Day: May 10, 2018

Australia’s Department of Home Affairs (DHA) has proposed a framework to introduce DLT into the country’s international trade and supply chain management, Coindesk has reported. The proposal arrived soon after the national government dedicated USD 700,000 of its 2018-19 budget “for the Digital Transformation Agency to investigate areas where blockchain technology could offer the most value for Government services…”.

The DHA has plans to modernize international trade management in the country and is hoping that emerging technologies will be key to supporting the process. The department has stated that an increase in trade would require new measures for fast-tracking and simplifying current documentation processes. The DHA expects to see a 28% increase in air cargo and a 13% increase in sea cargo imports to Australia over the next four years.

As part of the DHA’s update and modernization process, the department is seeking to establish blockchain, AI, and the internet of things throughout government trade management departments, in order to provide real-time intelligence for Australia’s supply chain.

A spokesperson from the department was cited as saying:

“Intelligence and risk assessment capabilities and revenue collection are improved by new and emerging technologies, such as blockchain, that would improve the veracity, validation, and analysis of intelligence and trade data.”

Australia’s changes to the way the DHA conducts trade business is seen by the department as a way of offering better safety standards and security, as well as increased efficiency, particularly in border inspection procedures. A statement at the submission said that a secure and modern end-to-end supply chain was fundamental to the country’s security, growth, and prosperity.

Trade management is not the only area which has seen an interest in blockchain solutions in Australia recently. The Australian Securities Exchange (ASX) has outlined plans to replace its current clearing and settlement system with a DLT model within the next two years.

 

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The post Australia Streamlines Trade as Budget Makes Room for Blockchain appeared first on BitcoinNews.com.

Huawei’s newly launched mobile app store will feature the tech giant’s first cryptocurrency wallet offering, thanks to a partnership with BTC.com.

Key Highlights

• Ripple price failed to move above the $0.8000 and $0.8100 resistance levels and declined against the US dollar.
• There is a new connecting bearish trend line forming with resistance at $0.7800 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may correct higher in the short term, but it may face sellers near $0.7800 and $0.7900.

Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently trading well below the $0.8000 level and is in a bearish zone.

Ripple Price Resistance

Yesterday, we discussed about a major hurdle near $0.8100 in Ripple price against the US Dollar. The price failed to break the $0.8100 resistance settled below the $0.8000 level. It declined sharply and moved below the $0.7800 and $0.7500 support levels. There was a lot of increase in selling pressure, resulting in a close below the $0.7800 support and the 100 hourly simple moving average.

A low was formed at $0.7234 before buyers appeared. At the moment, the price is recovering and is trading near the $0.7450-0.7500 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $0.8165 high to $0.7234 low is also near $0.7450. Above the mentioned level, the next resistance is at $0.7600, which was a support earlier. Additionally, there is a new connecting bearish trend line forming with resistance at $0.7800 on the hourly chart of the XRP/USD pair.

Looking at the chart, the price may correct a few points towards $0.7600 and $0.7800. However, a proper break above $0.7800 and the 61.8% Fib retracement level of the last decline from the $0.8165 high to $0.7234 low is needed for more gains. On the downside, if the price breaks the $0.7234 low, it could test $0.7000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is in the oversold levels.

Major Support Level – $0.7250

Major Resistance Level – $0.7800

The post Ripple Price Technical Analysis – XRP/USD Tumbled Below Key Support appeared first on NewsBTC.

A scientific institution overseen by China has announced that it will produce monthly assessments of blockchain projects.

In less than a week on May 15, the Bitcoin Cash (BCH) network will be upgrading the base block size from 8MB to 32MB, as well as re-enabling and adding some OP_Codes to the codebase. With just days left there are a few things BCH holders and full node operators should know before the upgrade takes place this coming Tuesday.

Also read: Japan’s GMO Has Mined Over 900 Bitcoins – Hashrate Doubled Last Month

Just a Few Days Left Until the May 15th Bitcoin Cash Upgrade

The Bitcoin Cash network is about to perform the largest block size increase ever as the upgrade will expand the block size by 4X on May 15, 2018. The development team has also added ‘Satoshi OP_Codes,’ and the fork will also increase the protocol’s default data-carrier-size to 220 bytes. Unless you run a BCH full node implementation there is not much a common user needs to do, except refrain from transacting during the upgrade.

The Hard Fork Activation Will Use the Median Time Past Method

The BCH fork on May 15 will be similar to the fork activations that took place on August 1, and the DAA fork that took place this past November. This means the activation will take place on May 15, but there won’t be specific block height, because the upgrade will activate based on ‘Median Time Past’ (MTP). The initiation of the hard fork will begin on Tuesday, May 15 at 12:00:00 UTC, 2018, but the upgrade will not be implemented until the MTP timestamp and the processing of 11 blocks equal to or greater than 1,526,400,000 takes place. Following this period after the next block, the 32MB upgrade will be live on the BCH network.

