO). Venezuelan president Nicolás Maduro reported USD 5 billion raised during the event, but both CCN and Criptomoedas Fácil report a discrepancy in the total reported and the amount possible to be raised according to the information on the whitepaper.

The Numbers

The whitepaper for the Petro token records 38,400,000 tokens in total to be sold, each valued at USD 60, and with a 60% discount added during the ICO stage. For each of these tokens to be sold at their valued price, the ICO would have raised USD 2.304 billion before subtracting the discount. The official documents released by Maduro reporting USD 5 billion raised is in direct contradiction to this.

This indicates that either the whitepaper contains misleading information about the actual value of the Petro token or that Maduro announced false claims about the earnings of the ICO.

Following the ICO, Maduro detailed the event received 200,927 participation requests from 133 different countries.

Further Controversies For El Petro

Each unit of El Petro is backed by one barrel of oil in Venezuela, introduced by Maduro to combat economic sanctions due to a what he dubbed a US-led blockade. There are, however, many that challenge the integrity of Maduro’s ambitions, denouncing it as a plan to compensate the lack of oil production that is seeing the state’s economy plummet.

Maduro does not have full support from his government, with the Venezuelan congress recently ruling El Petro as both unconstitutional and illegal. The National Assembly of Venezuela dubbed the currency a fraud, and a threat to potential investors. With many citizens in Venezuela struggling to provide themselves with basic essentials such as food and medicine, there is a call to invest the money raised in the ICO into rebuilding the economy. This would prove logistically challenging, as investors would surely demand compensation.

China-based credit rating firm Dagong see the Petro token as a good investment, however, suggesting it may aid international currency markets.

Other controversies aside, Maduro must address the financial discrepancies regarding the profits made from the ICO for it to be considered legitimate tender on exchange platforms.

 

The post Venezuela’s Petro Token Faces Allegations of Falsified Records appeared first on BitcoinNews.com.

eCharge: Integrating Cryptocurrencies with Electric Vehicles

eCharge.work has a successful ongoing token pre-sale, to be followed soon by the main ICO.  With the token sale campaign, the company is working on a blockchain-based platform for easy and economical recharging of electric cars and other battery enabled vehicles. The platform intends to spread its network across the world by installing eCharge stations at … Continue reading eCharge: Integrating Cryptocurrencies with Electric Vehicles

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eCharge.work has a successful ongoing token pre-sale, to be followed soon by the main ICO.  With the token sale campaign, the company is working on a blockchain-based platform for easy and economical recharging of electric cars and other battery enabled vehicles. The platform intends to spread its network across the world by installing eCharge stations at offices, hotels, parking lots and other public-centered locations.

The Background

The automobile industry is going to be electric in near future as the cost of electric vehicles continues to decline steadily. Due to the fact that e-vehicles are cheaper to drive per kilometer than gas cars, an increasing number of consumers are shifting to electric vehicles. However, the lack of charging infrastructure for these e-vehicles is still an unsolved problem. As the technology has just become economical for an average consumer, there is a need for a robust network of charging stations for long-distance drivers. eCharge.work is all set to exploit this opportunity; the growing demand for robust charging infrastructure.

How eCharge solves the problem

eCharge, a German company, aims to develop a physical infrastructure for the e-vehicles to recharge, all across Europe. Such infrastructure encourages fast and widespread adoption of the e-vehicles. If implemented properly, it may also make electric grids worldwide more reliable and secure.

How Does It Work?

Usually, the e-vehicles owners charge their vehicles at home. Battery life is now prolonged, resulting in the range of these vehicles being extended to as much as 500 KM on a single charge. It implies that only long journeys need the public charging infrastructure.

With this view, eCharge considers hotels to be the most feasible spots for placing charging stations. Travelers can find hotels in most of the towns and along the highways, making it easier for the e-vehicles to get charged whenever needed. Above all, hotel guests will be able to charge their vehicles overnight.

The company provides incentives to partnering hotels since it installs the charging stations without any cost. This brings hotels an opportunity to add value to their services for their guests without facing any upfront investment cost. With the growing demand for e-vehicles, the charging stations will get a “necessity” status in the hotels, just like Wi-Fi has evolved from being a luxury to a must-have service.

