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Bitcoin Foundation cofounder: Crypto isn’t in a bubble — ‘bitcoin is the pin that’s going to pop the bubble’ – Business Insider


Business Insider

Bitcoin Foundation cofounder: Crypto isn’t in a bubble — ‘bitcoin is the pin that’s going to pop the bubble’
Business Insider
Jon Matonis, who helped found the Bitcoin Foundation in 2012, told Business Insider: “To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble. The bubble is the insane bond markets and the fake equity

and more »


Business Insider

Bitcoin Foundation cofounder: Crypto isn't in a bubble — 'bitcoin is the pin that's going to pop the bubble'
Business Insider
Jon Matonis, who helped found the Bitcoin Foundation in 2012, told Business Insider: "To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble. The bubble is the insane bond markets and the fake equity ...

and more »

Ethereum Founder Suggests Hard Cap of 120 Million Ethers

Ethereum’s Vitalik Buterin proposed a 120 million hard cap on Ethereum’s native currency Ether and it’s no April Fools day joke. The founder suggests the cap could be part of the next hard fork, likely to be the first phase of the Casper update. Ethereum Founder Suggests a Hard Cap on Coin Supply Vitalik Buterin

The post Ethereum Founder Suggests Hard Cap of 120 Million Ethers appeared first on NewsBTC.

Ethereum’s Vitalik Buterin proposed a 120 million hard cap on Ethereum’s native currency Ether and it’s no April Fools day joke. The founder suggests the cap could be part of the next hard fork, likely to be the first phase of the Casper update.

Ethereum Founder Suggests a Hard Cap on Coin Supply

Vitalik Buterin made the surprise announcement on the developer’s forum GitHub on Sunday, April 1, but what he proposed was not an April fool’s joke. In this latest Ethereum Improvement Proposal (EIP) Buterin recommends setting a hard cap on the coin at 120,204,432. This is exactly twice the amount sold in the original 2014 sale.

Buterin foresees the implantation of the hard cap occurring with the next phase of the Casper update. At the time all rewards in the sharding system would be redenominated to reflect the hard cap as a finite supply of Ether.

In his announcement, Buterin explained his reasons for suggesting the hard cap,

 “In order to ensure the economic sustainability of the platform under the widest possible variety of circumstances, and in light of the fact that issuing new coins to proof of work miners is no longer an effective way of promoting an egalitarian coin distribution or any other significant policy goal, I propose that we agree on a hard cap for the total quantity of ETH.”

He goes on to say that if the EIP is adopted at a time when it is already too late to set a 120,000,000 hard cap then the next logical cap would be 144,052,828. That is exactly twice the amount of Ether sold in the genesis block.

There are currently 98 million plus ETH in circulation according to CoinMarketCap.

The Ethereum founder addressed miners concerns about diminishing rewards in the change to a proof-of-stake model which will be part of the Casper update. Explaining that if Ethereum stays with a proof-of-work model rewards will still decline gradually to the same point.

Buterin’s Statement Intended to Provide Clarity

Written in the terms of the original issuance up to 18 million ETH can be issued every year. Buterin’s statement in GitHub is one of the first times he has addressed Ethereums monetary policies in public in order to provide clarity and to “ensure the economic sustainability” as the platform adopts the new Casper algorithm.

The EIP was released as only a proposal. There was no timeline included in the statement nor any dates for the implementation of either the hard cap or the change over to Casper phase one.

The post Ethereum Founder Suggests Hard Cap of 120 Million Ethers appeared first on NewsBTC.

Bitcoin registers worst Q1 in its history with losses of over USD 114 bln – Business Review

Business ReviewBitcoin registers worst Q1 in its history with losses of over USD 114 blnBusiness ReviewBitcoin registered the weakest Q1 this year in its record, with a drop of over 45 percent to over USD 114 billion, according to CNBC. The quotation d…


Business Review

Bitcoin registers worst Q1 in its history with losses of over USD 114 bln
Business Review
Bitcoin registered the weakest Q1 this year in its record, with a drop of over 45 percent to over USD 114 billion, according to CNBC. The quotation dropped in the first quarter from over USD 13,000 on January 1, to under USD 7,000 in the last weak ...

