Day: July 17, 2018

The biggest Bitcoin rally since April 2018 is underway. Currently, Bitcoin’s price is near USD 7,450, heading back towards yesterday’s high of USD 7,500, a 10% increase from the day before. On 12 July 2018, Bitcoin’s price was near USD 6,200, so this represents a USD 1,100 price increase in less than a week. This corresponds to a USD 20 billion increase in the Bitcoin market cap from USD 106 billion to USD 126 billion, indicating a large amount of fresh investment.

The last time Bitcoin saw such a significant rally was in early April 2018 when Bitcoin’s price climbed from roughly USD 6,600 to USD 8,000 in less than a week. The rally continued after that through early May, with Bitcoin’s price briefly nearing USD 10,000. Bitcoin’s price went into a steep and steady decline after that, but this trend is finally being broken by the current rally.

Per usual, other cryptocurrencies are following Bitcoin’s lead and they are rallying. As of this writing, the overall cryptocurrency market cap is at USD 291.5 billion, and earlier in the day exceeded USD 294 billion. The crypto market cap is up more than USD 20 billion today alone and up approximately USD 50 billion in the past week.

There is no clear smoking gun for the 10% price rally today. There has been positive news in general regarding increasing institutional investment and the launch of properly licensed cryptocurrency custodians like Coinbase, BitGo, and Xapo which will further accelerate institutional investment.

Perhaps the most exciting potential news would be the SEC’s approval of a Bitcoin exchange-traded fund (ETF), which is possible in mid-August. SolidX and VanEck have developed BZX, a Bitcoin ETF which would be listed on the Chicago Board Options Exchange (CBOE), which is the same exchange that already has Bitcoin futures contracts. Apparently, BZX has the best opportunity out of any ETF so far to be approved by the SEC since it uses actual Bitcoins and addresses other concerns that caused previous Bitcoin ETF applications to fail. The SEC opened up BZX to public comment and many positive comments are pouring in.

It is possible that the current Bitcoin rally is the result of investors getting in early before the Bitcoin ETF is given official approval. If it were to be approved it could cause a massive rally, since it would allow Bitcoin to be purchased with the same ease as purchasing a stock on all the major stock trading platforms.

 

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Key Highlights

• ADA price climbed higher and broke the $0.1500 and $0.1700 resistance levels against the US Dollar (tethered).
• There is a crucial bullish trend line in place with support at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair may perhaps continue to move higher and it could revisit the $0.2000 resistance zone.

Cardano price is surging against the US Dollar, Ethereum and Bitcoin. ADA/USD remains in a solid uptrend and it might accelerate further higher.

Cardano Price Analysis

After a minor dip, cardano price formed a support base near the $0.1500 level against the US Dollar. The ADA/USD pair climbed higher and broke a couple of important resistances such as $0.1500 and $0.1700. Buyers were able to push the price above the $0.1850 level and a high was formed at $0.1869. At the moment, the price is consolidating below $0.1850.

It recently tested the 23.6% Fib retracement level of the last leg from the $0.1501 low to $0.1869 high. However, losses were limited and the price found support near $0.1780. If there are further slides, the next support is near the $0.1680 level. The stated level represents the 50% Fib retracement level of the last leg from the $0.1501 low to $0.1869 high. Moreover, there is a crucial bullish trend line in place with support at $0.1600 on the hourly chart of the ADA/USD pair. Therefore, dips from the current levels are likely to find buyers near $0.1780, $0.1680 and $0.1600.

The chart indicates that the price may continue to grind above $0.1850. A break above the recent high at $0.1869 could clear the path for more gains above $0.1900. The next stop for buyers will most likely be near the $0.2000 barrier.

Hourly MACD – The MACD for ADA/USD is placed heavily in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently in the overbought levels with no sign of a downward correction.

Major Support Level – $0.1780

Major Resistance Level – $0.1900

The post Cardano Price Analysis: ADA/USD Surging Towards $0.20 appeared first on NewsBTC.

Bitcoin continued to make strides within higher education as three Russian universities have recently added cryptocurrency programs and diplomas to their curriculum.

