Day: July 12, 2018

A charting pattern suggests the bitcoin price might be able to successfully defend $6,000, despite a tug-of-wars between bulls and bears of late.

A Chinese city has recently cracked a cryptocurrency-traded gambling case and confiscated over $1.5 million worth of cryptocurrencies.

China is one of the more technologically advanced nations in the world, and with its population closing in on 1.4 billion, it was naturally one of the biggest Bitcoin markets during the cryptocurrency’s early days. Many of the biggest exchanges in the world were established in the Asian nation, with reports indicating that at one time over 70 percent of Bitcoin miners were located in the country. Things have changed greatly and China is no longer the thriving Bitcoin territory it once was. The government has implemented several laws in an effort to protect investors, including bans on ICOs and crypto exchanges. According to a new report, these regulations have had far-reaching effects, and from a one-time high of 90 percent, the Chinese yuan now accounts for only one percent of Bitcoin’s total trading volume.

The Crackdown

Having banned ICOs last year, the Chinese government has consistently taken steps to stamp out crypto trading in the country. The country banned crypto exchanges as well, forcing some of the biggest exchanges such as OKEx and Binance to seek solace elsewhere, but this didn’t stop Chinese crypto enthusiasts from trading, as they turned to offshore platforms. In February, the government announced that it would ban all websites related to crypto trading, including foreign platforms, as it sought to stamp out crypto trading completely. The ban affected over 100 companies including those which were originally from China such as Huobi and Binance. And according to data from the People’s Bank of China, it may have succeeded.

The data shows that only 1 percent of the global Bitcoin trading volume involves the Chinese yuan. This is a drastic drop from the 90 percent registered during the Bitcoin boom during the end of last year, and according to analysts quoted by a local publication, this is proof of just how much success the country’s regulations have had. While the yuan’s share of the market was expected to drop significantly following the ban, not many observers anticipated such a drastic drop.

China has shut down 88 crypto trading platforms since the new laws were implemented, the report added. 85 ICOs also met an untimely end as the government cracked down in earnest on the crypto industry. While many other countries are working on regulating the industry in a way that doesn’t stifle innovation and growth, the Chinese government will not lift its ban anytime soon, the report said, citing senior officials in the country’s central bank.

The unfriendly operating environment in the world’s second-largest economy has led some of the largest exchanges to seek exile in other territories. Japan, Singapore and South Korea were the first choices for most exchanges, but when the regulatory framework in these countries changed, they sought solace elsewhere. Japan had established itself as one of the most crypto-friendly countries in the world, having been the first country to declare Bitcoin a legal payment method. However, following the hacking of the Coincheck crypto exchange, the government began to crack down on crypto exchanges. The crackdown has seen some exchanges such as Tokyo Gateway close up shop, while others like Binance have moved on to greener pastures.

As Bitcoin saw 70% losses and altcoins across the board took a nosedive, 2018 has been very difficult for cryptocurrency markets. Most traders and holders have likely amassed significant losses during this time frame. However, there are a few projects that have managed to hold their own. Major supporters of these projects perhaps aren’t as rattled as the rest of the market.

3. Decred (DCR)

Last month, Decred’s value climbed to 0.015 BTC, the highest it had been since June of last year and double its value at the start of 2018. A price of US$110 is even up slightly from its 2018 open of $100.

Decred’s main focus is autonomous governance. Decred is interesting in that holders completely determine the direction of the project through votes and proposals, as well as voting to direct funds from Decred blocks to participant-proposed projects. Decred is a leading cryptocurrency in its use of atomic swaps, cross-platform wallets, and Lightning Network. Unfortunately, Decred’s price has fallen in the month following its June highs, down over 40% against the dollar since. Despite this, Decred has only seen minor losses against the dollar compared to other coins, and still maintains a healthy appreciation against BTC on the year.

2. VeChain (VEN)

VeChain benefited significantly from its parabolic price movement entering the year. VeChain entered the year at around the US$2.20 mark, already 10 times higher than its value in November of 2017, and continued to move up until it approached $10. Of course, the explosion eventually lost steam, and VeChain saw some declines, but the coin has still performed marvelously in the bear market. It’s managed to remain in the 35k to 55k satoshi range (compared to a 2018 entry of 17.5k sats), and is currently trading at US$2.30, slightly up from January 1.

