Day: May 22, 2018

Eight years ago today, on 22 May 2010, Laszlo Hanyecz of Jacksonville Florida made history by purchasing two large pizzas from Papa Johns with 10,000 Bitcoins. This was considered a major milestone as it was possibly the first time that Bitcoin was used to purchase goods from a major company. Today, ‘Bitcoin pizza day’ is proof that Bitcoin could be used as a currency.

Hanyecz had mined the Bitcoins to purchase the pizza on his personal computer. This is a feat that is now impossible, mining Bitcoins on a personal computer costs more in electricity than the minuscule amount of Bitcoin it produces. Nowadays, expensive specialized mining rigs made with application specific integrated circuits (ASICs) are required to have any chance of mining Bitcoin profitably.

The pizza was purchased with the help of a forum user on Bitcointalk; Laslo Hanyecz sent the Bitcoins to the forum user and then the forum user purchased the pizza with their card. Bitcointalk continues to be the most popular Bitcoin and cryptocurrency forum to this day, and was started by Satoshi Nakamoto, the mysterious founder of Bitcoin who disappeared shortly after it launched.

Many would think that Laszlo Hanyecz would have regrets over using 10,000 Bitcoins to buy a couple of pizzas, since today they are worth an astonishing USD 84 million. Coindesk released a pizza day tracker which updates in real-time how much the 10,000 Bitcoins used to buy the pizza are now worth, expected to result in cringing and astonishment from most.

He doesn’t appear to have any, however, he was stoked just to be able to use the Bitcoins to buy pizza since he had gotten them for free by mining on his computer and they were barely worth anything at the time.

At the time the infamous pizzas were purchased, each Bitcoin was worth roughly 3/10 of a US penny. This fact help illustrates how enormous the rise in Bitcoin’s price has been. As of this writing, each bitcoin is worth USD 8,200, an incredible rise of 273,300,000% since pizza day. There is probably no other asset in the world that has risen at such a pace as Bitcoin has in the long term.

Now Bitcoin can be used to buy anything in the world and is accepted on at least a thousand different retail websites, but it all began with one man in Florida using Bitcoin to buy pizza.

 

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Huobi Pro has announced the launch of a market index to measure the overall performance of 10 digital assets on its platform.

A startup wants to bring crypto to the masses by opening retail stores with blockchain products, financial services and crypto schools in global cities #SPONSORED

Monero dev Riccardo Spagni and entrepreneurs Naveen Jain and Dan Teree are launching a new digital asset protocol on the privacy token’s network.

With the start of Kepler Technologies long-awaited Pre-Sale, it is time for us to take a better look at their platform — Kepler Universe, and see what it is all about. Kepler Universe plans to unite Robotics, Artificial Intelligence, the Internet of Things, Big Data and the Blockchain to enable true innovation. By finally offering a platform on which the smartest minds can connect and work together on promising projects, many interesting ideas will be able to be realized without you having to go through the tedious process of connecting all the pieces by yourself. Some of the biggest industries such as medicine, agriculture, and energy could benefit greatly from this revolutionary mix, all thanks to the infrastructure provided by Kepler.

All settlements in this vast ecosystem will be conducted in KEP and under the utilization of Smart Contracts, to ensure for all deals to be binding and fair. By also using a Special Purpose Entity under European jurisdiction, Kepler promises that projects will not only be guarded by Smart Contracts, but also by the law. Project founders, investors, suppliers, service providers and customers will be able to interact through private messages, project groups, and channels. Intellectual property registration, workforce agreements, and legal entity registration can also be processed on Kepler Universe. The launch of Kepler’s own internal exchange will make it possible to exchange KEP with BTC, ETH and there will also be KEP<=>USD/EUR pairings!

KEP tokens are currently valued at $1.25 and will be available for purchase during the ongoing pre-sale, with ICO starting on June 17th. During pre-sale there is also an astonishing 30% bonus on the 4.000.000 tokens for sale, going down to 20% once ICO starts and decreasing further during its later stages.

Kepler is the best-rated ICO on multiple listing platforms and has not only partnered up with leading advisors in the field of technology but also with very renowned Innohubs and Tech Parks from all over the world. Over 50 motivated team members are working around the clock in Keplertek’s Tbilisi office to make sure the project will deliver on its amazing and revolutionary promises.