The three universities, Voronzeh State University, Don State Technical University and Novosibirsk State University, will roll out these new courses in the upcoming fall semester.

A bachelors program will be offered at VSU, with a new major called ‘Models and methods for analyzing the digital economy’. DSTU will offer two master’s programs: ‘Intellectual systems based on blockchain technologies’ and ‘Digital accounting and management’.

Perhaps the most exciting is the Master’s Degree in Cryptography that NSU will be offering. The program is a 2-year intensive course where students will study everything from symmetric cryptography to applications of the blockchain.

Experts in cryptography from all over the world will step in for lectures, allowing students to get information from experts in the field.

Courses vary from blockchains and distributed ledgers to more business-related things such as accounting and management. Some of the courses will be taught in English to appeal to a global audience, as very few educational institutions offer cryptocurrency-related programs, but the majority will be taught in Russian.

English courses also allow Russians to take the knowledge learned from these courses and apply them anywhere in the world, due to the global job opportunities cryptocurrency has.

The addition of these new cryptocurrency-related education opportunities follows the trend of the now several universities within Russia that offer courses in cryptocurrency and blockchain technology.

As cryptocurrency becomes a more established sector globally, more and more job opportunities are beginning to arise. The World Economic Forum predicts that 65% of tomorrow’s workers will have jobs in markets that don’t even exist today.

Many of them will be combinations of either new possibilities or combinations of existing and new markets. Getting an education now in a nascent niche like cryptocurrency will allow Russians to have an advantage within a potentially lucrative job environment.

 

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Blockchain startup Nervos Network just raised $28 million from Sequoia China and Polychain, as well as several token funds and traditional VCs.

Key Highlights

• Ripple price rocketed higher and broke the $0.5000 and $0.5200 resistance levels against the US dollar.
• There is a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently correcting lower, but it remains supported near $0.5100 and $0.5000.

Ripple price broke key resistances against the US Dollar and Bitcoin. XRP/USD is now placed in a bullish trend with supports above $0.5000.

Ripple Price Trend

There was a sharp upside move in Ripple price above the $0.4500 and $0.4800 resistances against the US Dollar. The XRP/USD pair climbed above a crucial resistance near $0.5000 to move into a bullish zone. Later, buyers were successful in pushing the price above the $0.5200 resistance which opened the doors for more gains. XRP price traded as high as $0.5242 before it started a downside correction.

It is currently testing the 23.6% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high. It seems like the price is placed nicely in a bullish trend with many supports above $0.5000. There is also a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair. Around the trend line support, the 50% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high is positioned. Therefore, if the price corrects lower, it is likely to find a lot of buying interest near the $0.5100 and $0.5000 levels.

Looking at the chart, the price is showing many positive signs above $0.5000. On the upside, a break above the $0.5240-50 resistance zone may well push XRP towards the $0.5500 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed in the overbought zone with positive signs.

Major Support Level – $0.5100

Major Resistance Level – $0.5250

The post Ripple Price Analysis: XRP/USD Accelerating Above $0.5200 appeared first on NewsBTC.

Bitcoin Cash Price Key Highlights

• Bitcoin Cash also formed a double bottom reversal pattern and appears to be inching past the neckline.
• In that case, this could confirm that bulls are back in the game and ready to take price much higher from here.
• Technical indicators are still reflecting the presence of bearish pressure, though.

Bitcoin Cash is attempting to break past the neckline of its reversal pattern to signal that an uptrend is in the cards.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the downside. In other words, there’s a good chance that the downtrend might still be able to resume.

Then again, the gap between the moving averages has narrowed enough to suggest that a bullish crossover is imminent. Once that happens, more buyers could rush in and sustain the climb. The chart pattern spans around $650 to $800 so the resulting rally could be of the same height.

However, RSI is already hovering at overbought levels to indicate that buyers are feeling exhausted at this point. Similarly stochastic is indicating overbought conditions and could be ready to turn south, so Bitcoin Cash price might follow suit.

Market Factors

Cryptocurrencies like Bitcoin Cash price drew strong support from news that institutional investors are looking into the space. Most notably, BlackRock reportedly formed a team to look into investments in the space, and confirmation early this week allowed rallies to resume.

