Day: July 26, 2018

Bitmain, the largest Bitcoin mining equipment manufacturer in the world, is now disclosing its in-house mining operation’s hash rate to the public in real time. This is possibly to quell speculation and allegations that Bitmain controls so much hash rate that they could 51% attack the Bitcoin network, and also to increase transparency ahead of its initial public offering (IPO) on the stock market.

Its most vocal critics, however, have reacted with cynicism and skepticism to Bitmain’s move. A Tweet by Cobra, the pseudonymous owner of Bitcoin.org, was joined in by scores of other users, clearly unconvinced by Bitmain’s statistics.

pic.twitter.com/KKjlfnD6Ca

— Bitcoin Buddha (@thbitcoinbuddha) July 25, 2018

As of this writing on 26 July 2018, Bitmain’s SHA-256 hash rate is 1,692 PH/s, the Ethash hash rate is 340 GH/s, and the Scrypt hash rate is 44 GH/s. These stats are updated every 30 minutes. Currently, the Bitcoin network has a total hash rate of 42,551 PH/s, so Bitmain controls approximately 4% of Bitcoin’s total mining hash rate. At the current block reward of BTC 12.5, this means Bitmain mines BTC 72 per day, worth USD 590,000 at the current market rate of USD 8,200. Worldwide, USD 14.76 million worth of Bitcoin is mined per day.

Bitmain’s scrypt mining hash rate of 44 GH/s is minuscule compared to Litecoin’s overall hash rate of 305,534 GH/s, not to mention that there are many other Scrypt cryptocurrencies besides Litecoin with a large hash rate, so Bitmain controls a drop in the ocean of the global Scrypt hash rate. Likewise, Ethereum’s hash rate is 290,000 GH/s, and Bitmain controls about 0.1% of that.

Clearly, Bitmain has focused its in-house mining operations on Bitcoin, largely ignoring other cryptocurrencies. This is not surprising considering Bitcoin is considered the gold standard of the crypto world; Bitcoin has the best reputation and most liquidity, making it ideal for investment.

Bitmain’s mining pools control a far larger percentage of Bitcoin’s hash rate than the in-house operation. AntPool and BTC.com, owned by Bitmain, control 34% of Bitcoin’s hash rate as of this writing, and Bitmain owns other smaller pools. However, Bitmain only collects a small percentage fee from the total revenue earned by these pools.

Bitmain claims it doesn’t mine with equipment that hasn’t been released to the general public, and has a zero-tolerance policy towards secret mining.

 

 

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As global investors flock to cryptocurrency as an investment vehicle, the use of cryptocurrencies for their intended purposes has come into question.  New research suggests that only one-third of transactional activity occurring on the Bitcoin network is related to the purchase of goods or services.

The Network Value of Cryptocurrency

One of the main criticisms surrounding cryptocurrencies is that they aren’t actually operating as currencies, and the data surrounding Bitcoin’s transactional information seems to confirm this.  According to data from blockchain data provider CoinMetrics, the majority of Bitcoin’s transactional activity can be attributed to factors like mining pool distributions, spoofing, and manipulation.

CoinMetrics uses a formula that devises a Network Value to Transactions Ratio (NVT) to compare the dollar value of the virtual currency to the network value.  This system of measurement allows investors to better understand how certain cryptocurrencies are actually being used.  According to Coin Metrics, “a low market to transaction value (NVT) denotes an asset which is more cheaply valued per unit of on-chain transaction volume.”

This value varies significantly between different cryptocurrencies and gives a good idea of which virtual currencies are overvalued based on their average on-chain transaction volume.  For instance, Cardano’s (ADA) on-chain transaction volume is actually higher than its network value, giving it a low NVT of 0.78. This is compared to Bitcoin, who has an NVT of 30.78.

Although the Network Value to Transaction Ratio gives a general idea of how cryptocurrencies are being used, it doesn’t give a reliable idea of how many of the on-chain transactions have economic value.

