Day: June 5, 2018

Key Points

• Bitcoin price formed a support base near $7,350 and recovered nicely against the US Dollar.
• There is a key connecting bearish trend line in place with resistance at $7,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair has to move past the $7,650 and $7,680 resistance levels to gain traction.

Bitcoin price is showing positive signs above $7,500 against the US Dollar. BTC/USD must clear the $7,650 barrier for more gains in the near term.

Bitcoin Price Analysis

Yesterday, we saw a bearish wave below the $7,400 level in bitcoin price against the US Dollar. The BTC/USD pair traded as low as $7,369 before buyers appeared. A base was formed near $7,350 before the price started an upside move. It traded higher and broke the $7,450 level along with the 38.2% Fib retracement level of the last downside move from the $7,780 swing high to $7,350 swing low.

The price also succeeded in settling above the $7,500 resistance and the 100 hourly simple moving average. Later, there was a close above the 50% Fib retracement level of the last downside move from the $7,780 swing high to $7,350 swing low. However, the price is currently struggling to clear the $7,650 resistance. There is also a key connecting bearish trend line in place with resistance at $7,650 on the hourly chart of the BTC/USD pair. Therefore, a close above the $7,650 resistance is needed for an upside acceleration towards $7,800.

Looking at the chart, the current price action is positive, but a proper break above $7,650 is needed for buyers to take control. On the downside, an initial support is around $7,500, followed by $7,400. Below this last, the price may perhaps retest the $7,350 support.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD has reduced most of its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI is now placed well above the 55 level.

Major Support Level – $7,400

Major Resistance Level – $7,650

The post Bitcoin Price Watch: Can BTC/USD Break This Resistance? appeared first on NewsBTC.

This month the International Monetary Fund (IMF) released a report on global monetary policy in the digital age which explains that “crypto assets may one day reduce demand for central bank money.” The IMF study was written after an IMF staff discussion that details that cryptocurrencies could someday lower the demand for fiat currencies by creating a shift from “credit money to commodity money.”

Also Read: Twitch Streamers Can Now Tip With Four Cryptocurrencies

Crypto Assets Will Eventually Be More Widely Adopted

One thing is for sure the IMF has a lot to say these days about Bitcoin technology and other cryptocurrency solutions. More recently the Managing Director of the IMF, Christine Lagarde, has had a lot of positive words to say about digital currencies. Moreover, the IMF also showcased a picture of money evolving featuring a picture of a bitcoin which was displayed on the front page of the IMF website. Now the IMF has released a report written by a variety of IMF researchers who state:

We cannot rule out the possibility that some crypto assets will eventually be more widely adopted and fulfill more of the functions of money in some regions or private e-commerce networks.

A Payment Shift

The study notes that the global financial crisis and bank bailouts have “renewed skepticism in some quarters” of the world and there’s a possibility that digital assets can affect the traditional global monetary policies. There’s also talk of a “payment shift” within the study where cryptocurrencies could replace fiat in some regions.

“Such a shift could also portend a change in the way money is created in the digital age: from credit money to commodity money, we may move full circle back to where we were in the Renaissance,” explains the IMF report.

Economists continue to debate the origins of money, and why monetary systems seem to have alternated between commodity and credit money throughout history. If crypto assets indeed lead to a more prominent role for commodity money in the digital age, the demand for central bank money is likely to decline.

Competitive Pressure and the Allure of the Central Bank Coin

The IMF paper also details how banks should respond with competitive pressure and they should continue to solidify fiat currencies as a “unit of account.” Cryptocurrencies, however, have a hard time becoming a standard unit of account the IMF notes and this is because “valuation is largely based on beliefs that are not well anchored” which has made the majority of digital currencies quite volatile.

The researcher’s paper mentions that central banks could counteract with their own digital currencies. It goes on to say that the banks have many challenges and opportunities in this digital age but they must regain the public’s trust to remain relevant. “They can remain relevant by providing more stable units of account than crypto assets and by making central bank money attractive as a medium of exchange in the digital economy,” the IMF paper concludes.

What do you think about the IMF’s report and how positive this organization is towards cryptocurrencies? Let us know your thoughts in the comments below.

Images via Shutterstock, Getty Images, and the IMF website. 

Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money appeared first on Bitcoin News.

Visa is down! Not a problem, we have Bitcoin: Crypto payment processors which might avoid payment system failures

Key Highlights

• Ripple price recovered from the $0.6340 low and moved above the $0.6600 resistance against the US dollar.
• Yesterday’s highlighted key bearish trend line with resistance at $0.6550 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is now placed nicely above the $0.6600 support with bullish moves towards $0.6800.

Ripple price is back in a positive zone against the US Dollar and Bitcoin. XRP/USD is likely to accelerate gains above the $0.6800 resistance in the near term.

