CCNBitcoin Price Remains Above $7100 as Cryptocurrency Market Gains $20 BillionCCNIn the next few days, the $7,800 mark will be an important level to observe, and if the bitcoin price can surpass beyond that point, it is possible that the cryptocurrenc…
Recently the much-maligned Mark Karpeles took to Reddit where he posted a prepared statement and then answered questions in a not quiet Ask Me Anything forum. In it, he addressed the “failure” of Bitcoin and personal redemption to a mostly unsympathetic audience, after losing $6 billion worth of it. Karpeles Takes to Reddit in an…
Recently the much-maligned Mark Karpeles took to Reddit where he posted a prepared statement and then answered questions in a not quiet Ask Me Anything forum. In it, he addressed the “failure” of Bitcoin and personal redemption to a mostly unsympathetic audience, after losing $6 billion worth of it.
Karpeles Takes to Reddit in an Almost AMA
Karpeles who may be the most reviled person in the cryptocurrency world posted his lengthy statement which described briefly the collapse of Mt. Gox, the following Bankruptcy and legal matters which have so far cost him a year in jail and the future payments he says he wants to make in order to reimburse those who lost funds in the Hack.
In 2014 Mt. Gox, located in Japan, was the largest Bitcoin exchange in the world when it lost 650,000 Bitcoins to hackers. In the ensuing collapse of the exchange accusations of conspiracy and theft were bandied about while the company moved into Bankruptcy and Karpeles was locked up.
In the years since Mt. Gox has taken on a kind of legendary status as an example of what can go wrong in cryptocurrency. Recently the trustees of the Mt. Gox estate have been blamed for causing extreme price drops in Bitcoin as they have dumped large amounts on the market in order to pay off creditors of the exchange.
In his statement, Karpeles who once handled billions of dollars in Bitcoin and became rich doing so wrote that he no longer personally owns any cryptocurrency, that Ether is “too untested” and that “The technology is definitely here to stay, but Bitcoin may have trouble evolving and keeping up,” as was reported by Bloomberg.
No Longer Believes in Bitcoin
One of the main issues he addressed in the Reddit statement was what he might do with the potential billion-dollar windfall that may come to him once creditors are paid off as a peculiarity of Japan’s Bankruptcy law.
He states that he doesn’t want these instant riches and intends to pay off the 24,000 people who lost their Bitcoin in the hack. He went on to write,
“I just want to see this end as soon as possible with everyone receiving their share of what they had on MtGox so everyone, myself included, can get some closure.”
Karpeles remains on trial in Japan and may face more years behind bars if convicted. He told readers on Reddit that once the Mt.Gox situation is finally behind him he would like to return to the life of an engineer, though not necessarily for a cryptocurrency startup even if any would have him. Also, if there is ever a movie made of the Mt. Gox meltdown he would like to be played by Jack Black.
Twitter Cancels @Bitcoin Account as its CEO Invests in Competing Lightning Network Finance Magnates “So this is how free speech dies,” wrote Bitcoin Cash enthusiast Roger Ver on Twitter. “With thunderous applause.” Roger Ver, a former Bitcoin ‘evangelist’ who was once known as the ‘Bitcoin Jesus’, was responding to Twitter’s decision to suspend the …
Twitter Cancels @Bitcoin Account as its CEO Invests in Competing Lightning Network Finance Magnates “So this is how free speech dies,” wrote Bitcoin Cash enthusiast Roger Ver on Twitter. “With thunderous applause.” Roger Ver, a former Bitcoin 'evangelist' who was once known as the 'Bitcoin Jesus', was responding to Twitter's decision to suspend the ...
Twitter Says Bye-Bye to @Bitcoin CryptoSlate Bitcoin’s rogue Twitter account @Bitcoin has been once again banned, re-igniting the relentless BTC/BCH debate. As of Sunday, April the 8th, the infamously free-spirited Bitcoin handle @Bitcoin has been reprimanded by Twitter, the social media giant …
Twitter Says Bye-Bye to @Bitcoin CryptoSlate Bitcoin's rogue Twitter account @Bitcoin has been once again banned, re-igniting the relentless BTC/BCH debate. As of Sunday, April the 8th, the infamously free-spirited Bitcoin handle @Bitcoin has been reprimanded by Twitter, the social media giant ...
CoinGeek Conference to highlight new Bitcoin Cash products, opportunities CoinGeek (press release) For anyone that is interested in learning more about Bitcoin Cash (BCH) and where it’s heading, the inaugural CoinGeek Conference is the perfect venue. The conference will be held at the Four Seasons Hong Kong on May 18, with a day full of energized …
CoinGeek Conference to highlight new Bitcoin Cash products, opportunities CoinGeek (press release) For anyone that is interested in learning more about Bitcoin Cash (BCH) and where it's heading, the inaugural CoinGeek Conference is the perfect venue. The conference will be held at the Four Seasons Hong Kong on May 18, with a day full of energized ...
