Day: June 9, 2018

Key Points

• Bitcoin price is placed nicely above the $7,200 level with positive signs against the US Dollar.
• There is a key bearish trend line in place with resistance at $7,750 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair must accelerate gains above the $7,750 and $7,800 barriers for more upsides in the near term.

Bitcoin price is moving in a bullish zone above $7,200 against the US Dollar. BTC/USD may perhaps clear the $7,800 resistance to jump above $8,000 in the near term.

Bitcoin Price Resistance

This past week, bitcoin price mostly traded in a range above the $7,000 handle against the US Dollar. The best part was the fact that the price stayed above the $7,200 and $7,400 support levels. There was also a break and close above the 23.6% Fib retracement level of the last drop from the $8,613 high to $7,050 swing low. There are positive signs, but there is a crucial barrier around the $7,800 level.

However, the upside move is capped by the $7,780 and $7,800 levels. More importantly, there is a key bearish trend line in place with resistance at $7,750 on the 4-hours chart of the BTC/USD pair. The 50% Fib retracement level of the last drop from the $8,613 high to $7,050 swing low is also around the trend line. Therefore, there is a major hurdle forming for buyers just around $7,800. A break and close above $7,800 may perhaps clear the path for a push above the $8,000 level.

Looking at the chart, the price is mostly trading in a range with a bearish angle below $7,500. If sellers gain control and push the price below $7,200, there could be a bearish reaction in the short term.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is mostly flat in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.

Major Support Level – $7,200

Major Resistance Level – $7,800

The post Bitcoin Price Weekly Analysis: Can BTC/USD Break Higher? appeared first on NewsBTC.

Up until just hours ago, Bitcoin and altcoins have had a relatively quiet week. An extended sideways trend has kept volatility at impressive lows. However, recent price action on Bitcoin may have awakened the charts back to massive fluctuations that typically define cryptocurrency markets.

Earlier today, global cryptocurrency markets were poised to exit the week with negligible price change. Bitcoin largely saw movement confined between US$7,500 and $7,700, a range of just 2.5%. Altcoins globally had even smaller fluctuations, with a global market cap excluding Bitcoin shifting slightly between US$210 and $215 billion. As was noted earlier today, it was likely that such a event-less price path would be shaken up by some explosion shortly.

The early workings of this explosion were seen hours ago, as Bitcoin saw a 4% drop, from US$7,600 to $7,300. As is typically the case, altcoins largely followed suit, tethered to the anchor of their dominant BTC pairings.

Altcoins across the board faired slightly worse than Bitcoin through this downwards movement. The global altcoin market cap saw a drop of almost 5%, from US$210 to $200 billion, during the same time frame. During such situations, the role of Bitcoin is put into contention. Many traders and speculators suggest that cryptocurrency market fluctuations would not be so drastic if traders instead adopted widespread trading of altcoin versus Ethereum, fiat, and other base pairs.

Regardless, a 4-5%, while the biggest movement of the week, is nothing extraordinary or worrisome in the realm of crypto. In fact, the slowly increasing volume accompanied by these movements suggests that more activity could be seen shortly. The current chart looks as if it could be following an inverted Bart pattern. If this turns out to be the case, a pump of equal or greater size should erase the depreciation seen recently.

With constantly improving sentiments from governments and conglomerates towards cryptocurrency, it is plausible to suggest that future price fluctuations could compound upon one another to edge cryptocurrency prices further upwards. If fluctuations take place rapidly enough, a catapult effect, similar to what has been seen in June and December of 2017, could manifest.

Following Bitcoin’s slide, both BTCUSD long and short positions have been gradually increasing. Traders on both ends, previously on the sidelines, are placing bets in anticipation for the next big fluctuation. Long volume slightly overshadows that of shorts, with a current ratio of about 3:2 in favor of longs. These positions are sentimental of overall market sentiment, and the majority favoring a price increase suggests that Bitcoin may likely experience upward momentum very soon.

FOMO Moments

Markets are falling, altcoins getting hit hardest are EOS, Iota, Ontology, OmiseGo and Icon.

That ongoing sideways ranging market has finally ended a few hours ago when a flash crash wiped $15 billion out of crypto in a couple of hours. The markets have slid over 6% over the past day and the bears are selling with a fury. Currently at a total capitalization of $324 billion markets have fallen fast from yesterday’s level of $345 billion.