The Mobile App

Apart from the already active charging stations, eCharge has also created a functioning mobile app that electric vehicle owners can download. The app shows the charging locations and lets users avail special deals offered at the hotels with charging stations.

eCharge Tokens (ECH Tokens)

The eCharge network’s native utility token is the ECH token. For charging their vehicles, drivers can use credit cards, PayPal and cryptocurrencies to buy ECH utility tokens. The ECH tokens can be used to pay for the electricity and other features.

The Main ICO

The token pre-sale of eCharge is live at the moment, offering 15% bonus for the early token buyers. The main ICO is going to start soon where the investors will participate in the hardware-based project, and not a purely blockchain-based ICO project. The main ICO will offer ECH tokens at a discounted rate to encourage investment for developing the platform faster. ECH tokens will also lead to the expansion of eCharge network by letting users send or gift tokens to their referrals, via ERC20 token wallet integrated into eCharge mobile app. ECH tokens, once spent, are burned by the smart contract to avoid its re-usage. This implies that ECH tokens supply is deflationary, resulting in increased value with time as the adoption and demand for e-vehicles continue to rise.

To know more about the platform and participate in it on-going pre-sale or in upcoming main ICO, please visit http://echarge.io/

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Ripple Price Technical Analysis – XRP/USD Could Decline Further

Key Highlights Ripple price accelerated declined and broke the $0.6000 and $0.5800 support levels against the US dollar. There is a short-term bearish trend line forming with resistance at $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair remains at a risk more losses below the $0.5600 and $0.5500 … Continue reading Ripple Price Technical Analysis – XRP/USD Could Decline Further

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Key Highlights

  • Ripple price accelerated declined and broke the $0.6000 and $0.5800 support levels against the US dollar.
  • There is a short-term bearish trend line forming with resistance at $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains at a risk more losses below the $0.5600 and $0.5500 support levels.

Ripple price is in a bearish trend against the US Dollar and Bitcoin. XRP/USD is struggling to hold ground and it could decline further towards $0.5400.

Ripple Price Bearish Trend

There was no recovery in Ripple price above the $0.6400 and $0.6500 resistance levels against the US Dollar. The price declined further and it broke a major support at $0.6150. It opened the doors for more losses and the price declined below the $0.6000 and $0.5800 support levels. Clearly, the price is in a bearish trend and is currently trading well below the $0.6000 level and the 100 hourly simple moving average.

The recent low was formed at $0.5595 and it seems like the price may even struggle to correct higher. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.6561 high to $0.5595 low. There is also a short-term bearish trend line forming with resistance at $0.5800 on the hourly chart of the XRP/USD pair. If buyers succeed in pushing the price above $0.5800, the next resistance is at $0.6000. Moreover, the 50% Fib retracement level of the last decline from the $0.6561 high to $0.5595 low is at $0.6078 to act as the next hurdle.

Ripple Price Technical Analysis XRP USD

On the downside, the recent low of $0.5595 remains at a risk. A break below $0.5595 may call for more losses below $0.5500 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently around the 25 level.

Major Support Level – $0.5500

Major Resistance Level – $0.6000

 

Charts courtesy – Trading View

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Australia Seeks Public Input on Crypto Tax Guidelines

The Australian government is looking for public feedbacks to make sure crypto investors will not have excuse for not meeting their tax liability.

The Australian government is looking for public feedbacks to make sure crypto investors will not have excuse for not meeting their tax liability.

