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Sources tell the NYT that the owner of the New York Stock Exchange also wants to offer its customers Bitcoin
Sources tell the NYT that the owner of the New York Stock Exchange also wants to offer its customers Bitcoin
Key Highlights Ethereum classic price found a support near the $22.50 level after a slide from $25.60 against the US dollar. There is a major bullish trend line forming with support at $23.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair remains well placed in an uptrend and it…
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Ethereum classic price is trading nicely against the US Dollar and Bitcoin. ETC/USD remains well supported above $23.00 and it may soon gain traction towards $25.00.
After trading above the $25.50 level, ETC price started a downside correction against the US dollar. The ETC/USD pair declined and traded below the $25.00 and $24.00 support levels. There was even a break below the 50% Fib retracement level of the last wave from the $20.00 swing low to $25.60 high. However, the decline was protected by the $22.50 support and the 100 hourly simple moving average.
A low was formed at $22.51 before the price started an upside move. It climbed above the 23.6% Fib retracement level of the last decline from the $25.63 high to $22.51 low. It is also placed nicely above the $23.20 support and the 100 hourly SMA. Moreover, there is a major bullish trend line forming with support at $23.00 on the hourly chart of the ETC/USD pair. Therefore, the price remains well supported on the downside above the $23.00 level. A break and close below the $23.00 support may push the price back towards $22.50.
The chart indicates that the price has to move above the 50% Fib retracement level of the last decline from the $25.63 high to $22.51 low. A break above the $24.05 level could open the doors for a test of $25.00.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently just below the 50 level.
Major Support Level – $23.00
Major Resistance Level – $24.05
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As the US Securities Exchange Commission continues to debate over whether Ethereum qualifies as a security or not, developers go on about the business of pushing the network forward at a three-day gathering. SEC Continues to Debate What Qualifies as a Security Former Chairman of the Commodity Futures Trading Commission Gary Gensler speaking at MIT Technology Review’s…
The post SEC Wrangles Over Ethereum’s Status but Developers More Concerned with Scaling appeared first on NewsBTC.
As the US Securities Exchange Commission continues to debate over whether Ethereum qualifies as a security or not, developers go on about the business of pushing the network forward at a three-day gathering.
Former Chairman of the Commodity Futures Trading Commission Gary Gensler speaking at MIT Technology Review’s Business of Blockchain conference on Monday suggested that government officials need to be looking at the largest cryptocurrencies by market capitalization, not just ICO’s, when deciding what should be classified as securities.
Speaking specifically about Ethereum and Ripple he continued to say “The SEC and regulators need to bring clarity, (many cryptocurrencies) are operating outside of U.S. laws.” as was reported in Bloomberg.
If the SEC decides that a cryptocurrency is a security it can then only be traded on registered exchanges within the U.S.
Those at the center of the debate, the developers and coders who make the Ethereum network run, didn’t seem to care much about the issue as they partied through a three-day gathering where scaling took top billing.
Ethereum co-founder Joesph Lubin did address the security issue though indicating that he doesn’t care what the US SEC ultimately decides. Referring to a statement the Ethereum Foundation put out on April 25, Lubin said a digital asset is used to fuel applications on Ethereum, it is not an investment. The Ethereum statement in part reads as follows:
“(Ether) is like the gas in a vehicle that is relied upon for every action performed by thousands of independent applications, developers and users who themselves will determine the success and value of the Ethereum platform, the Foundation neither controls the supply of, nor has the ability to issue Ether,”
The majority of the attendees were more concerned with how the network will continue to grow and its ability to process more information faster. The main topic of discussion for developers was scaling solutions like sharding and plasma. Vitalik Buterin, the creator of Ethereum, said he sees “no fundamental roadblocks” for the implementation of sharding when he spoke to a panel on scaling issues.
Second to scaling was the discussion of Casper and the goal of changing from the energy intensive proof-of-work model to proof-of-stake. Attendees were encouraged to become Casper validators and the system of awards and punishments in the works were explained by Buterin himself.
The development of these technologies will determine whether Ethereum meets its goal of becoming a network capable of changing the way industries work. “Most major blockchain projects have lawyers who are busy thinking about the regulatory changes, but developers will focus on building” said Maria Paula Fernandez, spokeswoman for Golem.
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Another blockchain for smart contracts? It turns out the claim is catching the attention of investors as the EOS blockchain heads toward launch.
Another blockchain for smart contracts? It turns out the claim is catching the attention of investors as the EOS blockchain heads toward launch.