Day: July 19, 2018

Ethereum has long been held as the second most valuable cryptocurrency in the global market, but the CEO of Circle has recently gone as as far to say that Ethereum was the primary catalyst to last year’s bull crypto run.

Circle’s CEO, A Prominent Ethereum Proponent

Speaking with Mellisa Lee of CNBC Fast Money, Jeremy Allaire, the co-founder and CEO of Circle, a major cryptocurrency exchange and payments platform, discussed his outlook on the current state of the cryptocurrency market.

Firstly, Allaire pointed out that public blockchain infrastructure platforms, like Ethereum, are a revolutionary foundational infrastructure that developers can build on top of to replace legacy systems. Developing on this idea, Allaire stated:

“We can build applications (decentralized applications) to replace a lot of fiduciary trust applications that we have today, whether that’s fiat money itself or financial contracts that are used for things like raising capital, issuing debt, transacting, really any kind of trust-oriented, (or) record-keeping oriented application in the world can be improved with crypto assets and blockchain technology”

The CNBC host went on to ask Allaire on where he would hypothetically place a bet on which DApp-centric platform would gain the most traction in the near future. Referencing his previous statement about Ethereum, Circle’s CEO began to state that the second largest cryptocurrency by market cap currently facilitates the most developer activity, easily surpassing platforms like EOS, NEO, Cardano etc.

He later attributed the success of cryptocurrencies last year to Ethereum’s growing presence in this nascent industry, adding:

“One of the things that really catalyzed the [cryptocurrency] market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology. That obviously catalyzed the ICO movement, if you want to call it that.”

However, Allaire still sounded hopeful about the future of other blockchain-backed platforms, stating that this blockchain sub-industry “(is) a really fertile space in terms of fundamentals, technicals, and infrastructure.” He also added that he believes that 2019 will be a good year for blockchain and cryptocurrencies, with adoption and accessibility rates reaching new highs.

Critics: It’s Not All Sunshine And Rainbows For Ethereum

Despite many prominent cryptocurrency figures and industry on-lookers holding bullish stances on Ethereum, others have begun to complain about the issues the platform has been subjected to, namely scalability and the presence of scams situated on the Eth network.

As reported by NewsBTC on an earlier date, over 800 cryptocurrencies, with many being founded on the Ethereum platform, now sit on the sidelines of the cryptocurrency industry, neglected by the community. This sparked conversations in many cryptocurrency circles, with some critics asking if scams have gone too far. Although most don’t see this as an issue, the permissionless nature of public blockchains allows anyone to create a smart contract, token or DApp on ‘platform’ blockchains, whether the creator/developer has malicious intents or not.

Crypto services like Etherscan have been trying to amend this issue, labeling fraudulent contracts, addresses, and tokens on their block explorer program as scams, saving the funds of many consumers in the process.

Other critics have begun to lambast Ethereum for not handling scalability issues well enough. A cryptocurrency researcher, going by the handle @BTCOIN on Twitter, recently found that Ethereum transaction fees have surpassed Bitcoin’s for the first time ever.

Average transaction fees for Ethereum have surpassed Bitcoin for the first time ever $BTC $ETH pic.twitter.com/6boN8UnShx

— JZay (@BTCOlN) July 17, 2018

While many may see this as an inconvenience, Vitalik Buterin, the co-founder of Ethereum and a highly respected developer in the cryptocurrency space,  has stated that for some decentralized applications, giving up the efficiency and low-cost aspects of centralized systems for decentralization is worth the higher fees.

Despite the gripes of many critics, Allaire is yet another individual who has joined a long line of prominent cryptocurrency figures who believe that the cryptocurrency market is beginning to bottom out, and is ready to experience an influx of retail and institutional adoption.

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The post Circle CEO: Ethereum Catalyzed 2017 Bull Run, May do the Same in 2019 appeared first on NewsBTC.

Crypto has been proposed to fix the human flaws inherent in corporate governance by automating much of the decision-making process – but that’s not just crypto-romanticism, it’s already happening. 

Key Highlights

• Ripple price broke a major support area near $0.4750 to move into a bearish zone against the US dollar.
• There is a key bearish trend line in place with resistance at $0.4700 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair must move back above $0.4750 and the 100 hourly simple moving average to recover.

Ripple price is under significant pressure against the US Dollar and Bitcoin. XRP/USD is likely to extend declines if it fails to move back above $0.4750.

