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UK FCA Probes 24 Crypto Businesses in ‘4th Most Crypto-Friendly Nation’

The Financial Times reported that the UK’s Financial Conduct Authority (FCA) has launched an inquiry into 24 “unauthorized” businesses that are involved with cryptocurrencies; additionally, they are investigating several related whistleblower reports. Through a freedom of information request made by accountancy and consulting firm, Moore Stevens, the FCA has revealed that it is attempting to …

The post UK FCA Probes 24 Crypto Businesses in ‘4th Most Crypto-Friendly Nation’ appeared first on BitcoinNews.com.

The Financial Times reported that the UK’s Financial Conduct Authority (FCA) has launched an inquiry into 24 “unauthorized” businesses that are involved with cryptocurrencies; additionally, they are investigating several related whistleblower reports.

Through a freedom of information request made by accountancy and consulting firm, Moore Stevens, the FCA has revealed that it is attempting to determine whether the businesses in question may be “carrying on regulated activities that require FCA authorisation”. While these aren’t formal investigations, the FCA could begin them should it discover or determine that there is a reason to.

So far in 2018, seven whistleblower reports relating to cryptocurrency have been made with no public outcomes yet. The statement mentions that there were no similar reports made between 2014 and 2017.

The United Kingdom was ranked fourth out of 48 other “crypto-friendly” nations, according to a study made by Blockshow Europe in which the UK had been praised for its “importance as a European hub for cryptocurrencies”.

The FCA does not regulate cryptocurrency exchanges, brokers or businesses, which gives them a grey area status and some freedoms. However, it has been pushed by the British Cryptocurrency Trade Association, the UK’s first self-regulatory blockchain industry trade body, to begin regulating the industry.

A brief timeline of events

In April, the FCA Business Plan 2018/19 was released with cryptocurrencies and blockchain technology receiving a fair amount of attention in the report. It did not come as a surprise considering that the UK is home to significant projects such as blockchain.com and Parity; furthermore, the self-regulatory cryptocurrency organization CryptoUK had plans to work with the UK government to assist British blockchain startups, making sure they were in compliance with AML and KYC regulations.

From this, the FCA, Bank of England and UK Treasury will be working together to publish a discussion paper which is due to be released in 2019.

Bitcoin News reported in early May that CryptoUK had also approached UK members of parliament seeking to create the appropriate frameworks for the industry to thrive in, as well as “reducing consumer risk and improving industry standards”, according to chair of CryptoUK, Iqbal Gandham.

Crypto-maturity in the UK

The FCA will “continue to monitor the appropriateness of the existing regulatory framework”, which should prove comforting to British banks who have been very wary of dealing with cryptocurrencies or businesses involved with them. This stems from the difficulties with running anti-money laundering checks on their transactions, which is something the European Union is firmly addressing.

Efforts made by the British financial watchdog and its collaborations with government branches indicate that the United Kingdom is to become a significant player in the global movement to create industry regulation frameworks and business innovations.

 

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Security Researchers Discover Multiple Epic Vulnerabilities in EOS Blockchain

Chinese internet and cyber security research firm 360 reported a series of high risk vulnerabilities in the EOS blockchain platform a couple of hours ago. According to China’s version of Twitter, Weibo, some of these vulnerabilities can remotely execute arbitrary code on the EOS node, meaning that remote attacks can directly control and take over

The post Security Researchers Discover Multiple Epic Vulnerabilities in EOS Blockchain appeared first on NewsBTC.

Chinese internet and cyber security research firm 360 reported a series of high risk vulnerabilities in the EOS blockchain platform a couple of hours ago. According to China’s version of Twitter, Weibo, some of these vulnerabilities can remotely execute arbitrary code on the EOS node, meaning that remote attacks can directly control and take over all nodes running on EOS.

The Weibo post went on to state;

“On the early morning of the 29th, 360 first reported the vulnerability to EOS officials and helped them repair the security risks. The person in charge of the EOS network said that the EOS network will not be officially launched until these issues are fixed.”