VeChain is a leading cryptocurrency for logistics with a “blockchain-as-a-service” approach. Much of its valuation can be attributed to its numerous partners, including government initiatives in East Asia and a number of international businesses. VeChain enables a revolution in supply chain management, with products being tagged and tracked directly on the VeChain network.

1. Binance Coin (BNB)

Binance Coin (BNB) is perhaps the only major cryptocurrency that could be considered to have flourished during 2018 thus far. BNB entered 2018 trading at around US$8.10 and 62k satoshi. After major surges in January, March, and June, Binance Coin is currently trading at US$13 and .002 BTC, a 60% increase in value against the dollar and a 3x surge in price against Bitcoin.

Much of the price appreciation has been due to the phenomenal performance of Binance. As the leading exchange only seems to continue to grow, so too does the opinion of speculators in regards to Binance Coin. With Binance’s own decentralized exchange currently in development, many are betting that there is still huge room for growth with BNB. Binance’s quarterly burns of millions of BNB as a percentage of the company’s profits also continues to restrict the supply of BNB, adding huge buy pressure as each coin inevitably becomes more valuable with each quarterly burn.

Burst has a lot to prove as a self-claimed contender for a globally adopted form of currency that talks an even bigger game than IOTA, Hashgraph and Nano with feeless transactions and “infinitely scalable” transactions per second.  

The state of New York has endorsed a new electricity structure for crypto miners who are interested in conducting operations there, allowing them to negotiate contracts

Undoubtedly, NEO is China’s flagship project and is an important project. Despite that big tag, NEO is on a slide and so far, sellers are aiming for $25 if not for $12 assuming prices break from this horizontal consolidation. At the moment, NEO is down four percent in the last day and it is likely to lose more as traders move within a bear break out pattern.

From the News

It’s exciting time for cryptocurrency and smart contract platforms including NEO. As we know, NEO and Tron are some of the high level DLT projects from China that promises a lot. Both are run on their own mainnet but there are some as Ontology that appreciate the initial support of their former blockchain, in this case, NEO. Everyone does agree that competition is healthy but Tron mainnet launch was characterized by taunts and outright misinformation despite the fact that it did grow out as an ERC-20 token.

#Binance Distributes Second Scheduled Airdrop of #ONThttps://t.co/nE6ZAigUvU pic.twitter.com/MHBhAH7yEU

— Binance (@binance) July 11, 2018

To dispel this narrative, ONT and NEO are working together for the benefit of the society. They plan on airdropping $40 million worth of ONT tokens to all ONT coin holders who did receive ONT to their respective NEO addresses before their migration. The first phase of this free airdrop happened on March 1 and after a snapshot, NEO holders received 0.1 ONT token for every NEO.

The NEO Council ONT airdrop second half has now been sent to everyone eligible. Read more: https://t.co/1vmgucoizp $ONT

— Ontology (@OntologyNetwork) July 10, 2018

This sort of cooperation is of course wonderful for blockchain as a whole and lest we forget Ontology did donate 100 million ONT tokens to the NEO council. In a statement, this unlocked 100 million tokens representing 10 percent of the total ONT supply is to “enhance cooperation” and recognize NEO’s “significant support to Ontology in its initial phase”. Gan xie, it is!

NEO Technical Analysis

Weekly Chart

NEO Weekly Chart by Trading View

Of course, the effect of sellers is clear for everyone and while it has been the case for the last two months or so, we must also realize that NEO is trending at a around a key support line at $25.

That’s not all, in the last four weeks or so, prices have been moving within a $15 range with limits at $40, a main resistance line.

Remember, all this is happening despite those positive movements by week ending July 8 when we had a nice three bar bullish reversal pattern, the Evening Star right at the support line.

Daily Chart

NEO Daily Chart by Trading View

Here is the thing: Conservatives can avoid taking trades until we see sellers testing $25 or break above $40. On the other side though, risk-off traders can begin initiating shorts at current spot rates with stops at July 10 highs at $35. The reason behind this decision is clear.