Ripple Price Decline

Yesterday, there was a bearish reaction below $0.5000 in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.4900 support area. More importantly, the price failed to stay above a key support at $0.4750, which resulted in more losses. The price is now trading in a bearish zone below $0.4750 and the 100 hourly simple moving average.

Recently, the price broke the 61.8% Fib retracement level of the last wave from the $0.4428 low to $0.5239 high. Therefore, there is a risk of more losses below the $0.4700 level in the near term. An immediate support is near the $0.4600 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.4428 low to $0.5239 high. A break below $0.4600 could push the price back towards the $0.4500 support area. On the upside, there is a key bearish trend line in place with resistance at $0.4700 on the hourly chart of the XRP/USD pair.

Looking at the chart, the price is facing a major resistance near $0.4750 and the 100 hourly SMA. A push above this could spark an upward move towards the $0.4900 level. If the price fails to move above $0.4750, it may perhaps decline towards $0.4500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Level – $0.4600

Major Resistance Level – $0.4750

The post Ripple Price Analysis: XRP/USD Turned Bearish? appeared first on NewsBTC.

Swiss loyalty token protocol qiibee has announced a partnership with Chinese loyalty rewards solution, foodchains, according to Global Banking and Finance Review.

The Swiss company, based in the Crypto Valley city of Zug, known for working with global brands, is to link with foodchains in order to enhance the customer’s overall experience in the Chinese-owned restaurant chain.

As a by-product of the new partnership, blockchain-based cryptocurrency FAN is to become part of a new customer reward system, enabling diners to earn tokens each time they visit a foodchains outlet. A foodchains app will also give customers the opportunity to feedback or write a review, also earning them tokens by simply scanning a QR code.

foodchains partner restaurants will also be involved in the blockchain project and be able to issue and accept tokens across the entire chain’s network of restaurants, including more than 60 independent Shanghai-based restaurants. Co-founder and CEO of the company Clement Lee explained the new project:

“Small to medium-sized restaurants often struggle with traditional loyalty programs and reward systems as a result of their limited size and high integration costs. Blockchain technology allows us to streamline the execution and administration of our loyalty program with near real-time transparency, resulting in cost savings that can be realized in the medium term.”

Another restaurant chain, Wheelys Cafe, a rapidly growing innovative bicycle cafe chain is also joining the network of restaurants. The organic coffee chain which originally launched in 2014 has enabled young people to start their own businesses and now boasts cafes in 73 countries.

From qiibee’s perspective, the partnership with the Chinese restaurant giant is a perfect fit, as the company sees great possibilities by coming in at the beginning of a new venture, as co-founder and CEO Gabriele Giancola explains:

“foodchains’s business model is a perfect use case of the qiibee infrastructure, whereby a loyalty program is built from scratch… We want to help brands such as foodchains engage with blockchain technology… to make it a better and more seamless experience for both brands and their customers.”

Lee sees the loyalty program going viral in China, adding that the crypto space is “fast and furious”. He sees the partnership as an opportunity to expand the platform globally by drawing on foodchains’s restaurant experience supported by qiibee’s fintech prowess.

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The U.K. Law Commission has launched research investigating reforms that would bring legal clarity to the use of blockchain-based smart contracts.

Bitcoin’s most recent run-up has led many to ask, what was the catalyst? Some analysts cited institutional money, while others pointed out that it may have been positive technicals and a short squeeze. On Thursday’s showing of CNBC Fast Money, the CEO of Bitmex addressed the latter theory.

BitMEX’s CEO Addresses The Short Squeeze Theory

According to Business Insider, Bitcoin’s latest move from $6,800 to $7,400 has sparked debate on whether it was the result of a short squeeze, technical indicators or positive fundamental news.

Mati Greenspan, an analyst from the eToro financial services platform, gave his opinion on the surge Business Insider via a phone call, stating:

“The assumption is this is a combination of some sort of short squeeze and some new money coming in… Liquidity is always a bit thin in this (cryptocurrency) market. It doesn’t have the same processes and automation as most of the traditional assets. Certainly, there would be shorts getting liquidated.”

Analysts from the crypto-centric London Block Exchange startup issued an email regarding the price surge, doubling down on the statement of Greenspan, noting:

“While over the past few months we’ve seen several stop runs aimed at liquidating longs, it seems these fast price moves are being propelled by the cascading reactions caused by short orders closing, i.e., those who were betting against the market being forced to exit their positions.”

Arthur Hayes, the CEO of the largest Bitcoin exchange in terms of volume, recently appeared on CNBC to address talk about the proposed short squeeze theory, to which he is well familiar with as his platform is notorious for hosting crypto short sellers.