This could continue to support investors’ optimistic views that a rebound could ensue in the industry after a rough second quarter. Traders are also noting the regulatory developments in South Korea as a reason to see more legitimacy and security in the industry.

The post Bitcoin Cash (BCH) Price Watch: Ready for Uptrend Confirmation? appeared first on NewsBTC.

The Financial Stability Board (FSC) has published and submitted a report to the financial ministers and central bank governors of the G20, offering counsel on frameworks for the supervision of crypto-assets as well as the impacts of blockchain.

Challenges and complications

The G20 financial watchdog notes in the report that previous analysis of crypto-asset markets, which included initial coin offerings (ICOs), had brought forth awareness surrounding significant challenges such as rapid market development, lack of transparency (with regard to identity and location if token issuers), as well as governing laws for white papers and gaps in data.

Due to the “fragmented nature” of crypto-asset markets, classification across multiple jurisdictions also imposes other challenges. Furthermore, the publication draws attention to the metrics on prices, trading volumes and volatility, speculating that there may be foul play and “prohibited practices” such as “wash trading”, “spoofing”, and “pump and dump”.

Prior to the G20 summit, the FSB had released a letter to the G20 outlining its priorities with “vigilant monitoring” of emerging risks posed by the nascent technology appearing first on the list. However, it noted that the FSB’s “initial assessment is that crypto-assets do not pose risks to global financial stability at this time”.

After the G20 summit in Buenos Ares in March 2018, the FSB was called upon by the G20 ministers of finance and central bank governors to provide a report of its work on crypto-assets as well as those of other standard-setting bodies which includes the Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS).

Report summary in brief

Summarily, the FSB has now developed a means to monitor the “financial stability implications of crypto-assets” which it believes will be more reliable and complementary to data from public sources, which at present is the primary source.

The IOSCO reports to have created an ICO Consultation Network, opening up channels for dialogue regarding experiences and concerns. It is working on a support framework with the intention of developing a means to protect investors by examining domestic and cross-border risks posed by ICOs.

The CPMI reports that it has conducted “significant work” regarding the applications of distributed ledger technology (DLT) and at present is also working in “outreach, monitoring, and analysis of payment innovations”.

On the side of banking, the BCBS has been analyzing the “materiality” of banks to direct and indirect crypto-asset exposure and clarifies how to treat it, and monitor these developments in relation to crypto-assets and fintech.

The report comes as 2018 continues to be a year of global government and institutional blockchain and cryptocurrency recognition. Efforts to regulate, tax and innovate the nascent industry are being made worldwide at a feverish pace. In due time, these findings could have a profoundly positive impact on the future of the tech.

 

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Bitcoin Price Key Highlights

• Bitcoin price finally broke above the neckline of its inverse head and shoulders pattern to signal that a rally is underway.
• The chart pattern is around $1,000 tall so the uptrend has room to go, but a pullback might take place.
• Technical indicators are showing mixed signals while sentiment favors more bitcoin price gains.

Bitcoin price made a strong upside break from the neckline of its inverse head and shoulders pattern.

Technical Indicators Signals

The 100 SMA just crossed above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This confirms that the reversal is more likely to gain traction than to retreat.

The chart pattern spans $5,800 to $6,800 so the resulting uptrend could be of the same size. This could be enough to take bitcoin price to $7,800 so it’s not too late to join the rally. However, stochastic is already indicating overbought conditions so there may be some profit-taking here.

Once the oscillator heads south, bitcoin price might follow suit and retest the broken neckline before resuming the climb. Stochastic is also in overbought territory to indicate that buyers are exhausted and that sellers might take over.

Market Factors

The recent run higher is being attributed to the pickup in institutional interest after it was reported that hedge funds are looking to invest in the space. In particular, confirmation from BlackRock’s CEO that the world’s largest asset manager formed a team to look at crypto investments drew traders back to bitcoin.

It’s worth noting that the US dollar also had a good run in recent sessions but proved no match to bitcoin strength. Risk appetite popped back in the US session and investor confidence may have also contributed to bitcoin price gains.