NEO is trading with a bear break out pattern. At the moment, the  retest phase is over after failure of buyers to push above above $40. So, cognizant of the pattern we are in, this is the trend resumption phase and it is likely that bears might break below $25 and drive prices towards our ultimate targets of $12.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post NEO Technical Analysis: Ontology’ ONT $40 million Air Drop Back Firing appeared first on NewsBTC.

The slide continues and even with Twitter representatives visiting Tron offices triggering rumors of potential partnerships, sellers continue to run havoc.

So far, Tron leads the collapse shedding six percent in the last day while IOTA is pretty much stable testing the main support line at 90 cents. In any case, we shall wait for better sell entries once there are breaches below key support lines.

In other news, Binance is planning on setting up a bank with Malta’s Founders bank and following the steps of Litecoin.

We are happy to welcome @binance among our first investors! Join us in our mission and invest in Founders Bank during equity token offering on @neufundorg. Sign up for newsletter and stay up to date: https://t.co/Xl6NYAYcXO https://t.co/61IRVmrrOq

— Founders Bank (@foundersbankorg) July 12, 2018

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

With a $4 billion war chest, Block One is attracting the best talent in the banking and even the crypto world. After bringing on-board Michael Alexander from the Jeffries Group to oversee EOSIO investment and financial related matters, they are now stepping up their game.

Citibank Human Resources Managing Director James Mendes to Join https://t.co/LgcclYjBIb as Chief People Officer https://t.co/7do7SLm4al

— EOS (@EOS_io) July 12, 2018

James Mendes is now part of Block One and before joining, he was the MD of Human Resource at Citi Croup. This high-frame talent acquisition is in line with their objective of laying the framework of a scalable platform utilizing blockchain technology.

Despite this, EOS coin is on the slide. Not only is price down but the trading volumes took a hit indicating reluctance. At the time of press, EOS is down six percent and trading below our sell trigger and main support line at $7.

So, because of our trade plan, we shall recommend shorting this coin and taking advantage of the bear break out pattern that is developing. Ideal stops should be above yesterday’s highs at $7.5 with targets at $4 and later $3 assuming sell pressure is strong.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

There is much talk around the benefits of LN to users and Charlie Lee weighed in on the issue. Through a Tweet, he said there is more for makers running the LN on both Bitcoin and Litecoin. There users can easily act as a maker, earn a spread whenever they trigger a conversion while takers can automatically swap LTC/BTC via the maker node.

Lightning Network will be the ultimate decentralized exchange. Users that are running LN on both BTC and LTC can advertise an exchange price and act as a maker earning a spread. Other users can act as a taker and atomically swap LTC/BTC with the maker node via lightning.

— Charlie Lee [LTC] (@SatoshiLite) July 11, 2018

This of course is easier said than done because for this to be possible then mobile integration would have to be much easier. Besides, for maker-taker models to take root then access to funds in the wallet have to be possible.

Regardless of this good vibes, prices are still on a down trend meaning our trade plan is intact. The only undoing is if we see prices edging above $90, our main buy trigger line and recent higher high cap. If there is no appreciation at around $70 and instead we see a melt-down below April lows then sellers would be better placed to continue shorting with every pull-back as they aim for $50.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

Syncing with the general mood in the market is Stellar Lumens which is current five percent down from yesterday. While we are overly bearish, any bullish attempt thrusting XLM above July 10 highs at 20 cents and 22 cents on the upper limit effectively means a recovery.

Despite this we should also realize that XLM is trading inside a consolidation with strong limits at 15 cents on the lower side and 22 cents on the upper side. So, even though we are bearish, risk-on traders can wait and see what happens at 15 cents.

Any break below means trend continuation and in that case targets would be at 8 cents. On the flip side, any rejection would be a launch pad for buyers.

Tron (TRX) Technical Analysis

Tron Daily Chart By Trading View

Overly, sellers have been relentless on their drive. So far, TRX is trading below 4 cents following period of consolidation and eventual break below on July 9.

Today, like yesterday, we suggest shorting TRX on every high and this time, our stops would be shifted lower to July 10 highs of 3.5 cents.

As usual, our targets remain at 2.5 cents, a key support level marking the lower limit of February-April horizontal consolidation.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

On a weekly basis, IOTA is still on a down trend and we shall continue to sell as long as the technical points in that direction. Today, we take a pause simply because IOTA prices are approaching key technical levels: 2018 main support line at 90 cents.