By investing in Kepler, you are also investing in hundreds of promising start-up companies focused on upgrading our innovative technologies, as well as thousands of young, motivated and visionary professionals, embodying their talents to benefit us all. Joyful dreams of what the future might hold will never again have to be abandoned due to a lack of funding or networking – don’t miss out on your chance to be a part of something big and get whitelisted now!

For more information visit www.keplertek.org
Whitepaper: www.keplertek.org/Whitepaper.pdf
Facebook: www.facebook.com/Keplertek/
Twitter: www.twitter.com/keplertek?lang=en
Instagram: http://instagram.com/kepler.tek
Linkedin: https://www.linkedin.com/company/keplertektechnologies/
Medium: www.medium.com/@KeplerTek
Telegram: https://t.me/KeplerTechnologies

The post Keplertek’s Pre-Sale Starting Today – Kepler Universe to Change the Future! appeared first on NewsBTC.

Colorado regulators have gone after two out of state companies promoting ICO’s for violating state securities laws as part of a region-wide operation to weed out and prosecute fraud in blockchain related fundraising campaigns.

“Operation Cryptosweep”

The ‘Centennial State’ joined at least a half a dozen other states and provinces in the US and Canada to root out fraud in the developing initial coin offering (ICO) fundraising space through the month of May. The sweep has resulted in 70 investigations and 35 enforcement actions nationwide investigators told the Denver Post.

Colorado sought action against two out of state companies for violating securities laws by promoting ICO’s within the state without disclosing investment risk. Neither of the two companies; Linda Health Care based in California nor Broad Investments from Washington state had a working website.

Colorado Securities Commissioner Gerald Rome said,

“We have more investigations going, we’ll continue to look at what’s happening in Colorado and doing the job that we’re supposed to do.”

Operation Cryptosweep was launched on May 21 by the North American Securities Association (NASAA) as one of the largest coordinated enforcement actions in the US and Canada on ICO fraud and the companies or individuals behind them. The NASAA website gives details of the operation and states that this current operation is only the latest of more than a dozen previously undertaken by NASAA and that NASAA members are also conduction public awareness programs to warn investors of the potential risks involved with ICOs.

Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission is quoted on the NASAA site saying;

“Despite a series of public warnings from securities regulators at all levels of government, crypto criminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.” He added “The actions announced today are just the tip of the iceberg,”

Regulatory Sweeps Creating the Path to Clarity

As state and federal regulators pursue fradulant ICO projects and other blockchain industry scams they also recognize that the bulk of these startup businesses are legitimate and that the majority of ICOs are created in order to fund and develop companies that are potentially beneficial to both the community and economy.

Likewise many entrepreneurs on the other side of the coin offerings are for the kind of crack down that ‘operation cryptosweep’ represents as another stone in the pathway to clarity. Frank Ricotta, who is developing a private blockchain that gives people ownership of their own medical records, was quoted in the article saying;

“In the long run, I view the increased regulatory attention that cryptocurrencies and tokens are receiving as a positive sign that the space is maturing, but we have to go beyond investigating suspect deals …   Too much regulation kills innovation, and not enough creates a breeding ground for fraud.”

 

Image from Shutterstock

The post Colorado Pursues ICO Fraud as Part of “Operation Cryptosweep” appeared first on NewsBTC.

Key Highlights

• Ripple price failed to hold a major support area near $0.6500 and declined against the US dollar.
• There is a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may correct higher, but the broken support at $0.6500 is likely to act as a hurdle.

Ripple price declined further against the US Dollar and Bitcoin. XRP/USD is now well below $0.6500 and is eyeing more losses in the near term.

Ripple Price Bearish Bias

There was a sharp increase in bearish pressure on Ripple price below the $0.7000 level against the US Dollar. The price declined sharply and broke a major support area near $0.6500. It has opened the doors for more declines towards $0.6000 since the price is now well below the 100 hourly simple moving average. A low was formed recently at $0.6236 where buyers protected further losses.

At the moment, the price is consolidating above $0.6200. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low. Moreover, there is also a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair. The most important hurdle for buyers is near $0.6500. The stated $0.6500 level was a support earlier and now it could prevent upsides. The same level is also close to the 50% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low.

Looking at the chart, the price is in a bearish trend below $0.6500. Any corrections from the current levels could be capped by $0.6500 and $0.6700. On the downside, a break below $0.6230 will most likely push the price towards $0.6000.

Looking at the technical indicators:

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

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

Major Support Level – $0.6200

Major Resistance Level – $0.6500

The post Ripple Price Analysis: XRP/USD Broke Significant Support appeared first on NewsBTC.

