Day: July 14, 2018

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The cryptocurrency markets currently offer an interesting mix of ups and downs. Although the downtrend vastly outweighs the positive momentum, these coming hours will get very interesting regardless. Some coins may struggle to recover their losses. The VeChain price, for example, is down by 11.91% for no apparent reason.

VeChain Price Momentum Turns Very Sour

Although all other currencies feel the effect of Bitcoin losing value, the current VeChain price trend is very different. It has suffered from massive bearish pressure over the past 24 hours. While that is not uncommon among smaller-cap coins, VeChain still maintains a market cap of over $1bn. As such, such wild percentile swings should occur without a very good reason.

Even so, the current negative Chain price trend cannot be denied nor ignored. A net 11.91% loss in a 24-hour period is extremely worrisome for any cryptocurrency or asset on the market today. With the VeChain price now dipping below $1.87, it is the lost value this altcoin has seen since late December of 2017. Not a positive outlook by any means, as it may even hint at more bearish pressure to come in the next few hours.

As one would expect, this trend is not only the direct result of Bitcoin losing value. VeChain is also losing momentum in the BTC and ETH ratio department. A loss of 11.44% against Bitcoin and a decline of 10.72% against Ethereum only compounds the negative VeChain price trend right now. It remains unclear where all of this selling panic is coming from exactly, yet it may not necessarily relent anytime soon either.

One also has to keep in mind how unusual this entire VeChain price trend looks right now. All of these declines are triggered by a very low amount of trading volume, which raises even more questions. Just $24.81m worth of VEN has changed hands in the past 24 hours, and it appears that is sufficient for such a massive downtrend.

LBank is – in theory – responsible for most of the VeChain trading volume. CoinMarketCap currently has it excluded due to some API issue, which might explain why so many people are looking to sell VEN as of right now. Binance has its BTC and USDT pairs in the top three, and currently represents 73% of all VEN trades. No one knows for sure what is going on with LBank, but any form of outage can quickly trigger a massive sell-off across other exchanges.

For the time being, it remains unclear if the VeChain price will go even lower or bounce back fairly soon. The LBank issues clearly spooked the market, although its actual repercussions remain a bit unclear. Binance is quickly making up for the trading volume, albeit it may not help in keeping the values table for the foreseeable future. An interesting market to keep an eye on, although more losses are to be expected at this stage.

XRP and Ripple diverge as Ripple is sued again regarding allegations of illegal security trading

BitMEX Research has found that the Bitcoin block size limit has increased by over 100% since the implementation of segregated witness (SegWit) in August 2017. Formerly there was a hard cap of 1 MB on block size, but since the launch of SegWit there are numerous blocks up to 1.5 MB in size and even some blocks in excess of 2 MB. This is positive for the Bitcoin network since it allows more transactions per block and decreases congestion in the mempool, leading to lower transaction fees. Lower Bitcoin transaction fees have a positive effect on the entire crypto economy.

Bitcoin Blocksize Data Visualization

After the upgrade to SegWit in August 2017, although in a much slower fashion than many had hoped, the old 1MB blocksize limit is slowly starting to fade away, as our new chart with data to July 2018 illustrates.https://t.co/JClrjmBhKs pic.twitter.com/GiYxXj4rCP

— BitMEX Research (@BitMEXResearch) July 11, 2018

SegWit was extremely controversial and resulted in a tiny portion of the Bitcoin network splitting off tin support of the hard fork that became Bitcoin Cash. However, the recent data indicates that SegWit is definitely worth it. SegWit changed the definition of the block size from 1 million bytes to 1 million units. Signature data, also known as witness data, is separated from the Merkle tree and only counts as 1/4 of a unit.

Bitcoin transaction fees have dropped to record lows, after being at record highs in excess of USD 50 before the implementation of SegWit. It is now fairly typical to see Bitcoin transaction fees of only 1 satoshi per byte, which is the lowest possible fee. This allows for Bitcoin transactions to cost less than USD 10 cents even when sending large amounts of money, like a USD 300 million Bitcoin transaction on 27 June 2018 that only paid USD 0.04 in transaction fees.

Lower transaction fees make Bitcoin cheaper than any centralized bank-backed payment system for sending large amounts of money, and Bitcoin comes with the added benefit that it can be sent anywhere in the world instantly. Bank transactions for such large amounts of money take a significant amount of time.

The bottom line is SegWit is working as a scalability solution for now and the foreseeable future. Perhaps scalability will become a problem again at some point in time when the Bitcoin community can decide on the best solution.

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The post SegWit Allowing for Bitcoin Blocks That Are Over 100% Bigger appeared first on BitcoinNews.com.

The Bank of Thailand’s governor revealed that the central bank is reviewing blockchain tech for cross-border payments, among other applications

FOMO Moments

Current performing altcoins are Cardano, Stellar, Zcash, 0x and BAT.

