Day: July 31, 2018

Key Highlights

• Ripple price extended slides and traded below the $0.4300 support level against the US dollar.
• There is a new connecting bearish trend line formed with resistance near $0.4325 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently trading near a major support area at $0.4250, which holds a lot of importance.

Ripple price tumbled further against the US Dollar and Bitcoin. XRP/USD must hold the $0.4250 support to avoid more declines towards the $0.4000 level.

Ripple Price Support

There was no recovery above the $0.4450 level in Ripple price against the US Dollar. The XRP/USD pair extended its decline and broke the $0.4400 and $0.4300 support levels. The decline was such that the price is now trading well below the $0.4400 level and the 100 hourly simple moving average. However, the price is currently testing a significant support near $0.4250, which acted as a barrier for sellers on many occasions.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4562 high to $0.4266 low. Moreover, there is a new connecting bearish trend line formed with resistance near $0.4325 on the hourly chart of the XRP/USD pair. Above this trend line, the price may perhaps recover towards the $0.4400 level. The next resistance is close to the 50% Fib retracement level of the last decline from the $0.4562 high to $0.4266 low. Finally, the previous support at $0.4500 is likely to act as a strong resistance for buyers.

Looking at the chart, the price is losing bearish momentum near $0.4250, which is a positive sign. Therefore, as long as the price is above $0.4250, it is likely to recover. Below this, the next support is near the $0.4000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level and is recovering.

Major Support Level – $0.4250

Major Resistance Level – $0.4400

The post Ripple Price Analysis: XRP/USD Testing Significant Support appeared first on NewsBTC.

In the 2020 United States Presidential elections, Democratic Party’s Andrew Yang has announced he will be accepting cryptocurrencies for his campaign fund. This move comes with a plethora of humanist policies that echo the decentralized sentiments found at the core of blockchain technology.

Crypto donations

On 24 July, Yang declared in a Tweet that his campaign would be accepting Bitcoin, Ethereum and any other ERC20 compliant token (Ethereum network-based). In order to donate via cryptocurrency, voters will be required to verify their right to vote in the United States, after which they will be sent a wallet address.

HUGE news – my campaign can now accept Bitcoin, Ethereum and other cryptocurrencies! https://t.co/GScyqfZXLY Let’s build the future together. @Steven_McKie @JulianSarokin @yidagao @AdamDraper @mashadrokova @albertwenger @novogratz @ericbahn @RamanFrey @richardtitus

— Andrew Yang (@AndrewYangVFA) July 24, 2018

Yang will also be leveraging other modern technologies such as live video-streaming platform Twitch.tv to broadcast campaign events; the streaming website also accepts cryptocurrency tips.

The entrepreneur turned politician has some distinct concerns with new technologies such as robotics, software and artificial intelligence, believing that they will be eliminating millions of jobs over the next five to ten years.

However, contrary to his seemingly technophobic stance, he has the desires to maximize human welfare through what he calls “Human Capitalism” and create a Universal Basic Income (UBI), for every American, offering USD 1,000 a month in a policy called The Freedom Dividend.

Food for thought

The candidate may not need to look particularly far to marry the idea of UBI with a blockchain experiment called SwiftDemand. It is an attempt to create a basic income for anyone who signs up and quite simply, receives an unconditional 100 Swift tokens a day.

The project is currently making its transition on to the blockchain, officially turning the digital currency into a cryptocurrency, with the goal of trading Swift on to cryptocurrency exchanges.

Swift coins are “only worth as much as someone else is willing to pay for them”. It’s an attempt to create a balanced ecosystem, which is perfectly in tune with Yang’s primary policies.

Looking ahead

By 2020, United States regulators may have put in place strong regulatory frameworks for blockchain and cryptocurrencies, which could open up a world of possibility should a newly elected president hold values that chime with blockchain and cryptocurrencies.

A Libertarian candidate for the 2018 Wisconsin gubernatorial election has also announced that he will be accepting Bitcoin donations for his campaign. The move is controversial due to contention around the legalities of such donation, which may be something that Yang comes up against sooner than later.

Furthermore, Bitcoin is tied to an extraordinarily significant scandal in the United States. Recently, Russian hackers were in hot water for hacking the 2016 presidential race, allegedly utilizing Bitcoin to fund their operation.

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Yoni Assia, the CEO of eToro, a major multi asset brokerage firm with more than eight million active users, has said in an exclusive interview with NewsBTC that some institutions have already broken into the crypto market.

Institutional Investors are Already Present in Crypto Market

Throughout the past few months, prominent investors and analysts including BlockTower’s Ari Paul and Multicoin Capital’s Kyle Samani have emphasized that to assist the entrance of large-scale institutional investors into the crypto market, an institutional suite of products are necessary.

Several custodian and institutional solutions have emerged in the second quarter of 2018, equipped with secure vaults, cold storage, insurance, and internal management systems to protect the capital of major investors.

Consequently, the market has already seen a few institutional investors allocate capital into digital assets such as Bitcoin, and regulated financial institutions such as $89 billion investment bank Goldman Sachs have started to offer Bitcoin products to their clients.

