Day: June 20, 2018

The CEO of prominent cryptocurrency exchange platform Coinbase, Brian Armstrong, shared a series of posts on Twitter Tuesday promoting the positive benefits of extended periods of low Bitcoin prices.

Armstrong focused on three cycles of Bitcoin prices from 2013, 2014, and 2017, commenting that the up and down momentum of Bitcoin is normal for the cryptocurrency.

His Tweet reads: ”After many years of this, I’ve come to enjoy the down cycles in crypto prices more”,’ while justifying this by saying it rids the market of people who are in it for “the wrong reasons”.

Those with the right reasons for involvement as he sees it are given ”an opportunity to keep making progress while everyone else gets distracted”.

1/ Shared the following message with the team @coinbase today… pic.twitter.com/XDNDZfCtOp

— Brian Armstrong (@brian_armstrong) June 19, 2018

With the statements in the Tweets initially shared with Coinbase staffers, Armstrong reminded them to ignore any “irrational exuberance” or “irrational pessimism” regarding Bitcoin’s price.

”Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price”, he noted.

His opinions are shared with the likes of Phillip Nunn who recently reiterated his belief that Bitcoin will not have trouble recovering from this low period, and will make it to USD 60,000 by the end of the year.

Bitcoin currently stands at around USD 6,550, having recovered from lows of approximately USD 6,250.

Allegations against Coinbase

Armstrong’s exchange Coinbase is currently facing allegations of fraud from several of its clients. The accusers have given a 134-page report to the US SEC and the California Department of Business Oversight outlining their claims.

As outlined by Mashable, the report illustrates Coinbase as an irresponsible actor that was underprepared for its own success.

The complaint files note multiple occasions where would-be traders find their money has disappeared, or to be locked out of accounts, with Coinbase reacting with what is described as ”aggressive nonchalance“.

Coinbase has responded to these complaints by issuing a statement saying they have increased their support team by over 150% and reduced the response time to less than ten hours for 95% of complaints.

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Bitcoin Press Release. trade.io has announced that its early adopter – the PRIMUS Group of companies – known by its clientele as ‘FXPRIMUS, The Safest Place To Trade’ – will offer its clients the ability to deposit to their trading account using their TIO. This announcement follows successful integration of trade.io’s BTV DApp (Blockchain Trade Verifier) to FXPRIMUS in January of this year.

June 11th, 2018. Lugano, Switzerland. The 10-year old industry leading broker, and winner of multiple awards will offer the ability to deposit in TIO, in response to overwhelming community demand. With this, its clients who span multiple continents, will have the opportunity to deposit to their trading account in a similar manner they currently do, utilizing Bitcoin.

By offering the ability to deposit utilizing TIO, the trade.io community – known as the Tionauts – will now have access to trade over 120 tradable instruments including forex pairs, commodities, stocks and indices. Further to this, TIO is acting as a frictionless, absolutely free funding method which allows clients to fund and begin trading in the quickest manner possible. This integration of technologies between the two companies further demonstrates the utility of TIO and the continuous focus by FXPRIMUS to provide everyone a convenient, efficient way to trade.

This unprecedented move to further bridge the gap between traditional finance and the blockchain sector brings significant added value to the loyal TIO-holding community of trade.io, as well as providing a bridge of access into the world of cryptocurrencies for the traditional investor.

CEO of trade.io Jim Preissler commented:

“One of our many initiatives is to continue to bring utility to TIO. By offering it as a method of deposit to such an industry leader as FXPRIMUS, will allow TIO Holders to experience the excitement of FX & CFD trading. This development also has the potential to significantly increase the size of the TIO community, as we’re exposing TIO to an entirely different asset class.”

Preissler concluded “We are already in talks with other brokers and non-financial companies which will only expand the TIO community.”

With a rooted background in traditional finance, the board and management team of trade.io have already been approached by other brokers to include the TIO as a deposit mechanism. Applications are welcome to be submitted to [email protected]

CEO of PRIMUS Group, Constantinos Kappai commented:

“Our motto and driving force at FXPRIMUS has always been to provide one of the safest trading environments for traders worldwide. With this new integration, our wish is to extend our stable and secure trading environment into a relatively untapped resource, the crypto world.”

The Trade Token (TIO) is currently available to buy on the following exchanges: OKEX, Bancor, gate.io, TIDEX, KuCoin, HiTBTC & IDEX. To find out more about the Trade Token and to be alerted about the upcoming launch of trade.io’s flagship product the trade.io Exchange, visit https://trade.io/exchange

About trade.io

trade.io is a next generation financial institution based on blockchain technology, and providing the ultimate in security and transparency via its flagship product the trade.io exchange as well as its highly sought after token sale Consulting Services and Angel Investment Program. trade.io successfully completed its token sale in January 2018 and raised over 31 million USD from loyal participants and community members who want greater transparency in the financial markets.

