Day: April 15, 2018

The Brazilian market has lately been experiencing exponential growth in the cryptocurrency space with a steady increase in the purchase of virtual currencies. By the end of 2017, 1.4 million Brazilians engaged in either the purchase or sale of cryptocurrencies. Many of the Brazilian crypto-exchanges have recorded daily enrollment of new users steadily increasing from an average of 500 new users per day to numbers as high as 5000 a day. As a matter of fact, there are more investors buying virtual currencies today than there are in the stock market.

Effective Cutting-Edge Service with Greater Diversity of Currencies.

Despite this, the services provided by the primary Brazilian exchanges are deficient, and they are receiving countless basic complaints by users. The most frequent user complaints include lack of approval of new registrations, a delay in deposit approval, limited coin diversity, high rates in comparison to international offerings, and delays in withdrawal requests.

Having identified these problems, a team of developers set out to develop a platform designed to efficiently adjust to markets demand without compromising the primary user experience. CriptoHub identified an opening in the Brazilian market for a well-structured exchange that can solve the aforementioned issues by providing a more effective, cutting-edge service with a greater diversity of currencies and uncomplicated withdrawals.

Increased Agility When It Comes To User Withdrawals.

With a population of over two hundred million people in Brazil, the scope for CriptoHub’s potential growth is huge. Currency is traded daily, averaging 75 million dollars in Bitcoins. It is estimated that the three largest Brazilian exchanges are handling transactions worth more than 500 bitcoins a day. Keep in mind that this number does not give consideration to transactions carried out through other coins.

Currently, the largest Brazilian exchange has recorded over one million registered users, with its closest competitor cutting it close with well over five hundred thousand users. CriptoHub plans to attract more than 1.5 million users. To reach these numbers, it will utilize the key differentiators they have compared to already existing crypto-exchanges. Based on the technical and practical findings, the CriptoHub team established that the current services provided by exchanges are flawed and require changes in order to supply greater scalability, more current technology, and increased agility when it comes to user withdrawals.

The Lowest Rates in the Entire Brazilian Market.

CriptoHub, the platform itself, has been designed already embedded with essential tools for the development of an exchange that is capable of meeting the needs of various users, while providing utmost trust in the platform’s performance and scalability as desired, with globally set standards.

The exchange platform uses industry-leading technologies, with features that no other exchange in the Brazilian market possesses. The exchange, still in development, is expected to go live just one month after the close of its ICO, offering users a chance to test the best technologies and world-class security on their preferred virtual currencies. CriptoHub users will also benefit from the lowest rates in the entire Brazilian market, where it’s typical of brokers to charge a 1.00% on transactions, CriptoHub will enter the market with the lowest rate ever, at just 0.70% for Brazilian users. That’s not all. Using the platform’s own utility token, users will benefit from a major discount program on trades. Depending on the number of coins each token holder holds, they could gain up to 90% in discounts on each trade they make on the platform.

Additionally, CriptoHub users will be able to apply for a prepaid credit card. Using the balance provided with their cryptocoins users can operate the prepaid credit card normally as they would with fiat currency in traditional commercial establishments in Brazil. This means that users will have liquidity for their crypto-assets and will be able to purchase items using cryptocoins effortlessly.

Tokens Are Available for Purchase.

Coupled with the desire to revolutionize the Brazilian market, CriptoHub has sought to reflect upon other already-successful experiences in international exchanges which through successful ICOs have launched into the market great products and secured their space in a short span of time. ICOs such as Binance and Kucoin have produced great results for investors and CriptoHub is working to replicate the same level of success.

Binance, for example, became the fastest unicorn startup in history. In a span of seven months, Binance has grown to become the largest exchange in the world and is recording transactions of approximately US$2 billion, daily. The firm is currently valued at US$2 billion. On the other hand, Kucoin with its user base of over 2 million, has witnessed a growth in its ICO value with an increase of 100 times since its launch, thereby making it the tenth largest exchange in the world today. Similarly, CriptoHub has set its goal to secure a place as one of the top 3 exchanges in the country within 6 months and eventually climb up to the No.1 position in under a year.

The CriptoHub Coin (CHBR) will be created with Ethereum ERC20 technology to provide scalability and security to users. The ICO pre-sale started 10th April and ends 25th April 2018. The tokens are available for purchase in ETH or any other cryptocurrencies, for the cost of 0.0005 ETH for 1 CHRB token. CriptoHub is making 55,000,000 of the total 100,000,000 tokens available to the crowdsale participants. The hard cap is set at $10,000,000.

