Day: May 14, 2018

EOS Price Key Highlights

• EOS is correcting from its recent rally but appears to be finding support at current levels.
• This 50% retracement level is within an area of interest where plenty of buy orders are likely located.
• A bounce off this level could take EOS back to the swing high and beyond.

EOS looks ready to resume its climb as it is encountering some bullish pressure at the current area of interest.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the rally is still likely to resume at this point. EOS price is also nearing the 100 SMA dynamic support near the 61.8% retracement level.

The moving averages avoided a downward crossover on the latest convergence, signaling that buyers are putting up a fight. In that case, EOS could be ready to retest the swing high at 23.00 or create new highs.

RSI is heading lower to show that sellers still have some energy to take price down, but the oscillator is approaching oversold levels to reflect exhaustion. Stochastic is also on the move down but is starting to pull up without even hitting oversold territory.

EOS/USD Daily Chart from TradingView

Market Factors

Just last week, the the Chief Financial Officer of Commonwealth Bank of Australia Rob Jesudason reportedly signed on with the firm of the founders of the world’s fifth largest cryptocurrency in the market today, Block.one. This is the private firm which has developed both the EOS token and the blockchain technology behind it.

According to Brendan Blumer, CEO of Block.one:

“Rob Jesudason had ideal skills for the tech-related role in the firm. He has a proven track record of success in global financial services, he also has been involved in the innovation and facilitated regulatory advancement enabling the adoption of new technology in the industry.”

The post EOS Price Watch: Bulls Defending Long-Term Area of Interest appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price has bounced off the area of interest previously highlighted to signal that the selloff would resume.
• Applying the Fibonacci extension tool shows how low bitcoin could go from here.
• Technical indicators are showing mixed signals, with the oscillators reflecting more bearish pressure.

Bitcoin price is bouncing off the downtrend line and looks ready to resume the drop to new lows.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse. The 200 SMA also lines up with the downtrend line to add to its strength as a ceiling.

However, the gap between the moving averages is narrowing to signal a potential upward crossover or return in bullish momentum. The 100 SMA might also be able to hold as dynamic support. If so, a move past the trend line, swing high and $9000 mark could confirm that an uptrend is taking place.

RSI is turning lower to show that sellers have the upper hand. Stochastic has also made its way out of the overbought zone and is heading south, so bitcoin price might follow suit. The 38.2% extension is at the $8400 area and the 50% level is close to the swing low. Stronger selling momentum could take bitcoin price to the 78.6% extension at $7913 or the full extension at $7650.

BTC/USD 1-hour Chart from TradingView

Market Factors

Bitcoin price seems to be off to another shaky start for the week as another failed attempt at breaking past $9,000 has drawn more selling pressure and spooked some bulls. However, positive updates in the industry are still popping up and could ultimately allow the climb to resume.

At the moment, what’s keeping investors on edge is the possibility that Mt. Gox will short another set of bitcoin to pay off its creditors. An estimated 8,000 coins are still up for selling, so this could have a huge weight on price.

The post Bitcoin Price Watch: How Low Can BTC Go? appeared first on NewsBTC.

A Deloitte blockchain leader has left the company to join an early-stage startup and move supply chain networks to a blockchain

KYC and AML procedures play an increasingly important role in the world of cryptocurrency. This is especially true when dealing with initial coin offerings. IdentityMind has already processed 150 client requests in the past few months. It’s a very positive trend that will bring more legitimacy to the ICO industry moving forward.

IdentityMind is on a Roll

While the number of initial coin offerings has not decreased by any means, the same old concerns remain in place. More specifically, a lot of projects can still be considered securities, and not all of these fundraising initiatives take the necessary KYC and AML procedures into account. This is quite worrisome, as such procedures are a mandatory requirement in most parts of the world.

Thankfully, there are services such as IdentityMind that make this process a lot more straightforward. The company specializes in AML and KYC procedures for ICO clients, ensuring all precautions are taken to comply with existing regulatory guidelines. Having a third party take care of legal matters while the ICO team focuses on what they set out to do can yield spectacular results in the long run.

So far, the company has provided these invaluable services to 150 ICO projects. That is a pretty remarkable milestone, as it shows a lot of initial coin offering teams want to comply with existing guidelines and rules. It is a tedious process, and without the necessary legal knowledge, there is very little teams can do in this regard. IdentityMind provides this service to key ICOs, including DataBroker DAO and Sparkle Coin. With the company being active in 25 countries, it is evident international and cross-border legal solutions are in high demand.