Key Highlights

• ETH price was not able to move above the $700 resistance and declined sharply against the US Dollar.
• There is a new connecting bearish trend line forming with resistance at $655 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair may correct higher in the short term, but upsides are likely to be capped by $650-655.

Ethereum price declined heavily against the US Dollar and Bitcoin. ETH/USD is now well below $655 and is eyeing more downsides in the near term.

Ethereum Price Resistance

The past few sessions were pretty bearish as ETH price failed to break above the $700 resistance level against the US Dollar. The price started a major downside move and broke the $685 and $655 support levels. The decline was such that the price settled below $650 and is currently trading below 100 hourly simple moving average. It traded as low as $625.45 recently and is currently in a bearish zone.

It may correct a few points towards the previous support near $655. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $697 high to $625 low. Moreover, there is also a new connecting bearish trend line forming with resistance at $655 on the hourly chart of ETH/USD. The same trend line is close to the 50% Fib retracement level of the last decline from the $697 high to $625 low. Therefore, if the price moves higher, it is likely to face sellers near $655, $661 and $665.

Looking at the chart, the price was clearly rejected from the $700 zone. It fell sharply and the bias turned bearish with a close below $655. On the downside, a break below the $625 low might push the price towards the $600 level.

Hourly MACD – The MACD is placed heavily in the bearish zone.

Hourly RSI – The RSI is now near the oversold levels.

Major Support Level – $625

Major Resistance Level – $655

The post Ethereum Price Analysis: ETH/USD Tumbled Below $655 appeared first on NewsBTC.

FOMO Moments

The sideways market is over and the bears are in full control. A wave of panic selling seems to have washed across crypto land once again and markets have hemorrhaged $27 billion in 24 hours. Bitcoin has plummeted below the psychological $8k barrier and shed 4.6% on the day trading at $7,930 at the moment. Further losses look inevitable. Altcoins as usual have all collapsed, many losing double figures in the last few hours. Only one is in the green in the top 50 at the time of writing and that coin is Zcash.

Coinmarketcap is reporting a paltry gain of 2.8% on ZEC but it is a gain nevertheless while all around it have crashed. Zcash is currently trading at $330, up from $319 this time yesterday. On the week there have been no gains as this coin was trading at the same level last Wednesday. The monthly picture shows a gain of 22% for ZEC from $270 this time last month. Since Bitcoin has fallen below $8k ZEC is up 8% at 4166700 satoshis from 3855000 sats this time yesterday. Over the month Zcash has gained 35% on BTC from 3075000 satoshis this time last month.

The Gemini Exchange support gave this coin its initial boost on May 14 and trading was made available on the 19^th. According to the blog Zcash has invested in Agoric, which is a Javascript based programming layer. Zooko Wilcox, CEO of Zcash said, “This founding team are pioneers of some of the fundamental science of secure programming and distributed systems. And, some of them are my personal friends and mentors who have been among the biggest influences on my scientific career.”

Zcash Company invests in Agoric to build better and more secure, javascript-based smart contracts.https://t.co/lZOp10yWBM

— Zcash Company (@zcashco) May 21, 2018

Zcash is traded across a range of exchanges with Bitfinex and Binance being the two most popular. Trade volume over the past 24 hours has doubled from $85 million to over $170 million. Market cap for ZEC currently stands at $1.3 billion positioning it at 21^st in the charts.

Overall crypto markets have plunged 6.4% in the past 24 hours to $353 billion, bearish pressure is still strong so further losses are looking likely. All altcoins have been hammered today with Cardano, Monero, Bytecoin and Icon taking the biggest hits.

More on Zcash can be found here: https://z.cash/

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 Update: Zcash Investment Keeps it Climbing appeared first on NewsBTC.

Tron Price Key Highlights

• Tron is trending higher but seems to need a correction before drawing more bullish pressure.
• Tron is safely inside its ascending channel and is currently gearing up for a test of the bottom.
• Technical indicators are suggesting that the uptrend could resume soon.

Tron continues to trend higher in an ascending channel but needs a test of support before resuming the climb.

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. In other words, the uptrend is more likely to resume than to reverse. The gap is still sufficiently wide so there’s no strong chance of a downward crossover just yet.

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the channel bottom close to the 0.0700 major psychological support. This is also close to the 200 SMA dynamic inflection point that could serve as an additional support level.