Key Highlights Ripple price formed a key bottom near the $0.4588 and moved higher against the US dollar. There is a major bullish trend line forming with support at $0.5000 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may continue to move higher and it could even break the…
Ripple price formed a key bottom near the $0.4588 and moved higher against the US dollar.
There is a major bullish trend line forming with support at $0.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may continue to move higher and it could even break the $0.5200 level in the near term.
Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD is currently above $0.5000 and it looks set to break the $0.5200 level.
Ripple Price Support
After a major decline, there was a strong buying interest above the $0.4500 level in Ripple price against the US Dollar. The price formed a key bottom near the $0.4588 and started an upward move. It broke the $0.4800 and $0.5000 resistance levels to set the pace for more gains. During the upside, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low.
At the moment, the price is trading well above the $0.5000 level and the 100 hourly simple moving average. However, it is struggling to break the 50% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low at $0.5060-80. A break above the $0.5080 could open the doors for a test of $0.5200. If buyers remain in action, there is even a possibility of a break above the $5200 level. The next hurdle above $0.5200 could be the 76.4% Fib retracement level of the last decline from the $0.5538 high to $0.4588 low.
On the downside, there is a major bullish trend line forming with support at $0.5000 on the hourly chart of the XRP/USD pair. Therefore, any dips toward the $0.5000 level remains supported.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Ethereum’s difficulty bomb is set to blow this year, and when it does, it could freeze the Ethereum Blockchain and cause the Ethereum ice age. #ANALYSIS
Ethereum’s difficulty bomb is set to blow this year, and when it does, it could freeze the Ethereum Blockchain and cause the Ethereum ice age. #ANALYSIS
Bitcoin News (press release)Bitcoin in Brief Monday: Twitter Wields the Banhammer – Shuts Down @BitcoinBitcoin News (press release)Ever since the @Bitcoin Twitter account pledged its allegiance to bitcoin cash, some bitcoin core supporters have been he…
Bitcoin in Brief Monday: Twitter Wields the Banhammer – Shuts Down @Bitcoin Bitcoin News (press release) Ever since the @Bitcoin Twitter account pledged its allegiance to bitcoin cash, some bitcoin core supporters have been hellbent on having it shutdown. In particular, the pro-censorship brigade on r/bitcoin have been determined that this BCH mouthpiece ...
The cryptocurrency space is rarely short of drama, but there’s something about Twitter drama in particular that sets tongues wagging and crypto influencers crossing swords. The suspension of the popular @Bitcoin account on Sunday has sparked furious debate. In today’s edition of Bitcoin in Brief, there’s all that plus some ludicrous claims from new blockchains. […]
The cryptocurrency space is rarely short of drama, but there’s something about Twitter drama in particular that sets tongues wagging and crypto influencers crossing swords. The suspension of the popular @Bitcoin account on Sunday has sparked furious debate. In today’s edition of Bitcoin in Brief, there’s all that plus some ludicrous claims from new blockchains.
Ever since the @Bitcoin Twitter account pledged its allegiance to bitcoin cash, some bitcoin core supporters have been hellbent on having it shutdown. In particular, the pro-censorship brigade on r/bitcoin have been determined that this BCH mouthpiece should be censored. When the account was suspended by Twitter on Sunday, crypto figureheads were swift to speak out. Regardless of which brand of bitcoin people support, it’s hard to envisage what the @Bitcoin account could have done to warrant a suspension, since Twitter’s policy doesn’t prohibit promoting competing chains.
If accounts can be locked out on the say-so of enough dissenters, it doesn’t bode well for free speech. Sure, it’s Twitter’s playing field, and they can take the ball away any time they like, but if they’re going to do so without rhyme nor reason, it doesn’t inspire confidence in the platform. In addition, the fact that, amidst the suspension, some random Turkish dude was briefly able to register the @Bitcoin account anew suggests that Twitter has handled this whole thing very badly. At the time of publication, the account has changed avatars twice and is now locked, making it viewable to approved followers only.
Hashgraph Makes a Hash of Things
Jackson Palmer is best known as the creator of dogecoin, but since cutting ties with the meme coin, he’s gone on to perform some of his best work in excoriating dubious crypto projects. On Saturday, he turned his attention to Hashgraph, the subject of his next video review, and after reading their documentation he had a few concerns. For the record, Hashgraph is a much hyped “next generation” blockchain that promises to outperform the ethereums and bitcoins of the world on all fronts. That performance comes with a catch though:
As Jackson pithily puts it, “You can just taste the decentralization”. The entire thread is worth reading for the numerous red flags the doge designer uncovers. All these new blockchains promise high throughput and scalability but are about as decentralized as Visa. Should the shit ever hit the fan and governments try to shut them down, it could be done in the flick of a switch. There’s a reason why bitcoin, for all its slowness, is worth 10x more than any other cryptocurrency. 7 uncensorable tps is worth more than 1,000 censorable tps.
