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The most valuable banknote in circulation is worth about as much as a bitcoin – Quartz

QuartzThe most valuable banknote in circulation is worth about as much as a bitcoinQuartzAccording to its most feverish supporters, bitcoin will eventually replace traditional legal tender like the dollar. Tim Draper, the crypto millionaire and venture…


Quartz

The most valuable banknote in circulation is worth about as much as a bitcoin
Quartz
According to its most feverish supporters, bitcoin will eventually replace traditional legal tender like the dollar. Tim Draper, the crypto millionaire and venture capitalist, told Forbes that fiat currency usage will be a laughable anachronism in five ...

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Korea’s Supreme Court Says Cryptocurrency Has Economic Value, Proper Asset

A ruling by the South Korean Supreme court about the value of cryptocurrency may be the backdoor to unraveling the regulatory boondoggle over custody. Porn Provider has Bitcoin Seized The case concerns a pornographer arrested on charges of violating the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The charges which

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A ruling by the South Korean Supreme court about the value of cryptocurrency may be the backdoor to unraveling the regulatory boondoggle over custody.

Porn Provider has Bitcoin Seized

The case concerns a pornographer arrested on charges of violating the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The charges which go back as far as 2013 claim that the man identified only as Ahn had distributed 235,000 obscene pictures online and made 1.9 billion won from viewers of the site. During his arrest, 216 Bitcoin stored in a digital wallet was seized which the prosecution described as assets that were earned illegally.

Initially, a lower court ruled against the seizure stating “bitcoins only existed electronically and had no physical form.” according to Yahoo finance. The prosecutor appealed the case to a higher court which “ruled in the prosecution’s favor, saying the cyber assets could be seen as profit earned from the trade in goods.”

The Supreme Court upheld the ruling and added that the decision “will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.” The Supreme courts decision may be obvious in a couple of ways but it may also be the tipping point for solving regulatory questions government agencies all over the world have been struggling with.

Case may Open Backdoor to Custody

Cryptocurrency is “an asset with economic value”, there is no disputing that. From luxury real estate agents who focus on brokering deals in crypto to strippers in Las Vegas with QR codes tattooed on their buttocks enabling them to take tips in Bitcoin; those of us who live in the everyday world know that cryptocurrency equals wealth. As one commentator wrote on Yahoo, “Next on the court’s agenda: Does a triangle have 3 sides?”

Also obvious though is the motivation for the ruling. This was a criminal case that resulted in the seizure of 191 Bitcoins (where did the other 25 disappear to?) which at today’s price are equal to over $1.4 million. Money that now rests in the South Korean government’s coffers. Now that the precedent has been set it should be no surprise that cybercriminals in many forms are sought out with fresh vigor.

What is less obvious and possibly unintended in this decision is if this official declaration that cryptocurrency is an “asset with economic value” may be used to settle the debate that the Korean Supervisory Service, the US Securities Exchange Commision, the UK’s Financial Conduct Authority and regulatory bodies all over the world have been having over the nature of digital coins; i.e. what is it?

 

 

 

 

 

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Ripple Price Analysis: XRP/USD’s Downsides Remain Supported

Key Highlights Ripple price remained in the positive zone above the $0.6000 and $0.6100 support levels against the US dollar. There is a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might correct a few points in the near

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Key Highlights

  • Ripple price remained in the positive zone above the $0.6000 and $0.6100 support levels against the US dollar.
  • There is a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might correct a few points in the near term before retesting the $0.6250 resistance.

Ripple price is placed nicely in a bullish zone against the US Dollar and Bitcoin. XRP/USD has to move past the $0.6250 barrier for more gains in the near term.

Ripple Price Trend

There was a decent price action forming above $0.6000 in Ripple price faced against the US Dollar. The price retested the $0.6200-$0.6250 resistance zone yesterday. However, there was no upside break above $0.6250 and the price topped near $0.6201. It corrected lower and traded below the $0.6150 level. It also declined below the 23.6% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low.

On the downside, there are many supports above the $0.6000 level. There is also a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair. Below the trend line, the 50% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low is positioned near $0.6008 to prevent losses. Further below $0.6000, the next major buy zone is near $0.5850. As long as the price is above the $0.6000 and $0.5850 support levels, it remains in an uptrend.

