Day: June 4, 2018

With a new week upon us, it is not entirely surprising to see how most cryptocurrencies are in the red once again. After some solid gains last week, it seems things have taken another turn for the worse. The Cardano price, for example, has lost 7.84% in very quick succession. Not a positive turn of events by any means.

Cardano Price Takes a big Stumble

Even though there has been a fair amount of positive momentum surrounding the Cardano price over the past week, it seems most of those gains will be eroded fairly quickly. Although it remains unclear why this negative trend is forming at this time, it seems evident there will be a fair bit of hardship to contend with throughout the rest of the week.

To put this into perspective, the Cardano price has declined by 7.84% in the past 24 hours. As such, its high over the weekend of $0.22 cannot be sustained much longer, and the Cardano price is heading to $0.215 in very quick succession. As is usually the case when there is positive momentum in the cryptocurrency world, a dip will follow shortly afterward.

For the Cardano price, there is also the decline in the ADA/BTC ratio to take into account. With a 6.66% decline in this ratio over the past 24 hours, the current trend doesn’t look all that impressive by any stretch of the imagination. Even so, it remains to be seen how long the negative momentum will last Cryptocurrencies are a very peculiar market, for rather obvious reasons.

One thing keeping the Cardano price afloat as of right now is the somewhat solid trading volume. Although $117.589m in volume is not impressive compared to some other markets, it seems more than sufficient to keep people interested in this particular cryptocurrency. Whether or not that means the momentum will turn in favor of the Cardano price later today, remains to be determined.

Even though Upbit remains the largest exchange when it comes to Cardano trading volume, it seems Binance is clawing its way up the ranks. The company’s BTC and USDT pairs are both in the top three, followed by Huobi’s USDT and Bittrex’s BTC pairs. One fiat currency in the entire top twelve is not exactly looking good for the Cardano price, bit this altcoin has never had much fiat currency trading volume in the first place.

For the time being, it remains a bit unclear how all cryptocurrency markets will evolve. Although the bearish pressure is very tangible right now, there is no real reason to explain this momentum. It is possible people are simply taking profits after a solid week of trading, but there may be bigger issues looming on the horizon as well. It is yet another development which only further illustrates the volatile nature of cryptocurrencies.

Bitcoin Press Release: ADZbuzz, a content discovery platform, where users can follow their favorite sites and earn 100’s of community tokens per day, plus daily dividends.

30th May, 2018. London, England: The ADZbuzz platform is a discovery platform which enables users to freely synergise between other media platforms such as Feedly, Reddit and Steemit. ADZbuzz is one of the ecosystems biggest secrets, a fully developed platform that has been built from the ground up since its launch in 2016.

ADZbuzz users are able to choose and organize the content from all of their favorite sites and feeds, enabling them to browse through the latest content of all the sites they like in one place. The interesting part about ADZbuzz is that both users and content creators are both able to reap daily rewards.

The ADZbuzz Exchange in combination with the social content discovery platform ADZbuzz aims to reward web publishers and crypto traders using profits from various sources. This will not only allow crypto traders to earn daily coins just for trading on the exchange, but will also help web publishers to earn a passive income in crypto, increasing the mainstream adoption of cryptocurrencies in general.

How To Earn On ADZbuzz

Every member that joins ADZbuzz is able to claim 100 ADZbuzz community tokens (ACT’s) on a daily basis. The token can be held to earn daily crypto dividends or sold for ADZ, BTC or ETH on the ADZbuzz exchange.

Claiming tokens could not have been easier, with the platform remaining 100% free to use.

• Join ADZbuzz here: https://adzbuzz.com/
• Visit the own a community page: https://adzbuzz.com/own-a-community
• Click the “Claim” buttons next to the tokens you would like to receive
• You will have claimed your tokens into the wallet of your choosing

Users are able to participate in this daily airdrop enabling them to earn 100 ADZbuzz Community tokens, built on Ethereum, every day just by logging into ADZbuzz. As the owner of the communities, you will also earn daily profits which the communities generate just by holding your community tokens.

The ADZbuzz Exchange Bonus

The ADZbuzz Exchange holds place for a unique rebate feature that gives the trader an option to get a 100% rebate on their trading fees in their bonus wallet and a 50% rebate wen their referrals trade. This bonus scheme is reflected in USD at the current exchange rate of the coin the trading fee is received in by ADZbuzz.