IdentityMind Global CEO Garrett Gafke commented:

We’re excited to announce that IdentityMind has helped 150 clients [who] are creating highly innovative, long-term ‘businesses of tomorrow’ using [an] initial coin offering (ICO) or a security token offering (STO) to fund their companies. IdentityMind is the preeminent know your customer (KYC) and anti-money laundering (AML) provider to some of the world’s largest ICO/STO clients and cryptocurrency exchanges. Our success is built upon our trusted reputation, a tried and tested platform that facilitates fast onboarding and time to revenue for clients, outstanding service and support, and our global domain expertise in digital currencies, regulatory and risk management.

It is quite interesting to see firms such as IdentityMind acknowledge the potential of security token offerings. Since virtually all new ICOs can be treated as securities, they may as well be issued as STOs from day one. The firm can help teams set up those projects according to the securities guidelines in place in their respective countries. By properly evaluating the participants in these ICOs and STOs, IdentityMind can ensure that there are no irregularities taking place along the way.

It will be interesting to see how the initial coin offering concept evolves. With so many companies potentially violating these laws, solutions such as IdentityMind are direly needed to ensure that investors are not the ones losing money in the end. If more companies go through such a vetting process prior to raising money, the industry will face less scrutiny from regulators as well. An interesting trend is taking hold, but there is still a lot of work to be done.

Overstock.com has gained a reputation among the cryptocurrency community for being the first major retailer to check bitcoin as a means of payment and for accepting over 40 digital coins today. The company, however, is more focused in the underlying technology as it continues to invest in the blockchain development to reform the ‘trust economy.’

Overstock.com Heavily Invested in ‘Trust Economy’ Via Medici Ventures

Medici Ventures is a wholly owned subsidiary of Overstock.com created to manage and oversee the company’s investments in startups building solutions based on distributed ledger technologies. The Salt Lake City-based subsidiary focuses on six emerging areas: capital markets, money and banking, identity management, property, voting, and underlying technologies supporting blockchain.

Jonathan Johnson, President of Medici Ventures, has overseen investments in a dozen startups since the founding of the VC fund in 2014, he told Computer World.

“As cool as we thought bitcoin was it was the underlying technology for it that could be even more transformative. Simply put, Overstock.com believes blockchain is the future foundation for an economy built on trust but void of the traditional institutions that have backed those relationships.”

Medici Ventures has recently invested in Voatz, a startup who is developing a system that enables voting via smartphone or tablet with an easy to use platform that includes a fingerprint or retinal scan as a biometric identity for voters to confirm their eligibility to vote. Anonymity and privacy are ensured through an encrypted online identity controlled by the voter. The technology has already been used by leading universities and state political parties.

Institutions assigned to provide trust between parties frequently fail to delivery and that is what Medici Ventures is aiming to solve with their investments.

“They’re in the middle for a reason because when you and I transact and I’m giving you an asset and you’re giving me back an asset, we need trust institutions. I think blockchain technology does that trust transfer through technology.”

The new trust economy is expected to increase over the next two years, according to Deloitte, as blockchain is able to establish trust among parties. Person-to-person (P2P) transactions no longer need traditional methods such as banks or credit rating agencies. Distributed ledger technology is a trusted gatekeeper and purveyor of transparency in a world increasingly dependent on online identity and reputation.

The trust economy extends much beyond the voting booth. Medici Ventures is also invested in tZERO, which aims to setup a platform to compete with traditional stock exchanges. Overstock.com CEO Patrick Byrne wants to replace brokerage fees and commissions with an immutable system that is 80-90% cheaper.

Featured image from Shutterstock.

The post Overstock.com Invests In Blockchain-based ‘Trust Economy’ appeared first on NewsBTC.

Taiwanese Taipei Fubon Bank has reportedly become the first bank in the country to deploy a blockchain payment system

Trading is an integral part of the cryptocurrency ecosystem. Investors and speculators buy, sell, and trade cryptocurrencies on a regular basis. Tradelize wants to up the ante by giving regular holders the ability to achieve similar trading results compared to skilled professionals. 

The Concept of Tradelize

Although it may sound a bit confusing at first, Tradelize is a very simple idea. It allows users who usually don’t dabble in cryptocurrency trading to earn more money by giving them the right tools. This should result in higher profits for investors, whereas pro traders can experiment with these same tools. Leveling the playing field in the world of cryptocurrency trading will not be easy, but it’s not impossible either.

The Tools to make it Happen

Tradelize is building a cryptocurrency trading terminal that is both easy and accessible. Through this interface, users can trade cryptocurrencies across major global exchanges. It is a bit similar to how most people already trade in 2018, but for non-traders and novice users, this could very well be an option worth checking out. There are never any guaranteed profits when it comes to cryptocurrency trading, though, as this market remains incredibly unpredictable.

Additionally, Tradelize will expose non-traders and novice users to trading strategies used by top-rated professional traders. This allows users to rely on other people’s trading patterns, which can be both a good and a bad thing. Copying someone else’s strategy is never a good idea, but it will make the initial learning curve less steep. Developing one’s own trading strategies is still the best option from a long-term perspective.