Defective Digital Blockchain Vulnerability

Security vulnerabilities in digital currencies tend to have far greater impacts than those associated with regular software. Due to its decentralized nature a security breech in one node can rapid spread across all others on the network and cause thousands of them to be attacked. During the attack the hacker can publish and distribute a smart contract containing malicious code targeting the vulnerability. According to the post which was translated from Chinese;

“The EOS super node will execute this malicious contract and trigger a security hole. The attacker then re-uses the super node to package the malicious contract into a new block, which in turn causes all full nodes in the network (alternate super node, exchange reload point, digital currency wallet server node, etc.) to be controlled remotely.”

The attacker then has full control over the nodal system and can steal private keys, user data, and control all cryptocurrency transactions according to the report. Additionally the attacker can turn a node on the EOS network into a member of a botnet, launch a cyber-attack, or become a free “miner” and mine other cryptocurrencies.

The report elaborated that;

“The series of new security vulnerabilities discovered by the 360 ​​security team in the smart contract virtual machine on the EOS platform is a series of unprecedented security risks. Security researchers have not found such problems before. This type of security issue affects not only EOS but also other types of blockchain platforms and virtual currency applications.”

At the time of writing the news had only just made it out of China and onto Twitter and Reddit. The EOS team has yet to release an official response but the price of the token reacted instantly dropping by 7% in less than an hour. EOS is currently trading at $11.20, down from its monthly high of $19.3 on May 3rd.

The post Security Researchers Discover Multiple Epic Vulnerabilities in EOS Blockchain appeared first on NewsBTC.

Japan Was the Wake-Up Call: Get Ready to Defend Privacy Coins

To advocate for regulatory leniency, we must consider the advantages, not the disadvantages, that privacy coins will provide to the greater community.

To advocate for regulatory leniency, we must consider the advantages, not the disadvantages, that privacy coins will provide to the greater community.

Ripple Price Analysis: XRP/USD Recoveries Could Be Capped

Key Highlights Ripple price extended its decline and traded towards the $0.5400 level against the US dollar. Yesterday’s highlighted important bearish trend line with current resistance at $0.6050 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may correct a few points in the short term,

The post Ripple Price Analysis: XRP/USD Recoveries Could Be Capped appeared first on NewsBTC.

Key Highlights

  • Ripple price extended its decline and traded towards the $0.5400 level against the US dollar.
  • Yesterday’s highlighted important bearish trend line with current resistance at $0.6050 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points in the short term, but upsides could be capped by $0.5800 and $0.6000.

Ripple price is in a downtrend against the US Dollar and Bitcoin. Any recoveries and corrections in XRP/USD are likely to hurdles on the upside.

Ripple Price Upside Hurdles

There was no respite for buyers as Ripple price declined further towards the $0.5400 level against the US Dollar. The price settled below the $0.5900 and $0.5800 support levels, resulting in a major downside move. It even traded below the $0.5500 level and a low was formed at $0.5453. At the moment, the price is slowly recovering and moving higher above $0.5500.

An initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.6103 high to $0.5453 low. However, the most important hurdle for buyers is close to $0.5800. It represents the 50% Fib retracement level of the last decline from the $0.6103 high to $0.5453 low. Above this, the 100 hourly simple moving average is positioned near the $0.6000 level to prevent upsides. Moreover, yesterday’s highlighted important bearish trend line with current resistance at $0.6050 is still in place on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP USD

Looking at the chart, the price may correct a few points above the $0.5600 level. However, ripple buyers could face a tough challenge near $0.5800 and $0.6000. On the downside, a break below the recent low could push the price towards the $0.5200 level in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 40 level.

Major Support Level – $0.5500

Major Resistance Level – $0.5800

The post Ripple Price Analysis: XRP/USD Recoveries Could Be Capped appeared first on NewsBTC.