Ripple Price Technical Analysis – XRP/USD is Facing Significant Resistance

Key Highlights Ripple price is currently correcting higher, but it is facing a significant hurdle near $0.4900 against the US dollar. There is a crucial bearish trend line forming with resistance around the $0.4900 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair has to move above the trend line

The post Ripple Price Technical Analysis – XRP/USD is Facing Significant Resistance appeared first on NewsBTC.

Key Highlights

  • Ripple price is currently correcting higher, but it is facing a significant hurdle near $0.4900 against the US dollar.
  • There is a crucial bearish trend line forming with resistance around the $0.4900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to move above the trend line resistance and $0.5000 to continue moving higher.

Ripple price struggle to recover higher continues against the US Dollar and Bitcoin. XRP/USD may decline once again if it fails to move past the $0.5000 resistance.

Ripple Price Upside Hurdle

There were further declines in Ripple price from well above the $0.6000 level against the US Dollar. The price declined and broke the $0.5500 and $0.5000 support levels. The downside move was strong and the price traded as low as $0.4496 recently. Later, it found bids and started an upside move above the $0.4500 level. It traded above the 23.6% Fib retracement level of the last decline from the $0.5188 high to $0.4496 low.

However, the upside move was protected by a major barrier near the $0.4850-0.4900 zone. There is also a crucial bearish trend line forming with resistance around the $0.4900 on the hourly chart of the XRP/USD pair. Moreover, the 61.8% Fib retracement level of the last decline from the $0.5188 high to $0.4496 low also acted as a barrier for more gains. It seems like the price is struggling to move above the $0.4900 level. Further above, the $0.5000 resistance is the next barrier for buyers.

Ripple Price Technical Analysis XRP USD

A push above the $0.5000 level may open the doors for an upside move. However, if the price fails to move above the $0.5000 level, it could decline back towards the $0.4500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is again moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 40 level.

Major Support Level – $0.4500

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – XRP/USD is Facing Significant Resistance appeared first on NewsBTC.

Bitcoin Price Technical Analysis for 04/02/2018 – A Few Bullish Hints

Bitcoin Price Key Highlights Bitcoin price is still trending lower, moving inside a descending channel on its 4-hour time frame. Price bounced off the mid-channel area of interest, though, and might be due for a pullback to the resistance. Bitcoin price also broke above a short-term descending trend line to signal a pickup in bullish

The post Bitcoin Price Technical Analysis for 04/02/2018 – A Few Bullish Hints appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price is still trending lower, moving inside a descending channel on its 4-hour time frame.
  • Price bounced off the mid-channel area of interest, though, and might be due for a pullback to the resistance.
  • Bitcoin price also broke above a short-term descending trend line to signal a pickup in bullish pressure.

Bitcoin price is trending lower but is showing short-term signs that bulls are trying to get back in the game.

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 or that the selloff is more likely to resume than to reverse.

Price is currently testing the 100 SMA dynamic inflection point and if it holds as resistance, bitcoin price could make another test of the nearby support or move all the way down to the bottom of the channel. The 200 SMA lines up with the top of the channel around $7500 to add to its strength as a ceiling.

Stochastic is also pointing down to signal that selling pressure is present and that bitcoin price could head lower as well. The oscillator has room to move down before hitting oversold levels, which suggests that sellers could stay in control for a bit longer.

Market Factors

Bitcoin ended the previous quarter on the back foot, thanks to a slew of negative updates towards the end of the month. Among these are Google’s plans to ban cryptocurrency ads on its search engine and Twitter’s decision to ban ICO ads as well.

Meanwhile, the dollar managed to stay supported on risk-off flows stemming from trade war concerns and the Fed’s interest rate hike. The main catalyst for the dollar this week is the NFP release on Friday and downbeat results could dampen further tightening hopes.