Although Cardano has significantly higher on-chain transaction volume than Bitcoin, further research conducted by Elementus Inc. suggests that only 2% of economic transactions occurring on Cardano’s network carry economic value.  Even though Bitcoin’s NVT is significantly higher than Cardano’s, more of its on-chain transactions carry economic value, at approximately 33%.

Cryptocurrency as a Form of Payment

The use of cryptocurrencies as forms of payment has increased significantly in recent years but is still nowhere near being adopted by the masses.  New systems like Coinbase Merchant and Square’s payment systems have made it significantly easier for companies to accept cryptocurrency as a form of payment, and these are still relatively new services.

Overstock.com was one of the first major online retailers to accept cryptocurrency, and they have seen tremendous success in their cryptocurrency payment program.

According to one of the company’s board members, Jonathan Johnson, Overstock is generating a significant amount of money through cryptocurrency payments.

“We have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using Bitcoin or Ethereum or other coins.” Johnson said while speaking to the Heritage Foundation.

Johnson also explained the benefits that Overstock sees in using cryptocurrencies rather than fiat currency, saying:

“We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards. When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business.”

As companies become increasingly open to accepting cryptocurrencies due to the fiscal benefits, the amount of economic transactions occurring on cryptocurrency’s networks will increase significantly.  This will be reflected in the price of commonly used cryptocurrencies, as their NVT ratio will skyrocket.

Featured image from Shutterstock

The post Only 33% of Bitcoin Payments Used to Purchase Goods, Economic Value in Question appeared first on NewsBTC.

Key Highlights

• Ripple price failed to break an important resistance at $0.4675 and declined against the US dollar.
• There was a break below a connecting bullish trend line with support at $0.4620 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is now trading well below the $0.4600 support and the 100 hourly simple moving average.

Ripple price is under pressure once again against the US Dollar and Bitcoin. XRP/USD has to stay above the $0.4500 support to avoid further declines.

Ripple Price Decline

Yesterday, we discussed a crucial hurdle near the $0.4700 resistance level in Ripple price against the US Dollar. The XRP/USD pair failed to move above the $0.4675 and $0.4700 resistance levels. As a result, there was a downside move and the price broke the $0.4600 support. It also broke the 50% Fib retracement level of the last wave from the $0.4375 low to $0.4700 high.

During the decline, there was a break below a connecting bullish trend line with support at $0.4620 on the hourly chart of the XRP/USD pair. The pair settled below the $0.4600 support and the 100 hourly simple moving average. It even spiked below the 61.8% Fib retracement level of the last wave from the $0.4375 low to $0.4700 high. However, the $0.4500 support acted as a barrier for sellers. At the moment, the price is trading in a tiny range near the $0.4500 level. On the upside, the previous support near $0.4620 and the 100 hourly SMA are likely to stop gains if the price corrects higher.

Looking at the chart, the price is trading in a range between $0.4450-0.4700. To gain upside momentum, ripple must break the $0.4700 resistance in the near term. If not, there is a risk of a break towards $0.4200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher from the oversold levels.

Major Support Level – $0.4500

Major Resistance Level – $0.4700

The post Ripple Price Analysis: XRP/USD Remains in Tiny Range appeared first on NewsBTC.

Withcoin, a virtual currency reportedly designed for casinos, and listed on the Hitbtc exchange around May, is accused of selling coins using a promotional video propagating alleged lies and misleading information. In April 2018, a video promoting Withcoin went viral on the internet, inviting investors to purchase in advance a coin that was going to be listed on a crypto exchange in May, the message said.