The weekend has brought more declines in crypto land for all but a handful of altcoins. Markets have dropped once again falling below $250 billion as the bears maintain control. Bitcoin has remained level over the past 24 hours trading at $6,240, Ethereum however has dropped 1% to trade at $435 at the time of writing.

All of the altcoins are in the red marginally this Saturday, the only ones showing gains are the five that Coinbase mentioned in its recent announcement. VeChain has taken the biggest hit in the top 25 dropping 12% to $1.86. VEN has lost 25% over the past week from $2.46 this time last weekend.

Both Cardano and Stellar have made gains following the Coinbase blog post mentioning the possibility of them being listed. ADA is up 5.7% to $0.135 however it has been hammered over previous months losing 65% since the beginning of May when it was trading at $0.38. Likewise with XLM which is up 7% on the day to $0.20, over the week it has remained at this level but since the beginning of May Stellar has lost 54% from $0.46.

Zcash is the third coin in the Coinbase list and it is trading 10.4% higher this morning. ZEC is currently trading at $174, the same price as it was this time last week. Over the past month Zcash has declined 13% and since mid-May it has lost 54% from $375. Decentralized exchange protocol 0x has enjoyed a pump of 16.6% on the news which puts it at $0.947 at the moment. This is slightly lower than last weekend’s price and way down from $1.95 where it was in mid-May. The final altcoin on the list was BAT which has pumped 21.8% on the announcement. Basic Attention Token is currently trading at $0.325, which is 25% higher than its level this time last week.

These five altcoins are likely to see more pumps, and possibly dumps, leading up to the time when Coinbase does actually list them, or decides not to. Those with insider information will probably have benefitted from the predictable spike that these coins have had over the past few hours.

Generally though crypto markets are in decline at the moment with a total market capitalization fall of just below one percent on the day. Market cap is currently around $247 billion and trade volume stable at just below $11 billion. Further losses could be imminent if Bitcoin falls below $6,000.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Five Spikes for Coinbase Favorites appeared first on NewsBTC.

After what appeared to be a promising start for all cryptocurrency markets last night, the reality has set in once again. Most major currencies are suffering from slight bearish pressure. So far, this has not affected the Cardano price all that much, as the altcoin is still going strong.

Cardano Price Trucks Along Nicely

With the Bitcoin value going in the red once again, it is a matter of time until all other altcoins are dragged down with it. For most of the top currencies, that process has already become rather apparent. Some exceptions remain, for the time being. The Cardano price, for example, is still up by 5.8% over the past 24 hours despite Bitcoin losing a bit of value in the same time span.

This modest gain has also pushed the Cardano price back to the $0.135 mark. Albeit this is still a very long way removed from the all-time high of over $1.2, one has to welcome these brief moments of reprieve with open arms whenever they arise. The year 2018 has been very bearish for all cryptocurrencies and it has driven the Cardano price in the dirt. Recovering from such a major market onslaught will take a lot of time.

To accommodate these USD gains, the Cardano price is also thriving thanks to an increase in the ADA/BTC ratio. Over the past 24 hours, this ratio has improved by 6.32% in favor of Cardano. With this strong gain, any decline in Bitcoin value is negated. As such, it allows the Cardano price to remain relatively stable and even gain a bit more value until Bitcoin effectively recovers.

Similar to previous weekends, the overall cryptocurrency trading volume looks far from impressive. It seems to be a matter of time until this figure drops below $10bn once again, which usually doesn’t bode well for the various cryptocurrency markets. In the case of Cardano, the coin has noted $98.69m in 24-hour trading volume. A respectable number, although one that is not necessarily sufficient to maintain this current price trend.

Binance is currently in firm of control of the Cardano trading volume. Its BTC and USDT pair combine for over 51.6% of all trades in the past 24 hours. Upbit’s KRW market comes in third place with another 22.12% of all trades. Huobi’s USDT pair and Bittrex’s BTC market complete the top five, albeit they both play a less important role in the current proceedings.

Whether or not the Cardano price can remain in the green all day, remains unclear. The current momentum remains rather positive, but it is evident Bitcoin isn’t having the best day today either. Depending on how the price of the world’s leading cryptocurrency evolves, it may very well drag the Cardano price down with it before the day is over. This weekend will seemingly not have a positive impact on most cryptocurrencies.

The revelation bitcoin may have played a role in one of the biggest U.S. elections scandals has crypto supporters and mainstream pundits talking.

ImmVRse, the blockchain-based VR content ecosystem, was one of the highlights of the recently concluded Blockchain Summit in Olympia, London. The company, which enthralled the audience with the developments of its platform and hands-on demonstration of its platform capability, was an instant hit with the London crowd. Participants were able to insert and interact with a virtual environment while trying out some of the most popular titles currently available on pioneering VR device, the Oculus Rift.