As we have reiterated before, this is going to be a break out trade and the best approach is to wait for confirmation.

Remember, should we see sellers breaching 90 cents then we shall short with stops at $1 and sell target at 65 cents. On the reverse side, if there is rejection of lower lows and buyers support prices, then we shall wait for confirmation only buying when buyers push above $1.3.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post EOS, Litecoin, Stellar, Tron, IOTA Technical Analysis: Crypto Finds Solace in Malta and Binance’s Ambitions appeared first on NewsBTC.

The Bitmain Antminer Z9 Mini could be a game changer in the world of cryptocurrency mining, as the specs on this piece of mining hardware far outclass even the best GPU miners on the market.

The name alone gives us a clue about what’s coming. Since this is the “mini” version of this piece of hardware, it stands to reason that there will be something bigger and better coming down the pipe that will outclass even this unit. Bitmain, which is somewhat secretive about the hardware they have available, as they are also in the business of mining coins for themselves using their own equipment, could themselves already be using a better version of this miner. Only when they have come up with something even faster will the hardware they’re using now be made available to miners on the open market.

Since they make quite a profit selling mining equipment, and they also mine for themselves, it stands to reason that they would keep the best hardware for their own operations. In this way, it is kind of like a card cheat who deals everyone a very attractive hand so they will commit to making higher and higher wagers based on what they believe to be a winner, while in reality, the dealer gives himself a hand that is just a little better than everyone else’s, and in that way ensures that the other players will all keep coming back for more even though the cheat will continue to win.

So, one has to ask whether this latest piece of hardware Bitmain has made available is just a ruse to get miners to spend a ton of cash to replace their GPU miners thinking they will now have an advantage because they own a superior unit. Meanwhile, Bitmain keeps the best for themselves while making a ton of cash on this new hardware that is already obsolete. Bitmain could do this with little trouble if they chose to, and nothing about the way they conduct business would lead one to believe this play isn’t within the realm of possibility.

For the record, their new Z9 unit is a top-of-the-line miner. This application-specific integrated circuit (ASIC) Equihash miner is fast, and it can handle a lot more mining than the GPUs currently available. According to Bitmain, these new miners can hit 10,000 Sols, and it’s more than likely that they can produce even more than that, as Bitmain is conservative about their output estimates when citing the functionality of their equipment.  Their D3 miner boasted a 15.5 gigahash per second output, but in reality, it was putting out a good bit more.

Bottom line: Bitmain’s hardware has a history of outperforming their estimates, and that always looks fantastic. Bitmain’s play here, it seems, is to get everyone excited about the Z9 and have miners rush out to purchase this new piece of hardware while Bitmain makes a pocket full of cash that they will use to enhance their own mining operations.

Even with these new developments, the belief is that GPU mining is far from dead. GPUs offer a better long-term return on investment, and the reason for this is that the Z9, at $2,000 per unit, lost over 50% of its profitability when it hit the market in June (similar to the X3 miner) because it devalued the proof of work being done by GPU miners and the value of Zcash declined.

Plus, a GPU from five years ago is bringing about the same price as when it was first put on the market, while ASIC units from five years ago are worth very little now, as there isn’t much call for them.

Given the amount of negativity surrounding the subject of Bitmain in general and ASIC miners in particular, most people would rather keep GPU mining at the forefront and resist ASIC mining anyway. No one can know how that will turn out unless they have a crystal ball, but if you would bet on which path to take, a smart investor might bet on both and see which one comes out on top.

So, it’s your call whether to get yourself one of these new ASIC units, and if you buy one, you should plan on it taking over six months to break even. Weighed against all the factors one should consider before purchasing mining hardware, one has to ask… is it worth it? This is the equation you will need to solve before making that $2,000 investment, but whatever your choice, we say good luck to all who mine fairly within the space.

The Australian Bank of Queensland has barred the use lines of credit from home equity loans in purchasing cryptocurrencies

KuCoin quickly became one of the more popular altcoin exchanges in the world. Its lack of a KYC requirement until a few months ago attracted users looking for crypto-to-crypto trading. The company’s bonus program was recently revised, and that is causing a fair bit of criticism.