Full Node Clients and Miners Must Update Software

Full node operators need to upgrade their Bitcoin Cash clients as soon as possible, before the fork begins. ABC users can download the latest Bitcoin ABC 0.17.1 version here, and those operating other full nodes like Bitcoin Unlimited, or XT should upgrade to the client that supports the 32MB increase. At the moment looking at data for the most dominant BCH client, Bitcoin ABC, it shows a great majority of nodes have already upgraded to the latest 0.17.1 ABC version. Full node operators and miners are required to upgrade their software in order to participate during and after the network change.

Ordinary Users Should Refrain from Transacting With BCH During the Upgrade and Patiently Wait for the Fork to Complete

Ordinary users don’t have to do much of anything, except keep up to date with current events concerning the fork, and its best not to transact during the activation period as well. This means if you don’t have to send money on May 15, then wait until the fork is complete before transacting with BCH. It’s always a good measure to look out for any updates provided by your exchange or wallet provider to make sure the platform you use is ready to accept the network changes. If your BCH service provider does not give any fork updates, it’s probably safe to assume that the exchange or wallet provider is ready for the upgrade. So on May 15 if your money is on an exchange or held within a non-custodial wallet all you really have to do is patiently wait until the fork is finished.

Last November’s Successful Hard Fork Shows There Shouldn’t be Any Complications

The May 15th Bitcoin Cash fork that will change the protocol’s base block size to 32 MB, while adding some other interesting features will be quite a milestone for the BCH community. The last fork that took place this November was successful, and the new Difficulty Adjustment Algorithm (DAA) has worked flawlessly ever since. The 32MB increase will be much larger than the already sizable 8MB blocks, and the upgrade will likely be a historic day for public blockchain consensus upgrades.

What do you think about the fork taking place on May 15 that will increase the base block size to 32 MB? Let us know what you think about this subject in the comments below.

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Images via Shutterstock, and Pixabay.

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The post Upgrade Time: Bitcoin Cash 32MB Fork Activates Tuesday appeared first on Bitcoin News.

Key Points

• Bitcoin cash price failed to move above the $1,650 resistance and declined sharply against the US Dollar.
• There is a key bearish trend line forming with resistance at $1,640 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair has to stay above the $1,500 and $1,480 support levels to avoid more declines.

Bitcoin cash price trimmed yesterday’s gains against the US Dollar. BCH/USD is now back below $1,600 with a few bearish signs near $1,520.

Bitcoin Cash Price Support

There were a couple of attempts by bitcoin cash price to break the $1,650 resistance against the US Dollar. The price failed to move above $1,650 and started a downside move. It declined sharply and trimmed most its yesterday’s gains. During the decline, it broke the $1,600 and $1,550 support levels to settle below the 100 hourly simple moving average.

It even spiked below the $1,500 support level and traded as low as $1,482. At the moment, it is consolidating losses around the 23.6% Fib retracement level of the last drop from the $1,664 high to $1,482 low. On the upside, there are many hurdles for buyers near $1,580 and the 100 hourly SMA. The 50% Fib retracement level of the last drop from the $1,664 high to $1,482 low is at $1,573 to act as a key resistance. Moreover, there is also a key bearish trend line forming with resistance at $1,640 on the hourly chart of the BCH/USD pair.

Looking at the chart, it seems like the price may correct higher, but it may struggle to move above $1,580 and $1,600. On the downside, $1,500 and $1,480 levels are important supports. A break below $1,480 may push the price back towards $1,450.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near the oversold readings.

Major Support Level – $1,480

Major Resistance Level – $1,580

The post Bitcoin Cash Price Technical Analysis – BCH/USD Trimmed Gains appeared first on NewsBTC.

EOS Price Key Highlights

• EOS has formed lower highs and higher lows to create a symmetrical triangle on its 1-hour chart.
• Price is currently testing support and might be due for a bounce back to the top.
• Technical indicators are signaling bearish exhaustion but the tighter consolidation suggests a potential breakout soon.

EOS is consolidating inside a symmetrical triangle on the short-term chart, but a breakout could happen as it approaches the peak.

Technical Indicators Signals

The moving averages are oscillating but the 100 SMA looks prime for a downward crossover to signal that the path of least resistance is to the downside. This could mean that a breakdown is more likely to occur than a bounce.

Note that the triangle pattern spans 16.5 to 19.5 so the resulting breakout could last by the same height. Similarly, a break past the top at 18.5 could lead to a rally of the same size.

RSI is heading lower to show that sellers are in control, but the oscillator also seems to be bottoming out. Turning higher could draw bulls back in and lead to a bounce to the triangle resistance. Similarly, stochastic is turning higher and showing a bit of bullish divergence to signal a return in buying momentum.