Vitalik Buterin Doesn’t Fear ASICs
Monero may have forked in a bid to stay ahead of Bitmain’s ASIC miners, but it looks like ethereum won’t be following suit. The Antminer E3 has recently launched with the specific intent of targeting ethereum’s algorithm. In a developer meeting on Friday, Vitalik commented: “Getting everybody to upgrade is likely to be fairly chaotic and detract from more important things. So, at this point I personally lean quite significantly towards no action.” Given that ethereum will be switching from PoW to PoS eventually, mining concerns would seem to be minor concerns for the ethereum founder.
Do you think ethereum is right to ignore the threat posed by Bitmain’s ASIC miners? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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Key Highlights ETH price traded higher and broke a major resistance at $385 against the US Dollar. There is a new connecting bullish trend line forming with support at $402 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently correcting lower, but it is likely to find support near $402…
ETH price traded higher and broke a major resistance at $385 against the US Dollar.
There is a new connecting bullish trend line forming with support at $402 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently correcting lower, but it is likely to find support near $402 and $400.
Ethereum price is placed nicely against the US Dollar and Bitcoin. ETH/USD may continue to move higher as long as it is above the $400 level.
Ethereum Price Support
There was a decent buy zone formed near the $370 zone in ETH price against the US Dollar. The price started an upside move and traded above the $385 and $390 resistance levels. There was also a break above the $400 level, which cleared the path for more gains. It is now placed nicely above the $400 support and the 100 hourly simple moving average.
The last upside wave positive and the price even traded above the $422 level. A high was formed at $423.83 before the price started a downside correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $384 low to $423 high. However, there are many supports on the downside above the $400 level. There is also a new connecting bullish trend line forming with support at $402 on the hourly chart of ETH/USD. The same trend line is close to the 50% Fib retracement level of the last wave from the $384 low to $423 high.
Therefore, any dips close to the $400 level remains supported. On the upside, the price has to gain momentum above the $422-423 zone. Above $423, the price could trade towards the $440 level in the near term.
Hourly MACD – The MACD is now moving nicely in the bullish zone.
Hourly RSI – The RSI is well above the 50 level with positive signs.
Bitcoin Price Key Highlights Bitcoin price is holding its ground as it makes another attempt to test the double bottom neckline. Price has also surged past the descending trend line connecting the latest highs to signal that bulls have the upper hand. Technical indicators, however, still suggest a potential return in bearish pressure. Bitcoin price…
Bitcoin price is holding its ground as it makes another attempt to test the double bottom neckline.
Price has also surged past the descending trend line connecting the latest highs to signal that bulls have the upper hand.
Technical indicators, however, still suggest a potential return in bearish pressure.
Bitcoin price is showing more factors favoring the bulls, and a test of the reversal pattern’s neckline seems imminent.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the downtrend is more likely to resume than to reverse.
However, bitcoin price has also broken past the moving averages’ dynamic inflection points to reflect a pickup in bullish momentum. It has also moved past a short-term descending trend line to indicate that buyers are in control.
From here, bitcoin price could make its way up to the double bottom neckline at the $7500 mark to possibly push for a stronger climb. A break past this resistance could mean a climb of the same height as the chart formation, which spans $6500 to $7500.
Stochastic is on the move up to signal the presence of bullish pressure, but the oscillator is approaching overbought levels to hint at potential exhaustion as well. If resistance holds, another bottom at $6500 could be formed.
Market Factors
Dollar weakness came in play towards the end of the previous week as risk-taking stayed supported while weak NFP data dampened tightening hopes.
Besides, a change in tone from renowned trader George Soros regarding bitcoin also propped the industry higher. Soros Fund Management recently announced that the enterprise had received permission to begin trading cryptocurrencies within the next few months.
To top it off, the venture capital firm Venrock has partnered with Brooklyn-based cryptocurrency firm Coinfund, also marking a significant step forward and points for approval for cryptocurrencies in general.
Key Points Bitcoin cash price traded higher and it recently broke the $655 resistance against the US Dollar. There is a key bullish trend line forming with support at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair may continue to move higher and it could even break the…
Bitcoin cash price traded higher and it recently broke the $655 resistance against the US Dollar.
There is a key bullish trend line forming with support at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair may continue to move higher and it could even break the $700 barrier in the near term.
Bitcoin cash price is showing positive signs above $650 against the US Dollar. BCH/USD might accelerate higher above the $700 level soon.
Bitcoin Cash Price Trend
There was a decent support base formed around the $600 level in bitcoin cash price against the US Dollar. The price started an upside move and traded above the $620 and $640 resistance levels. The best part was a break above the $650 resistance, which opened the doors for more gains. Moreover, there was a close above the $650 level and the 100 hourly simple moving average.
Most importantly, the price is now above the 50% Fib retracement level of the last drop from the $724 high to $600 low. At the moment, the price is trading near $675 and it may continue to move higher. On the downside, there is a key bullish trend line forming with support at $660 on the hourly chart of the BCH/USD pair. However, the most important support is now at $650, which was a resistance earlier. Moreover, the $630 level and the 100 hourly SMA are also crucial supports.
On the upside, the price has to break the 61.8% Fib retracement level of the last drop from the $724 high to $600 low. Above $680, the price may even break the $700 level for more gains in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is about to reach the overbought levels.