The KuCoin Bounty Program Changes

Similar to several other cryptocurrency exchanges, KuCoin has its own native currency known as KuCoin Shares. The value of KCS has seen its ups and downs due to Bitcoin price volatility, but the concept is still quite appealing to a lot of investors. This is primarily because the company buys back tokens on a regular basis and offers users other benefits.

A survey conducted among KCS holders showed that there was a growing demand for more KCS rewards. Even existing holders of KuCoin Shares wanted to receive their tokens’ bonus rewards in this currency, rather than in Bitcoin, altcoins, or any other form of money. That was quite surprising, and it confirmed that people had a lot of faith in this particular platform.

Because of this surprising feedback, the KuCoin team recently decided to alter its KCS bonus program. The company will now pay token holders in KCS during every bonus period. It is a smart decision based on user feedback, although it is evident that not everyone agrees with this change. A lot of users are outraged, as they see no merit in stacking more KCS at this stage.

The new bonus upgrade went into effect this week. KuCoin is using 50% of all the trading fees generated by the platform to buy KCS from the market and redistribute them to users. As such, users will gain more access to KCS, which doesn’t necessarily increase the value of the tokens themselves. That is perhaps the biggest gripe people have with the new approach, as KuCoin can only buy back so many tokens at a time.

It was hoped that this would simplify the KuCoin bonus program, as using the exchange and its native token rewards one with more native tokens. It’s a sensible approach on paper, though not necessarily logical in reality. It is an interesting way to bring more liquidity to the KCS market as a whole, although it doesn’t necessarily mean that the KCS price will respond in kind. It will certainly cause continued debate in the weeks to come.

Some users have shown their dismay in a rather odd manner. One Reddit poster claims that this is a sign that KuCoin will perform a major exit scam in the coming months. That is anything but the case, and such comments should never be uttered lightly. The cryptocurrency industry has seen numerous scams, yet this is clearly an example of a company listening to user feedback first and foremost.

The owner of some of the planet’s largest manufacturers of luxury goods has announced its intentions to implement blockchain technology. Richemont are hoping to use the innovation to help customers ensure the authenticity of their products and the materials used to make them.

Richemont Plans to Track Luxury Goods and Precious Materials on the Blockchain

The company in question, Richemont, currently has ownership of multiple high-end watch manufacturers – Cartier, Vacheron Constantin, and Piaget – as well as writing apparel firm Montblanc, and men’s garment company Alfred Dunhill.

The company recently appointed Jin Keyu to their board. Keyu spoke at a ceremony earlier today. There she confirmed that the Swiss parent company of these luxury goods manufacturers planned to use blockchain in their supply chain:

“As Cartier’s parent company, we [Richemont] have recently decided to start utilising blockchain to trace the origin of diamonds, rocks and gold back to the mines or recycling factories. For all the watches we sell, we also hope to (use blockchain) to track their sources to validate their authenticity.”

Keyu is a respected economist and an associate professor at the London School of Economics. During the address she gave to the conference earlier, she also stated that she intended to accept an offer to contribute her knowledge base on macroeconomics as an adviser at the Chinese blockchain startup Ultrain.

According to a report on Money Control, Richemont’s goal is to use the technology that Bitcoin made famous to control all the “parallel markets” that the firm is involved with.

Blockchain technology has often been touted as a huge breakthrough for a number of industries. As well as the potential financial innovation of cryptocurrencies, one of the areas that existing businesses are most excited about blockchain is using the technology to track goods in the way that Richemont are hoping to do. This could help alleviate a number of issues that face the manufacturing industry at present. These include: fraud, counterfeiting, and theft.

Last week at NewsBTC, we reported on a similar scheme to that announced by Richemont today. This example was launched by the British Food Standards Agency. In an initial pilot, the government body successfully tested a blockchain-based system for tracking beef. The premise is exactly the same as that proposed by Richemont. By using an immutable ledger to track beef, it’s hoped that incidents such as the 2013 horse meat scandal that hit Europe might be avoided.

Featured image from Shutterstock.

The post Owner of Montblanc, Piaget to Track Gold and Diamonds Using the Blockchain appeared first on NewsBTC.