Market Factors

Cryptocurrencies appear to have shrugged off the dollar decline, signaling that these are moving in tandem with risk-taking. So far, geopolitical risk has dampened demand for higher-yielding assets after Trump announced his decision to take the US out of the Iran deal. Worsening tensions in the region could keep investors on edge.

EOS is prepping for the launch of Dawn 4.0, first on testing mode then for the mainnet on June 1. Also, the Livecoin exchange plans a delisting in order to avoid the complexities of handling the new token, which explains the current consolidation. The official site announced:

“Within 23 hours after the end of the final period on June 1, 2018, at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain.”

The post EOS Price Technical Analysis for 05/11/2018 – Stay on the Lookout for a Breakout appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price recently broke below its ascending channel support to signal a downtrend.
• Price has since pulled back to the broken support and completed the retest.
• The Fibonacci extension tool shows the next downside targets from here.

Bitcoin price seems to be caving to bearish pressure once more as it broke below the channel and completed the retest.

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 means that the selloff is more likely to continue than to reverse. Price has also fallen below the moving averages’ dynamic inflection points to confirm a pickup in selling pressure.

However, RSI looks ready to pull up from oversold conditions to show that sellers are exhausted and ready to let buyers take over. Stochastic is still heading south so bitcoin price might keep following suit, but the oscillator is also dipping in oversold territory.

Sustained selling pressure could take bitcoin price to the next Fib extension level at $8750 or the 78.6% level at $8580. The full extension is located at $8359. A bit of a head and shoulders pattern can also be seen with price already trading below the neckline.

Market Factors

Bitcoin wasn’t off to a strong start for the week as it was dragged down by profit-taking and remarks from Warren Buffet. However, a few positive developments were still reported, such as ICE’s plans to create a bitcoin exchange and another approval for the Winklevoss’ bitcoin plans.

Analysts continue to provide bullish forecasts for bitcoin price as well, with Fundstrat estimating that it could reach $64,000 by next year. For now, it looks like risk sentiment is winning out as investors continue to cash in their positions in favor of the dollar. BTCUSD has been unable to benefit from the selloff in the dollar on weak CPI, suggesting that the pair is moving on different dynamics.

The post Bitcoin Price Technical Analysis for 05/11/2018 – Are Bears Ready to Take Over Again? appeared first on NewsBTC.

On a day when investment professionals gathered in their excitement about decentralized exchanges, Nouriel Roubini showed up to tear apart everything.

Nvidia has recently reported revenue from crypto sales, the company expects a two-thirds drop in the second quarter

The anonymous philanthropist behind the all-Bitcoin charity Pineapple Fund has announced that all funds have been successfully donated

Stellar (XLM) aims to create an open platform for building financial products. Users can write messages to Stellar network’s distributed database (similar to SWIFT and Ripple), use XLM as a medium of exchange, or use the asset to trade other pairs, similar to a decentralized exchange.

FOMO Moments

When crypto markets start to fall they fall fast. The past five days have seen a slow downtrend forming which accelerated in the last few hours. Total market capitalization is once again below $420 billion and falling. Key support for Bitcoin at $9k was broken and it has dropped almost 4% on the day to trade at $8,980 with further declines looking likely. In a time tested formula altcoins have all been battered by greater percentages during Asian trade this morning. Everything in the top 25 is in the red at the moment so we have to go beyond it to find a green coin and currently it is 0x.

This is the first time we have featured ZRX and it has been on a charge since the beginning of April. Coinmarketcap is reporting a 3.2% gain for this altcoin which is impressive when everything else is falling hard. At the time of writing 0x is trading at $1.82, up from $1.75 this time yesterday, a small gain but a gain nonetheless. Over the past week this altcoin has gained over 20% from $1.50 this time last Friday. Monthly gains have been very good with ZRX surging 225% from $0.56 the same time last month. Against Bitcoin it has made 7.6% on the day to trade at 20320 satoshis from just under 19000 sats this time yesterday. Over the week gains against BTC have been a solid 34% from 15500 satoshis the same time last week.

The 0x project is something that the crypto industry is crying out for – a decentralized exchange. It is an open permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain according to the website. No announcements have been made on the company blog or twitter feed to drive the current gains and prevent this coin falling with the rest.

At the moment Binance is driving the trade action with around 56% of the total volume which has almost doubled over the past 24 hours from $43 million to $82 million. ZRX is currently outside the top 25 at 29^th position with a market cap of $960 million. There are 1 billion tokens supplied with just over half of them currently circulating.

Total crypto market capitalization has fallen this Friday and Asia is driving the selloff. A drop of 4.6% has occurred and it is currently at around $416 billion. A fall below $400 billion will signify another strong bear market but if markets can recover back to over $440 billion the bulls could be in control again. All other altcoins have fallen this morning but ones that have suffered the smallest losses include Ethereum, EOS, and VeChain.

More on 0x can be found here: https://0xproject.com/

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: 0x the Only Altcoin in the Green appeared first on NewsBTC.