About ADZbuzz

ADZbuzz is a social content discovery platform with a built-in RSS reader. On top of getting more followers and readers for their content, publishers also receive daily crypto rewards as more and more people read their content. The platform has been built from the ground up for the last 2.5 years and now includes dozens of features that allow us to compete with the established social networks.

Visit the Website: https://adzbuzz.com/z/welcome/
Read the Whitepaper: https://adzbuzz.com/Adzbuzz-Exchange-White-Paper.pdf
Join on Facebook: https://www.facebook.com/groups/ADZbuzzProject/
Follow on Twitter: https://twitter.com/ADZbuzz

Media Contact
Name: AdzBuzz
Location: London, England
Email: [email protected]

ADZbuzz is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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The Spanish government’s 30 May draft legislation to implement blockchain within its borders may now have to allow for political change after PM Mariano Rajoy’s departure, writes Cointelegraph.

Before the ousting of Rajoy on 1 June, Spanish Congress rolled out its draft legislation for the regulation of blockchain and cryptocurrencies in the country, with a move directed at encouraging fintech start-ups in the country.

Rodrigo Garcia de la Cruz, president of the Spanish Fintech and Insurtech Association, credited the UK for the inspiration for the legislation after the successful launch of the fellow EU member’s own regulatory framework, writes the Econotimes. Garcia commented:

“It is an experience that is giving very positive results and that has led many countries to study its implementation. If we hurry up here in Spain, we could become a pole of attraction for financial innovation.”

Congress also see blockchain implementation creating a cost-efficient and decentralized means of payment and transaction, such as Barcelona’s planned specialized blockchain sector for that city.

Such progressive moves targeting the crypto space have now been overshadowed by the current political crisis in the country, after Rajoy’s replacement by Socialist chief Pedro Sanchez as a result of a no-confidence vote following corruption charges aimed at the ex PM’s center-right People’s Party.

Spanish news source La Vanguardia points out that the Sanchez-led no-confidence vote may delay the current pro-crypto legislation, which had been scheduled to go to a vote by 7 July after public consultation on 7 June. New elections could delay the project for more than six months, Vangardia suggests.

As CNBC notes, Rajoy’s departure and related events in Spain could extend beyond its borders and spark a political crisis in southern Europe, “further unnerving financial markets already wrongfooted by failed attempts to form a government in Italy three months after a national election”.

However, while collectively positive towards such blockchain legislation, the EU continues to be more guarded view towards cryptocurrencies. In May, it approved new anti-money laundering (AML) legislation, in part targeting anonymity in cryptocurrency market.

 

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Indonesia’s futures watchdog has reportedly ruled that cryptos are commodities that can be traded on the country’s futures exchange. 

Is the close correlation between crypto coin prices in the current market simply a sign of HODLers clinging to their assets and only conservatively trading when all signs point to yes, or the result of larger forces at work manipulating the market?

Extreme Correlation Since February

Twitter analyst CryptoRae recently posted a long thread using a method of cross coin correlation to examine the how close the peaks and troughs of cryptocurrencies have become across the graph. In the thread, CryptoRae explains the formula for calculating cross coin correlation or CCC “by averaging the correlation for every coin pair in a set“.

The thread then explains that this shows how all the coins of concern have behaved over a period of time with one clean charted line. For instance below is the cross-correlation for 25 coins since January 2017.

You calculate CCC by averaging the correlation for every coin pair in a set. The benefit of using CCC is that it provides a clean line that describes how markets have behaved in over time. Here's the cross-correlation for 25 mid-to-large cap coins (30D rolling, realized). pic.twitter.com/pxw0rJhbxB

— CryptoRae (@cryptorae) June 3, 2018

This graph shows that cross coin correlation had hovered between 0 and .20 from the end of the bull market in December 2017 to the start of the market correction in early February and then skyrocketed to nearly 1.00 and has stayed in the area between high .60 and just over .80 throughout May.  Though CryptoRae concludes that cross coin correlation is not a good market predictor it is a useful tool for understanding future market behavior.

Who Benefits from CCC?

In CR’s opinion keeping a diversified portfolio in a tightly correlated market makes little sense as all coins are following the movement of the top few. Buying altcoins that simply follow the peaks and troughs of Bitcoin for instance only leaves the trader open to the risk of the altcoin without gaining the benefits of open market potential. As the Tweeter commented in the thread,

” it’s important to be more concentrated in high conviction setups. When alts truly come back, it’ll be easy to make up for lost time.”