Positive views on the regulatory moves in South Korea are also being lauded for shoring up the legitimacy of the cryptocurrency market. Although other notable developments were reported in the past weeks, it seems that most bulls are just pricing in their reaction more recently.

The post Bitcoin (BTC) Price Watch: Bullish Pattern Confirmation! appeared first on NewsBTC.

Key Points

• Bitcoin cash price surged higher and broke a major resistance near $850 against the US Dollar.
• Yesterday’s highlighted key bullish trend line is intact with support near $810 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is likely to accelerate gains above the $875 level and it could test $900 in the near term.

Bitcoin cash price rocketed higher and broke the $850 barrier against the US Dollar. BCH/USD remains in a major uptrend and it could test $900.

Bitcoin Cash Price Uptrend

Yesterday, we saw a sharp rally above the $800 level in bitcoin cash price against the US Dollar. Later, the BCH/USD pair corrected lower and tested the $780 support area, which acted as a buy zone. As a result, there was a fresh upward move and the price broke the $810 and $850 resistance levels. The upside move was strong as the price traded towards the $875 level and formed a high at $876.

At the moment, the price is consolidating gains below $875. An initial support is near the 23.6% Fib retracement level of the last wave from the $780 low to $876 high. More importantly, yesterday’s highlighted key bullish trend line is intact with support near $810 on the hourly chart of the BCH/USD pair. The trend line support and $800 holds a lot of significance since they were resistance zones earlier. Moreover, the 50% Fib retracement level of the last wave from the $780 low to $876 high is positioned near the $829 level to prevent declines.

Looking at the chart, the price placed in a solid uptrend and it seems like it could break the $876 high. Above this, there are high chances of it moving towards the $900 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed in the overbought zone.

Major Support Level – $829

Major Resistance Level – $876

The post Bitcoin Cash Price Analysis: BCH/USD Could Test $900 appeared first on NewsBTC.

Early results from elections on the neo blockchain suggest the world’s 12th largest cryptocurrency may be struggling to deliver on promised claims.

Stellar has been certified by Sharia law, which will allow the deployment of Stellar technology in Islamic financial institutions

Bitcoin is on the rebound entering Wednesday, and three trading indicators suggest the charts are changing in the crypto asset’s favor.

A Ben and Jerry’s store in London is partnering with the Poseidon Foundation to make their business carbon neutral. For every ice cream sold, the store will purchase a penny of carbon credits and offer customers the opportunity to buy an additional penny of carbon credits. Poseidon has its own native cryptocurrency on the Stellar blockchain.

Stellar was chosen because it has practically no transaction fees, facilitating the microtransactions of one penny. Additionally, Stellar is environmentally friendly, only releasing 0.000015 kg of carbon dioxide per transaction, as opposed to Bitcoin which currently releases an estimated 310.75 kg of carbon dioxide per transaction due to the electricity consumption needed for mining.

Carbon credits are used to offset carbon dioxide emissions, a gas released by the burning of fossil fuels. Carbon credits fund projects like planting trees and protecting the rainforest which naturally decreases carbon dioxide in the atmosphere. Carbon dioxide is the top cause of anthropogenic global warming; it increases global temperature by decreasing the amount of longwave radiation that escapes back into space.

It is feared that global warming will cause the planet’s polar ice caps to melt, causing sea levels to rise which will flood low lying areas. Most of the world’s cities are built next to the ocean and are at risk in the event of a catastrophic collapse of the Greenland or Antarctic ice sheets. Additionally, global warming will change weather patterns and possibly cause floods and droughts in abnormal locations.

The Poseidon platform makes carbon credit transactions fully transparent and stores them on the immutable Stellar blockchain. It calculates the carbon credits needed to make a purchase carbon neutral and then purchases them with a small fraction of the customer’s payment, and then informs customers that their purchase is carbon neutral.

Customers can then track where exactly their carbon credits are spent, like how many trees were planted from their carbon credits, which is expected make customers and retailers feel like they are having a positive impact on the environment and more likely to keep using Poseidon.

 

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Litecoin founder Charlie Lee said that the Litecoin Foundation’s new stake in a German bank could result in the bank offering crypto services