Ripple Price Analysis XRP USD

Looking at the chart, the price remains well supported above the $0.5850 level. There could a few downside corrections in the near term, but $0.6000 and $0.5850 are likely to hold losses. On the upside, the price has to move above $0.6250 to accelerate gains towards $0.6600.

Looking at the technical indicators:

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

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

Major Support Level – $0.5850

Major Resistance Level – $0.6250

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ASUS Introduces 20 GPU Motherboards for Cryptocurrency Mining, Targeting Miners

On Wednesday, The Verge reported that ASUS had announced one of its craziest creations yet. This being an updated version of the ASUS Mining Master motherboard which now supports up to 20 graphics cards. Mining Innovation: 20-GPU Supported Motherboard In normal cases, it would be an impossibility to fit 20 graphics cards all onto one

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On Wednesday, The Verge reported that ASUS had announced one of its craziest creations yet. This being an updated version of the ASUS Mining Master motherboard which now supports up to 20 graphics cards.

Mining Innovation: 20-GPU Supported Motherboard

In normal cases, it would be an impossibility to fit 20 graphics cards all onto one motherboard. However, ASUS has provided an innovative fix for this issue, allowing for PCI-E connections through USB cords. As alluded to by the name of the motherboard, H370 Mining Master, this new piece of computer hardware is focused on larger-scale cryptocurrency miners who seek a higher level of mining efficiency.

The announcement of this motherboard came after last year’s release of the 19-GPU B250 Mining Master, which was a precursor to the now updated board. In ASUS’ press release, the computer hardware giant stated:

ASUS B250 Mining Expert made ambitious cryptocurrency hobbyist farms more accessible and industrial-scale operations more efficient. It was hugely successful, with a sales volume that far exceeded expectations.

Seeing that the previous iteration of the board did well, it makes sense that ASUS would try to attract even more customers through an updated model.

In the aforementioned press release, ASUS also noted:

With the concept proven in practice and more insight gained on what miners need, we redefined the formula for a second generation.

The H370 MM board will allow for users to connect their board to three power supplies simultaneously, to help run 20 GPUs running at full throttle while mining.

To help support miners running rigs using this board, ASUS has created a feature called “GPU State Detection” which will allow for the system to automatically check for the status of graphics cards plugged into the rig. This innovative system will allow for users running large amounts of GPUs to save time in maintenance scenarios by making issues easier to identify and diagnose.

The Current Mining Climate

Despite this promising release, some critics have begun to doubt the GPU mining market, as new ASIC releases by BitMain have threatened the stability of the current cryptocurrency mining climate. Many members of the cryptocurrency community believe that ASICs promote centralization, directly going against the decentralized nature of many cryptocurrencies.

These new Bitmain ASICs, which run on the Equihash and EthHash POW algorithms, have threatened popular cryptocurrencies, Ethereum and ZCash.

ZCash and Ethereum have long been the most popular GPU mineable coins, with many consumer and industrial miners turning to these cryptocurrencies as their main choice. But the two communities surrounding these cryptocurrencies are still debating whether it will be worthwhile to take countermeasures against ASIC miners.

Even if GPU-mineable coins decide to fork away from ASIC miners, there is no guarantee that normal consumers will be able to obtain 20 GPUs to populate their H370 board. Last year’s cryptocurrency run-up saw GPUs being quickly bought up, as miners tried their best to capitalize on the exponential increase of cryptocurrency price. But even though 2018 is almost halfway over, not much has changed for the availability of graphics cards.

ASUS still has not released the price for this powerful piece of mining hardware, but many expect this board to fall somewhere in the $300 range, as last year’s mining board ran for $250.

If you want to go see it in action for yourself, go visit ASUS at Computex 2018 in Taipei for a look at a demo rig running the motherboard. But if you can’t make it to Computex, you can expect for the motherboard to ship in the latter half of this year, with ASUS confirming that it will be available for North American cryptocurrency miners in Q3.

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India Rejects Venezuelan Crypto Despite 30% Discount

India Rejects Venezuelan Crypto Despite 30% DiscountThe government of India has formally rejected Venezuela’s state-backed cryptocurrency, the petro, despite an attempt to entice India with a 30% discount. Dependent on the Latin American country’s oil, a steady, uninterrupted supply is key to growing one of the world’s most populous nations. Venezuela is in the midst of dramatically bad economic fortune compounded […]

The post India Rejects Venezuelan Crypto Despite 30% Discount appeared first on Bitcoin News.

