Day: June 17, 2018

Walmart has filed a patent with the United States Patent and Trademark Office (USPTO) for blockchain technology that stores critical personal medical information in a wearable device that can be accessed by paramedics during an emergency. This technology could save lives if a patient is unresponsive since paramedics will be able to get all the information they need from the device even if a patient is unconscious. This is perhaps one of the first blockchain applications that directly saves lives.

The patent was filed on 13 December 2017 and became visible to the public on 14 June 2018, and is titled ‘obtaining a medical record stored on a blockchain from a wearable device’. The patent has not been finalized yet and will probably have to go through the patent prosecution process for at least the next year, where the UPSTO determines if a patent is truly unique and worthy of patent protection.

The medical records of a patient would be stored on a blockchain with an associated public key and private key. This would provide immutable storage of medical records that cannot be manipulated since it will be cryptographically secure, so paramedics that access the records will know they are accurate.

Paramedics will be able to access the critical medical information by scanning the wearable device with a radio frequency identification scanner (RFID). The paramedics then use a biometric scanner to scan a bodily feature of the patient, such as fingerprints or an eye, which unlocks the private key. The private key and public key is then used to access the needed medical information.

Hospitals and emergency rooms can integrate this blockchain system, so paramedics can send the critical medical information instantly to where they are taking the patient before they arrive.

This new blockchain technology application invented by Walmart is perhaps one of the first examples of blockchain directly being used to save lives.

Walmart has been very busy patenting blockchain technology, including a blockchain system that controls electricity consumption, a blockchain-based marketplace where customers can resell products bought at the store, and autonomous vehicles that run on a blockchain which can be used to deliver products. It’s only a matter of time until some of these groundbreaking blockchain innovations are put into operational use, possibly spreading blockchain technology to more people than ever before.

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An independent vlogger posted a video on Reddit about why he’s still bullish on crypto. In the video the vlogger names six points to keep in mind about the health of the space as networks continue to grow, clarity comes in to being and crypto attracts the best and brightest minds from both the tech and financial industries.

Bitcoin Network is Healthier than Ever

Most traders haven’t made a lot of money in 2018 as the market correction that put an end to the 2017 bull run lingers on and the price of Bitcoin has wavered between $6 and $9,000. Despite the industry oracles who are even now calling for Bitcoin to reach outlandish numbers by the end of the year what this vlogger, who posts as u/undertheradar48, focuses on is the security of the system. As he states in his video in the last month there has been a 300% increase in the bitcoin hash rate, meaning that more people than ever are mining the coin, meaning that ledger is larger than ever and therefore the system more secure.

Beyond the hash rate and estimated $100 billion dollars u/undertheradar48 tells his audience is locked up in Bitcoin he touches on something even more important. That 9 years in, the Bitcoin network is still alive and growing despite naysayers and pundits from the financial world hammering the press with statements calling it “Rat Poison” and a Ponzi scheme and government agencies waffling on laws and regulations that would give legitimacy.

As the video points out the Bitcoin network has grown bigger than anyone at the start could have imagined and so is the Ethereum network growing at an unprecedented rate. As he states there are more people downloading the Ethereum developer program Truffle today than there were during the networks price peak back in January. The number he quotes which seems to have come from a Consensys article is 50,000 new downloads per month which if projected through to the end of the year means an additional half a million developers working on the Ethereum network.

Ethereum adding 50,000 Devs per Month

These estimates got the poster a lot of flack from his Reddit followers. Some commenting that he is delusional and just spreading the kind of inflated numbers that in the end make the community look like fools but others were more positive. One commenter points out that those are worldwide numbers that include companies, universities, and even total newbie devs.

Perhaps the actual number is not as important as the amount of work being done on the network as developers continue to generate smart contracts and decentralized apps. As u/undertheradar48 points out at the start of his 5-minute video at the end of 2017 there 900 Dapps and today there is over 1,500 and on pace to hit 2,000 long before 2018 wraps up. Most of these Dapps won’t make it but that doesn’t matter the one or two that break out can be enough to change an entire industry the way that Uber did for taxis or Ways has done for navigating.

The post Ethereum is Gaining 50,000 Developers per Month, King of Dapps appeared first on NewsBTC.

The Bank of International Settlements harshly reviewed the idea of cryptocurrencies, though it was more accepting of the idea of distributed ledgers.

Non-Fungible Tokens (NFTs) are changing the gaming industry by giving players true ownership over digital assets that they acquire in a game. The ERC-721 protocol which makes it easy to create NFTs has sparked the development of numerous blockchain-based games, a new and growing industry.

Bitcoin and all other cryptocurrencies are fungible, which means that a Bitcoin is interchangeable with any other Bitcoin. It is necessary for cryptocurrency and currency, in general, to be fungible so it can act as an exchange of value.

