Day: July 12, 2018

Former consulting giant exec has become the CEO of exchange bitcoin.com.au, plans to bring crypto investment products into areas like company pension plans

A board member at Swiss luxury goods maker Richemont has said the firm will use blockchain to bring transparency to its supply chain.

BitGo has added 57 ERC-20 tokens to its cryptocurrency custodian service, making it by far the most diverse cryptocurrency custodian in the world. It plans on adding even more ERC-20 tokens. This rapid expansion of BitGo’s custodian service comes only two months after it launched the service in May 2018, following the acquisition of licensed qualified custodian Kingdom Trust regulated by the South Dakota Division of Banking.

Previously, BitGo only offered services for Bitcoin, Litecoin, Bitcoin Cash, Ripple, Ethereum, Royal Mint Gold, and Bitcoin Gold, and such a small selection of cryptocurrencies is typical for cryptocurrency custodians. Likewise, Coinbase’s custodian service, which caused a reversal in the Bitcoin bear market when it launched in July 2018, only offers support for five cryptocurrencies. Cryptocurrency custodians want to be sure that they only offer services for highly secure cryptocurrencies. Cryptocurrencies with low market caps and less mining power securing them are prone to 51% attacks, which causes theft and market crashes that scare away investors.

ERC-20 tokens are based on the Ethereum blockchain and, therefore, are extremely secure since Ethereum has a tremendous amount of mining power securing its network. This makes ERC-20 tokens an ideal addition for cryptocurrency custodians. Indeed, Coinbase announced in March 2018 that it was planning on adding support for all ERC-20 tokens, but it seems BitGo beat them to the punch.

The 57 ERC-20 tokens that BitGo has added include 0x (ZRX), Augur (REP), Golem (GNT), OmiseGo (OMG), Storj (STORJ) and Zilliqa (ZIL).

Even though these tokens all use the Ethereum blockchain, they are distinct cryptocurrencies, and many of them are top ranking cryptocurrencies. In general, it is expected that Bitcoin will be the first choice for institutional investment since it is considered the gold standard of crypto and has the most liquidity, leading to the least slippage.

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Key Points

• Bitcoin price declined further and broke a key support at USD 6,300 against the US Dollar.
• There was a break below a contracting triangle with support at $6,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently under pressure and it remains at a risk of more losses below $6,200.

Bitcoin price dropped significantly below $6,300 against the US Dollar. BTC/USD is accelerating losses towards the next supports at $6,100 and $6,050.

Bitcoin Price Analysis

Bitcoin price started a short-term correction after trading toward the $6,280 level against the US Dollar. The BTC/USD pair moved a few points higher and traded above the $6,300 and $6,350 levels. However, the upside move was capped by the 23.6% Fib retracement level of the last drop from the $6,720 high to $6,280 low. The price failed to move past the $6,400 and declined sharply.

The recent decline was such that the price broke the $6,280 low. More importantly, there was a break below a contracting triangle with support at $6,310 on the hourly chart of the BTC/USD pair. It opened the doors for more declines and the price cleared the $6,200 support. It is now trading well below the $6,500 pivot level and the 100 hourly simple moving average. A low was formed at $6,145 and the price is currently consolidating. An initial resistance is near the $6,280 level, which was a support earlier. Moreover, the 50% Fib retracement level of the last slide from the $6,399 high to $6,145 low is also near $6,290 to act as a resistance.

Looking at the chart, bitcoin price is under a lot of pressure below $6,300. If it continues to move down, a break below $6,180 could push the price towards $6,100 and $6,050.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is moving lower towards the 20 level.

Major Support Level – $6,100

Major Resistance Level – $6,300

The post Bitcoin Price Watch: BTC/USD Trend Overwhelmingly Bearish appeared first on NewsBTC.

Though Bitcoins market price has been anything but inspiring of late, as it lingers at 70% below its all-time high, one wealthy Australian Bull still believes enough to put it up against Warren Buffets Berkshire Hathaway.

Bitcoin Punter Puts up Against Berkshire Hathaway

One of the land down under’s leading Bookmakers, Tom Waterhouse, tweeted That a well-known crypto expert ( who is choosing to remain anonymous) has requested a bet that by 2023 one Bitcoin will exceed the price of one share in Berkshire Hathaway. This well-known expert is showing a very bullish disposition as the amount of the requested wager is $AU8.5 million, which if it pans out will pay off at $AU 1.2 billion.