With that, investors could continue to hold out for positive reports from the cryptocurrency industry to see if bitcoin price can be able to pull up from its dive. So far, the news hasn’t been so upbeat, with the likes of Chile and Kazakhstan taking an adverse stance against bitcoin as well.

The post Bitcoin Price Technical Analysis for 04/02/2018 – A Few Bullish Hints appeared first on NewsBTC.

Thailand Inches Closer to Cryptocurrency Taxation

Thailand is expected to enact a law soon that will mandate cryptocurrency traders for both value added tax as well as capital gain tax.

Thailand is expected to enact a law soon that will mandate cryptocurrency traders for both value added tax as well as capital gain tax.

Ethereum Price Technical Analysis – ETH/USD Could Recover Short-term

Key Highlights ETH price declined to a new low below the $360 level before finding buyers against the US Dollar. There is a key connecting bearish trend line forming with resistance at $385 on the hourly chart of ETH/USD (data feed via Kraken). The pair may move above the $385-390 resistance zone for a short-term

The post Ethereum Price Technical Analysis – ETH/USD Could Recover Short-term appeared first on NewsBTC.

Key Highlights

  • ETH price declined to a new low below the $360 level before finding buyers against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may move above the $385-390 resistance zone for a short-term upside correction.

Ethereum price is facing heavy selling pressure against the US Dollar and Bitcoin. ETH/USD may correct higher in the near term towards the $400-410 resistance zone.

Ethereum Price Resistance

There was no respite for buyers as ETH price declined below the $380 and $360 support levels against the US Dollar. The price traded to a new low around the $355 level before starting an upside correction. It moved above the 23.6% Fib retracement level of the last downside move from the $419 high to $360 low. However, there are many barriers on the upside near the $385 and $390 levels.

At the moment, the price is trading just below the 50% Fib retracement level of the last downside move from the $419 high to $360 low. There is also a key connecting bearish trend line forming with resistance at $385 on the hourly chart of ETH/USD. The pair may soon break the trend line resistance to start an upside move above $390. The next hurdle could be around the $400 level and the 100 hourly simple moving average. A proper close above the $400 level may ignite further gains in the near term.

Ethereum Price Technical Analysis ETH USD

On the flip side, if the price fails to move above the $385 level, there could be a downside move back towards $360. A break below $360 could even push the price below the $350 level. Below $350, the price remains at a risk of a sharp downside wave.

Hourly MACD – The MACD is slightly in the bullish zone.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $360

Major Resistance Level – $400

 

Charts courtesy – Trading View

The post Ethereum Price Technical Analysis – ETH/USD Could Recover Short-term appeared first on NewsBTC.

Bitcoin Cash Price Technical Analysis – BCH/USD Could Decline Further

Key Points Bitcoin cash price is under a lot of pressure and is trading well below the $700 level against the US Dollar. There is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair has to move above $660

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

Key Points

  • Bitcoin cash price is under a lot of pressure and is trading well below the $700 level against the US Dollar.
  • There is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above $660 and $700 to start a fresh upward wave in the near term.

Bitcoin cash price declined heavily and tested the $625 level against the US Dollar. BCH/USD remains at a risk of more losses as long as it is below $660.

Bitcoin Cash Price Decline

There was a massive drop in bitcoin cash price below the $700 support level against the US Dollar. The price declined and traded below the $650 level. A low was formed near the $625 level from where a minor upside correction was initiated. At the moment, the price is trading near the 23.6% Fib retracement level of the last downside move from the $707 high to $625 low.

More importantly, there is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair. The pair has to move above the $660 level to start an upside move in the short term. The next resistance could be the 50% Fib retracement level of the last downside move from the $707 high to $625 low at $696. However, the most important resistance is near the $700 level and the 100 hourly simple moving average. A break and close above the $700 level and the 100 hourly SMA is needed for more gains.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low near $625 is tiny support followed by the $600 handle.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently showing tiny recovery signs.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.

Major Support Level – $625

Major Resistance Level – $700

 

Charts courtesy – Trading View

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

Do You Owe the IRS for Crypto-to-Crypto Trades?