IP-Holdings Trademarks Bitcoin Name in the UK

London-based IP-Holdings has trademarked the Bitcoin name with the United Kingdom’s Intellectual Property Office as of 22 December 2017. The company will have rights over the Bitcoin name for an entire decade, until they have to renew in 2027. This appears to be the most successful attempt at trademarking Bitcoin’s name in history. There have been attempts …

The post IP-Holdings Trademarks Bitcoin Name in the UK appeared first on BitcoinNews.com.

London-based IP-Holdings has trademarked the Bitcoin name with the United Kingdom’s Intellectual Property Office as of 22 December 2017. The company will have rights over the Bitcoin name for an entire decade, until they have to renew in 2027.

This appears to be the most successful attempt at trademarking Bitcoin’s name in history. There have been attempts in the United States and Russia, but these have been denied.

The announcement which trademarks Bitcoin list hundreds of different products for which IP-Holdings has sole rights over the Bitcoin name. For example, a merchant selling Bitcoin t-shirts on the popular e-commerce website Etsy was sent a cease and desist letter because IP-Holding claims that anyone selling Bitcoin t-shirts must get permission first from them.

IP-Holdings was aggressive towards the Etsy merchant, saying that his t-shirts amounted to an infringement of the UK Trade Marks Act and must be stopped immediately or there would be a lawsuit.

Of course, permission from IP-Holdings to use the Bitcoin name comes at a price, which is the entire reason it trademarked Bitcoin in the first place. IP-Holdings does not produce any of the Bitcoin-branded products protected by its trademark, instead specializing in selling intellectual property rights.

The trademark has caused an uproar among netizens, particularly because many – including the Bitcoin Foundation – believe that Bitcoin should never be trademarked, a commercial pursuit at odds with the libertarian and open source ideals of the cryptocurrency.

Observers also note that the company predates merchants who create Bitcoin themed products, yet threatens them with legal action if they don’t pay for the rights to use the Bitcoin name IP-Holdings money.

Bitcoin was created by the pseudonymous Satoshi Nakamoto, last heard from in 2011.

 

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Bitcoin Price Analysis, 28th May 2018: BTC/USD Dips Below $7,200

Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels within this trading session. All this selling pressure is expressed under a period of decreased trading volumes. Signals are indicating that the bear market might still be holding strong. The day’s signals BTC/USD experiences losses around 4% in the last …

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Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels within this trading session. All this selling pressure is expressed under a period of decreased trading volumes. Signals are indicating that the bear market might still be holding strong.

The day’s signals

  1. BTC/USD experiences losses around 4% in the last 24 hours with the more recent dip around USD 7,100 levels.
  2. Sizable downward spikes appear to be the moving force behind the price decline amid a stagnant trading session with low volumes.
  3. Bitcoin traders only appeared to be taking consideration for a few hours before each new price fall.

bitcoin gdax-btcusd-May-29-2018-5-21-41

GDAX BTC/USD charts are showcasing the market’s lack of support as prices keep falling. Bitcoin markets experienced a dip from price levels slightly below USD 7,400 down to sub USD 7,200 levels. Traders don’t seem to flinch with such downward pressure under such a bearish market sentiment. The reaction traders appear to have to downward spikes of that size goes to show that the market’s sentiment is bearish as ever in the last few weeks.

Bitcoin okcoin-btcusd-weekly-futures-May-29-2018-5-21-45

OKEX BTC/USD weekly futures charts showcase a similar mood. Futures traders are mirroring movements of live markets closely. The spread between futures rates and spot prices remain minimal with futures staying especially close to live markets during each dip. Provided that downward spikes keep being the driving force behind all notable moves in the market, Bitcoin futures traders are cautiously following what happens in live markets.

The overall outlook of Bitcoin markets looks grimmer day after day. On the plus side, the state of Bitcoin markets might not be just as bad as certain altcoins. Bitcoin’s fall is prompting a market-wide downtrend though. And with new lows being reached day after day, the market would need something more than just volumes to form support and break through the pressure.