The post CriptoHub and Its Plan to Become Brazil’s Largest Crypto-Exchange in under a Year appeared first on NewsBTC.

Key Highlights

• Ripple price gained traction recently and moved towards the $0.7000 level against the US dollar.
• The XRP/USD pair is currently trading below a short-term bullish trend line with support at $0.6800 on the hourly chart (data source from Kraken).
• The pair may decline in the short term, but it remains supported above the $0.6200 level.

Ripple price moved back in a bullish zone recently against the US Dollar and Bitcoin. XRP/USD could correct lower but downsides are likely to be limited below $0.6000.

Ripple Price Support

There was a fresh upside wave initiated above the $0.6000 level in Ripple price against the US Dollar. The price traded higher and broke a few important resistances such as $0.6500 and $0.6600. It traded close to the $0.7000 level before it faced sellers. A high was formed at $0.6993 before the price started a downside correction. It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.6238 low to $0.6993 high.

Moreover, the XRP/USD pair is currently trading below a short-term bullish trend line with support at $0.6800 on the hourly chart. However, there are many supports on the downside around the $0.6200 level. An initial support is near the 50% Fib retracement level of the last wave from the $0.6238 low to $0.6993 high at $0.6610. However, the most important support is above the $0.6200 level and the 100 hourly simple moving average. It won’t be easy for sellers to break the $0.6200 pivot level.

Looking at the chart, the pair may correct further in the short term towards $0.6200 before it climbs up again. On the upside, the price is facing resistances near the $0.6800 and $0.7000 levels. Above $0.7000, the price will most likely test the $0.7500 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Level – $0.6200

Major Resistance Level – $0.7000

The post Ripple Price Technical Analysis – XRP/USD Downsides Remain Limited appeared first on NewsBTC.

An Australian tech firm, IOT Group, has partnered with energy provider Hunter Energy to recommission a power station in a bid to become “the first in Australia to offer pre-grid cost effective power prices to blockchain operators”.

The Redbank power station near Singleton, rated at 150 megawatts, was closed in 2014 due to bankrupted owners unable to pay an accrued debt of USD 192 million. Hunter Energy claims to have “reached an agreement to acquire the existing Redbank Power station currently in care and maintenance mode”.

The re-commissioning could see the station become the “new Silicon Valley” in Australia. They plan to offer up space on the site to host data centers with direct access to power. Bypassing the grid will mean clients will be able to purchase wholesale electricity tariff’s straight from the power station.

Companies looking to implement blockchain solutions have been discouraged from Australia due to more expensive power tariffs. Cheap electric within a country open to crypto and innovation will be more than enough to entice new blockchain business. The aim would be to recommission the Redbank station by 2019.

Problems with coal and possible solutions

Blockchain technology has a very high energy demand. To uphold the principles of enhanced security and irrefutable data, a network of nodes and miners consisting of many computers are used to verify and record transactions in a block. As per Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin’s current estimated energy consumption is already at 60.51 TWh. That’s more consumption than what is recorded by 159 countries. 

A good coal power station creates on average around 900 kg of CO₂ per megawatt-hour. Redbank previously was reported at 1,000 kg CO₂ per megawatt-hour. This is why countries like China are bringing in legislation to reduce large-scale cryptocurrency mining as cities like Beijing are suffering from heavy pollution from coal-powered stations.

Hunter Energy says “they are exploring battery and solar on the site as part of the transitional energy change”. The project is funding the renovation and future development of an unused power station as well as a possible renewable change over. Coal power stations can be adapted to burn rubbish or waste, further adding to the ability to produce cheap electricity.

This may not be as green as the hydro-electric mining in Sweden and Norway but could be the steps prior to a better solution. The development of this project will bring blockchain business into Australia as well bring money and work to the area.

The post Dedicated Power Plant for Australia’s New Blockchain “Silicon Valley” appeared first on BitcoinNews.com.

The ways governments tax cryptocurrency users may be unjust and due for reform, but simply ignoring the law for this reason is a dicey proposition. 

Bitcoin Price Key Highlights

• Bitcoin price has recently surged past the resistance around $7400 but might be due for a pullback.
• Applying the Fibonacci retracement tool on the latest swing low and high shows the potential correction areas.
• Technical indicators are suggesting that the uptrend could carry on from here.

Bitcoin price made a strong rally last week and more buyers could be waiting to join in on a pullback.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the climb is more likely to resume than to reverse. The gap between the moving averages is widening to reflect strengthening bullish pressure.