Also read: The Daily: Exchange Operator Pleads Guilty, Scammer Fined Over $1.9 Million

“If You Buy It Today You Can Become a Millionaire”

The propaganda video was spread by an individual called Matsuyama. Matsuyama, also known on other sites as Koichi Matsuyama, enumerated attractive selling points for buyers, but it was later discovered that most of what he was saying was a lie, according to an overview explanation listed on the Enjin crowdfunding Class Action site. In a project called “Final ICO,” Matsuyama aimed at pre-selling a listed fixed coin that had the potential to increase its price a thousand times. The pre-sale allegedly started in January of 2018 with 1 Withcoin valued at 0.5 yen. However, it was reportedly only possible to purchase the coins by large chunks of 10 million yen. Buyers therefore seemingly purchased Withcoin in groups.

Matsuyama allegedly operated his business without disclosing any company name, and reportedly claimed having a career as a system engineer. He also made affirmations stating that Withcoin would be listed on Binance, then changed the exchange to Hitbtc. He also allegedly claimed in his project that the coin could be exchanged at Okada Manila, a casino in the Philippines, which denied any involvement with cryptocurrencies on its homepage.

Soon after the coin was listed on the crypto exchange, its price fell to about 1/10 of the ICO price, which made purchasers suffer large losses. Enjin explains on its class action page that the business was selling a cryptocurrency giving false information therefore, the sales contract being invalid, the victims can now claim a full refund in Japanese yen at the rate of the time when the coins were sold.

Coin Crashed to 1/20th Its Price

About two weeks after being listed, Withcoin crashed to 0.139 yen. Many investors were tricked and directed to a site after viewing a Youtube video that was inviting viewers to purchase the seemingly attractive coin. As of June, more than 420 victims gathered on the crowdfunding class action litigation project Enjin for reported damages of over 1.3 billion yen ($12m). The number of victims claiming to have been duped in the same case has grown ever since. The question now lies in whether Matsuyama was intentionally aiming at tricking investors, which is seemingly difficult to prove. However, testimonies show the Withcoin management team could be proven as having given false explanations to its clients. Youtube is also accused of expanding the damage by introducing Withcoin, according to FXinspect.com, a site that verifies and reviews information on commodity materials mainly sold on the internet.

“I will introduce a very attractive coin,” the man allegedly said, “you can buy it now for 3 yen, but after the coin will be listed, it will be valued at 5 yen. The price will never break […]” the man in the video promised. The investors who viewed the video where guided to a mail magazine online, where the actual trades were carried out.

Considering the lowest offering price as an opportunity, the manager behind Withcoin sold a massive amount of his coins, whose price later fell to 0.14 yen. If the value of the coin had risen from its initial 3 yen, it was theoretically possible to make an expected profit of about 20 times the price of the coin, FXinspect explains. WithCoin had existed since about the end of 2017 or February 2018, however publicity for it started on Youtube around March 2018, the site explaining the class action stated.  

Its white paper says that Withcoin is a digital currency “specialized in casinos,” and mentions a casino in the Philippines, without naming any specific venue. “We will realize a digital-currency platform for anyone to easily participate in casinos,” the white paper boldly states.

Okada Manila hotel was unavailable for news.Bitcoin.com’s request for confirmation of whether WithCoin could be exchanged at its casino. However its homepage stated that Okada Manila does not offer or allow the use of bitcoin or other cryptocurrency in its casino or anywhere else in its property. “Okada Manila has never authorized or partnered with anyone regarding the use of bitcoin or other cryptocurrency. Any claim or report that Okada Manila is offering or allowing the use of bitcoin or other cryptocurrency is false, inaccurate and unauthorized,” the hotel homepage says.

A Digital Currency “Specialized in Casinos”

“Okada is well-known as a casino mogul in Japan and Asia, and using his name is clearly an attempt to add an air of legitimacy to an allegedly fraudulent scheme. It also ironically illustrates that for many cryptocurrency isn’t seen primarily as an investment, but more like a gamble,” Jake Adelstein, an investigative journalist and yakuza expert based in Tokyo told news.Bitcoin.com by email.

FXinspect said most videos and websites allegedly created by Withcoin were removed from the internet since the collapse of Withcoin.

What do you think of this class action case against Withcoin? Share your thoughts in the comments section below.