Limon Rahman, COO and Co-founder of ImmVrse explained

“One of the key messages I have been advocating is the importance of VR content. The industry has been going through an exciting period of growth and speculation in the past 12 months,”

ImmVRse’s presence in London was designed towards physically exposing the community to the potentials of the platform. As one of the sponsors and exhibitioners at the event that took place on the 26th and 27th June, the company was able to educate and enlighten the teeming crowd on how VR is reshaping and revolutionizing content creation and delivery across a wide range of industries.

With the quality of VR hardware improving every year, there is an increasing need for high-quality content to tap into the industry’s boundless potentials. The technology is now becoming a staple of most industries, with many more set to integrate it into their products and services. ImmVRse not only help content creators to connect with brands, advertisers, and the global community but also make a living from their work in this emerging industry.

CEO, Farabi Shayor Added:

“ImmVRse will be the platform to bring all such content together and help showcase them to the world. Blockchain provides many benefits for our users including, gamification, rewards for participating, safe and efficient transactions between all stakeholder and copyright infringement.”

Virtual Reality solutions have garnered both critical and commercial acclaim for their ability to place users firmly in the center of any event. The gaming, education, and healthcare industry have taken the lead in leveraging the technology to deliver new experiences for both entertainment, research, and education.

“Numerous headlining snippets of news have been appearing on mainstream media. For instance, Google and AliBaba investing $1.4billion into Magic Leap to develop a head-mounted virtual retinal display and Spielberg bringing VR to the big screen with his movie, Ready Player One.”

During the two days event, ImmVRse received several approaches from companies spanning a wide range of industries, including property, hospitality, filmmaking, and construction. These companies expressed interest in utilizing the ImmVRse platform to expand on their company and products’ capabilities.

ImmVRse Public Sale Information

Following months of preparations, ImmVRse’s highly anticipated Token Generation Event is set to kick off on the 7th July and close on 7th September. Throughout the two months long events and ahead of its alpha version launch by the end of 2018, ImmVRse’s team will continue to present their platform at global events in Singapore, Dubai and South Korea.

The TGE kicks off with a 20% generous bonus to all contributors within the first 24 hours. For further details and to register now, please visit: https://ico.immvr.se/user/login

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ADA is the top performer in the last 24 hours adding an impressive six percent. That injection of momentum at key support means there is a revival happening and traders can take advantage of this surge. CoinBase is huge for ADA because any addition means exposure to 13 million US customers keen on adding ADA to their portfolios if not hodling.

From the News

It’s interesting times for cryptocurrency and more so momentous for Cardano’s ADA following the intentions of CoinBase to list them at their exchange. Coin listing at this American exchange is always huge news for coins. Already, we have seen what happened to ETC valuation shortly after CoinBase announcement. Prices soared lifting off $12 like a rocket.

Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f

— Coinbase (@coinbase) July 13, 2018

That seems to be happening to ADA too. Of course it was a nice coincidence to dole out such positive news. However, we must also consider some few takeaways from CoinBase. First, it’s not a guarantee that they will be adding them since this is purely “exploratory” and will have to look into necessary regulations controlling the coin and banks facilitating purchase.

Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.

— Coinbase (@coinbase) July 13, 2018

That’s not enough; CoinBase will take a cautious stand. Even if there is listing, and some coins won’t be available at all jurisdictions at the same time meaning the exchange is willing to smooth out user experience in other countries before opening doors for customers in the US.

Then again, CoinBase are avoiding mentioning a date and naming coins which are most likely to get listed to avoid situations of dumps and even insider trading like it was alleged in the previous BCH listing.

All in all, ADA despite being a platform in development seems to offer a lot in paper and of course is a stand out. News as such is of course positive and most likely help in retracting this coin from the current dredges.

Cardano (ADA) Technical Analysis

Weekly Chart

ADA Weekly Chart by Trading View

If we paste a simple Fibonacci retracement tool between ADA high lows then it’s obvious that bears have been on a rampage. Prices are down more than 90 percent. What’s more, at current prices, ADA is trending at the lower limit of its trade range at 12 cents.

Notice that sellers did find rejection preventing further losses. The result is this this three week consolidation with clear support at 12 cents. Remember, if we see price breaking below 12 cents then it’s likely that ADA will collapse to ADA’s ATLs at 7.2 cents.

Daily Chart

Cardano Daily Chart by Trading View

Relative to June 28-29 double bar bullish reversal pattern and July 13 bullish engulfing pattern, we have a nice higher high after periods of consolidation. While our sell trigger has not been triggered-since there have been no close below 12 cents for a while now-aggressive traders can begin ramping longs and trade with CoinBase announcement. However, risk-on traders should better wait and buy after prices thrust above16 cents or July 2 highs. Buy targets are at 20 cents and later 40 cents.

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 Cardano (ADA) Technical Analysis: ADA Gain $350 million in Market Cap after CoinBase Announcement appeared first on NewsBTC.

The head of the Bank of International Settlements briefly became the butt of crypto Twitter trolling last week after issuing new comments on the tech.