About FXPRIMUS

FXPRIMUS is globally acclaimed for offering one of the most secure online trading environments available anywhere in the forex industry. The company enables clients of all experience levels to trade multiple instruments including forex, commodities, energies, indices and cryptocurrencies, via a range of advanced web and mobile trading platforms. Lightning quick execution via state-of-the-art execution systems worldwide combine to create a seamlessly efficient trading environment. Client funds are protected via a client fund insurance for up to 2.5EUR million, plus 3rd party overseeing of client funds by Boudica Client Trust. Learn more: https://www.fxprimus.com

Visit the Website: https://trade.io/
Chat on Telegram: https://t.me/TradeToken
Connect on Twitter: https://twitter.com/tradetoken?lang=en
Connect on Facebook: https://www.facebook.com/trade.io/?_rdc=2&_rdr
Meet the team: https://www.linkedin.com/company/trade-io/

Media Contact
Name: [email protected]
Email: Helen Astaniou

trade.io 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. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. Only participate in a token event with what you can afford to lose.

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The post PR: Trade Token (TIO), the World’s 1st ERC20 cryptocurrency to Be Offered As a Payment Method For FX / CFD Brokers appeared first on BitcoinNews.com.

Unnamed sources suggest popular free crypto and stock trading application (app), Robinhood, is negotiating with US regulators about prospects for it becoming a bank, complete with traditional services such as savings accounts. It’s still early going, and very preliminary, but such an arrangement could well be the future of banking.

Also read: Bitcoin More Influential in US Politics Than Ever

Robinhood Looking to Provide Banking Services

By all accounts it has been a skyrocketing year for the smartphone trading app Robinhood Markets, Inc. out of Menlo Park, California. Success appears to have emboldened the scrappy firm, according to Bloomberg.

In late January, the company announced it would add bitcoin core (BTC) and ether to their platform, which caused 1 million people to sign up. Only a month after its formal February crypto rollout, by March it boasted a cool $5.6 billion valuation after three years of operation. And mid-May saw its services grow from one or two US states to ten.  

Unnamed sources are pointing to the popular free crypto trading app as querying regulators about the possibility of it becoming a full-fledged bank. The company has proven its ability to grow a consumer base, reaching more than 4 million in the United States. That it might be able to offer savings accounts could signal a broader change in the legacy industry, one gearing itself toward the next, more tech savvy, generation.

Banking laws in the US effectively prevent Robinhood from going forward on its own in this regard. Bloomberg insists the company is “in early discussions with regulators to begin offering banking-like products through different licenses or partnerships.” Discussions are between it and “the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations.”

Everyone associated with the matter was careful to stress how nothing concrete has been decided. Still, should things progress, most expect the company would partner up with an existing institution, rather than go it alone. Whatever the case, other startups have moved along similar lines with an eye toward poaching dissatisfied traditional banking customers tired of unfavorable interest rates, a friction filled online experience, and the want to have most/all of their financial dealings in one convenient application.

Is banking a good move for Robinhood? Let us know in the comments. 

Images via the Pixabay, Robinhood.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post Robinhood Reportedly Considering Formal Banking Services appeared first on Bitcoin News.

China’s federal science institution, the Chinese Academy of Sciences, is eyeing blockchain technology, the school announced this week. 

Key Highlights

• Ripple price stayed above the $0.5250 support and bounced back against the US dollar.
• There is a crucial ascending channel forming with support at $0.5380 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently in an uptrend and it is likely to accelerate gains above $0.5500 in the near term.

Ripple price is moving nicely against the US Dollar and Bitcoin. XRP/USD may perhaps continue to move higher above the $0.5500 resistance.

Ripple Price Trend

Recently, there was a downside reaction below the $0.5300 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.5250 support area where buyers appeared. Moreover, the 76.4% Fib retracement level of the last wave from the $0.5105 low to $0.5615 high also acted as a support. XRP price bounced back from the $0.5250 support and the 100 hourly simple moving average.

It climbed back above the $0.5300 resistance with positive signs. During the upside, the price broke the 50% Fib retracement level of the last decline from the $0.5611 high to $0.5234 low. At the moment, the price is trading just below the $0.5500 resistance, which is preventing an upside break. Additionally, the 61.8% Fib retracement level of the last decline from the $0.5611 high to $0.5234 low is also acting as a hurdle for buyers. Should there be a break above $0.5500, the price may perhaps move past $0.5600. More importantly, there is a crucial ascending channel forming with support at $0.5380 on the hourly chart of the XRP/USD pair.

