Day: June 4, 2018

Alt coins prices are correcting after last week’s extraordinary performance. If it remains as it is, then IOTA, EOS, Stellar Lumens and Litecoin traders can remain neutral and wait for reversals at previous inflection points. We place those levels at 5.5 cents for Tron which is racing lower and complementing the previous week’s bear move as it completely negate our expectations.

Let’s have a look at the charts:

EOS Price Technical Analysis

EOS Daily Chart by Trading View

The influence of whaling is playing out in EOS. Why? Well, solid data reveals that 10 addresses holds up-to 50 percent of EOS coin supply. That’s 500 Million EOS coins under 10 addresses of which Block One is one of the biggest hodlers. It’s ridiculous because aside from raising $4 billion from their one year long crowd funding, they hold an additional 100 million EOS coins.

This gifts them an extra $1.5 billion if we make deductions from spot USD rates. In the top 10 list, the least address has 20.39 million EOS coins and the rest which many believe to be exchanges controls upwards of 150 million EOS coins. That’s not all. When it comes to “decentralization”, the top 1000 addresses control 86 percent of the total supply meaning when it comes to voting and governance, your vote won’t be influential as you have been made to think.

When it comes to price action, we shall retain our bullish projection but in this case of long covering, bears might continue pushing EOS prices lower. In this regard, June 2 bullish candlestick would act as a minor resistance and support in the days to come. After all, volumes are low and pales in comparison to June 2 price action. As such, if you want perfect long entries then wait until bears test $12 or there about. Thereafter enter in the 4HR chart whenever a strong bullish candlestick prints.

Litecoin (LTC) Price Technical Analysis

Litecoin Daily Chart by Trading View

Charlie Lee brother thinks blockchain is not what the worlds need as every user input is subjective as network consensus dictates. In an interview with CNBC, Bobby Lee came to this conclusion after “thinking very hard” about the whole protocol thing.

My #controversial interview with @cryptomanran in #Berlin this past week:

A TRUE #Blockchain cannot be used for Real World applications, as everything we see & measure is subjective (and contentious) by nature, and thus CANNOT be written in objectively!https://t.co/z9mdVRTYW4

— Bobby Lee (@bobbyclee) June 2, 2018

He eventually deduced that real world businesses need a central database and not a blockchain arrangement as many ICOs model their businesses around. In his view, every measurement is contentious and some private data require a central data base where there is absolute control and verification.

Following yesterday’s rejection of higher prices and collapse, odds are we may see a follow through today. Our analysis will anchor on June 3 candlestick which had high volumes but price oscillations were within a tight range. This “subtle” rejection of higher highs came to pass with yesterday’s candlestick. Because of this technical development, potential support lies between $110 and $115. That range would be an ideal zones buyers in the 4HR chart. If not and this applies to conservatives, Litecoin buyers must have to wait for close above $130 as we have been insisting in previous trade plans.

Stellar Lumens (XLM) Price Technical Analysis

Stellar Lumens Daily Chart by Trading View

Week over week, Stellar prices are up 10 percent but in the last 24 hours, they are down five percent. Most notably though is the high volume injection visible in yesterday’s double bar bearish reversal pattern. As a confirmation of those spike in market participation, Stellar Lumens sellers may end up dominating price action today. In that case and in respect to last week’s bullish pattern, immediate support and possible reaction point would be at 25 cents on the lower edge and 27 cents if this correction is not very deep.

Tron (TRX) Price Technical Analysis

Tron Daily Chart by Trading View

The robustness and security of any network supersedes all other incentives. That’s why the Tron Foundation is concentrating all their effort in ensuring the network is above all secure. Through Project Genesis which was set rolling sometimes back in April, developers have a way of taking part in network secure and getting rewards in the process.

Besides, there is a bounty reward program where white hackers would receive $100,000 for every bug they discover and an irresistible loan program for Ethereum DApp developers wishing to build their apps using Tron’s VM. These are measures that are in place before their full migration by June 2018. Later on in September they shall schedule a convention and a Hackaton to further scrutinize the network.

#EOS Global #Hackaton – June 2018 – #AreYouReady ? @go_eos @EOS_io @BrendanBlumer @bytemaster7 @brockpierce @eosforumorg @eosnewyork @eos_la @eosphere_io @EOSNordics @EosArgentina @EosRussia @eosatlanta #goeosgo pic.twitter.com/9w4VIIVMPE

— EOS Italy – The 1st Community (@EOS_Italy) March 10, 2018

While measures are in place to ensure network integrity, prices are printing lower lows. In fact it looks like our stops at 5.5 cents would be hit if today end up bearish like yesterday. If that happens and we see a strong break below this minor distribution whose support lies at 5.5 cents then our next bear targets would be at 5 cents and then 4 cents depending on the strength of Tron sellers.

IOTA (IOT) Price Technical Analysis

IOTA Daily Chart by Trading View

Despite Qubic announcement and how futuristic it is with their Trinary and energy efficient systems, we are yet to see the same sentiment translate to price action. All we are seeing are sellers overclocking their pumps as they eyeball our immediate support at $1.5-1.6.

The Qubic platform will be the most significant contribution to the IOTA stack, it will enable unlimited new use cases and turn the IOTA Project into a full solution. Information and details are beginning to be unveiled right now at https://t.co/U87nKaZWnI#IOTA #Qubic

— IOTA (@iotatoken) June 3, 2018

Fact is, in the last 24 hours alone, IOTA prices are down 14 percent and look likely to add to their losses today. Regardless, we still hold a bullish skew and we anticipate prices to edge higher this week in line with last week’s bullish reversal pattern.