CryptoGalaxy will take you to a blockchain-powered virtual universe | Explore, have fun and earn tokens in the process

‘It would not be much of a universe if it wasn’t home to the people you love.’–Tribute to Stephen Hawking Stephen Hawking, one of the most world-renowned modern cosmologists and physicists, passed away on Mar.14th, 2018. His passing grieved those who are loyal fans of cosmology, as a star just went out in the cosmos. Mr. Hawking had dedicated his whole life to unmask the secrets of the universe with his infinite wisdom and deep insights into the modern cosmology. His new and detached scientific theories have led people to a totally different perspective of space and inspired people to

‘It would not be much of a universe if it wasn’t home to the people you love.’–Tribute to Stephen Hawking

Stephen Hawking, one of the most world-renowned modern cosmologists and physicists, passed away on Mar.14th, 2018. His passing grieved those who are loyal fans of cosmology, as a star just went out in the cosmos. Mr. Hawking had dedicated his whole life to unmask the secrets of the universe with his infinite wisdom and deep insights into the modern cosmology. His new and detached scientific theories have led people to a totally different perspective of space and inspired people to explore the universe filled with infinite possibilities.  

For hundreds of years, humans have been obsessing with the urge to unlock the unknowns of the universe. Numerous universe-themed games such as Star Wars, No Man’s Sky, Astroneer were launched on the most popular game platform, Steam, drawing a string of players on the journey to discover the true nature of the cosmos.

Cryptocurrency mania is still heating up on a global scale that has led to the boom of blockchain-powered game industry. Zeepin Foundation also threw its hat to the ring by creating a Galaxy super dApp called CryptoGalaxy, which is already raising heads of cosmos fans and sparkling widespread attention in its community. Unlike other games known for space exploration, Crypto Galaxy is the first blockchain-powered game with virtual universe theme that also allows players to seamlessly switch from PC to mobile when playing the game. CryptoGalaxy game can be both entertaining and profitable as you can earn Gala tokens by performing numerous tasks. Unlike traditional games, Galaxy is virtual universe that will be turned into digital assets and will operate under Zeepin Chain.

Anyone who owns ZPT or NEO is allowed to activate the planet in Galaxy and become the owner of his planet by giving it a name; Planets belong to a certain galaxy while the block heights and nodes govern the exploitation of each galaxy.

Interested in how your planet may look like? Here is a list of 6 features you MUST know about CryptoGalaxy:

Explore your galaxy

You will be amazed at the vastness in Galaxy. Go beyond the known frontier and share your discoveries on a map. In Crypto Galaxy, daydreaming is encouraged. You can steer your planet!

Form an alliance

Each player will have a role as an explorer in the game and embark on an epic journey to discover new planets. Meanwhile, each explorer will be a part of an alliance with other players and will form a nation. The ranking will reflect the number of planets owned by players in a specific nation. The nation owning the most planets will top others on the ranking list and become the winner.

The application of AI technology

The color, physiognomy and other attributes tied to the planets will be presented on a random basis with the help of AI technology to make sure every planet is unique.

3D Real-time Rendering on Planets

To impress users with fascinating visualized experience, Unity 3D technology will be applied for real-time rendering for the exclusive attributes of the planets. What you can see is a planet as exquisite as artwork.

Digital planet assset

Each planet can be understood as digital asset owned by players on the blockchain. Try harder to make your planets more personalized and valuable as this can help your increase the price of your planets in so called Galaxy Store. Apart from these, Gala Token will be the fuel that drives CryptoGalaxy and could be obtained for free in many ways. In difference from Candy circulating among other blockchain-based games, Gala can be applied and used in various scenarios such as creating a game ecosystem, voting in the community and planet trading.

Mythic crystal

Mythic crystal is in the possession of each planet for players to mine! It can be converted to Gala.

The first batch of planets is limited – only 2000 planets will be released in the first 60 days.

The development team will work with cosmologists and astronomy institutions for structuring the astrophysical model to present a galaxy as real as possible so that Crypto Galaxy will be more performance friendly. Life is short, but the quest for a universe full of infinite possibilities shall never stop.