Looking at the chart, the price remains well supported above $0.5350. Below this, the price might move back towards the last swing low of $0.5250 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is moving slowly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed nicely above the 50 level.

Major Support Level – $0.5350

Major Resistance Level – $0.5500

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

Famous American singer Akon has embraced cryptocurrency and blockchain technology, and will be launching his own cryptocurrency named AKoin while building a city in Africa called Akon Crypto City. The focus of both of these crypto projects is to help Africa, which is Akon’s passion.

Akon said at the Cannes Lions International Festival of Creativity, “I think that blockchain and crypto could be the savior for Africa in many ways because it brings the power back to the people, and brings the security back into the currency system, and also allows the people to utilize it in ways where they can advance themselves, and not allow government to do those things that are keeping them down.”

Akon is of Senegalese descent, and the President of Senegal, Macky Sall, has gifted him a 2,000-acre tract of land to build Akon Crypto City. The land is only five minutes from a new international airport, a short drive to Dakar which is the capital and largest city in Senegal, and near the beach. Akon Crypto City will be 100% blockchain and cryptocurrency-centric, and is branded as an opportunity for blockchain enthusiasts and companies to collaborate to develop the city of the future.

Akon says it will be a “real-life Wakanda”, the futuristic African city setting of the Marvel superhero Black Panther, said to possess technology far more advanced than anywhere else in the world thanks to an advanced material called vibranium. Akon Crypto City’s real-life equivalent to vibranium will be blockchain technology.

AKoin will be the official cryptocurrency of Akon Crypto City, but Akon wants the cryptocurrency to not only be used in the city but all across the continent of Africa. The goal of AKoin is to provide new income opportunities to stimulate economic stability and growth in Africa. AKoin will be a platform from which decentralized apps (dapps) can be built, much like Ethereum, and the hope is that these dapps will generate crypto jobs for Africans.

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FOMO Moments

Current performing altcoins are Ethereum Classic, Tron, Nano, and Basic Attention Token.

The aftermath of the Bithumb hack did not have a long lasting effect on markets fortunately and they are creeping up today. Total market cap is edging back towards $300 billion but taking its time. Bitcoin has recovered all losses and is up 2.2% on the day to $6,780 and Ethereum is performing even better with a 3.6% rise to $540. It is too early to say whether the previous third big dip of the year was the last. Altcoins are generally in the green at the moment but the only one in double figures at the time of writing is Ethereum Classic.

Coinmarketcap is reporting a 14% increase in ETC over the past 24 hours making it the leading altcoin in the top 25 during Asian trading. Ethereum Classic is currently trading at $17.09, up from $15 this time yesterday. Over the past seven days ETC has jumped 25% from $13.66 this time last Thursday. During the past 30 days however it has lost 5% falling from just over $18 the same time last month. Against Bitcoin ETC has gained 11.5% on the day to 253000 satoshis from 226700 sats this time yesterday. Weekly gains on BTC have been around 20% from 211000 satoshis this time last week.

Momentum is likely coming from the Coinbase support and announcement that ETC will be the next digital asset that it lists. What is a notable coincidence however is that the announcement was made just three days before the SEC declared that Ethereum was not a security indicating that Coinbase may have already been aware of this. ETC is likely to continue upwards until it gets listed on Coinbase unless the bears grab hold of the markets in force again.

OKEx is currently the most popular exchange for ETC trade with over 27% of the total volume and Binance is second with around 12%. That daily volume has increased from $285 million to $387 million over the past 24 hours. Ethereum Classic’s market cap has also increased as a result and is currently at $1.75 billion positioning it at 16^th in the charts.

Total crypto market capitalization has climbed 3% on the day and is currently $291 billion. There is a lot of speculation of a recovery but in general the long term trend is still bearish. Looking back at the six month chart we are still near the bottom of the third dip of 2018. Other altcoins faring well at the moment include Tron up 7.8% as its mainnet approaches, Nano 10% higher on the day, and BAT climbing 12.5% at the time of writing.

More on Ethereum Classic can be found here: https://ethereumclassic.org/

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 Trading Update: Ethereum Classic Leading the Recovery appeared first on NewsBTC.

Crypto exchange Huobi Pro announced that Bloomberg Terminal has added the HUOBI10 crypto market index on its terminal for subscribers. 

Key Highlights

• ETH price found a strong support around the $525 level and recovered against the US Dollar.
• Yesterday’s highlighted important bullish trend line is intact with support at $518 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue higher and it may perhaps target a new high above the $545 level.

Ethereum price is trading with a positive bias against the US Dollar and Bitcoin. ETH/USD could accelerate gains above the $545 and $548 levels in the near term.