Pokémon cards, baseball cards, works of art, and many more types of collectibles are non-fungible. They are distinct from each other due to their characteristics, and they have differing values so they can’t be exchanged at a one-to-one ratio with each other like currency.

ERC-721 is the standard for creating NFTs and uses the Ethereum blockchain to issue and exchange NFTs. This is much like how ERC-20 is the standard used to create fungible cryptocurrency tokens. Through smart contract technology, each NFT issued with ERC-721 is completely unique.

A gamer who acquires an NFT is given a private key, they can access the NFT with the private key to transfer it, and sign messages with the private key to prove ownership. This marks the first time in history that a gamer truly owns digital assets that they find, win, or purchase in a game. Even if the game server crashes or the game goes offline the NFT is cryptographically protected and stored in the Ethereum blockchain and will remain intact.

This breaks the old paradigm where in-game assets were controlled by the company that owns the game and dependent on centralized servers. NFTs decentralize digital assets.

Perhaps one of the most popular games that uses ERC-721 NFTs is CryptoKitties, where users can buy digital cats for Ethereum, breed them, and trade them. The game became such a craze at one point that Ethereum transaction fees skyrocketed due to network congestion. A CryptoKitty sold for a whopping USD 140,000 of Ether in May 2018.

Another popular NFT game is Decentraland, where users can purchase land and have full ownership over that tract of land in a virtual universe. They can build anything they want on the land. Decentraland has the potential to be a blockchain-based Second Life, with the added advantage of a cryptographically secure real-estate system.

The future is bright for NFTs; CryptoKitties and Decentraland are probably just the beginning. It is possible that a massive multiplayer online game like World of Warcraft, Second Life, or Runescape will eventually adopt NFTs or that a completely new game will be created around NFTs and gain global popularity, and become the basis for a major online economy.

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Key Highlights

• Ripple price declined from the $0.5600 swing high with bearish moves against the US dollar.
• There is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may perhaps decline further and it could break the $0.5200 support for more losses in the near term.

Ripple price is trading with a negative bias against the US Dollar and Bitcoin. XRP/USD could extend declines if there is a break below the $0.5200 support.

Ripple Price Support

There was a recovery wave initiated in Ripple price above the $0.5200 level against the US Dollar. The price moved above the $0.5400 and $0.5500 resistance levels. However, the upside move was capped by the $0.5650 zone where sellers appeared. A high was formed at $0.5681 before the price started a downside move. It declined and broke the $0.5500 support area. There was also a break below the 50% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high.

The decline was such that the price settled below the $0.5400 level and the 100 hourly simple moving average. At the moment, the price is testing the 76.4% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high. The $0.5200 support area holds a lot of importance for the next move in the near term. Should there be a bearish break below $0.5200, the price could drop back towards the $0.5000 level in the near term. On the upside, there is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair.

Looking at the chart, the price remains at a risk of more losses below $0.5200 as long as it is below $0.5400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is way below the 50 level.

Major Support Level – $0.5200

Major Resistance Level – $0.5400

The post Ripple Price Analysis: XRP/USD Sights Downside Break appeared first on NewsBTC.

A professional investor, who has worked at BlackRock, explained the main reasons why institutional investors are watching the crypto market but not yet getting involved. Speaking in London Tech Week he said that regulatory uncertainty, volatility and lack of education are the main obstacles.

Where is the Smart Money?

Adam Grimsley, co founder of Prime Factor Capital, said that although some high net worth individuals are building up portfolios, the majority of institutional investors are waiting for regulatory certainty. Speaking at the ‘Zeroing In On Europe’ conference on June 16, he highlighted the lack of regulation in London and the unwillingness of watchdogs to get involved.

He said: “Banks, institutions and professional investors have been left at the ‘start line.’ The usual advantages of size, infrastructure, connections and reputation have shown to be obstacles to move quickly into this space. Concerns around volatility, lack of liquidity, and regulatory uncertainty were more than enough to prevent the so-called traditional smart money from entering the arena.”

On the other hand, Grimsley said: “High net worth individuals and principal investors, through family office or private banks, have been quietly building up positions in crypto assets for the last few years.”

In a panel discussion at the same event, James Radecki, Global Head of Business Development at Cumberland, the cryptocurrency arm of DRW, said that institutional money is starting to move into the market and that the decrease in volatility is proof of this.

Prime Factor Capital are a cryptocurrency and cryptoasset asset management company. They were founded by investors at global investment managers BlackRock and Nic Niedermowwe, who used to be a derivatives trader and had previously set up a cryptocurrency market making business.

Crypto: ‘Huge Potential to Distrupt’

On this move away from BlackRock, Grimsley said that the founders were personally invested in the new technology and felt there was a lack of professional management services.