The 100 SMA is slightly above the 38.2% Fibonacci retracement level to add an extra support zone. The 200 SMA is closer to the 61.8% Fib and former resistance zone, making it the line in the sand for a correction. A break below the $7000-7200 region could signal that bears are getting stronger again.

Stochastic is on the move down to show that buyers are taking a break and allowing sellers to take over from here. RSI is also turning lower but nearing oversold levels to suggest that bullish pressure could return soon and push bitcoin price up to the swing high and beyond.

Market Factors

Bitcoin price has undone its drop that is seen to be spurred by the looming tax filing deadline on April 17. Traders are anticipating more gains for the cryptocurrency after the deadline passes as investors reopen their positions. Besides, Q2 ha been historically positive for bitcoin price, so it won’t be surprising if investors pile on their bets before the end of the period.

Analysts are also picking up on the rebound in bitcoin volumes, despite the recent bans in India and Pakistan. Regulatory jitters are still in play but this seems to be outweighed by the news that big hedge funds are preparing to invest more in the space.

The post Bitcoin Price Technical Analysis for 04/16/2018 – More Buyers Waiting for a Pullback? appeared first on NewsBTC.

Key Highlights

• ETH price remained well supported and it recently traded towards the $540 level against the US Dollar.
• There is a key bullish trend line forming with support at $510 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is currently correcting lower, with supports on the downside near the $510, $500 and $490 levels.

Ethereum price is positioned nicely against the US Dollar and Bitcoin. ETH/USD may correct lower, but it remains in an uptrend above the $490 support level.

Ethereum Price Support

The past few sessions were positive for ETH price above the $500 level against the US Dollar. The price extended gains and traded above the last swing high of $533. However, the move was contained and the price traded as high as $537.81. Later, a downside correction initiated and the price declined below $530. It also traded below the 23.6% Fib retracement level of the last leg from the $481 low to $537 high.

However, the downside move remains limited since there are many supports near $500. There is also a key bullish trend line forming with support at $510 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last leg from the $481 low to $537 high is also near $509. Therefore, a break below $509-510 won’t be easy. If sellers succeed in pushing the price below $509, it could trade back towards the $500 level. The next major support is close to the $490 level and the 100 hourly simple moving average.

Looking at the chart, the current price action is positive above $490. However, the price must gain traction above the $535-540 resistance zone for more gains. Above $540 resistance, the chances are high of an upside break above the $550 level.

Hourly MACD – The MACD is currently in the bearish zone.

Hourly RSI – The RSI has moved down sharply below the 50 level.

Major Support Level – $490

Major Resistance Level – $540

The post Ethereum Price Technical Analysis – ETH/USD Remains in Uptrend appeared first on NewsBTC.

FOMO Moments

A green start to the week is a good sign in crypto land. Weekends usually spell a selloff but positive buying pressure has been maintained this morning in Asia and crypto markets have remained well above $300 billion. Bitcoin has made gains above the key $8,000 level and is currently trading just over a percent higher on the day at $8,150. Nearly all of the altcoins are in the green this morning and one leading the charge at the moment is Nem.

Coinmarketcap is reporting a 15% increase in XEM over the past 24 hours. Currently trading at $0.35 Nem has risen from $0.30 this time yesterday and has posted the largest gain among the top 25 cryptocurrencies. Weekly gains have also been strong as this altcoin has climbed 52% from $0.23 this time last Monday. Over the past month it has regained all losses and is trading at the same level once again. Compared to Bitcoin Nem is up around 14% to 4350 satoshis from 3800 sats the same time yesterday. Since last Monday it is up almost 30% from 3375 satoshis at the beginning of last week.

The Nem developer team has been very active with a number of well publicized meetings and conferences across the globe in recent weeks. The altcoin seems to be recovering from the Coincheck hack which resulted in the theft of over $500 million in XEM tokens. The exchange has reimbursed most of the losses back to its customers. Nem had a tough month in March, losing around 43% of its value in that month alone. It seems to be on the way to recovery now as crypto markets rebound a little.

The majority of Nem trade has been carried out in Japan in the past 24 hours with Zaif exchange taking almost 40% of the total volume in JPY. South Korea’s Upbit has second share with 24% in KRW. Total volume is around $100 million and Nem has a market cap of $3.2 billion which ranks it at 11^th place.