Ripple Price Trend

Yesterday, we discussed about a major breakout pattern in Ripple price with resistance near $0.6550 against the US Dollar. The price formed a support base near $0.6350 and started an upside move. It broke to the upside and cleared the $0.6550 resistance to move back in a bullish zone. There was also a close above the $0.6600 resistance and the 100 hourly simple moving average.

During the upside, the price cleared the 50% Fib retracement level of the last decline from the $0.7031 high to $0.6340 low. Moreover, yesterday’s highlighted key bearish trend line with resistance at $0.6550 was breached on the hourly chart of the XRP/USD pair. The pair traded close to the $0.6900 level and is currently consolidating gains. On the upside, a close above the 61.8% Fib retracement level of the last decline from the $0.7031 high to $0.6340 low near $0.6800 may open the doors for more gains in the near term.

Looking at the chart, the current price action is very positive above $0.6550. If the price accelerates gains above $0.6800, it could move back towards the $0.7700 level. On the downside, supports are at $0.6550 and $0.6550, followed by the last low near $0.6350.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in a positive zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed nicely above the 55 level.

Major Support Level – $0.6550

Major Resistance Level – $0.6800

The post Ripple Price Analysis: XRP/USD Resumes Uptrend appeared first on NewsBTC.

No, it’s not a “race to the bottom.” Reputable token issuers seek jurisdictional quality and clarity, and they’re not finding it in the U.S.

Analyst P.A.ID Strategies has revealed the results of research into the on-boarding practices of cryptocurrency wallets and exchanges across the U.S. and Europe, research that focused on which of these crypto service providers are using Know Your Customer (KYC) checks when on-boarding customers. These companies might have to change their protocols when the EU’s anti money laundering regulations come into effect next year. 

Exchanges and Wallets Under Scrutiny

Out of the 25 services included in the study — picked based on the volume of transactions — the identification protocols of 14 exchanges, including Kraken, Coinbase, Gemini, and Poloniex, and 11 wallets, including Luno, Bonpay, and Mercatox, were examined.

The research, commissioned by Mitek, a digital identity verification firm, shows that of the 25 wallets and cryptocurrency exchanges examined, 68% are allowing users to trade crypto and fiat currency with no official identification or KYC checks — with most requiring just an email address and a telephone number.

These lax requirements might be set to change. When the The EU’s fifth anti money laundering directive, AMLD5, comes into effect in 2019, it will seek to bring these currently non-compliant platforms in line with other financial service providers like traditional banks, making it law that checks are carried out on new customers to confirm their identities. John Devlin, principal analyst at P.A.ID, said of the issue:

“Cryptocurrency wallets and exchanges want to enjoy the same trust as the wider traditional financial services, but for this to happen they need to rise above the sometimes-dubious reputation of cryptocurrencies’ past and be seen as ‘model citizens’ of the economy.”

Currently, in order to sign up to exchanges and wallets that do not perform KYC, customers only need a verified email address and mobile number. Both of these are attainable without ID —  and in many countries an easily purchased pay-as-you-go mobile phone is sufficient.

With these simple tools, users of the exchanges that presently fail to meet the upcoming AMLD5 regulation can buy and sell cryptocurrencies and exchange them for fiat currencies with no questions asked.

“Wallets and exchanges want to change perceptions of lawlessness and it’s a relatively straightforward fix. Identity verification processes can be—if implemented correctly—simple for the customer and no barrier to signing up,” said Kalle Marsal, COO at Mitek. “By incorporating systems that are just as future-looking as cryptocurrency itself, exchanges and wallets can be both competitive and compliant with regulatory demands.”

If a cryptocurrency platform is found to be involved (implicitly or not) with money laundering after failing to meet the demands of the upcoming regulation, it’s likely to cause irreparable damage to the company’s brand.

As we know, this is a delicate subject. The key is to find the right balance between protecting our rights to chose what information we share (or don’t) about ourselves, while at the same time helping take the right steps to further legitimatize the crypto industry. 

“Meeting the regulatory demands ahead of AMLD5 coming into force could go a long way to changing this sector’s reputation as being something of a ‘wild west’,” Devlin said.

 

Image from Shutterstock

The post Two Thirds of US, EU Crypto Exchanges Fail to Verify Customer Identities appeared first on NewsBTC.

FOMO Moments

Current performing altcoins are Ontology, Binance Coin, Loopring and Nexus.

In true sideways fashion yesterday’s declines could not be sustained and the bears lost out to the bulls. The markets seem to have been oscillating between red and green days in recent weeks, and today has been the latter during Asian trading. Although not a strong recovery, crypto markets are up on Tuesday’s levels, led by Bitcoin which has gained 2.6% on the day to trade around the $7,600 mark. Ethereum has made back 3.5% to trade over $600 again and altcoins are generally in the green at the moment. The top performer in the top 25 at the time of writing is Ontology.