For cryptocurrency traders, the ability to use like-kind exchange rules to avoid U.S. tax on trades is a bit of a “good news/bad news” story.

For cryptocurrency traders, the ability to use like-kind exchange rules to avoid U.S. tax on trades is a bit of a “good news/bad news” story.

Bitcoin Price Watch: Currency Drops by $200 – The Merkle

Bitcoin Price Watch: Currency Drops by $200The MerkleBitcoin jumps a bit, then falls a bit. While nothing huge appears to be happening, bitcoin resistance levels seem stronger when compared to just three years ago. Previously, Thomas Lee of Fundstrat f…


Bitcoin Price Watch: Currency Drops by $200
The Merkle
Bitcoin jumps a bit, then falls a bit. While nothing huge appears to be happening, bitcoin resistance levels seem stronger when compared to just three years ago. Previously, Thomas Lee of Fundstrat fame claimed that bitcoin mining was no longer ...

Bitcoin Price Watch: Currency Drops by $200

Bitcoin has endured another small slump. After spending nearly 24 hours at $7,100, bitcoin’s price has dropped by $200 and now stands at $6,900. This has become something of a routine over the past two weeks. Bitcoin jumps a bit, then falls a bit. While nothing huge appears to be happening, bitcoin resistance levels seem stronger when compared to just three years ago. Previously, Thomas Lee of Fundstrat fame claimed that bitcoin mining was no longer profitable, and that miners were simply “breaking even” between what they were spending to extract coins and what they were officially earning. That, however,

Bitcoin has endured another small slump. After spending nearly 24 hours at $7,100, bitcoin’s price has dropped by $200 and now stands at $6,900.

This has become something of a routine over the past two weeks. Bitcoin jumps a bit, then falls a bit. While nothing huge appears to be happening, bitcoin resistance levels seem stronger when compared to just three years ago.

Previously, Thomas Lee of Fundstrat fame claimed that bitcoin mining was no longer profitable, and that miners were simply “breaking even” between what they were spending to extract coins and what they were officially earning. That, however, was when bitcoin’s price was meandering along the mid-$8,000 range. At $6,900, bitcoin has endured a serious drop since that time, and it appears bitcoin miners are spending more now than they’re slated to earn once their business is complete.

Recently, we discussed the notion of a bitcoin “death cross,” in which the short-term average dropped lower than the coin’s long-term average. Many sources have claimed that the death cross struck earlier this week, and that bitcoin was in a slump it may not survive.

In addition, new sources are claiming that the trends forecasted by the death cross have allegedly become realities. One such prediction involved the $20,000 mark that bitcoin hit last December. It is believed that the terms “bitcoin dead” and “bitcoin is dead” were more often searched via Google and neighboring searching engines during the December 2017 hype than during the present, which is nonetheless odd considering how many new users were jumping aboard.

Current Google trends suggest that while bitcoin’s price has shown continued vulnerability, many still believe in the strength and resilience of the coin, and that recovery is right around the corner. As the cryptocurrency becomes more mainstream, the public is experiencing boosted confidence not only in the digital asset arena, but in the blockchain technology that supports it.

Chief trader Jordan Hiscott at Avondo Markets is on the opposite end, and predicts the bitcoin price may require another six months before it returns to numbers first seen in early January.

His theory is “based around the situation regarding the liquidation of the Mt. Gox exchange, and the appointed trustee to handle the bankruptcy. Colloquially, this individual is known as the ‘Tokyo Whale,’ and having already sold around $400 million worth of both bitcoin and bitcoin cash, he is likely the main catalyst for this year’s move down.”

Despite the prediction, bitcoin and cryptocurrencies in general continue to attract investors. Prices are constantly falling, and the volatility is affecting customers’ relations with their banking institutions, yet investors are not turning away. The fact that prices are falling so drastically may be a driving force behind the continued interest. People see that there is now a chance to buy more at lesser prices. Thus, they can get in on the action before things strike up yet again.