RSI is already indicating oversold conditions to show that the correction might be done soon. Turning higher could draw buyers in, especially since it formed lower lows and price had higher lows for a bullish divergence.

Similarly, stochastic is dipping into oversold territory to show that sellers are exhausted and buyers could return soon. In that case, Tron could bounce back to the channel top around 0.0850 or the swing high.

Market Factors

Altcoins haven’t had such a good run recently but Tron remains one of the stronger ones as its investors are anticipating the launch of a virtual machine and the mainnet towards the end of this month. Founder Justin Sun has been excitedly tweeting updates, so these developments could keep buyers in play.

Meanwhile, the dollar has the FOMC minutes due this week and cautious remarks could weigh on tightening expectations, allowing cryptocurrencies to benefit from risk-taking.

The post Tron (TRX) Price Watch: Bulls Waiting at This Area of Interest appeared first on NewsBTC.

Singapore, 22 May 2018 — X Genomics, a startup bringing some of the world’s most experienced genome specialists to build the world’s largest genetic data chain powered by the blockchain, announces the X Genomics Human Variant Genome Project. The project will enable human genome data to be publicly accessible and ready for sharing while protecting the security and privacy of the data owner by using a blockchain-based decentralized genome data storage.

Human genome sequencing is a key element in our understanding of the evolution of and humanity and the human body composition, allowing researchers to understand diseases including viruses, mutations and various forms of cancer better, and design medication with more accurate prediction of their effects.

As the gene industry is developing, X Genomics aims to solve many of its pain points through efficient and secure blockchain services, under the premise of secure and reliable transaction interconnection through visualized data management tools. With this focus, the comprehensive cost of the gene technology industry can be effectively reduced, operational efficiency can be improved, and the application of traditional gene technologies can be solved.

X Genomics is breaking the silos of industry information and integrates the human genome data on a blockchain by building a global genetic data hub and opening a transparent service platform for anyone to share human genome data, while not relinquishing ownership of the data. The X Genomics blockchain is designed to provide genetic research industry partners with enterprise-level blockchain infrastructure, industry solutions, and secure, reliable, and flexible blockchain services.

X Genomics plans to integrate and attract various gene technologies and scientific research institutions to participate in genetic data analysis and mining, while maximizing the value of genetic data, and providing comprehensive, customized health management and life guidance for gene donors. The project will also focus efforts and resources on developing application scenarios for analyzing and using the genetic data collected, enabling the data to be used by parties for the open advancement of Life Sciences for Humanity.

“Our mission is to create a global human genome data hub, mine the huge genetic data base and maximize the value of genetic data.” said Shine Lam, CEO of X Genomics “By enabling decentralized genome data storage, X Genomics will enable human genome data to be publicly accessible and ready for sharing while protecting the security and privacy of the data owner.”

The team of researchers and genome experts supporting the program is based in Singapore, Canada and China, and include two Nobel prize winners, Professor Randy Schekman 2013 Nobel Prize in Physiology or Medicine and Eric Maskin, Harvard Professor and 2007 Nobel Prize in Economy. This makes X Genomics the first of its kind to be supported by Nobel Prize laureates.

The original focus of the Human Variant Genome Project, or X Genomics, is not on the 99.9% similarity in the genome of each human, but on the 0.1% difference, with a long term approach that we aim to continue forever, or until humanity is extinct.

To power its blockchain, The X Genomics project will issue an ERC-20 token, the X Genomics Chain Token, (symbol: GSX) under the Human Genomic Research Foundation LTD, founded in Singapore.

The GSX token’s main role is to provide liquidity for digital asset transactions on applications built on the X Genomics platform, and to serve as a payment mechanism for transactions on the X Genomics ecosystem. Users uploading their genome data to the X Genomics blockchain will be compensated with tokens when their data is used. Similarly, researchers will be able to value their research using big genetic data and sharing it on the platform against tokens with medical institutions or individuals wanting to use the research.

About X Genomics

X Genomics is a project combining gene technology with blockchain technology. It will break the silos of industry information and integrate the human genome data on a blockchain by building a global genetic data hub and opening a transparent service platform for sharing human genome data. The project will integrate and attract various gene technologies and scientific research institutions to participate in genetic data analysis and mining. X Genomics will maximize the value of genetic data, and provide comprehensive, customized health management and life guidance for gene donors. Meanwhile, it will develop various application scenarios for genetic data, enabling the genetic data to be widely used in human economic and social activities.