The post Understand IOTA’s Qubic Before Investing: EOS, Litecoin, Stellar Lumens, IOTA and Tron Price Technical Analysis (June 5, 2018) appeared first on NewsBTC.

Volatility is one of the biggest problems associated with cryptocurrencies, impeding adoption in mainstream outlets. Most of the current payment systems have to give the option of immediate liquidation to crypto merchants so the volatile nature of cryptocurrencies doesn’t affect their earnings.

But recently, tokens pegged with fiat currencies are increasingly being developed that can offer a way to “mainstream” cryptocurrencies.

TrueUSD, a USD-backed cryptocurrency has announced that its has partnered with HybridBlock’s Hybrid Exchange, a cryptocurrency exchange and Base Trade, a crypto platform that can allow users to buy or sell cryptocurrency in a few easy steps. This application of a fiat-backed cryptocurrency is seen as a major development in the crypto world.

The HybridBlock-TrustToken Partnership

TrustToken is one of the pioneers in the business of creating fiat-backed cryptocurrencies, and got a boost after getting its coin listed on Binance, one of the largest cryptocurrency exchanges in the world.

The coin’s market cap was around $33 million within three months of its inception. For HybridBlock, it is welcoming news as the exchange and trading company enters its first public token generation event.

According to TrustToken’s CTO and co-founder Rafael Cosman:

“With TrueUSD, we set out to build a trustworthy stablecoin. We appreciate that HybridBlock sees the value that TrueUSD will provide to traders on BaseTrade. The HybridBlock team is showing responsibility and a long-term view in meeting their community’s needs.”

While HybridBlock’s Co-founder Apolo Ohno was of the opinion:

“TrustToken and TrueUSD are a world class team and product. We are very excited to integrate TrueUSD within the HybridBlock ecosystem as one of the top stablecoin solutions for traders globally.”

TrustUSD’s Functionality Within the HybridBlock Ecosystem

TrustUSD is a “stablecoin” and it provides traders with the option of legally enforceable escrow agreements. Every TrustUSD is backed by its equivalent USD amount in collateral that can be purchased or redeemed directly on the exchange.

TrustUSD will be used on the new HybridExchange as a base pairing that will allow an option against market volatility, especially for intermediate traders.

In addition to just using USD like other cryptocurrency exchanges, the new system will be used to pair the currencies with TrustUSD cryptocurrency that will be backed by dollars. Pairs will include BTC/TUSD, ETH/TUSD, LTC/TUSD, XRP/TUSD and the native HYB/USD.

On BaseTrade, HybridBlock’s other application, the TUSD coin will be used as an initial token that can be distributed to traders via wire transfers. Once accounts are fully loaded with the TUSD, users will then be able to buy/sell all major cryptocurrencies against the TUSD token. HybridBlock will thus be the first exchange to use a stablecoin to allow a reliable transition from fiat to cryptocurrencies.

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Google Trends data for “Bitcoin” web searches shows a decline of 75 percent in 2018 so far, as well as slow growth in new wallets

Pundi X has begun releasing its cryptocurrency point-of-sale devices in Indonesia, despite crypto not being recognized as a form of payment in the country

A blockchain-based logistics platform is launching an Uber-like app for parcel shipment which automatically selects the most appropriate and best value delivery route #SPONSORED

Online searches for Bitcoin on Google Trends have taken a hit following a drop in market prices since the beginning of the year.

Bitcoin Searches Take a Nosedive

Figures from Google Trends don’t paint a pretty picture. Mid-December searches for Bitcoin were recorded at 100 out of a scale of 100. However, fast-forward six months later and Google Trends show that number at 10, a drop of 90 percent. From January, when results were pegged at 44, the decline in interest is over 75 percent.

Notably, the results highlight that this time last year low figures for Bitcoin searches were recorded in June as well.

According to Nicholas Colas, co-founder of DataTrek Research, this drop in interest is not a good sign for crypto prices, reports CNBC.

“We use Google Trends to track search queries for ‘bitcoin’ as a proxy for potential new buyers,” he added. “Bitcoin needs a new narrative in order to reestablish global attention.”

Since the beginning of the year the number one digital currency has dropped in value by over 55 percent, and is currently trading at over $7,500, according to CoinMarketCap. Interestingly, while Colas admits that the company loves the idea of the cryptocurrency, he adds that his team are not fans of purchasing it at current levels.

Others, however, think that now is the perfect time to invest in the market.

Dan Morehead, CEO of Pantera Capital Management, a hedge fund company focused on cryptocurrencies and blockchain technologies, was reported at the beginning of the month as saying that Bitcoin’s value may have reached a bottom, and that now is the time to buy.

The founder of the San Francisco-based company said on CNBC’s ‘Fast Money‘ that ‘all cryptocurrencies are very cheap right now. It’s much cheaper to buy now and participate in the rally as it goes.’ Back in April, Morehead also said that the worst could be over for the digital currency. He said then that was a good time to purchase Bitcoin, calling it a ‘screaming buy‘ when it was valued around $6,600.

It’s not just Bitcoin, though, that is feeling the brunt of disinterestedness from potential new traders. Google searches for other major cryptocurrencies have also declined. Ethereum is down by 85 percent since the beginning of the year; Ripple has dropped by 91 percent; and Bitcoin Cash has experienced a decline of 80 percent.

Featured image from Shutterstock.

The post Bitcoin Interest Drops 90 Percent from December, Google Trends appeared first on NewsBTC.

Court records show that distributed ledger startup Ripple is being represented by two former SEC officials – including its former chairwoman.

The U.S. Security and Exchange Commission has created a new senior advisory position to oversee securities regulation of crypto