What the poster doesn’t attempt to answer is the reason behind the increased correlation since February. The mention of emotion, of fear and exuberance, as driving factors in the volatility of the market, is well noted in the crypto world. FOMO sets in and a coin or the market spikes, FUD spreads and the opposite happens but can that explain a sudden .80 increase in coin correlation that sustains for four months?

Most traders in the crypto world believe that the market is manipulated to some degree by exchanges and or holders of extremely large amounts of Bitcoin who can change trends with a few clicks of their mouse. For the moment the who and why behind the close correlation of coin movement remains unknown and HODL may remain the best trading advice until the graphs decouple.

 

Image from Shutterstock

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SBI Holdings has announced the launch of VCTRADE, a cryptocurrency exchange based in Tokyo, Japan. This is the first cryptocurrency exchange launched by an officially licensed bank in Japanese history.

The exchange will have extremely low latency, adopting the technology used by NASDAQ, the well-known global stock exchange. Additionally, VCTRADE promises the narrowest spreads possible between buy and sell prices. It will only accept JPY for fiat payments, and at first, will only have Ripple (XRP) functionality but soon will expand to Bitcoin (BTC) and Bitcoin Cash (BCH).

VCTRADE will be open from 7 am to 6 am the next day Tokyo time. It is somewhat unusual for a cryptocurrency exchange to be offline any time of the day, although it is typical for a stock exchange to have trading hours. There will apparently be 1 hour per day between 6 am and 7 am Tokyo Time that VCTRADE will be offline.

It will not charge trading fees but will charge an unspecified withdrawal fee.

VCTRADE will only be open to 20,000 users who applied for advance application in October 2017, but by July 2018 the general application for accounts will be released to the public. Essentially, the next couple of months will be a live test to ensure everything is working properly before the exchange goes global.

SBI Holdings has been preparing to launch VCTRADE for years. It created SBI Virtual Currencies Company in October 2016, and registered with Japan’s Financial Services Agency in September 2017.

Observers see this as a very positive sign for the cryptocurrency world that an officially licensed bank in Japan has thoroughly and legally launched its own cryptocurrency exchange, and will view this as another milestone towards the global adoption of cryptocurrency. Many believe bank-backed cryptocurrency exchanges like VCTRADE will be very attractive to institutional investors.

SBI Holdings is a Japanese corporation headquartered in Tokyo that was established in 1999 and currently has approximately 5,500 employees. It is officially licensed as a bank and hold deposits of roughly JPY 81.7 billion (USD 745 million), with a stock market cap of JPY 685 billion (USD 6.25 billion USD).

 

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Key Highlights

• ADA price traded above the $0.2200 resistance level before correcting lower against the US Dollar (tethered).
• There was a break below a connecting bullish trend line with support at $0.2300 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is currently approaching a major support area near the $0.2180 and $0.2150 levels.

Cardano price is correcting lower against the US Dollar and Bitcoin. ADA/USD must stay above the $0.2150 level to resume its upside move in the near term.

Cardano Price Analysis

There were further upsides above the $0.2000 pivot level in ADA price against the US Dollar. The price traded above the $0.2150 and $0.2200 resistance levels. There was also a break above the $0.2300 level and a high was formed at $0.2336. Later, the price started a downside correction and moved below $0.2300. It also broke the 23.6% Fib retracement level of the last wave from the $0.1962 low to $0.2336 high.

More importantly, there was a break below a connecting bullish trend line with support at $0.2300 on the hourly chart of the ADA/USD pair. The pair broke the $0.2250 support and settled below the 100 hourly simple moving average. On the downside, there is a major support waiting near $0.2150. The 50% Fib retracement level of the last wave from the $0.1962 low to $0.2336 high is also around $0.2160. Therefore, the $0.2150 and $0.2160 support levels hold a lot of importance in the near term.

The chart indicates that the price is struggling, but the $0.2150 support may hold declines. Should there be a downside break below $0.2150, the price may well test $0.2000. On the upside, the price is facing hurdles near the $0.2250, $0.2300 and $0.2330 levels.

Hourly MACD – The MACD for ADA/USD is moving back in the bearish zone.

Hourly RSI – The RSI for ADA/USD has moved below the 50 level and is currently heading south.

Major Support Level – $0.2150

Major Resistance Level – $0.2300

The post Cardano Price Analysis: ADA/USD Approaching Support appeared first on NewsBTC.

Two ethereum-based bounty marketplaces are beginning to take off, and are hoping to take the decentralized application (dapp) space with them.