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too,” David Solomon, the newly appointed CEO of Goldman Sachs, said.

Acknowledging the rise in interest towards an emerging asset class in digital assets, eToro CEO Yoni Assia emphasized that more institutions will follow in the upcoming months to facilitate the growing demand towards Bitcoin and potentially other major cryptocurrencies from investors in the traditional finance sector.

Assia explained:

“We have already seen some institutions breaking into the crypto market, offering Bitcoin products to their customers. This is set to continue, as investors recognise the value of blockchain technology. Goldman Sachs recently opened their Bitcoin futures trading desk and we expect more financial institutions to follow. Bitcoin is of course the most well-known cryptoasset, but as the market develops and investors familiarise themselves with these new assets, the scope of products offered will increase. We expect that Ethereum and others will closely follow Bitcoin products offered by market incumbents.”

Regulatory Change

As widely utilized Bitcoin exchange BitMEX CEO Arthur Hayes previously stated, one key regulatory change by a major market like the US, Japan, and South Korea could allow the market to establish strong fundamentals to support the next rally.

Earlier this year, the US Securities and Exchange Commission (SEC) formally recognized Bitcoin and Ether, the native cryptocurrency of Ethereum, as non-securities, clearing up regulatory uncertainty in the blockchain sector.

The approval of a Bitcoin exchange-traded fund (ETF), which experts predict could happen in February of 2019, could be the next crucial regulatory decision that will likely lead the cryptocurrency market to prosper in the mid-term.

“Decisions by regulators help to provide the market with some much-needed clarity and certainty, creating an environment more conducive to market development. We welcome considered and informed government policy towards cryptoassets. Governments definitely have a role to play in protecting consumers, and helping to create a well-regulated, trusted market as a foundation for the future of money over the long term,” Assia said.

Already, eToro, one of the biggest stock and FX trading platforms, has integrated 11 cryptocurrencies on its platform, and other platforms in the traditional finance sector such as Robinhood and Revolut have moved towards supporting digital assets.

Featured Image From Shutterstock

The post Interview With eToro CEO: Some Institutions Already Broke Into Crypto Market appeared first on NewsBTC.

Key Highlights

• ETH price extended declines and broke the $440 and $426 support levels against the US Dollar.
• There are two key bearish trend lines formed with resistance at $429 and $442 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is in a major downtrend and it remains at a risk of more declines below $410 in the near term.

Ethereum price declining sharply against the US Dollar and bitcoin. ETH/USD extended losses below $430 and it may even test the $400 level.

Ethereum Price Resistance

Yesterday, we discussed that ETH price turned bearish below $468 against the US Dollar. The ETH/USD pair extended declines below the $465 level and tumbled by more than $40. It even broke the $440 and $426 support levels to move into a bearish zone. The recent low was near $411 and it seems like upsides and recoveries are likely to be limited in the near term.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to $411 low. Moreover, there are two key bearish trend lines formed with resistance around $430 on the hourly chart of ETH/USD. The first trend line coincides with the previous support area at $426-428. The second trend line coincides with the 50% Fib retracement level of the last decline from the $458 high to $411 low. Therefore, both trend lines at $429 and $442 are likely to act as strong resistances for ETH buyers.

Looking at the chart, the price may perhaps correct a few points towards the $430 level. However, it is likely to face sellers and decline back below $420. Should there be a break below the $411 low, there is a risk of more losses below $400.

Hourly MACD – The MACD is placed nicely in the bearish zone.

Hourly RSI – The RSI is well near the oversold levels with many bearish signs.

Major Support Level – $411

Major Resistance Level – $442

The post Ethereum Price Analysis: ETH/USD Tumbles Below $430 appeared first on NewsBTC.

The Australian government has funded the Sustainable Sugar Project with the equivalent of USD 1.7 million to track the origin of sugar imported into the country.

The project has been curated by the Queensland Cane Growers Organization using blockchain technology to track the source, and movements of sugar being sold in Australia. It is part of a larger initiative of the Smart Cane Best Management Practice that is attempting to bring transparency to the sugar industry and promote sustainability.

The organization spoke to Foodnavigator-Asia on Monday, outlining the benefits of utilizing blockchain technology in the food industry, noting that its immutable nature with all transactions recorded can give consumers confidence in their purchases and promote improved food standards policies.

The Sustainable Sugar Project is a collaboration of industry expertise from individuals in the farming and blockchain sectors, basing the initiative on three key factors: productivity, sustainability, and profitability.

Agriculture minister David Littleproud said the technology involved with the project would help assure buyers of the sustainability of the sugar and practices involved in cultivating it. He predicted that as the demand for sustainably-sourced products grows, people will be happy to pay more for sugar that can be proven to meet their required expectations.

Blockchain in logistics

This is not the only exciting blockchain innovation Australia is involved with right now, however. The Commonwealth Bank of Australia announced Monday it had successfully shipped 17 tons of almonds from Sunraysia to Hamburg, Germany while utilizing a newly-developed blockchain platform.