Ethereum Price Upside Move

After a downside correction below $530, ETH price found support against the US Dollar. The price tested the $520-525 support zone and recovered nicely. There was a decent base formed near the 50% Fib retracement level of the last leg from the $485 swing low to $548 high. More importantly, there was no break below $520 and the 100 hourly simple moving average.

A new upward wave was initiated and the price climbed above the $530 resistance. There was a break above the 50% Fib retracement level of the last decline from the $548 high to $517 low. At the moment, the price is trading near a major resistance zone and is testing the $545-548 zone. A break and close above this may perhaps open the doors for more gains above the $555 level in the near term. On the downside, yesterday’s highlighted important bullish trend line is intact with support at $518 on the hourly chart of ETH/USD. Before the trend line, the $525 support and the 100 hourly SMA could stop declines.

Looking at the chart, the price is trading with a positive bias above $530. A break above the $548 high could really put a lot of pressure on sellers and ETH could jump above the $555 level.

Hourly MACD – The MACD has moved back in the bullish zone.

Hourly RSI – The RSI is now back above the 55 level.

Major Support Level – $518

Major Resistance Level – $548

The post Ethereum Price Analysis: ETH/USD Targets New Highs appeared first on NewsBTC.

Tron Price Key Highlights

• Tron price bounced off the area of interest marked in an earlier post.
• Price is now making its way up to the swing high and the Fib extension tool shows the next upside targets.
• Technical indicators also support the idea of more gains for Tron.

Tron price bounced off the resistance-turned-support region at the 0.04500 mark as expected and is aiming for new highs.

Technical Indicators Signals

The 100 SMA crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to resume than to reverse. After all, Tron price formed and confirmed an inverse head and shoulders pattern to signal that an uptrend is underway.

Applying the Fibonacci extension tool reveals the next upside targets. Price has already moved past the 38.2% extension and is closing in on the 50% extension at 0.05076. Stronger selling pressure could take it up to the 61.8% extension at 0.05200 or the 78.6% extension near 0.05400. The full extension is located just past the 0.05600 level.

RSI is on the move up to show that there’s buying pressure left. This might be enough to keep bulls in control until Tron price reaches the next potential resistance levels before buyers book profits. Stochastic is also on the move up so Tron price might follow suit, but this oscillator is dipping into overbought territory.

TRXUSD Chart from TradingView

Market Factors

Cryptocurrencies appear to be in a much better mood lately as they managed to shrug off news of Bithumb’s hack, compared to the price reaction to the hack on a smaller South Korean exchange earlier on.

Some say that this might be due to reports debunking the study that Tether was used to manipulate bitcoin price back in 2017, spurring hope that the probe by US regulators could yield the same results.

The post Tron (TRX) Price Watch: Correction Done, Aiming Higher appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price has formed higher lows and slightly higher highs to create a rising wedge on its 1-hour chart.
• Price is bouncing off resistance and might be due for another test of support.
• Bitcoin price is also nearing the peak of the formation so a breakout might happen soon.

Bitcoin price might be gearing up for a break from its rising wedge pattern, but technical indicators are giving mixed signals.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, an upside break might be more likely to happen than a break below support.

If so, bitcoin price could be in for a steeper uptrend, possibly one that’s the same height as the wedge formation that spans $6,100 to $6,900. The 100 SMA also lines up with the bottom of the wedge to add to its strength as a floor.

However, RSI looks ready to turn lower as it nears overbought levels. This suggests that bullish momentum could fade soon as buyers start to feel exhausted, likely allowing sellers to take over. Stochastic already seems to be on its way down to signal that bearish pressure is starting to come into play.

BTCUSD Chart from TradingView

Market Factors

Bitcoin price took a hit earlier in the week on news of Bithumb’s hack, but it looks like it’s dealing with the news pretty well. This follows an earlier hack on a smaller South Korean exchange wherein lesser-known altcoins were affected.

Cryptocurrencies still seem to be hopeful that the SEC could avoid regulating these as securities, particularly after a senior official said so last week. The speculation that Tether was used to manipulate bitcoin price also seems to have been debunked, which gives investors fresh hope that the probe being conducted by US regulators would produce more or less the same results. In that case, confidence in the industry’s security could be restored.

The post Bitcoin (BTC) Price Watch: Imminent Rising Wedge Breakout appeared first on NewsBTC.

When it came to crypto, the focus was on retail investors – not only on protecting them but also on giving them a chance – during CB Insights’ event.

Some analysts warn that should crypto mining cool down, or miners witch from AMD’s GPUs, investors could be disappointed in what happens to AMD’s stock prices