Galaxy Website: https://www.galaxy.one/

Galaxy Telegram: https://t.me/CryptoGalaxyOne

Zeepin Website: https://www.zeepin.io

Zeepin Telegram: https://t.me/zeepin

Zeepin Twitter: https://twitter.com/ZeepinChain

Zeepin Facebook: https://www.facebook.com/ZeepinChain/

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Ethereum Price Technical Analysis – ETH/USD Getting Crushed

Key Highlights ETH price could not stay above the $508-512 support area and nosedived against the US Dollar. Yesterday’s highlighted crucial bearish trend line with current resistance at $512 is intact on the hourly chart of ETH/USD (data feed via Kraken). The pair is now trading well below the $490 level and it remains in … Continue reading Ethereum Price Technical Analysis – ETH/USD Getting Crushed

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Key Highlights

  • ETH price could not stay above the $508-512 support area and nosedived against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance at $512 is intact on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now trading well below the $490 level and it remains in a bearish zone.

Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD is currently trading well below $490, and it could even break the $466 low.

Ethereum Price Decline

There were further downsides in ETH price from well above $520 against the US Dollar. The price declined and broke a crucial support at $508-512. It opened the doors for more losses and the price fell below the $500, $490 and $480 levels. A low was formed at $466 before the price started an upside correction. It moved higher and corrected above the 23.6% Fib retracement level of the last drop from the $535 high to $466 low.

However, the upside move was capped by the $490-495 resistance zone. Moreover, the 38.2% Fib retracement level of the last drop from the $535 high to $466 low also acted as a resistance. At the moment, the price is moving lower and it remains at a risk of further losses below $466. On the upside, yesterday’s highlighted crucial bearish trend line with current resistance at $512 is intact on the hourly chart of ETH/USD. Moreover, the broken support at $508-512 is likely to act as a strong resistance.

Ethereum Price Technical Analysis ETH USD

Lastly, the 100 hourly simple moving average is positioned at $508. On the downside, a break below the $466 low could open the doors for more losses. The next major support sits at $445-450, which must contain declines in the near term.

Hourly MACD – The MACD is showing no signs of a major recovery.

Hourly RSI – The RSI is currently well below the 40 level.

Major Support Level – $466

Major Resistance Level – $508

 

Charts courtesy – Trading View

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Coinbase Announces Plans to Add ERC20 Token Support

San Francisco based exchange Coinbase has announced on its official blog that it plans to support the Ethereum ERC20 technical standard. Coinbase Adds ERC20 Ethereum ERC20 which stands for Ethereum Request for Comment 20 is a technical standard used for smart contracts on the Ethereum Blockchain. There are tens of thousands of ERC20 tokens in existence … Continue reading Coinbase Announces Plans to Add ERC20 Token Support

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San Francisco based exchange Coinbase has announced on its official blog that it plans to support the Ethereum ERC20 technical standard.

Coinbase Adds ERC20

Ethereum ERC20 which stands for Ethereum Request for Comment 20 is a technical standard used for smart contracts on the Ethereum Blockchain. There are tens of thousands of ERC20 tokens in existence as they have become an increasingly popular way for teams to effectively build smart contracts.

The Coinbase update, planned to roll out in the coming months, will eventually allow for support of ERC20 assets across the line of Coinbase services and products. Currently, Coinbase isn’t detailing the support of any specific assets or features.

We are announcing this both internally and to the public as consistent with our process for adding new assets.

This announcement comes nearly a month after Coinbase added Segwit support for transactions on the exchange. A move that significantly cut transaction fees on the platform.

What will ERC20 Support Mean

While this early announcement is short on details it’s a good sign for those interested in ERC20 assets.

So how does this added support for ERC20 tokens change the Coinbase lineup of products and services?

  • Coinbase has said that the custody team is in the process of evaluating assets to support for withdrawals and deposits suggesting there will likely be support for more assets than just those available on GDAX or Coinbase.
  • The GDAX team is waiting on clarification of rules and regulations before deciding on which ERC20 coins they will support.
  • Any asset listed on GDAX Coinbase Asset Management will add to the Coinbase Index “on a market capitalization weighted basis.”
  • Coinbase will only list assets after they have been listed on GDAX and have been evaluated using “factors such as liquidity, stability and other market health metrics.”
  • Coinbase has stressed that having a listing on GDAX does not ensure a listing on Coinbase in their announcement. Suggesting that there is a good chance that GDAX will have mores assets listed than Coinbase.
  • ERC20 support on Coinbase will allow for the safe recovery of ERC20 assets mistakenly sent to Coinbase Ethereum addresses.
  • Though there is currently no plan for ERC20 support for Coinbase Commerce at the time of the initial rollout there is potential for that to change in the future.