Grimsley said: “We’ve been involved in the blockchain industry for some time and observed its huge potential to disrupt. It has the capacity to capture billions or trillions of dollars-worth of value fragmented across many different protocols.”

Grimsley said that regulatory uncertainty is the biggest obstacle to larger investors. He pointed out that cryptocurrencies are unregulated in the UK and that the FCA may have little desire to get into the market. He acknowledged that the UK Treasure Committee has created a taskforce to try to gain some understanding of the new technology.

On crypto exchanges he said that recent hacks and thefts had left to questions over how safe funds are on their systems. Professional managers have been wary of using these exchanges because they have a legal requirement to act in the best interest of their clients.

The post Exclusive: Former BlackRock Exec Explains Why Institutional Investors Not in Crypto Yet appeared first on NewsBTC.

FOMO Moments

Current performing altcoins are Binance Coin, Reddcoin, and Docademic.

A flat weekend in crypto land has not been enough to entice the bulls back into the market. Monday morning is shaping up to be a red one as the downward slide continues. Total market cap is still falling back towards the yearly low six weeks ago. Bitcoin is lulling around the $6,500 mark and has lost 1.5% on the day and Ethereum’s little bounce on the SEC news last week was short-lived as it also declined a similar amount to just below $500. Altcoins are getting hit harder with most of them in the red at the time of writing. There is only one coin in the green at the time of writing and that is Binance’s own crypto, BNB.

According to Coinmarketcap Binance Coin is trading up 3.9% on the day while every other altcoin in the top 40 is falling once again. BNB is currently trading at $16.80, up from $16.13 this time yesterday. Binance coin has had a strong week in spite of the negative market sentiment climbing 17.5% from $14.30 this time last Monday. On the month BNB has performed solidly rising 35% from $12.40 this time last month. Against Bitcoin BNB has made 5.7% on the day to 261300 satoshis from 247000 sats this time yesterday. Weekly gains on BTC have been around 23% from 212000 satoshis as Bitcoin has continued to fall.

Binance continues to offer promotions and airdrops for various tokens including its own which makes it a positive coin to invest in. Additionally trade fees can be halved by users trading with BNB instead of directly, this will also increase volume and value of this altcoin. Binance is constantly expanding with news that it will be offering fiat trading from Malta soon and another move into Jersey to tap the UK market keeping the exchange at the top of its game.

Tether is the top traded pair with BNB at over 50% with BTC taking 38% and ETH 4.4%. Trade volume has increased from $88 million to $109 million in the past 24 hours and Binance Coin is the only one not getting hammered during Asian trade this morning. With a market cap of $1.9 billion BNB sits at 15^th spot in the coin charts.

All gains in the past 2 months have been wiped out with crypto markets falling back to early April lows. Total market capitalization currently sits at $276 billion, down just over 2% on the day, and 24 hour trade volume has remained at about $10 billion. Over the week the markets have lost 8%, equating to $25 billion, and volume has halved. This could indicate a slowdown in selling pressure or the bears could be gearing up for another rout as most cryptos are consolidating at the moment. There are no altcoins making gains in the top 50 but a few taking heavy hits and those include Bytecoin down 6%, Lisk losing the same amount, and 0x falling 6.7%. Way down the list ReddCoin is doing better with an 11% gain and Mithril is up 5.2%, and with a McAfee shill, Docademic needs a mention as MTC is pumping 27% at the moment.

More on Binance Coin can be found here: https://info.binance.com/currencies/binance-coin

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 Cryptocurrency Market Update: Binance Coin (BNB) Bucking the Trend appeared first on NewsBTC.

Ethereum Price Key Highlights

• Ethereum has formed lower highs and higher lows to consolidate inside a symmetrical triangle.
• Price is approaching the peak of the formation so a breakout could be due anytime soon.
• Technical indicators appear to be hinting at a potential upside break and rally.

Ethereum is currently consolidating inside a short-term symmetrical triangle with the possibility of an upside break.

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. In other words, the selloff is more likely to resume than to reverse. Price is still below the moving averages, after all, so sellers are in control.

However, the gap between the moving averages is narrowing to signal a potential upside crossover. In that case, bullish momentum could kick in an sustain a rally in the event of a break higher. Ethereum would also need to break past the 200 SMA dynamic inflection point just above $500 to confirm an uptrend.

Stochastic looks ready to move back up without even hitting oversold conditions. This signals that buyers are eager to return and push ethereum back up. RSI is already on the move up after making its way out of the oversold region, indicating that bullish pressure is present.

ETH/USD Chart from TradingView

Market Factors

Ethereum drew strong support from remarks by an SEC official citing that it is not a security to be regulated like stocks or bonds. Although this isn’t an official ruling yet, many are hopeful that this particular altcoin can evade strict regulation.