Official Website: https://www.xgenomics.org

Join our Telegram: https://t.me/xgenomics

Connect with us on Twitter: https://twitter.com/xgenomics

Follow us on Facebook: https://facebook.com/xgenomics

Read more on Medium: https://medium.com/xgenomics

Contact:

[email protected]

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Social trading platform eToro has analyzed the profiles of its users who invested in cryptocurrencies between March 2017 and February 2018. The report reveals that Ripple (XRP) is the most traded digital currency on eToro’s marketplace.

eToro Reveals Popularity of Crypto-Investment By Age, Gender, And Job Sector

Global trading and investment platform eToro has reported the results of its user data analysis, which revealed the popularity of each top cryptocurrency by age range, gender, and job sector. The results have led to the conclusion that most traders are young and have little to no experience.

Ripple (XRP) is overwhelmingly the most popular digital currency as it leads in all age groups, with nearly a quarter of users having traded XRP in the period under analysis. Data confirms what most within the cryptocurrency industry already think: the younger the investor, the more into crypto they are. In descending order, the top 9 digital currencies traded by eToro users are Ripple, Bitcoin, Ethereum, Litecoin, Ethereum Classic, Dash, Stellar, and NEO.

Over two-thirds of eToro users are have little history with crypto-investment. By occupation, the report found that Computer/IT services professionals are the most common group of cryptocurrency investors, followed by those who declare no occupation, then sales/marketing, students, and finance industry professionals in fifth.

By gender, 91.5% of virtual currency traders using the eToro platform are male. “Fewer women are involved in cryptocurrency investment than their male counterparts, with only 8.5% of all investors being female”, said the report.

The coin breakdown by gender, women are more likely to invest in some currencies than others, except for Bitcoin. The most dominant digital coin by market capitalization has 0% gender difference. From the top 9 digital currencies, Ripple is more traded by women than men by over 2%.

Regarding profitability, some strategies are aimed at yielding long-term results and others look for potential quick gains. Nonetheless, eToro mapped the top 9 cryptocurrencies by average profitability. The chart shows that Ripple (XRP) is the most profitable coin for eToro users, followed by Ethereum, Litecoin, Bitcoin, Ethereum Classic, and Dash. The average investor is at a loss with Neo, Stellar, and Bitcoin Cash.

The leading social trading and multi-asset brokerage company launched its cryptocurrency offering in the United States this month. U.S. based traders are able to invest in 10 digital coins for now, but eToro will expand its trading portfolio throughout the year. eToro USA, which is led by Managing Director Guy Hirsch, is registered as a money transmitter.

 

Image from Shutterstock

The post Survey: Most Cryptocurrency Traders are Young with Little Experience appeared first on NewsBTC.

Less than ten days left until the end of DateCoin ICO. It’s team has already raised SoftCap.

DTC is a highly liquid utility token of the ERC-20 standard designed on the basis of the proven business model for dating around the world with the inherent mechanism of cost growth due to the support of a large number of users.

The project team prepared to the ICO more than seven months, developing the concept of maintaining the course of the tokens and creating an innovative online dating service based on the use of advanced technologies. They include artificial intelligence, blockchain, neural networks, big data processing, etc.

The basis for the creation of the service will be the application Denim, which has been successfully working since 2015. Its audience exceeded 800 000 people, the profit in 2017 amounted to more than 2.5 million dollars (compared to previous year, the yield increased 15 times). Today, every potential investor of the project can download the application and get acquainted with its functionality (https://datecoin.io/mvp).

It is assumed that at the initial stage Denim users will provide demand for DTC tokens. By the way, each of hundreds of thousands of Denim users already have one token . They got them during the campaign that the team DateCoin held in honor of Valentine’s Day within the frameworks of the promotion of the blockchain and cryptoeconomy.

Users of the service will benefit from buying the tokens, since the system of payment for services within the application will be designed so that paying them with coins will be significantly more profitable. In addition, DTC holders will be offered a number of unique services available only for tokens. So, for example, if a user wants to watch a video of a girl, he will need to buy tokens in order to do this.

According to the forecasts of DateCoin team, by 2020 the service will have more than 20 million users. Most of them will buy the token on the exchange (as stated above) to pay for additional functionality and get a discount, which means that the coin will be in constant demand even after the ICO, which will have a positive impact on its exchange rate.