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Images courtesy of Shutterstock, FXinspect.com, Enjinclassaction.com, Haji Bashi Coin.

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Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Japanese Class Action Against Gambling Coin Claims $12m Damages appeared first on Bitcoin News.

Tron Price Key Highlights

• Tron has formed lower highs and higher lows to create a symmetrical triangle pattern.
• Price just bounced off the top and may be due for a test of support soon.
• Technical indicators suggest that there’s a chance for support to break and lead to a selloff.

Tron is consolidating in a symmetrical triangle pattern and might be due for a break below support.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold.

Price is currently testing the 100 SMA dynamic inflection point and it seems to be holding as support, though. Also, the gap between the moving averages is narrowing to signal slowing bearish momentum. An upward crossover could even draw buyers back in.

RSI is still pointing down to confirm that sellers have the upper hand and could push Tron price to the bottom of the triangle around 0.0350. Stochastic is also moving south so Tron could follow suit, but the oscillator is also nearing oversold levels to indicate bearish exhaustion. Turning higher could bring bullish pressure in and lead to a test of the resistance at 0.0380.

A break below support could spur a drop that’s the same height as the triangle pattern, which spans 0.0310 to 0.0420. Similarly a break past the top could lead to a rally of the same size.

Tron has been keeping its head afloat these days thanks to confirmation that the TRON Foundation did acquire Bittorrent. Although the details of the acquisition and company plans are still fuzzy, there seems to be enough investor optimism surrounding this to prevent further declines in Tron price.

However, the dollar is also proving to be a tough contender as easing trade tensions and expectations for a strong Q2 GDP are currently propping it higher. Profit-taking in recent rallies has also kept a lid on Tron price gains lately.

The post Tron (TRX) Price Watch: Which Way Will It Break Out? appeared first on NewsBTC.

As covered by NewsBTC just a few hours ago, the SEC has just released a 92-page report highlighting major reasons supporting its rejection of the revised proposal of the Winklevoss Bitcoin ETF.

The Community Reacts To The News

At first glance, many cryptocurrency community members saw this announcement as another bout of rehashed news, misreported by mainstream media sources. Some even called it unwarranted “FUD” (Fear, Uncertainty, and Doubt) that was being pushed from proponents of legacy markets, like CNBC.

Charlie Shrem, one of the leading Bitcoin pioneers and the founder of the Bitcoin Foundation, took to Twitter stating that this announcement was actually “old news.”

This is old news, While I think Cameron and Tyler would have run one of the better ETF's, The new ETF excitement came from the fact that CBOE filed their own Bitcoin ETF. The SEC would rather grant an ETF to an existing institution over a new one. https://t.co/xLHZDLo9O5

— Charlie Shrem (@CharlieShrem) July 26, 2018

However, as specified by Bitcoin investor extraordinaire DJ Thistle, the SEC’s rejection of the Winklevoss Bitcoin ETF did occur on July 26, pointing out that the Winklevoss Twins refiled the proposal with revisions. According to the analysis of DJ Thistle, who currently has an audience of over 28,000 individuals, the rejection of this specific ETF motion was due to the business practices of Winklevii (Winklevoss Twins) and the exchange under their possession. Putting it nicely, Thistle, who is also a fellow Canadian, wrote:

“There are many other ETF’s waiting. They will have to word things better (next time).”

it is NOT old news

the ETF was refiled

it was for the way they/winkel's/gemini do business

the SEC still feels market manipulation can effect price too much and that is a danger to investors.

there are many other ETF's waiting. they will have to word things better.

— dj Thistle (@DJThistle01) July 26, 2018

As the community went into a rightful rage regarding the outcome, SEC Commissioner Peirce released a statement “respectfully dissenting” the decision. In a powerful conclusion to her extensive statement rebutting the ruling, she wrote:

“If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.”

With these declarations, it has become clear that she was the sole voice rooting for the ETF in the SEC boardroom, despite three of her associates voting against the controversial proposal.

Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent: https://t.co/gH5zXaKtmj

— Hester Peirce (@HesterPeirce) July 26, 2018

Joseph Young, NewsBTC editor and long-time cryptocurrency analyst, later doubled-down on Peirce’s sentiment regarding the verdict, reiterating her passionate disapproval of the verdict in a broadcast to his 82,000 Twitter followers.

SEC Commissioner Hester Peirce says she disagrees on the decision to reject Winklevoss bitcoin ETF, bitcoin is mature and regulated enough to be worthy of US markets. https://t.co/zDRrLUptYY

— Joseph Young (@iamjosephyoung) July 26, 2018

Brian Kelly, CNBC’s in-house crypto analyst and CEO of the crypto-centric BKCM fund, called the SEC Commissioner’s sentiment “noteworthy.”

Noteworthy—> https://t.co/55jrtwzgbK

— Brian Kelly (@BKBrianKelly) July 26, 2018

Despite the near-universal backlash of the cryptocurrency community, @IAmNomad, as the cryptocurrency influencer is known on Twitter, took a U-turn as he brushed off the SEC’s denial.

Who cares. Theres at least 12 of then proposed now. https://t.co/tyG2ay2ofy

— I am Nomad (@IamNomad) July 26, 2018

This statement references the seemingly countless other ETF proposals which Nomad and Thistle imply are better than the one pushed by the Winklevoss Twins.

As noted in many previous articles regarding institutional investment and crypto-backed ETFs, many see a Bitcoin ETF as the key to widespread adoption, retail and institutional alike.

However, Jameson Lopp, an outspoken cryptocurrency proponent with 171k followers reminded his followers that Bitcoin doesn’t need an ETF, and a subsequent influx of institutional investors to succeed. Later implying that it would be in an institution’s best interest to acquire Bitcoin before they miss the crypto gravy train.

Bitcoin doesn't need institutional investors. Institutional investors need Bitcoin.

— Jameson Lopp (@lopp) July 26, 2018

Cryptocurrency Market Takes A 4% Tumble Following The Announcement

In the subsequent hours following the SEC verdict, the market began a downturn, despite exchange volume figures taking a move upwards.

As of the time of writing, Bitcoin is currently at the $7,900 price level, down $500 from weekly highs. Despite the SEC ruling only applying to a Bitcoin ETF, altcoins followed “big daddy Bitcoin” downwards, posting similar percentage losses.

Taking to Twitter to express his thoughts regarding the market’s reaction to the announcement, Young issued a fervent statement, drawing connections between the recent demise of Facebook’s stock and the crypto selloff. Young wrote:

“Selling bitcoin because you expected Cboe ETF to be approved but Winklevoss ETF got rejected is like selling Twitter shares because Facebook plunged 22%. Those two are not the same!”

Well-known technical analyst and crypto influencer Parabolic Trav noted that if Bitcoin can quickly rebound off post-verdict levels, that “digital gold” could be set to move higher in the long-awaited “bull market.”

Strong recovery here confirms the bull market. $BTC

— Parabolic Trav (@parabolictrav) July 26, 2018

The Winklevoss Twins have not given up the fight for a Bitcoin ETF, with Cameron Winklevoss conveying his thoughts on the result. Seeming unfazed, he noted:

“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money.”

Featured Image from Shutterstock

The post Winklevoss Bitcoin ETF Rejection Recap in Tweets: How The Crypto Market Responded appeared first on NewsBTC.

Key Highlights

• ETH price declined recently and broke a key support near $468 against the US Dollar.
• Yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is now trading well below the $468 support and the 100 hourly simple moving average.

Ethereum price failed to stay above major supports against the US Dollar and bitcoin. ETH/USD is trading below the $468 support with a bearish angle.