Bitcoin led the downward charge when it shed $300 in just over an hour starting at 06.45 UTC. It has lost 4.5% on the day and is currently trading at $7,330. Volume has remained a steady $4.2 billion and market cap for BTC is currently $125 billion, down $6 billion from the same time yesterday.

In an opposite correlation to last year, all cryptos are tied together so when the big one falls they all do, but harder. Ethereum mirrored the movements of BTC and slid 5%, dropping $25 in a couple of hours. ETH price has been floating between $580 and $620 for over a week now but that has broken down as it dropped to a new weekly low of $575 at the time of writing.

Ripple in third spot fell 5.2% in the same short period falling from $0.67 to $0.61 as almost $1.5 billion was removed from Ripple’s market cap. Its satoshi levels did the opposite for a while and jumped as Bitcoin commanded the selloff but these have now fallen back in line and XRP is trading at around 8750 satoshis.

The biggest fall in the top ten cryptocurrencies has been Iota which has lost almost 12% on the day sliding from $1.74 to $1.53. $600 million was wiped out from Iota’s market cap as it fell from $4.8 billion to $4.2 billion in a few hours. Also taking big hits at the moment is Bitcoin Cash down 7.8%, EOS down almost 9%, Cardano down almost 8%, Ontology losing over 10%, OmiseGO with 9% lost, and Icon Zilliqa and Aeternity all falling over 9% on the day.

What has caused the Flash Crash?

There is some speculation as to what caused this flash crash. Some are fingering the US Commodity Futures Trading Commission which has subpoenaed several large exchanges including Coinbase, Kraken, and Bitstamp in an ongoing price manipulation investigation.

News is also emerging that South Korean crypto exchange CoinRail has just been hacked though this exchange is currently ranked 90^th in the world with just $2.6 million in daily trade volume according to Coinmarketcap.

해킹공격시도로 인한 시스템 점검중입니다. 일부코인(펀디엑스,NPXS)이 확인되었으며 추가적인 코인피해가 있는지 여부를 확인중입니다. 추후 자세한 사항은 재공지하겠습니다 / There has been an cyber intrusion in our system. We're confirming it and some coins(Pundi X, NPXS) are confirmed.

— coinrail (@Coinrail_Korea) June 10, 2018

What we have seen time and time again is that when key support levels are broken markets fall fast. Whether these two developments have directly caused this selloff remains to be seen, the news has generally been positive over the past week or so.

Today is just another example of this volatility that crypto traders have now become accustomed to. Happy ‘Red Sunday’.

The post What Caused a Flash Crypto Crash to Wipe $15 Billion Out in Just Two Hours appeared first on NewsBTC.

Key Highlights

• ETH price is trading in a positive zone above the $570 level against the US Dollar.
• There is a major bearish trend line in place with resistance near $650 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair may perhaps move higher in the short term, but it could struggle to break the $650 resistance.

Ethereum price is moving in a broad range versus the US Dollar and Bitcoin. ETH/USD might gain traction to test a major hurdle near the $650 level.

Ethereum Price Resistance

This past week, ETH price traded once towards the $630 level against the US Dollar. However, the upside move was capped and the price remained in a range around the $600 level. Starting from the $505 swing low, the price managed to move above the 38.2% fib retracement level of the last decline from the $724 high to $505 low. However, the price always struggled to gain momentum above the $610, $615 and $630 levels.

There was also no close above the 50% fib retracement level of the last decline from the $724 high to $505 low. After a rejection from the $620-630 levels, the price started trading in a range. It dipped once towards the $580 level, where buyers emerged. It seems like the price is well supported on the downside above the $570 level. On the upside, there is a major bearish trend line in place with resistance near $650 on the 4-hours chart of ETH/USD. Therefore, if the price corrects higher in the short term, it may face major hurdles near the $630 and $650 levels.

The above chart indicates that the price mostly traded in a range around the $600 level. It might trade a few points higher, but an upside break above $650 won’t be easy.

4-hours MACD – The MACD is slightly in the bullish zone.

4-hours RSI – The RSI is holding well above the 50 level.

Major Support Level – $570

Major Resistance Level – $630/50

The post Ethereum Price Weekly Analysis: ETH/USD’s Uphill Task appeared first on NewsBTC.