 

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Ethereum Price Analysis: Can ETH/USD Recover From $500?

Key Highlights ETH price declined further and tested the $500-510 support area against the US Dollar. There is a major bearish trend line forming with resistance at $545 on the hourly chart of ETH/USD (data feed via Kraken). The pair may correct a few points from the current levels, but upsides may be capped by

The post Ethereum Price Analysis: Can ETH/USD Recover From $500? appeared first on NewsBTC.

Key Highlights

  • ETH price declined further and tested the $500-510 support area against the US Dollar.
  • There is a major bearish trend line forming with resistance at $545 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct a few points from the current levels, but upsides may be capped by $545-550.

Ethereum price is struggling to recover against the US Dollar and Bitcoin. ETH/USD could consolidate around $520-545 for some time before the next move.

Ethereum Price Decline

There were nasty declines in ETH price below the $590 level against the US Dollar. The price declined sharply and broke a few important supports such as $560, $545 and $540. It tested the $500-510 support area where buyers appeared. However, the price is now trading well below the $555 pivot level and the 100 hourly simple moving average.

The recent low was near $505 before the decline was stopped. At the moment, the price is correcting higher and is testing the 23.6% Fib retracement level of the last decline from the $575 high to $505 low. However, there are many hurdles on the upside near $540-545. There is also a major bearish trend line forming with resistance at $545 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last decline from the $575 high to $505 low is also near $540. Therefore, the $540-545 zone is likely to prevent any major gains from the current levels.

Ethereum Price Analysis ETH USD

Looking at the chart, the price remains in a solid downtrend from the $590 swing high. On the downside, the $500 handle holds a lot of importance. A break below $505 and $500 may well clear the path for a push towards the $460 and $450 levels in the near term.

Hourly MACD – The MACD is slightly recovering in the bullish zone.

Hourly RSI – The RSI is correcting higher towards the 40 level.

Major Support Level – $500

Major Resistance Level – $545

The post Ethereum Price Analysis: Can ETH/USD Recover From $500? appeared first on NewsBTC.

Asian Cryptocurrency Trading Roundup: Bitcoin Dominance Approaches 40% as Altcoins Bleed

FOMO Moments The rout has continued today following a mass Ethereum selloff in a couple of hours yesterday. Markets are tumbling precipitously towards $300 billion, their lowest point since mid-April and a key support level. Failure to hold this could send all cryptos down towards their end of March yearly lows. Bitcoin has floundered again

The post Asian Cryptocurrency Trading Roundup: Bitcoin Dominance Approaches 40% as Altcoins Bleed appeared first on NewsBTC.

FOMO Moments

The rout has continued today following a mass Ethereum selloff in a couple of hours yesterday. Markets are tumbling precipitously towards $300 billion, their lowest point since mid-April and a key support level. Failure to hold this could send all cryptos down towards their end of March yearly lows. Bitcoin has floundered again losing 3% on the day and falling to $7,150. Ethereum has also been battered and all altcoins are currently bleeding. There are no cryptocurrencies showing gains in the top 50 during the morning’s Asian trading session.

We have to go back to the end of March to the last time every single crypto currency was bleeding. Technical analysts are warning of a bearish breakout as Bitcoin closes below a long term consolidation pattern. Ethereum has fared worse losing 6% on the day and falling to $530. There is a high probability of it falling further, below $500 which is currently a major support level.

In the top 25 the altcoins suffering the greatest losses at the time of writing are Bitcoin Cash down 9.5%, Tron crashing 13.5%, Nem losing 10.3%, VeChain down 10%, Bytecoin dropping 13.4%, Zcash down 12%, Icon losing 10.5% and Zilliqa shedding 12.5%. Looking at Coinmarketcap’s gainers and losers for the day shows a few obscure altcoins making positive moves signaling pump and dump action.