Ethereum Price Resistance

There were a few rejections noted around the $480-482 resistance area in ETH price against the US Dollar. The ETH/USD pair struggled to hold gains and declined below a key support at $468. It even broke the 50% Fib retracement level of the last leg from the $446 swing low to $486 high. It opened the doors for more losses and the price settled below the $468 support and the 100 hourly SMA.

More importantly, yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD. The pair traded lower and tested the next support at $462. The 61.8% Fib retracement level of the last leg from the $446 swing low to $486 high also acted as a support. At present, the price is consolidating near the $462 support area and is preparing for the next move. If the price corrects higher, the previous support at $468 and the 100 hourly SMA are likely to prevent gains. Above this, the price may perhaps retest the $480-482 resistance area.

Looking at the chart, the price is finding bids near the $460-462 support. However, if the price breaks the $462 support, there could be more declines towards the $450 support. Further below $450, there could be heavy declines in ETH/USD.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is currently well below the 40 level.

Major Support Level – $462

Major Resistance Level – $482

The post Ethereum Price Analysis: ETH/USD Broke Key Support and 100 SMA appeared first on NewsBTC.

Bitcoin Price Key Highlights

• Bitcoin price is testing the ascending channel support and might be due for a bounce.
• This is in line with a number of other inflection points that might be enough to keep losses in check.
• A continuation of the climb could lead to a test of the Fibonacci extension levels from here.

Bitcoin price appears to be encountering support at the channel bottom and may be due for a rally continuation.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the uptrend is more likely to continue than to reverse.

However, bitcoin price has dipped below the 100 SMA dynamic inflection point to signal some bearish pressure. The 200 SMA might be the line in the sand for a pullback, as it lines up with a former resistance around $7,500.

If support holds, bitcoin price could resume the climb to the nearby resistance levels marked by the Fibonacci extension tool. the 38.2% to 50% levels are around the mid-channel area of interest, with the latter lining up with the swing high around $8,500. Stronger bullish momentum could take it up to the 61.8% extension at $8,645 or the 78.6% extension at the channel resistance. The full extension is located at $9,126.80 above the top of the channel.

RSI is indicating oversold conditions and looks ready to turn higher, signaling that buyers could return while sellers take a break. Stochastic is also in oversold territory to reflect weaker bearish pressure and a return in bullish momentum once the oscillator starts moving higher.

Bitcoin price has pulled back from its strong climb on account of profit-taking on the CME futures expiry this week and the rejection of the Winklevoss bitcoin ETF by the SEC. The regulator also decided to delay its decision on the other bitcoin ETF applications filed in order to make room for more feedback.

Looking ahead, bitcoin price could wait for another round of positive developments to sustain its climb. Earlier on, expectations for a second-half rebound and the pickup in institutional interest were seen as factors propping prices higher.

The post Bitcoin (BTC) Price Watch: Can Bulls Defend This Level? appeared first on NewsBTC.

Bloomberg

Bitcoin Sparks PE Fund to Back Wind Farm on Manhattan-Sized Plot Bloomberg Renewables have become the preferred means of mining digital currencies like Bitcoin after the cost of electricity surged last year, forcing the industry to spend more money on computing power. While traditional fuels like coal remain staples for many ... and more »

Key Points

• Bitcoin cash price failed to hold gains and declined below the $825 support against the US Dollar.
• Yesterday’s highlighted important bullish trend line was breached with support at $840 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is now back in a bearish zone with an immediate support near the $780 level.

Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD dropped below the $825 support to move into a bearish zone.

Bitcoin Cash Price Decline

There were a couple of failures noted above the $870 level in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and broke the $850 and $840 support levels. There was even a break below the 50% Fib retracement level of the last leg from the $770 swing low to $878 high. Moreover, the price broke a key support at $825 and settled below the 100 hourly simple moving average.

During the decline, yesterday’s highlighted important bullish trend line was breached with support at $840 on the hourly chart of the BCH/USD pair. The pair is currently trading below the $800 level and is testing the 76.4% Fib retracement level of the last leg from the $770 swing low to $878 high. It seems like the price moved back in a bearish zone and it could accelerate declines towards the $780 support area. Below this, the price may perhaps test the $750 support zone.