Total crypto market capitalization has increased 2.5% over the past 24 hours and currently stands at $329 billion. However, this rally still has a long way to go before it can be considered a true reversal. Other altcoins with solid gains during the morning’s Asian trading session include Cardano, Stellar Lumens, Bitcoin Gold, and Bytecoin.

More on Nem can be found here: http://nem.io/

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

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

Key Points

• Bitcoin cash price extended gains and tested the $800 resistance area against the US Dollar.
• There is a major contracting triangle forming with support near $775 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair may correct a few points in the near term, but it remains supported above $740.

Bitcoin cash price is placed nicely in a bullish trend above $740 against the US Dollar. BCH/USD must clear the $800 hurdle for more gains in the near term.

Bitcoin Cash Price Support

There was a decent upside move in bitcoin cash price above the $780 level against the US Dollar. The price surpassed the last swing high and tested the $800 resistance area. However, the price failed to surpass the mentioned $800 resistance, and there was a slight bearish reaction. A short-term top was formed near the $799.9 level before the price started a downside correction.

It traded below the 23.6% Fib retracement level of the last upside wave from the $720 low to $799 high. At the moment, sellers are attempting a close below a major contracting triangle forming with support near the $775 on the hourly chart of the BCH/USD pair. A successful close below the mentioned $775 level could push the price towards the next support near $750. The 61.8% Fib retracement level of the last upside wave from the $720 low to $799 high is also around $750.

Looking at the chart above, a major support is near the $740 level and the 100 hourly simple moving average. Therefore, as long as the price is above $740, it remains supported for a break above $800. On the upside, resistances on the way up are $780, $800 and $820.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD moved down sharply towards the 40 level.

Major Support Level – $740

Major Resistance Level – $800

The post Bitcoin Cash Price Technical Analysis – Can BCH/USD Break $800? appeared first on NewsBTC.

HODLers may be getting a bad rap, but they’re still following the best, most tested investment strategy for market, argues Overstock’s COO.

The Bitcoin whitepaper was first released towards the end of 2008 when its creator sent it to a number of recipients on a cryptography mailing list. Curiously, its creator assumed a fake identity under the pseudonym Satoshi Nakamoto that has persisted ever since. 

Bitcoin case study: Aniket Patel is an Indian teenager and cryptocurrency investor who is still working on his school exams. Despite this, Patel spends more time checking the Reserve Bank of India’s (RBI) website than scouting for exam results.

This is because Patel considers himself a long term “HODL’er” who is not looking for quick cash, but instead hoping to grow his investments. Despite the fact that Patel’s holdings are now almost twice his initial investment, he is in it for the long haul, he says, and isn’t looking to get out anytime soon.

RBI Crackdown

Since the RBI’s crack down on digital currency exchanges earlier this month, Patel has been visiting the bank’s website regularly to check for further directions from the regulator in the hope that its order will be reversed or eased.

“I do not use any local exchanges to conduct my transactions anyway, so I am not affected by the ban but I do have some holdings in my father’s account on a local exchange and those we will move to a private wallet within three months. But there is no point selling since we have held these for long and the market is right now at a loss.”

Patel is among the many millions of digital currency investors who have been directly affected by the central bank’s order, announced on April 5th, which stated that the RBI was barring banks and financial institutions from dealing in digital currencies. Per the order, RBI has given consumers three months to wind up business interactions related to cryptocurrencies.

As might be expected, while digital currency exchanges in India are keeping quiet, traders (like Patel) on these exchanges are unwilling to liquidate their holdings just yet as they wait for the market to move up again.

Moving Forward

In a perhaps unintended consequence of the RBI’s orders, the bank’s directive proved opportune for a lot of traders who used the dip in Bitcoin’s price to their advantage by buying more and holding it in their private wallets (rather than with local exchanges) — with hopes of making future gains when the market improves.

“There will be a rise in cash-out centres where people can exchange their bitcoin, and companies will probably now move to crypto-friendly countries such as Singapore,”

said Raj Chowdhury, managing director of HashCash Consultants, a firm involved in digital currency and blockchain-based remittances.

Chowdhury said the order was not well thought out since Bitcoin is a decentralized cryptocurrency that can not be banned by any government since it is present and accessible on severs across the globe.

“The move will stifle innovation in the country and companies will look to move to greener pastures. The government will also move on crucial tax money that they could have earned by regulating the market,”

Chowdhury added.

Image from Shutterstock

The post Indian Crypto Traders Seeking Alternatives Following RBI Crackdown appeared first on NewsBTC.

New patent filings from Mastercard explore a blockchain-based identity data storage system.