Total trade volume has increased a little over the past day from $13 to $17 billion but market capitalization has fallen 6.7% as $22 billion left the crypto space in 24 hours. Bears are currently smashing the markets which look like they could be heading back to the $270 billion level the same time two months ago. Since the monthly high of $470 billion on May 6, crypto markets had hemorrhaged 35%. Bitcoin market dominance is up to around 40% as Ethereum and all altcoins take a heavy beating for the third time in 2018.

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There Are Now Over 3000 Bitcoin ATMs Worldwide – Bitcoinist

BitcoinistThere Are Now Over 3000 Bitcoin ATMs WorldwideBitcoinistDespite the lackluster price action of Bitcoin and cryptocurrencies in recent months, the Bitcoin ATM industry appears as healthy as ever. The latest data from CoinATMradar shows that th…


Bitcoinist

There Are Now Over 3000 Bitcoin ATMs Worldwide
Bitcoinist
Despite the lackluster price action of Bitcoin and cryptocurrencies in recent months, the Bitcoin ATM industry appears as healthy as ever. The latest data from CoinATMradar shows that the number of Bitcoin vending machines has passed the 3,000 ...

Cardano (ADA) Price Watch: Approaching Key Support Zone

Cardano Price Key Highlights Cardano (ADA) continues to trend lower but could be due for a bounce as it nears a major floor. Price is trading below a descending trend line and is on its way to test the support around 0.130. Technical indicators are giving mixed signals, with oscillators reflecting oversold conditions. Cardano could

The post Cardano (ADA) Price Watch: Approaching Key Support Zone appeared first on NewsBTC.

Cardano Price Key Highlights

  • Cardano (ADA) continues to trend lower but could be due for a bounce as it nears a major floor.
  • Price is trading below a descending trend line and is on its way to test the support around 0.130.
  • Technical indicators are giving mixed signals, with oscillators reflecting oversold conditions.

Cardano could be due for a bounce as it approaches a support zone visible on the daily time frame.

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 downtrend is more likely to continue than to reverse.

The 100 SMA lines up with the short-term descending trend line to add to its strength as resistance. The gap between the moving averages is widening to reflect stronger selling pressure.

However, RSI is pulling up from oversold conditions to show that buyers are ready to take control from sellers. A bit of bullish divergence can also be seen as the oscillator made higher lows while price had lower lows.

Stochastic has also reached oversold levels to show exhaustion among sellers but has yet to turn higher to signal a return in buying momentum.

ADAUSD Chart from TradingView

Market Factors

Cryptocurrencies have been in the red for the past few days as the lack of positive industry updates has been a drag. This is at the same time as regulatory concerns returned, along with a pickup in risk aversion in the global financial markets.

The political situation in Europe is being blamed for the drop in risk appetite as elections in Spain and Italy could bring more uncertainty, driving traders to safe-havens like the dollar.

The US currency is currently supported by Fed tightening expectations but these could be affected by the NFP release on Friday. Analysts expect a stronger pace of hiring for May but of particular interest would be data on wage growth.

Note, however, that the first smart contract for Cardano is already live.

The post Cardano (ADA) Price Watch: Approaching Key Support Zone appeared first on NewsBTC.

Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines

Key Points Bitcoin cash price is under pressure and is currently trading below $920 against the US Dollar. There is a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair may continue to move down and it could soon break the

The post Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines appeared first on NewsBTC.

Key Points

  • Bitcoin cash price is under pressure and is currently trading below $920 against the US Dollar.
  • There is a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to move down and it could soon break the $875 support level.

Bitcoin cash price is in a bearish trend below $1,000 against the US Dollar. BCH/USD could accelerate declines towards $800 as long as it is below $960.

Bitcoin Cash Price Decline

There were further declines noted in bitcoin cash price below the $1,000 level against the US Dollar. The price corrected a few points yesterday, but the upside move was capped by the $1,000 level. A fresh downward wave was initiated and the price settled well below the $1,000 level and the 100 hourly simple moving average. It even broke the $950 and $900 support levels.