According to Coinmarketcap Ontology is trading 10% higher on the day and pushing its way up the market cap charts. ONT is currently priced at $8, up from $7.20 this time yesterday. Over the week it has traded strongly rising 22% from $6.53 this time last Wednesday. It has almost regained all losses over the past month where it traded around $8.75 during the first week of May. Against Bitcoin ONT is up 7% to 104700 satoshis from 97000 sats this time yesterday. On the week Ontology has made almost 20% on BTC climbing from 87500 satoshis this time last week.

The current momentum is being driven by a number of developments and partnerships the team has posted recently. The team has just launched an ecosystem accelerator program to attract developers to build business apps on the ONT network;

Ontology [ONT] launches Ecosystem Accelerator Program – https://t.co/HgNkLddgxK $ONT

— Ontology (@OntologyNetwork) June 5, 2018

It will provide start-up companies and teams with complete technical, marketing, funding, talent, and legal compliance support. Last month’s partnership with Chain of Things (COT), a blockchain-based universal smart hardware infrastructure platform, also boosted the altcoin’s performance.

Ontology is currently traded heavily on Binance which has over 40% of the total volume; OKEx is second favorite with just under 30%. Total trade volume for Ontology has remained relatively stable at around $110 million over the past 24 hours. Its market cap has increased however pushing it up to 20^th position with $1.2 billion, surpassing OmiseGO and Bytecoin.

Total crypto market capitalization has climbed slightly over the past 24 hours by 3.3% to $343 billion. Over the week it has been pretty flat gaining only a similar percentage from $330 billion this time last Wednesday. Total trade volume has remained steady at around $15 billion over the past 24 hours. Other altcoins performing well during the morning’s Asian trading session include Binance Coin up 9%, Loopring up 12% and Nexus surging 20% on a Binance listing a few hours ago.

More on Ontology can be found here: https://ont.io/

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: Ontology Rising Above the Rest appeared first on NewsBTC.

Key Highlights

• ETH price found a strong buying interest near $570-572 and recovered nicely against the US Dollar.
• There was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is currently trading positively above the $600 handle and the 100 hourly simple moving average.

Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD may continue to rise towards the $615 and $620 levels in the near term.

Ethereum Price Support

After a major downside correction below $600, ETH price found support around $570-572 against the US Dollar. The price formed a base, started an upside move and broke the $585 and $590 resistance levels. It also succeeded in clearing the $600 barrier and settled above the 100 hourly simple moving average. The current price action is positive since there was a close above the $600 resistance.

During the upside, there was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD. The pair later broke the 50% Fib retracement level of the last decline from the $635 high to $572 low to place itself in a bullish zone. At present, the price is consolidating gains around the $605 level. An initial resistance is near the 61.8% Fib retracement level of the last decline from the $635 high to $572 low at $611. Above this, the price will most likely surge above the $615 level and it may well test $620.

Looking at the chart, there are a few key supports on the downside near $596 and the 100 hourly SMA. Therefore, if the price corrects lower from the current levels, it may find support near $600 and $595.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is placed well above the 50 level.

Major Support Level – $595

Major Resistance Level – $615

The post Ethereum Price Analysis: ETH/USD Could Trade Higher appeared first on NewsBTC.

Key Points

• Bitcoin cash price held the $1,040 support and moved higher above $1,100 against the US Dollar.
• There was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is now placed nicely above the $1,100 level and the 100 hourly simple moving average.

Bitcoin cash price bounced back from $1,040 against the US Dollar. BCH/USD is now back in a bullish zone above the $1,100 pivot level.

Bitcoin Cash Price Trend

After a substantial downside correction, bitcoin cash price found buyers around $1,040 against the US Dollar. The stated $1,040 level was a major resistance earlier and this time it acted as a support. A low was formed at $1,045 before the price started an upside move. It recovered above the $1,100 resistance and also closed above the 100 hourly simple moving average.

The price also succeeded in breaking the 50% Fib retracement level of the last decline from the $1,209 high to $1,045 low. Moreover, there was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair. The pair is now moving nicely in a positive zone above the $1,100 level. At the moment, the price is consolidating near the 61.8% Fib retracement level of the last decline from the $1,209 high to $1,045 low. There may well be a couple of swing moves in a range before the price makes the next move, possibly above $1,160.

Looking at the chart, the price is showing a lot of positive signs above $1,100. On the upside, the next resistances are placed near $1,160, $1,180 and $1,200. Supports are at $1,120, $1,100 and 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Major Support Level – $1,100

Major Resistance Level – $1,160

The post Bitcoin Cash Price Analysis: BCH/USD Back above $1,100 appeared first on NewsBTC.