Key Points

• Bitcoin cash price remained in a positive zone above the $1,000 level against the US Dollar.
• There is a major bearish trend line forming with resistance near $1,200 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair has to settle above the $1,200 barrier to gain traction in the near term.

Bitcoin cash price is placed in a bullish zone against the US Dollar. BCH/USD will most likely trade in a range before making an attempt to surpass $1,200.

Bitcoin Cash Price Resistance

There were a few swing moves above the $1,000 level this past week in bitcoin cash price against the US Dollar. The price dipped once towards the $1,000 support with a minor bearish angle. There was a break below the 23.6% Fib retracement level of the last wave from the $868 low to $1,219 high. However, declines were limited as the price found support around the $1,040 level. Moreover, the 100 simple moving average (4-hours) also acted as a major support around the $1,040 level.

More importantly, the 50% Fib retracement level of the last wave from the $868 low to $1,219 high acted as a good buy zone. As a result, the price held declines and moved up from the $1,040 support. On the upside, there is a strong barrier formed near the $1,180 and $1,200 levels. There is also is a major bearish trend line forming with resistance near $1,200 on the 4-hours chart of the BCH/USD pair. The pair is currently trading in a range and is preparing for the next move, most likely above the $1,200 level.

Looking at the chart, the price is placed nicely in a bullish zone above $1,000. As long as the price is above 100 SMA, it is likely to break $1,200 for more gains.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is holding the 50 level.

Major Support Level – $1,040

Major Resistance Level – $1,200

The post Bitcoin Cash Price Weekly Analysis: BCH/USD Bullish Above $1,200 appeared first on NewsBTC.

The first issue of a crypto comic book series called Shonen Crypto has been released. Readers can learn about various aspects of cryptocurrencies as they follow the characters in this manga which aims to be both educational and entertaining. News.Bitcoin.com talked with the comic book’s Editor-in-Chief to learn more.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Manga Dedicated to Crypto

Shonen Crypto will be published “every three weeks or one month,” creator “Editor-in-Chief Taro” told news.Bitcoin.com. According to him, this is the first comic book series focusing only on cryptocurrencies. “I never heard there are any [other] comic books about crypto,” he claims.

Currently, the series is only available online but Taro hopes that it will get published as physical books in the future. “I would like people to read it at cafes or many crypto events,” he shared. The first issue has partially been translated from Japanese into English at the time of this writing, and there are plans to produce music and music videos about crypto based on this comic as well.

Initially, there were 10 people working on this manga; they created the first issue. Now, there are 20 members performing different roles. “Someone can draw pictures, someone can gather information about shitcoins, someone can create songs, and someone can make videos,” Taro elaborated and explained the reasons for starting the series:

I want everyone to know crypto and its potential. Recently, I feel that the number of active users of crypto is decreasing, and I often hear doubts about crypto.

Citing that “there are still lots of scams” relating to cryptocurrencies, he understands why some people are skeptical but reiterated that “It is not a good situation for crypto.” Therefore, through manga, he hopes to properly introduce crypto and its technology to the masses. Although “there are already lots of articles about crypto,” he noted that they contain “only lots [of] words” and, in Japan, the “masses usually don’t read such articles.”

Six Parts

The first issue has six parts. The first part is called “Crypto Heroes,” which is a story about Bitcoin Senpai who leads other crypto characters in fighting with fiat characters. “The fiat characters of Crypto Heroes are USD, JPY, and EUR,” Taro revealed, adding that there will be a greater variety of characters in the near future.

The second part introduces “what happens in the Bitcoin world (industry)” with a character named “Crypto-kun.” In the first issue, this character teaches about the Mcafee Pump, Mt Gox, the “Bitconnect Scam,” and Zaif’s glitch that allowed users to buy BTC at 0 yen.

The third part is “the introduction of masternodes, which includes the lifecycle of masternodes” and investment advice.

The fourth part is “a gag (comedy) manga” which features a common schoolgirl, Karen, who “learns about Bitcoin with Hakase,” a Japanese word referring to a professor. “He teaches Karen what crypto is and how to trade crypto, but he always makes mistakes and decreases his funds,” the Editor-in-Chief detailed.

The fifth part is a story about two girls studying BTCFX. The sixth part is about Dapps and how to use them on smartphones, Taro conveyed.

Disclaimer: Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this comic book series. Readers should do their own due diligence before taking any actions related to the content.