Was the move in #bitcoin all just a short squeeze? @CryptoHayes discusses. pic.twitter.com/ViIjVeWIxG

— CNBC's Fast Money (@CNBCFastMoney) July 19, 2018

For the uninitiated, a short squeeze is a term used in financial markets that defines a situation in which a heavily invested asset moves higher, forcing short sellers to cover their losses, creating a sort of snowball effect, pushing the price up and up.

Upon the twenty to thirty minute surge that Bitcoin experienced on Tuesday morning, the CEO stated that the BitMEX exchange liquidated $230 million worth of short positions.

While this may be an indication to some that this was a short squeeze for sure, Hayes clarified stating that his exchange operates as a futures market, meaning that there is always a long position to match a short position. This statement indicates that there shouldn’t be too large of an imbalance between the two varieties of calls, which slightly discredits the short squeeze theory.

As pointed out by Barry Silbert and Tom Lee on previous Fast Money broadcasts, it is likely that the surge had more to do with a combination of positive technicals and strong fundamental news.

Arthur Hayes: Bitcoin Will Retest $5,000 Before Reaching $50,000

Despite restoring faith in the market, Hayes fully expects that this reversal won’t last for long, stating that Bitcoin hasn’t “seen the worst” yet. He went on to say:

“I don’t actually think we’ve seen the worst. I think this is a very strong rally on good volume and we definitely could see $8,000, $9,000 and maybe just shy of $10,000. We’ve been here before earlier in the spring, we rallied from about $5,800 to a high in the $9,000 level, but we didn’t quite crack $10,000. I think similar action will happen this time, and I would like to see us test $5,000 to really see if we put a bottom in.”

Although this may sound bearish, in a later statement given to CNBC, the CEO noted that if Bitcoin tests and holds the $5,000 level, that “we can rally to $50,000 by year’s end.”

Hayes’ price prediction hit headlines last month as he called for Bitcoin to hit $50,000 by the end of the year, easily surpassing Tom Lee’s somewhat infamous $25,000 prediction. Although price predictions have become a controversial topic in the crypto space, experts and industry leaders, like Hayes or Lee, still remain steadfast in their unwavering bullish sentiment.

Featured image from Shutterstock

The post $230 Million Cleared on BitMEX Amidst Bitcoin Recovery, Short Squeeze Likely appeared first on NewsBTC.

Key Highlights

• ETH price declined further and broke the $482 and $475 support levels against the US Dollar.
• There is a major bearish trend line formed with resistance near $475 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair has to move above the $475 and $480 resistance levels to move into a bullish zone.

Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD must move above $475 and the 100 hourly SMA to initiate a recovery.

Ethereum Price Resistance

There were further losses noted below $500 in ETH price against the US Dollar. The ETH/USD pair declined and broke the $480 and $475 support levels. It moved into a bearish zone below $475 and the 100 hourly simple moving average. The decline was such that the price almost tested the $455 support area. A low was formed at $458.64 before the price started consolidating losses.

On the upside, there are many hurdles for buyers near the $480 level. More importantly, there is a major bearish trend line formed with resistance near $475 on the hourly chart of ETH/USD. Around the trend line, the 23.6% Fib retracement level of the last drop from the $517 high to $468 low is positioned. Additionally, the 100 hourly simple moving average is also near the trend line and $475 resistance. Therefore, a proper break above the $475 resistance is needed for more gains. The next hurdle could be $482 and the 50% Fib retracement level of the last drop from the $517 high to $468 low.

Looking at the chart, the price is currently struggling to recover above $475. If it fails to move higher, there are chances of more slides towards the $455 support area in the near term. Below this, the $450 level may be tested.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is currently moving higher towards the 50 level.

Major Support Level – $455

Major Resistance Level – $475

The post Ethereum Price Analysis: ETH/USD Facing Uphill Task appeared first on NewsBTC.

Bitcoin’s privacy and scalability problem could end soon once Schnorr signature is adopted by the BTC community.

Still in development, this Bitcoin upgrade proposes standard 64-byte Schnorr signatures over the current signature algorithm. This is one of the earliest discrete log-based signature schemes. It is simple in the way that it offers short signature length and efficiency by allowing pre-computing exponentiations for fast online signature generation. With regards to Bitcoin, Schnorr can clear up blockchain space and resolve transaction logjam by mashing signature data together.