India Rejects Venezuelan Crypto Despite 30% Discount

The government of India has formally rejected Venezuela’s state-backed cryptocurrency, the petro, despite an attempt to entice India with a 30% discount. Dependent on the Latin American country’s oil, a steady, uninterrupted supply is key to growing one of the world’s most populous nations. Venezuela is in the midst of dramatically bad economic fortune compounded by US sanctions, forcing its government to devise ever-more creative ways to stay afloat.

Also read: Philippines’ Crypto Wallet Reaches 5 Million Users, Adds More Coins

India to Venezuela, ‘Gracias, No Gracias’

Indian foreign minister Sushma Swaraj explained, “We cannot have any trade in cryptocurrency as it is banned by the Reserve Bank of India. We will see which medium we can use for trade.” She was speaking during a conference designed to highlight ties between her country, Venezuela, and Iran.

India Rejects Venezuelan Crypto Despite 30% Discount
Sushma Swaraj

Both countries courting India are the focus of US economic ire and tightening sanctions. Iran also supplies India oil, and it too has been the subject of more bellicose attitudes from the current American administration. Rumors have long swirled regarding the Islamic Republic flirting with its own version of a state-backed crypto. So far, only Venezuela has officially rolled out a currency specifically designed to thwart sanctions, the petro.

Back in late April of this year, the president of Venezuela Nicolas Maduro proposed a two pronged strategy to keep oil flowing for the more than a billion persons of the subcontinent, while at the same time increasing adoption of the petro. Essentially, should India make payment in petros Mr. Maduro promised substantial price discounts of up to 30%. It wasn’t as long a shot as imagined: Iran and India agreed to forgo using US dollars in future oil trade.

India’s Central Bank Clamps Down on Crypto

India has its own tepid relationship with cryptocurrency, as its central bank has moved hard against adoption, employing legal measures and law enforcement to combat domestic interest. Its central bank just a month ago banned all institutions under regulatory purview from dealing in cryptocurrency, insisting they must prohibit its use and purchase.

India Rejects Venezuelan Crypto Despite 30% Discount

Banks too may not even settle in decentralized money. The government has used recurring themes of terrorism and crime to go so far as to remove popular lower level fiat denominations from circulation. Due to such cockeyed intervention and the resultant instability, cryptocurrency has gained in popularity in the country.

On the broader strategy of shunning countries such as Iran and Venezuela due to US reprisal fears, “We don’t make our foreign policy under pressure from other countries,” Ms. Swaraj stressed. “India follows only UN sanctions, and not unilateral sanctions by any country.”

Do you think India is right to steer clear of the petro? Let us know in the comments. 


Images via the Pixabay, Twitter.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com

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Ethereum Price Analysis: ETH/USD Holding Key Support

Key Highlights ETH price is struggling to break the $585-587 resistance area against the US Dollar. Yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $565 support and the 100 hourly simple moving average to avoid

The post Ethereum Price Analysis: ETH/USD Holding Key Support appeared first on NewsBTC.

Key Highlights

  • ETH price is struggling to break the $585-587 resistance area against the US Dollar.
  • Yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $565 support and the 100 hourly simple moving average to avoid a downside reaction.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD should not break the 100 hourly SMA to stay in a bullish zone.

Ethereum Price Support

There was a slight upside push above the $575 resistance in ETH price against the US Dollar. However, buyers failed to retain momentum above the $585 and $587 resistances levels. A short-term high was formed at $586.31 and later the price started a downside correction. It declined and moved below the $580 support level. Moreover, there was a push below the 23.6% Fib retracement level of the last wave from the $540 low to $586 high.

However, the decline was protected by the $570 support. More importantly, yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD. The 38.2% Fib retracement level of the last wave from the $540 low to $586 high is also acting as a major support. Lastly, the 100 hourly simple moving average is also positioned near the $565 level. Therefore, the $565 support holds a lot of importance. A break below $565 may open the doors for a larger downside correction in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, the current price action is positive as long as ETH is above $565 and the 100 hourly SMA. On the upside, buyers must clear the $585-586 hurdle for more gains. Above $586, the price may retest the $600 handle.