The Coinbase announcement didn’t include an exact schedule for when support will begin but details should be forthcoming in the weeks to come as the official launch date gets nearer.

The announcement could not come at a better time for Ethereum which has hemorrhaged almost 50% in the past month and is trading at its lowest level since mid-December.

The post Coinbase Announces Plans to Add ERC20 Token Support appeared first on NewsBTC.

Child Porn On Bitcoin? Why This Doesn’t Mean What You Think – CoinDesk

Child Porn On Bitcoin? Why This Doesn’t Mean What You Think
CoinDesk
The question, posed by ethereum developer Vlad Zamfir through a Twitter poll last week, has been discussed before, but it’s recently resurfaced after a widely-publicized report from AWTH Aachen University found one graphic image of child porn and 274
Worcester man tried to buy child pornography using bitcoin, authorities sayMassLive.com

all 70 news articles »


Child Porn On Bitcoin? Why This Doesn't Mean What You Think
CoinDesk
The question, posed by ethereum developer Vlad Zamfir through a Twitter poll last week, has been discussed before, but it's recently resurfaced after a widely-publicized report from AWTH Aachen University found one graphic image of child porn and 274 ...
Worcester man tried to buy child pornography using bitcoin, authorities sayMassLive.com

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Asian Cryptocurrency Trading Roundup: Top Altcoin is Verge

FOMO Moments Markets have taken a major dive overnight and things are looking bleak during this morning’s Asian trading session. Total market cap has dropped below $300 billion and it seems we are approaching the third major bottom in two months. Bitcoin has broken though major support and is trading below $8,000 for the first … Continue reading Asian Cryptocurrency Trading Roundup: Top Altcoin is Verge

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

FOMO Moments

Markets have taken a major dive overnight and things are looking bleak during this morning’s Asian trading session. Total market cap has dropped below $300 billion and it seems we are approaching the third major bottom in two months. Bitcoin has broken though major support and is trading below $8,000 for the first time since the last dip on March 18. Altcoins as usual have followed it and have taken a bigger battering. Only one is performing well this morning and it is the same one we mentioned a few days ago, Verge.

According to Coinmarketcap XVG is trading 14% higher on the day, up to $0.048 from $0.041 this time yesterday. Over the week it has also performed pretty well trading 60% higher from $0.030 this time last Tuesday. On the monthly view though Verge is down 20% from $0.060 this time at the end of February. Against BTC it has made better gains today trading 25% higher at 617 satoshis from 416 sats this time yesterday, this has been compounded by Bitcoin’s slide overnight. Over the week XVG has made solid ground against BTC climbing over 50% from around 300 sats this time last week.

The crowd funding donation drive has been largely successful and over 76 million XVG have been collected, beating the target of 75 million by March 26. A tantalizing Tweet leaves Verge hodlers and supporters hanging for more information on this new major partnership;

Price action has reflected this, the only positive news in the altcoin world this morning and Verge is on a roll once again.

The majority of XVG trade over the past 24 hours has been on Binance with 55%, total volume has been $138 million. Verge is creeping back towards the top 25 and is currently ranked at 26 with a market cap of $718 million. If this new partnership lives up to all of the hype XVG could well skyrocket in the next few days.

All other altcoins have taken a beating this morning as the rout continues.

More on Verge can be found here: http://vergecurrency.com/

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 Cryptocurrency Trading Roundup: Top Altcoin is Verge appeared first on NewsBTC.

Cryptocurrency complaints to Consumer Protection Agencies way up

Consumer protection agencies around the world have witnessed a big jump in cryptocurrency-related complaints after the price of bitcoin hit all-time-highs towards the end of last year, and then lost over 60 percent of its value early in 2018.

Consumer protection agencies around the world have witnessed a big jump in cryptocurrency-related complaints after the price of bitcoin hit all-time-highs towards the end of last year, and then lost over 60 percent of its value early in 2018.