Clearly, Schnorr signatures will be unlike other proposed Bitcoin improvements. It could just be the biggest improvement to Bitcoin since SegWit (Segregated Witness), a code that provided a fix to the block size issue in the Bitcoin Network. SegWit has been hailed as a turning point for the Bitcoin Network, having increased Bitcoin’s block size by over 100%. Likewise, Schnorr signatures brings a variety of improvements of equal value to Bitcoin.

Bitcoin users will get a new way to generate cryptographic keys for sending and storing BTC. This will pave the way for numerous benefits, key among them is improved privacy and scalability, two issues have been the subject of great debate in the BTC community.

The Bitcoin Improvement Proposal (BIP) draft proposes a standard for uniform implementation of the scheme, which is co-authored by notable Bitcoin developers including Johnson Lau and Gregory Maxwell. The highly technical draft describes in detail the math necessary to produce Schnorr signatures and merits over the Elliptic Curve Digital Signature Algorithm.

At the moment, BTC users can send “multi-sig transactions” where it takes more than one user to sign off on the transactions. These are the more advanced types of transactions. Schnorr paves the way for a technique that makes these transactions looks the same as any other transaction. Like any other consensus change, Schnorr is a long process away from acceptance.

With billions of dollars on the line, this could turn into a debate. Schnorr affects important rules in Bitcoin, hence Bitcoin experts from around the world are weighing in with code contributions. SegWit was the last code change in the Bitcoin network through consensus. Those in disagreement set off to create a new cryptocurrency. Since then, SegWit transactions have rapidly increased on Bitcoin network especially amid news that Xapo Bitcoin Wallet and vault had activated SegWit. Schnorr is a particularly similar crucial upgrade for Bitcoin.

In the meantime, Francis Pouliot, an enthusiastic SegWit supporter, expressed support for the code change. However, many stakeholders might be hesitant in adding the code. Bitcoin developer Nicholas Dorier estimates that it could take a couple of years to implement Schnorr to Bitcoin.

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Tron Price Key Highlights

• Tron recently broke past a descending trend line on the 4-hour chart to signal a reversal from the downtrend.
• Price hit resistance at 0.0435 and is in the middle of a correction from the rally.
• Using the Fibonacci retracement tool shows the near-term support levels where buyers might be waiting.

Tron is in the middle of a pullback from its recent surge higher, and buyers might be waiting at the Fib retracement levels.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume from here. The 200 SMA appears to have held as dynamic resistance and might continue to do so.

RSI is also heading lower to signal that sellers have the upper hand for now until the oscillator hits oversold territory and turns back up. Stochastic is also moving south to reflect the presence of selling pressure but is already dipping into the oversold region to signal exhaustion.

In that case, bulls could seize the opportunity to catch the climb at any of the Fib levels. Price is currently testing the 50% Fib but might be due for a deeper pullback to the 61.8% Fib closer to the 100 SMA dynamic inflection point. If any of these keep losses at bay, Tron could resume the climb to the swing high and beyond.

TRXUSD Chart from TradingView

Cryptocurrencies had a mostly positive run in the recent week but traders are also book profits relatively quickly as some dismiss this as a short-squeeze. Still, it’s worth noting that the focus is currently on institutional money potentially flowing into the industry, which would likely bring in more developments and liquidity.

Apart from that, the dollar also took big hits on Trump’s recent remarks against Fed tightening, citing that the rate hikes and strong dollar are nullifying the progress the administration made in boosting growth.

The post Tron (TRX) Price Watch: More Bulls Ready to Join This Retest? appeared first on NewsBTC.

Key Points

• Bitcoin cash price is holding an important support near $800 against the US Dollar.
• There is a contracting triangle forming with support near $805 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair has to move above the $830 and $840 resistances to gain traction in the near term.

Bitcoin cash price remains supported above $800 against the US Dollar. BCH/USD is about to make the next move either above $830 or below $800.

Bitcoin Cash Price Resistance

Yesterday, we saw a minor downward correction from the $890 high in bitcoin cash price against the US Dollar. The BCH/USD pair declined below the $850 and $840 support levels, and tested the $800 area. Buyers appeared near the $800 level and the 100 hourly simple moving average. The price moved a few points higher and traded above the 23.6% Fib retracement level of the last decline from the $890 high to $805 swing low.

However, the upside move was protected by the $840-850 resistance area. Moreover, the 50% Fib retracement level of the last decline from the $890 high to $805 swing low also acted as a resistance. The pair declined once again and retested the $805 support area and the 100 hourly SMA. At the moment, the price is consolidating above $800-805 and is preparing for the next move. It seems like there is a contracting triangle forming with support near $805 on the hourly chart of the BCH/USD pair.