Hourly MACD – The MACD is slightly place in the bearish zone.

Hourly RSI – The RSI is moving lower and is currently near the 50 level.

Major Support Level – $565

Major Resistance Level – $586

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Bitcoin Cash Price Analysis: BCH/USD Facing Crucial Resistance

Key Points Bitcoin cash price continues to struggle to break the $1,040 resistance against the US Dollar. There is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair has to move above the $1,020 and $1,040 resistance levels to gain

The post Bitcoin Cash Price Analysis: BCH/USD Facing Crucial Resistance appeared first on NewsBTC.

Key Points

  • Bitcoin cash price continues to struggle to break the $1,040 resistance against the US Dollar.
  • There is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $1,020 and $1,040 resistance levels to gain further in the near term.

Bitcoin cash price is consolidating below $1,040 against the US Dollar. BCH/USD must gather momentum above $1,040 to accelerate gains.

Bitcoin Cash Price Resistance

During the past few sessions, there were mostly ranging moves below $1,040 in bitcoin cash price against the US Dollar. The price tested the $1,030 level recently, but it failed to move past the stated resistance. As a result, there was a slight downside reaction and the price moved towards the $980 level. During the decline, it broke the 38.2% Fib retracement level of the last leg from the $945 low to $1,033 high.

However, the decline was limited as buyers appeared around the $980 support area. Moreover, the 50% Fib retracement level of the last leg from the $945 low to $1,033 high also acted as a support. At the moment, the price is trading nicely above the $980 level. Below this, the next major support is at $950 and the 100 hourly simple moving average. On the upside, there is a major bearish trend line forming with resistance near $1,020 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is facing a monster barrier near the $1,020 and $1,040 resistance levels. A break and close above $1,040 is needed for buyers to take control. Above $1,040, the next stop for buyers could be around the $1,100 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving higher towards the 55 level.

Major Support Level – $950

Major Resistance Level – $1,040

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Bitcoin (BTC) Price Watch: Is That a Reversal Formation?

Bitcoin Price Key Highlights Bitcoin price could be due for a reversal as an inverse head and shoulders can be seen on the 1-hour chart. Price has yet to break past the neckline to confirm that an uptrend is in the cards. Technical indicators are showing signs of a return in bullish momentum. Bitcoin could

The post Bitcoin (BTC) Price Watch: Is That a Reversal Formation? appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price could be due for a reversal as an inverse head and shoulders can be seen on the 1-hour chart.
  • Price has yet to break past the neckline to confirm that an uptrend is in the cards.
  • Technical indicators are showing signs of a return in bullish momentum.

Bitcoin could finally be done with its slide as it forms an inverse head and shoulders reversal pattern on the 1-hour chart.

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 suggests that the selloff is still more likely to resume than to reverse.

However, the gap between the moving averages has narrowed enough to signal an imminent bullish crossover. Bitcoin price is also trading above these moving averages as an early signal of bullish momentum. From here, the 100 SMA and 200 SMA could hold as dynamic support.

RSI is pointing up without even hitting oversold levels, suggesting that buyers are eager to return. Stochastic is also turning higher so bitcoin price might follow suit if this keeps up. A break past the neckline around $7,600 could lead to a climb of the same height as the reversal pattern.

BTCUSD Chart from TradingView

Market Factors

Bitcoin has battled with its fair share of positive and negative commentary over the past few days, but it looks like the cryptocurrency could regain ground. A bit of month-end profit-taking may have also been factored in.

The US dollar is on weaker footing owing the resurfacing trade war fears, with the government imposing higher tariffs on steel and aluminum imports from Mexico, Canada, and the European Union. This has prompted retaliatory measures from its trade allies, which might then dampen global trade activity and growth.

A fresh month could bring a new round of catalysts from the industry and investors appear to be looking a bit more optimistic so far. Looking ahead, the NFP report could still influence dollar price action before the weekend starts.

The post Bitcoin (BTC) Price Watch: Is That a Reversal Formation? appeared first on NewsBTC.