What do you think of this comic book series? Do you want to see more crypto manga? Let us know in the comments section below.

Images courtesy of Shutterstock and Shonen Crypto.

Need to calculate your bitcoin holdings? Check our tools section.

The post Crypto Manga – Comic Book Series to Spread Cryptocurrency Awareness appeared first on Bitcoin News.

Customer behavioural prediction systems are some of the most advanced technologies ever built that present one of the game-changing approaches to marketing the world has ever seen. Many innovative companies are getting into the the business of profiling and predictive analysis especially on social media. While the negative effects of this sector are clear, it is hoped that using Blockchain and only voluntarily shared data that is going to be recorded on the Blockchain for transparency is going to bring back legitimacy and increased effectiveness in the field of customer behavioral analysis.

Blockchain.io, a revolutionary platform that uses big data based on blockchain technology and AI has recently formed a partnership with a natural partner in the form of data analytics company Virtual DBS. Virtual DBS is an industry leading innovator in customer profiling and predictive analysis that delivers highly targeted digital marketing strategies that are extremely effective for companies and organizations around the world.

What the Partnership means for both Companies?

By leveraging the all important Blockchain Technology, Datablockchain.io will be able to offer a lot as a data platform and resource to one of the biggest names in the customer predictive analysis genre in the form Virtual DBS. Blockchain.io platform is designed to allow clients like Virtual DBS access to exclusive marketing data around a user-friendly and effective platform.

According to Brad Mitchell, the CEO of Virtual DBS:

“We are really excited about our partnership with DataBlockchain.io. Virtual DBS has leveraged innovative technology to drive acquisition, retention and growth for our clients. By combining AI and machine learning with the billions of records in DataBlockchain.io, our partnership will deliver unique and powerful market intelligence to businesses of all sizes.”

According to Adam Mittelberg, CMO of DataBlockchain.io:

“Virtual DBS has a proven track record in the field of predictive analytics, bringing a powerful tool to DataBlockchain.io clients. Leveraging their expertise in analytics and digital marketing will enable our clients to accurately target their audience and reach them with innovative digital campaigns. This collaborative effort enhances the DataBlockchain.io market strengths and we’re looking forward to offering this innovative service to our clients.”

DataBlockchain.io is currently a service for advertisers and marketers that is valued at $591 billion annually. The data in the DataBlockchain.io ecosystem is proprietary and can be useful for governmental and commercial projects alike. The project’s overall aim looks beyond the conventional marketing data and aims to give every person or entity the databank that is valuable, original and relevant.

Giving Access to Big Data

Access to data is the most sought after deal for all Fortune 500 companies as they look to retain their customers and gain new ones. But, the data is currently controlled by a few top IT Data companies like Google who overcharge and have complete monopoly over the data. DataBlockchain.io brings democratization and usefulness of big data on the table with potential clients around the world.

DataBlockchain.io Token Generation Event

The DataBlockchain.io is undergoing a pre Token Generation Event right now that is offering significant discounts to early backers as opposed to the main Token Generation Event that will start later this month.

For more information regarding the token event and the project, Visit the Website: https://www.datablockchain.io/ BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

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The post Datablockchain.io Partners with Marketing Company Virtual DBS that Uses Predictive Analytics appeared first on BitcoinNews.com.

Given the numerous drawbacks, Bitcoin mining tends to stop a lot of people in their tracks. As a handful of companies and countries ironically have a monopoly on the mining of Bitcoin, can it still be cost-effective to do? What’s the economic ripple effect of Bitcoin mining?

Bitcoin Mining Contributes to the Local Economy

Dave Carlson is CEO of Giga Watt, a full-service mining solution provider based in the Pacific Northwest. Its operations employ a lot of people in the local economy, and these numbers will grow in accordance with rising demand.

He says, “We house our mining computers in structures called Giga Pods. Building the pods, installing and managing the equipment, and developing the software and systems to run operations requires local labor.”

The company has so far constructed several pods in the towns of Moses Lake and Pangborn. And they’re adding pods all the time, based on increasing demand – which means more labor and more employment. “Building the pods requires many tradespeople, including carpenters, electricians, and masons.”

The Giga Watt team itself is comprised of over 60 professionals, including engineers, facility maintenance and logistics specialists, IT support, and admin and finance staff. In addition, “there are 12 in-house software developers who have produced a unique ecosystem for buying new miners, upgrading existing miners, and for the real-time tracking of miners and their token yields,” Carlson explains.