Last but not least, there will be a dedicated Tradelize app. Considering that most consumers rely on mobile devices these days, a strong focus on mobile for cryptocurrency trading seems to make a lot of sense. All of the successful trades by professionals will be recorded on the blockchain, which will allow investors to pick the traders they wish to emulate. ‘ProTraders’ will be awarded up to $500,000 in funds to manage so that they can develop proper trading strategies for future investors.

The TDZ Token

As we have gotten used to in this day and age, every innovative platform needs its own token. Tradelize will use the TDZ token, which adheres to the ERC20 token standard. These tokens will be used to pay fees on profits generated by investors, perform trading, and access related services. They also act as a reward for referring followers. A maximum of 30 million tokens will be sold during the ICO, although it remains to be seen if this hard cap will be reached.

Looking Ahead

With lots of work still on the horizon, it is evident the Tradelize team has their hands full. For the time being, they are working on the brokerage implementation and commercialization of the Tradelize solution. Web and mobile apps will follow in Q3 of this year, followed by further developments in Q4 and beyond. It is a project which sounds incredibly powerful on paper, but it remains up to the team to deliver on their initial promises.

Rarely do we hear sanguine comments from the SEC in regards to cryptocurrencies, so to hear a commissioner say “I am wary of any blanket designation for all ICOs” as securities is something of a revelation.

Starting this summer, Seminole County will begin accepting BTC and BCH for payment for taxes and other services

It’s a wholesale market slide and NEO is no exception. In fact it’s out of the top 10 following Tron market cap increment. Relative to other coins, NEO is down 15 percent for the week but reflective of higher highs in the last few days, it is recovering losses.

In my view, I expect NEO prices to appreciate especially if we see a strong bullish break out above $70. From there, NEO buyers can aim for $90. If not, any break below May 11 lows at $55 would likely usher in bears that might drive prices back to $40.

From the News

It’s irrefutable that Bitcoin dominance is the crypto market Achilles’ heel. Its swings not only destabilize altcoins current trends but shifts in capital often cause drastic value erosion due to increased volatility. The only thing that we can now seek solace is its decreasing dominance. Back in Q3 2017, Bitcoin controlled more than 50 percent of all cryptocurrency transaction but as value was found in other better alternatives as proponents put it, its dominance now stands at around 35 percent. That is cool as we are constantly seeking for balance in this sphere.

Now, on the fundamental front, NEO has been doing a wonderful job. There European Tour can be said was successful especially when it comes to branding and creating that awareness. It needs to lose that “Chinese Ethereum” tag because for sure, NEO is a coin on its own. This is there reason why we are seeing some fruitful partnership since the beginning of the month.

To begin with, there is a new partnership between Fenbushi Capital and NEO via its subsidiaries: NEO Global Capital (NGC) and Name Service Project (NNS). The former is the investment arm of NEO while the latter is a project relying on the NEO blockchain that aims to replace those long wallet addresses with words or phrases. The new alliance shall allow users in the future to use .neo domains instead of cumbersome, hard to remember public addresses to facilitate transfers.

NewEconoLabs (@NewEconoLab) have announced strategic partnerships with Fenbushi Captial and NEO Global Capital for the $NEO Name Service project (@NeoNameService). https://t.co/kx4o1HhNzj

— NEO News (@NEOnewstoday) May 5, 2018

NEO Technical Analysis

Weekly Chart

NEO Weekly Chart by Trading View

Of course, depending on where your money is at-long or short, it’s likely that bears would drive prices lower today. That’s when we consider a top down approach where it seems bears are in charge both the weekly and monthly charts.

Our technical point of concern is that attempted swing in momentum as that stochastic buy signal shows in the weekly chart. Then again, in the last two weeks after week ending April 29 retest of the middle BB, the follow through bear candlesticks are low in volumes.

Yes, prices are lower but participation rate is low. Volumes peaked at 2.15 million and despite those long bear candlesticks, last week candlestick ended up with 1.35 million. We can say this is a long covering as supply is low and because of this, I remain neutral with a short to medium term bullish skew.

Daily Chart

NEO Daily Chart by Trading View

First, it’s clear that by May 12, there was a NEO under valuation after that whole candlestick close below the lower BB. As undervaluation trades dictate, a recovery was inevitable and that’s exactly what has been happening in the past few days.

We have those nice higher highs signaling bullish pressure trending within May 11 high low. Because of this, I recommend buys with stops at $55. On the other hand, conservatives should wait for a clear up thrust and breach of $70 before initiating trades. Otherwise, any drop below $55 would definitely invalidate this trade.

The post Fenbushi-NEO Partnership Spell Doom For Crypto Public Addresses: NEO Technical Analysis appeared first on NewsBTC.