Bitcoin Ownership: Your Private Keys to Financial Sovereignty – Bitcoin News (press release)

Bitcoin News (press release)Bitcoin Ownership: Your Private Keys to Financial SovereigntyBitcoin News (press release)Every day someone new is learning about the fantastic benefits of bitcoin and cryptocurrency solutions. Many people will have acquired …


Bitcoin News (press release)

Bitcoin Ownership: Your Private Keys to Financial Sovereignty
Bitcoin News (press release)
Every day someone new is learning about the fantastic benefits of bitcoin and cryptocurrency solutions. Many people will have acquired their first digital asset from an exchange like Coinbase or Circle Invest, but have yet to learn how to secure their ...

Ethereum Classic Price Analysis – Bearing up

Hardforks, Airdrops, and bold new technology – Ethereum Classic continues to differentiate itself from its megastar sibling 

Hardforks, Airdrops, and bold new technology – Ethereum Classic continues to differentiate itself from its megastar sibling 

Bitcoin Trading Helped Square More Than Double in Value Last Year

Shares of payment firm Square Inc. more than doubled in value last year, and the company has seen an almost 50% increase in its stock since it began offering Bitcoin trading to it’s customers in November. Square Sees Stock Prices Soar Thanks to Bitcoin Trading Square added about $8 billion in market value since it rolled out Bitcoin

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Shares of payment firm Square Inc. more than doubled in value last year, and the company has seen an almost 50% increase in its stock since it began offering Bitcoin trading to it’s customers in November.

Square Sees Stock Prices Soar Thanks to Bitcoin Trading

Square added about $8 billion in market value since it rolled out Bitcoin trading in November on its Cash App, used by U.S. customers who want convenient access to cryptocurrencies without the hassle of dealing with centralized exchanges.

CEO, and Twitter co-founder, Jack Dorsey has been a staunch supporter of digital currencies, stating earlier this month that ‘the internet deserves a native currency,’ according to Bloomberg.

Looking to the future, Square’s gross payment volume could reach $409 billion in 2026, or 4.1% of total U.S. payment volume, RBC Capital Markets analyst Daniel Perlin predicted in a May 22 note to clients. In fact, the most recently reported quarter marked the 10th consecutive period that the firm topped analysts’ sales projections.

“Square’s integrated hardware, software and services solutions position the company to benefit from ongoing card acceptance penetration at smaller merchants while gaining share against existing solutions that lag from a technological or efficiency-basis,” wrote Perlin, who has the equivalent of a ‘buy’ rating on the stock.

Fortunately for Square, it’s not just cryptocurrencies that are contributing to soaring stock prices. The San Francisco-based firm’s shares have gained 25% since the company announced in April that it was buying website-creator Weebly for $365 million — the firm’s biggest acquisition ever. The deal is a key part of Square’s plans to bulk-up its online and e-commerce offerings and gives the firm another recurring revenue stream as well as a new base of customers.

Originally, Square was started as a payment system to serve small businesses priced out of traditional banking services. The concept was conceived when an artisan glassblower and friend of Dorsey needed a better way to process credit and debit card payments. The company has made massive gains since then, and shows no signs of slowing down. 

Square: Moving Forward 

When Square’s cryptocurrency services were unveiled there were still some states where it was prohibited, like Georgia, Hawaii, Wyoming, and New York, due to local laws that regulate the movement of digital funds in attempts to prevent money laundering. This has slowly been changing. In a bid to win over future business opportunities with blockchain-based companies, Wyoming passed legislation earlier this year that exempts some cryptocurrency trading operations from its money transmitter laws.

The law, known as HB70, was among five crypto-friendly laws presented to the governor’s desk aimed at permitting cryptocurrency and blockchain companies to do business in the state. Square was quick to take advantage of Wyoming’s change in legislation, soon after making their Bitcoin services available to residents of the state.

Then there’s New York. New York passed it’s Bitlicense cryptocurrency regulatory framework in 2015 under mounting pressure from banking lobbies, the U.S. Securities and Exchange Commission (SEC), and the New York District Attorney’s office. Since then only a handful of the licenses have been granted — and Square is looking to get in on the action next.

A spokesperson for Square confirmed in March the firm’s bid to obtain a license via a tweet. Square made its announcement as legislators in New York are apparently in the process of making changes to the 2015 legislation which will allow more flexibility for cryptocurrency-based businesses in the state.