Looking at the chart, the price is clearly under pressure below $825. If there is an upside move, the broken support at $825 and the 100 hourly SMA is likely to act as resistances. Above this, there is a bearish trend line with resistance near $840 on the same chart.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level.

Major Support Level – $780

Major Resistance Level – $825

The post Bitcoin Cash Price Analysis: BCH/USD Back in Bearish Zone appeared first on NewsBTC.

The crypto community is more ideologically diverse than you might think, according to survey results in CoinDesk’s Q2 2018 State of Blockchain report.

In recent news pertaining to cryptocurrency exchanges, Chicago Mercantile Exchange (CME) has revealed that trading volume on its bitcoin futures markets nearly doubled during Q2; lawyer Jake Chervinsky has predicted that the United States Securities and Exchange Commission (SEC) may postpone its determinations regarding Vaneck’s proposed bitcoin exchange-traded fund (ETF) until March 2019; and Bitmex has set a record for the number of XBT contracts traded on its platform in a single day – with over 1,000,000 XBT contracts exchanging hands in just 24 hours.

Also Read: Markets Update: BTC Gains 30% in Two Weeks, Alts Lose Correlation

CME Reveals 93% Growth in Daily Volume During Q2

Chicago Mercantile Exchange has announced that trading volume for its bitcoin futures contracts nearly doubled quarter-over-quarter. During Q1 2018, the average daily trading volume for CME bitcoin futures was 1,854 (equivalent to 9,270 BTC), whereas the average daily volume for Q2 was 3,577 (equivalent to 17,885 BTC).

On Twitter, CME Group posted that “Bitcoin futures average daily volume in Q2 grew 93% over [the] previous quarter, while open interest surpassed 2,400 contracts, a 58% increase.”

Lawyer Predicts Vaneck ETF Decision Likely to be Postponed Until March 2019

A Jake Chervinsky, a lawyer who works for Kobre & Kim L.L.P., took to Twitter this week in order vent frustrations with the dominant narrative pertaining to “SEC rulemaking procedures” circulating among cryptocurrency users on Twitter.

Mr. Chervinsky asserts that “The timing of the ETF approval process follows a standard formula: the ETF files a “proposed rule change” with the SEC; the SEC posts notice of the filing in the Federal Register and solicits comments; and the SEC has 45 days from posting to approve or deny the ETF,” adding that “the SEC doesn’t have to decide within 45 days. It can extend the deadline up to three times: 45 more days if ‘a longer period is appropriate’; 90 more days for the ETF to address grounds for disapproval; and 60 more days if again ‘a longer period is appropriate’. This means the real deadline for the SEC to approve or deny an ETF is 240 days after it files notice in the Federal Register.”

Given the SEC’s potential extensions and adjusting for weekend deadlines, Mr. Chervinsky predicts that the final deadline for the “Vaneck/Solid X ETF […] should be March 4, 2019.”

Bitmex Sets Record of Over 1 Million XBT Traded in 24 Hours

On the 25th of July, Bitmex, a high leverage bitcoin derivative trading platform based in Seychelles, announced that its traders had set a new record for the number of XBT contracts traded in 24 hours. With over 1 million XBT contracts traded, Bitmex hosted over $8 billion USD worth of trade in a single day.

On Twitter, the exchange claimed that the over 1 million XBT in volume was a record for the entire cryptocurrency industry, in addition to Bitmex.

What do you think of the estimate of March 2019 as a final deadline for the SEC to approve or reject the proposed Van Eck bitcoin ETF? Join the discussion in the comments section below!

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Images courtesy of Shutterstock, https://twitter.com/CMEGroup, Bitmex

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The post Exchanges Round-Up: CME Volume Doubles Q2, Lawyer Predicts SEC Delays ETF Until March appeared first on Bitcoin News.