A low was formed at $872 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $1,000 high to $872 low. There is also a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair. Above the trend line, the next hurdle for buyers is near the $935 level. It is the 50% Fib retracement level of the last decline from the $1,000 high to $872 low. Moreover, there is another crucial bearish trend line with resistance at $970.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly in a major downtrend. If sellers remain in control, the price may break soon break the $875 and $850 levels. On the upside, the $960 and $970 levels are important resistances.

Looking at the technical indicators:

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

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

Major Support Level – $850

Major Resistance Level – $960

The post Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines appeared first on NewsBTC.

A New Twist On Lightning Tech Could Be Coming Soon to Bitcoin – Coindesk


Coindesk

A New Twist On Lightning Tech Could Be Coming Soon to Bitcoin
Coindesk
Bitcoin’s lightning network may be just starting to send transactions over the blockchain, but already its developers are looking to rearchitect the technology. That’s because, while touted as a way to significantly boost bitcoin’s capacity, the


Coindesk

A New Twist On Lightning Tech Could Be Coming Soon to Bitcoin
Coindesk
Bitcoin's lightning network may be just starting to send transactions over the blockchain, but already its developers are looking to rearchitect the technology. That's because, while touted as a way to significantly boost bitcoin's capacity, the

A New Twist On Lightning Tech Could Be Coming Soon to Bitcoin

The lightning network is still new, but a group of its devs are already thinking about an alternative technology to better protect users’ funds.

The lightning network is still new, but a group of its devs are already thinking about an alternative technology to better protect users’ funds.

Bitcoin (BTC) Price Watch: Heads Up for this Bearish Breakout!

Bitcoin Price Key Highlights Bitcoin price appears to have broken below a long-term consolidation pattern to signal a drop. Price is also approaching the bottom of a smaller descending channel to show that the downtrend could carry on. Technical indicators on this time frame also seem to be signaling that further losses are in the

The post Bitcoin (BTC) Price Watch: Heads Up for this Bearish Breakout! appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price appears to have broken below a long-term consolidation pattern to signal a drop.
  • Price is also approaching the bottom of a smaller descending channel to show that the downtrend could carry on.
  • Technical indicators on this time frame also seem to be signaling that further losses are in the cards.

Bitcoin price could be gaining further bearish traction as it closed below the support of its daily symmetrical triangle.

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. In other words, the selloff is more likely to resume than to reverse. The 100 SMA also held as dynamic resistance and the gap between the moving averages is widening to reflect strengthening bearish momentum.

RSI pulled out of the oversold region but is turning back lower to show that bears refuse to let up. Stochastic also moved back south without even reaching overbought conditions, which means that sellers are eager to stay in.

BTCUSD Chart from TradingView

Market Factors

Regulatory concerns and the selling of Mt. Gox bitcoin are two of the main factors being blamed for the recent slide in bitcoin price. There have been no other big industry updates lately, so it’s understandable that most investors are being spooked by the drop.

To top it off, risk appetite has been notably weaker on account of geopolitical risks in U.S. and in Europe. In particular, Spain and Italy are likely to undergo elections for its top leadership positions, and the uncertainty is weighing on the appetite for riskier assets and driving traders towards safe-havens like the dollar.

The US has the NFP report lined up later this week and stronger tightening expectations from the results could further boost the US dollar. On the other hand, a return in risk-taking on weak data and slower tightening expectations could lead to some profit-taking and a much needed BTC/USD bounce.

The post Bitcoin (BTC) Price Watch: Heads Up for this Bearish Breakout! appeared first on NewsBTC.

Zcash Price Analysis – Trending bearish

One of the original ‘privacy coins’, Zcash has enhanced its institutional legitimacy with a listing on the New York State licensed Gemini exchange

One of the original ‘privacy coins’, Zcash has enhanced its institutional legitimacy with a listing on the New York State licensed Gemini exchange