Featured image from Shutterstock.

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Patching the Lightning Network

Eltoo protocol could be the answer to unleashing the full potential of the Lightning Network

Eltoo protocol could be the answer to unleashing the full potential of the Lightning Network

The Federal Reserve Places Bitcoin Cash at $1800– That’s Where We Fix Our Buy Targets: Bitcoin Cash (BCH) Price Technical Analysis (June 1, 2018)

In the last 24 hours, Bitcoin Cash has been scaling up the bull ladder. It’s up two percent and odds are, BCH prices shall continue appreciating in the days to come. Fundamentals are good and despite their full node migration problems after their hard fork, Bitcoin Cash continues to take root. BCH is now available

The post The Federal Reserve Places Bitcoin Cash at $1800– That’s Where We Fix Our Buy Targets: Bitcoin Cash (BCH) Price Technical Analysis (June 1, 2018) appeared first on NewsBTC.

In the last 24 hours, Bitcoin Cash has been scaling up the bull ladder. It’s up two percent and odds are, BCH prices shall continue appreciating in the days to come. Fundamentals are good and despite their full node migration problems after their hard fork, Bitcoin Cash continues to take root. BCH is now available at De Vere and their users can now buy/sell the coins as they wish. All they have to do is download deVere mobile app and they are good to go.

From the News

The genesis of current Bitcoin Cash squabbles can be routed back to August 2017 and the New York Agreement. Then, it was a couple of months before crypto-mania which saw main coins as Bitcoin and others exploding to their ATHs. During that pump, the network was literally congested and consequently, transaction fees were on the roof. To prevent such happenings, one of the agreements detailed a solution of lowering BTC network transaction fees. Segwit came to pass but Segwit2X collapsed in the last minute. Shortly after Segwit 2X failure, we had Bitcoin Cash.

At its core and according to proponents, BCH represents the objectives of Satoshi himself. Two weeks ago, Bitcoin Cash did split again increasing their block size to 32 MB. They said they were preparing for a future in which they are dominant and are a medium of exchange if not a store of value. However, despite their objectives, there is a big problem. Statistics shows that up-to 13 percent of their full nodes didn’t upgrade and are effectively incompatible with the current PoW protocol. Whether this is a minor issue or not, we can truly say Bitcoin Cash is overlooking potentially disastrous situations which can be their major undoing. If they want to run the crypto world, then should have been consensus.

In other news, can the recent depreciation of cryptocurrencies valuation be attributed to German officials dumping Bitcoin Cash, ETH and BTC? Solid data do support this argument. While we understand that price declines started in mid-January 2018, releasing of seized coins exacerbates the overall erosion of coin market cap. Reliable sources confirm that German authorities were successful in unloading 1399 Bitcoin Cash coins in 1600 individual transactions in a span of two months.

Bitcoin Cash (BCH) Price Technical Analysis

Weekly Chart

Understandably, we can link this slide in market cap and Bitcoin Cash to the poor performance of the crypto market in May. It’s not an individual coin performance per say neither can critics satisfactorily point out a technical glitch or loss of user case application. Note this though, Bitcoin Cash bears are up 60 percent from April highs at around $1800.

This is encouraging and portrays typical retracements following periods of higher highs we saw in April. In my view and considering the relation between trading ranges, volumes and key inflection points, I can almost conclude May down trend as long coverings. Then again, why not? Look at the way buyers are rejecting lower lows in lower time frames. It’s conditional that can only cement my views that last week’s sell candlestick was a climax if this week’s candlestick ends up bullish.

Daily Chart

In determining the most probable direction of price action, we can always refer to that double bar bullish reversal pattern on May 28-29. May 29 is important because it was this time that buyers did jump in. Check out those volume surges rejecting lower lows. The next day, prices didn’t edge higher and that is okay.

However, after yesterday’s bullish candlestick, Bitcoin Cash buyers can look for under-valuations in lower time frame charts and trade with the trends. Ideal buy targets lie at $1,800 with stops at $900.

The post The Federal Reserve Places Bitcoin Cash at $1800– That’s Where We Fix Our Buy Targets: Bitcoin Cash (BCH) Price Technical Analysis (June 1, 2018) appeared first on NewsBTC.