However, dollar strength is being tough to contend with as safe-haven demand picked up when the US and China imposed tariffs on each other’s goods. This could mean weaker demand for commodities and slower business activity, thereby dampening global growth prospects and investors’ appetite for risk.

The post Ethereum (ETH) Price Watch: Stuck in Consolidation, Waiting for Direction appeared first on NewsBTC.

Key Highlights

• ETH price was not able to move above the $510 resistance and is currently under pressure against the US Dollar.
• There was a break below a crucial bullish trend line with support at $500 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains at a risk of more losses as long as it is below $510 and the 100 hourly simple moving average.

Ethereum price is currently in a bearish zone against the US Dollar and Bitcoin. ETH/USD could decline further towards $475 level in the near term.

Ethereum Price Trend

There was an upside move above the $500 level in ETH price against the US Dollar. The price traded a few points above $500, but it failed to gain momentum. As a result there was a downside reaction and the price settled below the $500 level. There was also a close below the $495 level and the 100 hourly simple moving average, which is a bearish sign. Additionally, the price broke the 23.6% Fib retracement level of the last wave from the $447 low to $528 high.

More importantly, there was a break below a crucial bullish trend line with support at $500 on the hourly chart of ETH/USD. The pair declined and tested the $488 support area. The mentioned support is near the 50% Fib retracement level of the last wave from the $447 low to $528 high. The pair is currently trading well below $500 with a bearish angle. Should there be a downside break below the $488 level, there could be more declines towards the $475 level.

Looking at the chart, the price may perhaps correct a few points towards $500. However, there is a bearish trend line in place to prevent upsides near $500 in the near term.

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

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $475

Major Resistance Level – $500

The post Ethereum Price Analysis: ETH/USD Could Extend Declines appeared first on NewsBTC.

Two of Russia’s largest banks are planning to launch a cryptocurrency portfolio product for their private banking clients, Kommersant reported.

Key Points

• Bitcoin cash price struggled to settle above the $900 level and declined against the US Dollar.
• There is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is currently finding it hard to hold an important support area near $825.

Bitcoin cash price started a downside move after it was rejected from $900 against the US Dollar. BCH/USD must stay above $825 to avoid a bearish break.

Bitcoin Cash Price Trend

There was a recovery initiated in bitcoin cash price from the $799 low against the US Dollar. The price climbed above the $840 and $850 resistance levels to start a recovery. It even traded a few points above the $900 level before sellers appeared. There was no close above the $900 resistance, which resulted in a bearish reaction. BCH price declined sharply and moved below the $850 support area.

There was also a break below the 50% Fib retracement level of the last wave from the $799 low to $910 high. The downside move was such that the price closed below the $840 level and the 100 hourly simple moving average. At the moment, the price is holding an important support level at $825. It also coincides with the 76.4% Fib retracement level of the last wave from the $799 low to $910 high. Should there be a downside break below $825, the price may come under a lot of pressure. On the upside, there is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair.

Looking at the chart, the pair is clearly at a risk of a downside break below $825 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $825

Major Resistance Level – $850

The post Bitcoin Cash Price Analysis: Can BCH/USD Hold $825? appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin has formed lower highs and higher lows to trade inside a symmetrical triangle pattern on its 1-hour chart.
• Zooming out to longer-term time frames shows that this might be a bearish flag continuation pattern.
• Price is nearing the peak of the formation to signal that a breakout in either direction is due soon.

Bitcoin price is consolidating inside a short-term symmetrical triangle pattern as bulls and bears wait for more decisive clues.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame to signal that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. The 100 SMA has held as dynamic resistance as well.

However, the gap between the moving averages has narrowed significantly to signal a slowdown in bearish pressure. This could also signal an imminent bullish crossover that could draw more buyers in and spur a reversal from the bitcoin price downtrend.

RSI still seems to be heading lower, though, so sellers might still have some energy to push for a break below support. The triangle spans $6,200 to $,6900 so the resulting breakout could be of the same size. Stochastic, on the other hand, appears to have bottomed out and is ready to turn higher.

BTCUSD Chart from TradingView

Market Factors

Dollar strength kicked into high gear on Friday when the Trump administration imposed tariffs on Chinese goods and China retaliated with their own measures on US exports. Further escalation of these tensions could keep traders flocking to the safe-haven dollar and away from riskier assets like bitcoin.

Besides, the lack of positive updates from the industry has kept bitcoin price in consolidation, even after a senior SEC official suggested that it isn’t subject to securities regulation. After all, this hardly constitutes an official ruling so investors are waiting to hear more remarks from other regulators.

The post Bitcoin (BTC) Price Watch: Eyes on This Consolidation Pattern appeared first on NewsBTC.