Big Bet: Well known Crypto expert has just requested a bet of $8.5m AUD to win $1.2bn that a Bitcoin will exceed the price of a Berkshire Hathaway share (c.$280k) by 2023. Have put him in touch with large syndicate – hope he can get set! pic.twitter.com/C20AHzH2k9

— Tom Waterhouse (@tomwaterhouse) July 11, 2018

At the moment Bitcoin has a lot of catching up to do as Berkshire Hathaway currently trades at $288,481, over 45 times the amount of BTC. Waterhouse who recently moved on from his position as chief executive of CrownBet-owned William Hill Australia reportedly put the prospective gambler in touch with a large syndicate.

The outlandish wager may be emblematic of Australia’s enthusiasm for all things blockchain related, marked just last week by Huobi Global opening their Australian operation. Which took the occasion to launch ten fiat to crypto trading pairs in celebration.

The gambit could also be a potentially costly provocation of the famous Omaha based holding company’s leaders. Both Warren Buffet and Charlie Munger have been openly vocal about their distrust and even disgust of Bitcoin and cryptocurrencies in general, even as they have confessed their combined ignorance about the technology that powers them.

Price Predictions Big and Small

Whatever reasons the secretive “crypto expert” has for taking this flyer, he’s not the first to make a potentially painful wager on the future of Bitcoin. Former cybersecurity entrepreneur and crypto personality John Macfee put his manhood on the line when he publicly announced that if Bitcoin doesn’t reach $500,000 by 2020 he would eat his own penis live on TV. People called the always eccentric Bitcoin bull crazy so he doubled down and raised the number to a million.

Bitcoin price predictions are a dime a dozen and it seems that some Bitcoin experts make a living by going on to CNBC to make predictions just to return a few days later and explain why they were wrong. This, though isn’t the first time someone has wagered Bitcoin against Berkshire Hathaway’s price. Back in 2015 when the crypto space was a bit smaller the owner of Bitbet put up a 1,000 BTC in a similar but much more complicated wager.

Some figures put Bitcoin as the winner in that bet, others disputed that outcome but in the end, it was all a wash since the instigator was outed as a fraud who had hedged against his own wager and was flogged for it on Reddit. Whatever the outcome of this new proposal it will be interesting to see if Bitcoin can make up some ground before the payout date.

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The post Expert Bets $8.5 Million That Bitcoin Will Reach $280,000, Surpassing Birkshire appeared first on NewsBTC.

Key Highlights

• Ethereum classic price declined recently and traded as low as $15.67 against the US dollar.
• There is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair may perhaps struggle to break the $16.40 and $16.60 resistance levels in the near term.

Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD has to surpass the $16.60 resistance to start a decent recovery.

Ethereum Classic Price Decline

There were heavy losses this week in ETC price as it moved below the $17.00 support against the US dollar. The ETC/USD pair even broke the $16.00 support and settled well below the 100 hourly simple moving average. It traded as low as $15.67 and is currently struggling to recover. There was a minor upside move, but buyers faced hurdles near $16.60-70. Moreover, there was no close above the 23.6% Fib retracement level of the last drop from the $18.80 high to $15.67 low.

More importantly, there is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly moving lower and is holding the $16.00 support area. On the upside, a break above the trend line and $16.40 resistance could clear the path for a decent recovery. However, there is also a crucial resistance and a pivot zone at $16.60-70. The price must break the stated pivot zone to stage a comeback above the $17.00 level.

The chart suggests that the price is finding it tough to clear the trend line at $16.35-40. On the downside, the $16.00 level is an initial support. Below this, the price may perhaps retest the $15.70 low or it could even break towards $15.50.

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

Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.

Major Support Level – $15.70

Major Resistance Level – $16.60

The post Ethereum Classic Price Analysis: Can ETC/USD Break This? appeared first on NewsBTC.

Fresh from meeting legendary cryptographer Phil Zimmermann, hacktivist and early bitcoin adopter Amir Taaki reflects on the PGP inventor’s legacy.