Today DateCoin is preparing to make this resolution in the field of online dating. The use of advanced technologies will solve many existing problems of the industry and improve the efficiency of the dating – will create a product that has no competitive analogues. It is artificial intelligence in DateCoin project that will perform all the rough work for users: analyze user preferences, the history of previous contacts and on the basis of a huge amount of information select potential partners, acquaintance with whom can most likely turn into something more than just dull correspondence.

Thus, the users of DateCoin will be relieved of the need to spend a huge amount of time to view profiles not interesting to them, as well as fake photos and accounts. The problem of user identification will be solved with the help of blockchain, which will create an atmosphere of trust in the service. Thanks to the technology of distributed data – a record of each confirmed account will ensure its authenticity, therefore, the problem of “fake accounts” and bots will go away forever. Special attention will be paid to the cyber security of the service.

The global online dating market is growing every year. According to experts, currently its total volume is more than $ 5 billion, next year it will exceed $ 6 billion. Every fourth inhabitant of our planet used operating services at least once in their life, and 7 percent of the world’s population uses them constantly-as they digitalize, people become more familiar with online and this trend will only increase with the advent of new technical opportunities.

All this testifies to the demand for this kind of service and gives grounds to assert the demand for DateCoin token.

Details of the project can be found here: https://datecoin.io.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Bitcoin Price Key Highlights

• Bitcoin price resumed its drop as price is now breaking past the mid-range area of interest.
• This could put it on track towards testing the range floor at the $6,550 level.
• Technical indicators are confirming that selling pressure is still in play.

Bitcoin price seems poised for more losses as it reeled from Kashkari’s remarks and is setting its sights on the range bottom.

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.

The 100 SMA also seems to have held as dynamic resistance and would likely keep further gains in check in another pullback. The gap between the two moving averages is also widening to reflect strengthening bearish pressure.

RSI is pointing down to confirm that sellers are in control and could further weigh on bitcoin price. Similarly stochastic is on the move down to show that bearish momentum is present. In that case, bitcoin price could make it all the way down to the bottom of the range.

However, both oscillators are also nearing oversold conditions to reflect bearish exhaustion. If buyers return as the oscillators pull up, the middle of the range could attract some buyers and lead to a bounce back to the top.

Market Factors

FOMC member Neel Kashkari had some negative remarks on the cryptocurrency industry this week, and the lack of positive catalysts left these altcoins vulnerable to selling pressure. He noted:

It’s a clever idea that some people came up with, but now it’s being taken to ridiculous extremes. The barrier to entry to creating a new cryptocurrency is zero.

Furthermore Kashkari mentioned:

If you can dupe enough people to buy it, you can pretend that you’ve launched something. And you can say, ‘Look, I’m a billionaire because I sold you one. And I own the other 999 million of them, so that means I’m a billionaire! So it has become a farce…I’m seeing more noise and more fraud than I’m seeing anything useful.

The post Bitcoin (BTC) Price Watch: Kashkari Comments Bring Sellers In appeared first on NewsBTC.

Key Points

• Bitcoin cash price declined further and broke a major support at $1,150 against the US Dollar.
• There is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair may perhaps continue to move down and it could even break the $1,100 support level.

Bitcoin cash price is accelerating declines below $1,200 against the US Dollar. BCH/USD is now well below $1,150 and eyes a downside break below $1,100.

Bitcoin Cash Price Resistance

There was no major upside recovery in bitcoin cash price above $1,220 against the US Dollar. The mentioned $1,220 level acted as a hurdle for buyers, resulting in more declines. The price declined further, settled below the $1,200 level, and broke the $1,150 support level. The recent downside break below $1,150 has opened the doors for more losses in the near term.

The decline was such that the price even broke the last swing low of $1,133. It is now well below $1,150 and the 100 hourly simple moving average. It seems like the price is heading towards the 1.236 Fib extension level of the last wave from the $1,133 low to $1,315 high at $1,090. It means the price may perhaps break the $1,100 support and accelerate declines towards $1,050. If sellers remain in control, the price might test the 1.618 Fib extension level of the last wave from the $1,133 low to $1,315 high. On the upside, there is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.

Looking at the chart, the price is clearly under a lot of bearish pressure below $1,150. However, if buyers manage to push the price above $1,150-60, it could bounce back quickly.

Looking at the technical indicators:

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

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

Major Support Level – $1,090

Major Resistance Level – $1,150

The post Bitcoin Cash Price Analysis: BCH/USD Bearish Below $1,150 appeared first on NewsBTC.