It Uses Sustainable Energy

Bitcoin mining has received a lot of negative press due to the high amount of power required and its impact on the environment. Companies that mine Bitcoin without using renewable energy will not appeal to the wider public and therefore cannot expect to run a sustainable business. Giga Watt, however, plans to be in the game for the long haul – not only by using sustainable energy but through other means as well.

“We manufacture our own mining hardware, the Alpha Miner. We’ve been manufacturing the units since April 2017. We use some of the most powerful, yet energy-efficient graphics processing units (GPUs). The Alpha Miners are among the most efficient GPU miners in the world. Our Giga Pods take advantage of the mining hardware’s extremely high power density and avoid active cooling consumption. And we chose the location for our facilities because the region has an overabundance of green hydro-electric power,” he says.

It’s a Growing Space, but Planning for Growth Isn’t Easy

Bitcoin mining (and cryptocurrency mining in general) is a growing area. But it’s not without its challenges. Says Carlson, “One of the biggest challenges in this field is planning for growth. You need more space and electricity. Some areas do not have the physical space to support expansion. And some regions are starting to look into limiting the number of electricity miners can use. We are trying to plan for both issues.”

Giga Watt has gone about addressing these challenges pragmatically. It has a rental contract on eight acres secured for 50 years, as well as a fixed rate price for electricity for the same period. “Additionally,” Carlson says, “we have a strong relationship with the local government and the PUD (Public Utilities District). This will allow us to continue to expand our capacity to meet future demands for mining capabilities by our customers.”

What Opportunities Lie in the Future?

Bitcoin mining will eventually end, once there are no more coins left to mine. So, what opportunities could lie within this space beyond mining other cryptocurrencies?

“We see a great opportunity to deliver supercomputing solutions via blockchain,” Carlson enthuses. “Mainstream adoption of applications including machine learning, data analytics, and CGI rendering is significantly driving up processing requirements; many companies are using GPUs to accelerate workloads… There could also be other opportunities down the road where we make our compute capacity available for other application areas.”

Blockchain Beyond Bitcoin

Says Carlson, “We are living in an exciting time. Bitcoin mining is getting all the attention now. But the underlying blockchain and its distributed ledger technology have the potential to revolutionize a wide range of markets.” Indeed, blockchain tech has made it clear that Bitcoin is just its first use case, with an economic effect already being felt around the world.

As the IMF recognizes a threat to the banking monopoly, the SEC has appointed a specialist crypto advisor

Italy has decided that at this present time it has no inclination to embark on a CBDC, according to the deputy governor Fabio Panetta of the Bank of Italy in a statement on Thursday, reported Coindesk.

During a keynote address to the SUERF and BAFFI CAREFIN Centre Conference held at Bocconi University, he focussed his attention on the volatility of cryptocurrency, rather than its advantages, although he did make some positive reference to CBDCs low costs when he suggested amusingly:

“Since it would be completely dematerialized, a CBDC would have very few or no storage costs and would be a convenient way for households and firms to keep liquid wealth. Mattresses could be freed from their role of vaults!”

His main concerns were similar to many other central banks globally who are going through the same process of investigating the principal of a CBDC versus crypto assets.

“In fact – just like banknotes – a [central bank digital currency (CBDC)] would be a liability of the central bank and would be backed by its assets. It would be supported by the credibility of the central bank and ultimately, by the rule of law. Crypto-assets, on the other hand, are a liability belonging to nobody: there is no asset that backs them up and no clear governance structure that can guarantee trust… the value of a CBDC would not suffer from the excessive volatility that affects crypto-assets.”

He also focussed on an ethical issue that could arrive from bank’s intervention in regard to the traceability and anonymity of consumer transactions, suggesting banks might be able to trace all consumer transactions and make decisions on an individual’s creditworthiness based on such information.

He spoke of other complexities which might arrive from offering a CBDC which the bank may not be prepared for at this time, although he did hint that “a world with digital cash” was worthy of its current research, but the time for action hadn’t arrived yet.

“If central banks decided to make an asset – the CBDC – free of credit and liquidity risk, possibly remunerated, and available to anybody at no cost, their role in the economy would fundamentally change… Are central banks ready to play this new role and to deal with the attendant complexities? In the short term, my answer is no.”

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