Furthermore, many recognize the benefits of the blockchain, and understand that while things appear bleak for the time being, the respective technology will make a lasting mark in the coming future, and those who get in and stay in could reap major rewards later down the line.

Sentimental of Easter: BTC Resurrects following Midday Dump, Price of Bitcoin Returns to $7000 – The Merkle


The Merkle

Sentimental of Easter: BTC Resurrects following Midday Dump, Price of Bitcoin Returns to $7000
The Merkle
While April Fool’s Day saw a slew of comical and tacky crypto-pranks alike, Bitcoin’s April 1 dip was no joke. After starting out Easter Sunday pegged at US$7,000, BTC continually bled, until it fell to a midday low of $6,500, a drop of over 7%. While

and more »


The Merkle

Sentimental of Easter: BTC Resurrects following Midday Dump, Price of Bitcoin Returns to $7000
The Merkle
While April Fool's Day saw a slew of comical and tacky crypto-pranks alike, Bitcoin's April 1 dip was no joke. After starting out Easter Sunday pegged at US$7,000, BTC continually bled, until it fell to a midday low of $6,500, a drop of over 7%. While ...

and more »

Sentimental of Easter: BTC Resurrects Following Midday Dump, Price of Bitcoin Returns to $7,000

With each coming day, the price of Bitcoin edges nearer and nearer to 2018 lows of just above US$6,000 achieved in early February. In the last days of March, Bitcoin saw yet another tumble, as the price saw an extended stay below $7,000, the longest period of time throughout 2018 spent in the 6k range. While April Fool’s Day saw a slew of comical and tacky crypto-pranks alike, Bitcoin’s April 1 dip was no joke. After starting out Easter Sunday pegged at US$7,000, BTC continually bled, until it fell to a midday low of $6,500, a drop of over 7%.

With each coming day, the price of Bitcoin edges nearer and nearer to 2018 lows of just above US$6,000 achieved in early February. In the last days of March, Bitcoin saw yet another tumble, as the price saw an extended stay below $7,000, the longest period of time throughout 2018 spent in the 6k range.

While April Fool’s Day saw a slew of comical and tacky crypto-pranks alike, Bitcoin’s April 1 dip was no joke. After starting out Easter Sunday pegged at US$7,000, BTC continually bled, until it fell to a midday low of $6,500, a drop of over 7%. While many enthusiast spent the day away from their screens, celebrating the holidays and spreading pranks, those keeping a close eye feared a second dip into the low US$6,000s.

Fortunately, Bitcoin saw a complete reversal after the 12 hour bleed, regaining much of the day’s losses in a matter of minutes. Over the course of a half hour, BTC rose from the daily low of $6,500 almost $400 to just below $6,900. After a small dip, Bitcoin spent most of the remainder of the day at $6,800, until another recent pump, where BTC jumped over $200 from $6,800 to $7,025. Currently, BTC is trading at exactly US$7,000.

Either as a serious observer or to simply convey irony, many individuals compared today’s price movements to Resurrection of Easter. Regardless of one’s beliefs, the sharp reversal from US$6,500 at least conveys some level of confidence. Whether through organic appreciation or at the hands of some whale, the bullish sentiments of cryptocurrency, while currently overshadowed by the overwhelming bear market, have not disappeared.

Courtesy of /r/Bitcoin

While it’s very difficult to accurately predict the bottom of a bear market, as thousands have already inaccurately called the bottom on the way down, moments like these are certainly exciting. On the way up to Bitcoin’s all-time high of US$20,000, there were several instances where massive dips of thousands of dollars were overcome in a matter of days, if not sooner. Perhaps, these small recoveries can, either in the coming days or hopefully in the near future, spark a more extreme redirection, potentially catapulting Bitcoin back towards the highs of late 2017.

 

 

TD Bank Considers Public Blockchain for Asset Tracking

A newly published patent application indicates that TD Bank may be considering the use of a public blockchain for certain kinds of transactions.

A newly published patent application indicates that TD Bank may be considering the use of a public blockchain for certain kinds of transactions.