Looking at the chart, the price could make an upside move above the $830 resistance as long as it is above $800 and the 100 hourly SMA. On the flip side, a downside break below $800 may perhaps push the price back towards $750.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is flat near the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving below the 50 level.

Major Support Level – $800

Major Resistance Level – $830

The post Bitcoin Cash Price Analysis: BCH/USD Holding Key Support appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price recently broke past key resistance levels but is now consolidating around the $7,400 level.
• This could be seen as a bullish flag pattern, which follows a strong rally and could be seen as a continuation signal.
• A break past the $7,600 level could be enough to confirm that the bullish run is resuming.

Bitcoin price appears to be consolidating inside a bullish flag pattern, which could be indicative of another run higher.

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, the rally is more likely to resume than to reverse. The mast of the flag spans $6,700 to $7,400 so the resulting surge could be of the same height.

Note that bitcoin price has surged past a short-term ascending channel top to spur a steeper climb. The gap between the moving averages is also widening to signal strengthening bullish momentum. Also, the 100 SMA is close to the broken channel top to serve as a layer of support in the event of a retest. The 200 SMA is at the mid-channel area of interest, which might also keep losses at bay.

RSI is treading sideways on middle ground to reflect ongoing consolidation, barely providing any clues on which direction bitcoin price might break out. Stochastic, however, is pointing down to show that sellers have the upper hand and could push for a dip.

BTCUSD Chart from TradingView

Market Factors

The mood in the cryptocurrency market has mostly been positive as traders have been rushing in to join the recent rallies for fear of being left out. Many say that the push higher was spurred on reports of increasing institutional interest, like from funds like BlackRock and banks like HSBC.

This has allowed market participants to view regulatory developments in a positive light, and it also helped that another BitLicense granted to a crypto-based company (BitPay) kept optimism in play.

The post Bitcoin (BTC) Price Watch: Is That a Bullish Continuation Signal? appeared first on NewsBTC.

Liverpool, a major city in the United Kingdom, is striving to utilize blockchain technology to reduce its carbon footprint in a partnership with the Poseidon Foundation.

With goals of becoming the first climate-positive city in the world, Liverpool City Council signed a deal with the eco-digital company to counteract its carbon emissions by 110% and then utilize that positive figure into backing for global conservation projects.

Drastic carbon reductions

The City of Liverpool has already set itself a deadline of reducing its carbon impact by 40% by 2030; this latest will move could see Liverpool become the first climate-positive city by the end of 2020.

The technology provided by the Poseidon Foundation monitors the carbon impact of products and services, which in the context of Liverpool, is quite a lot, according to Mayor of Liverpool Joel Anderson who said, “Liverpool City Council has a significant carbon footprint because of all the services we provide – be it street lighting, the running of countless properties like St George’s Hall or the Liverpool Echo Arena and our fleet of vehicles.”

The Foundation’s technology also ensures that conservation projects around the world are provided automatic support. Poseidon is also taking its work to schools, universities and businesses in the area with intentions to provide an educational message.

Laszlo Giricz, Poseidon founder and CEO said, “For the first time, a city will use blockchain technology to go beyond rebalancing its carbon footprint – leading the way in the fight against climate change.”

Furthermore, the Mayor of Liverpool is reported to be hosting the Strategic Business Summit in September 2018 where he will meet with social enterprises, businesses, non-profits from across the city to discuss and explore the potential climate-positive Poseidon can have on them.

Mayor Joe Anderson is extremely touched by the potential of the partnership, saying: “Poseidon’s technology is the first of its kind to truly deliver a solution to governments, businesses and individuals around the world to help reverse the causes of climate change and I am thrilled this agreement will bring this cutting-edge technology to our city.”

United Kingdom climate and blockchain leadership

The UK has been hot on the heels of tackling climate change with more than billions of dollars in public and private funding geared toward climate-related challenges in developing countries. The results from its latest finding on 6 July 2018 were published, detailing the significant changes that this funding has brought to roughly 17 million people in the least-developed countries as well as other developing nations.

Since 1990, the UK has been slashing emissions with great success and, with the United Kingdom now bullishly at the forefront of blockchain technology regulation, innovation and adoption, this latest advancement from the City of Liverpool could further solidify the UK’s blockchain leadership qualities.

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Huobi Group has launched the new Huobi Cloud platform to help partners build and operate of digital asset exchanges on top of Huobi’s existing platform