Less than a year since Casper was formalized, ethereum clients are starting to test a smart contract for the network’s big consensus change.

Bitcoin Price Key Highlights

• Bitcoin could be in for a longer-term rally as an inverse head and shoulders pattern is forming.
• Price needs to break past the neckline around $7,800 to confirm that an uptrend is about to take place.
• Technical indicators are still reflecting the presence of bearish momentum, so it could be uphill from here.

Bitcoin price has formed a classic reversal pattern to signal that the downtrend might be over soon.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to show that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to reverse.

The 100 SMA is also holding as dynamic resistance at the moment, so bitcoin price would need to surge past a couple of upside barriers before confirming a rally. The 200 SMA dynamic inflection point might also hold as a ceiling around $8,200. Also, the gap between the moving averages is widening to reflect strengthening bearish momentum.

RSI is on the move up but appears to be stalling as it closes in on the overbought zone. Turning back down could draw bears in and force bitcoin price to resume the slide. Stochastic has more room to climb so bitcoin price could follow suit and attempt a neckline break.

The chart pattern is approximately $900 tall so a breakout could lead to a rally of the same height, taking bitcoin price to $8,600 next.

BTCUSD Chart from TradingView

Market Factors

There appear to be no clear catalysts for the latest bounce, with many simply attributing this to a pickup in overall risk appetite. This follows a resolution of the political crisis in Italy and confirmation that the meeting between Trump and Kim Jong-Un will push through next week.

At the same time, the dollar is taking some weight on Trump’s decision to slap higher tariffs on metal imports from its allies. Bitcoin could be poised to take advantage of risk rallies and dollar weakness from here.

The post Bitcoin (BTC) Price Watch: Waiting for Reversal Confirmation appeared first on NewsBTC.

The Chinese central bank has designed a blockchain-powered digitalization system for paper checks to prevent financial fraud and cut printing expenses

Abu Dhabi Ports has launched a blockchain solution for the city’s shipping industry, the first such initiative in the island city. Developed through its subsidiary Maqta Gateway, the initiative is known as Silsal and aims to increase efficiency, transparency and security in the country’s shipping industry. As reported by Construction Business News on June 2, Silsal will combine blockchain technology with the latest in digital user identification to link all the stakeholders in the shipping and logistics industry.

Complementing Existing Systems

Noticing a market gap between exporters and importers, Abu Dhabi Ports decided to turn to the blockchain due to its immense benefits. Among these benefits is a reduction in paperwork which can be tedious and expensive. The blockchain also enables easy record-keeping that is accessible to everyone in the network, fostering transparency and trust. Silsal will complement Maqta’s existing Port Community System which the port has been using, and will initially only be available to freight forwarders and their clients.

The publication also reported that the platform was developed entirely by Maqta’s Digital Innovation Lab. It was subsequently thoroughly field tested by Abu Dhabi Ports in association with its partners. Maqta also developed its own form of digital identification which will be used in concert with Silsal. As a result, it will be able to encrypt all the necessary documentation without running the risk of unauthorized access through password hacks.

Speaking about the project, the CEO of Maqta Gateway, Dr. Noura Al Dhaheri, described it as a key step in the digitization of trade.

Technology is a crucial driver for the future of the shipping, logistics, and trade industry; and blockchain is a key step in the digitization of trade. Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork, and ease in extracting vital information to receive live updates.

The CEO of Abu Dhabi Ports, Captain Mohamed Juma Al Shamisi, was full of praise for the platform as well, saying it will give the port the ability to contribute to the country’s social and economic development through sustainable innovation. While expressing great pride in Silsal’s being the first home-grown blockchain technology in Abu Dhabi, he hailed it as a key step in the development of a knowledge-based UAE economy.

At Abu Dhabi Ports, we strive to invest in cutting-edge technological innovations that not only bring immense benefits to the trade community but also play a role in the transformation of the UAE to a knowledge-based, competitive economy. This achievement will help to further augment Abu Dhabi’s position as a center for innovation in logistics and trade

Blockchain technology has continued to attract attention from the shipping industry as more companies recognize the great benefits it offers. One of the pioneers in this industry is the Danish shipping conglomerate AP Moller-Maersk Group. The largest shipping company in the world, Maersk, recently launched the first-ever blockchain platform for marine insurance. The platform, known as Insurwave, is expected to handle over 500,000 transactions and manage over 1,000 vessels.

This wasn’t Maersk’s first interaction with blockchain technology. In January, the Copenhagen-based company announced a partnership with IBM which aims to establish a blockchain standard for global trade. The platform promises to build a global network of interconnected corridors linking all the stakeholders in this vast industry, and already has Dow Chemical, U.S. Customs and Border Protection, Tetra Pak, and the Customs Administration of the Netherlands among its clients.