These cases are both examples of the practical use-cases of blockchain in international supply chains, allowing the movements of commodities to be tracked across the globe. Blockchain technology is being hailed by logistics companies as a cheaper, more effective alternative of tracking complex supply systems.

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Bitcoin Price Key Highlights

• Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback.
• The Fibonacci retracement tool shows the potential support levels where buyers could be waiting.
• Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an uptrend.

Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. Although price already broke below the 100 SMA dynamic support to signal a pickup in bullish pressure, the gap between the moving averages is still wide enough to suggest that there’s no imminent threat of a bearish crossover.

Bitcoin price could move on to testing the 200 SMA dynamic inflection point next, and this lines up with the 61.8% Fibonacci retracement level at the $7,000 major psychological mark. A larger pullback could last until the very bottom of the freshly-forming ascending channel at $6,800, which lines up with a former resistance level.

RSI is heading lower to show that sellers are in control, but the oscillator is also dipping into oversold territory to signal exhaustion among sellers. Similarly stochastic is heading south so bitcoin price might follow suit, but it’s also approaching oversold levels to suggest a possible turnaround soon. In that case, the 38.2% Fib at the mid-channel area of interest might be enough to keep losses in check.

BTCUSD Chart from TradingView

The recent slide is being pinned on news from South Korea as officials are looking into ending tax benefits for cryptocurrency exchanges. This has been prompted by rapidly increasing transaction volumes in the country, leading authorities to worry that a lot are being used for money-laundering and financing illegal activity.

Hong Seong-ki, head of the country’s cryptocurrency response team South Services Commission, said:

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”

The post Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update appeared first on NewsBTC.

Key Points

• Bitcoin cash price tumbled sharply and broke the $800 support area against the US Dollar.
• There are two bearish trend lines formed with resistance at $770 and $810 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is likely to extend the current decline below the $740 support level in the near term.

Bitcoin cash price is under pressure below the $800 support against the US Dollar. BCH/USD is trading below $760 and it could revisit the $720 support.

Bitcoin Cash Price Decline

There was a rejection noted around the $820 zone in bitcoin cash price against the US Dollar. The BCH/USD pair failed to break the 100 hourly simple moving average and $830. As a result, there was a sharp decline and the price tumbled below the $800 and $770 support levels. During the decline, it even settled below the last swing low at $780. Moreover, there was a break below the 1.236 Fib extension level of the last wave from the $779 low to $840 high.

It opened the doors for more losses and the price dipped below the $750 support area. At the outset, the price is now trading well below the $800 support and the 100 hourly SMA. On the downside, the $740 level may perhaps act as a support. It represents the 1.618 Fib extension level of the last wave from the $779 low to $840 high. Below this, the next support for buyers is around the $720 level. On the upside, an initial resistance sits at $765. There are also two bearish trend lines formed with resistance at $770 and $810 on the hourly chart of the BCH/USD pair.

Looking at the chart, the price is clearly in a downtrend and it could accelerate declines towards the $720 and $700 level.

Looking at the technical indicators:

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

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

Major Support Level – $720

Major Resistance Level – $770

The post Bitcoin Cash Price Analysis: BCH/USD Extending Losses Below $750 appeared first on NewsBTC.

Multinational financial services company Wells Fargo has conducted a poll of investors in the United States, revealing a skeptical 72% majority who “have no interest in ever buying Bitcoin” and 75% who find Bitcoin to be “very risky”.

The stats

The poll, which was conducted over a week in May 2018, consisted of 1,921 adults in the US who had USD 10,000 or more invested in stocks, bonds or mutual funds. It found that 72% had no interest in ever investing in Bitcoin, 26% were “intrigued” but won’t be buying soon, 2% owned Bitcoin and less than 0.5% would “probably buy Bitcoin in the near future”.

Naturally, the results display a contrast between age groups and genders with regards to cryptocurrency awareness; 22% of investors above the age of 50 knew of Bitcoin’s existence with that figure dropping to 16% for the 65+ age bracket.

Some 48% of those aged between 18 and 49 were aware of Bitcoin, with 41% of this age bracket being “intrigued” by Bitcoin, but would not be buying soon. Of the gender groups, 38% of men knew of Bitcoin as did 20% of women.

Bitcoin views

A factor that could have contributed to the “risky” consensus could be boiled down to a couple of particularly prominent issues. Firstly, the recent indictment of Russian hackers who allegedly utilized Bitcoin to fund their hacking attacks on the 2016 US elections is likely to play a big role.

Furthermore, according to previous Wells Fargo studies, US investors tend to avoid more risk adverse investments for retirement savings. Cryptocurrencies and Bitcoin alike are notoriously volatile markets and the 2014 study indicated that a higher guarantee of return on investment was more favorable than one with high growth potential.

Bitcoin and cryptocurrencies have traditionally been viewed as unstable, potentially unsafe and linked to malicious intent despite evidence showing otherwise. These impressions may shift should industrial and governmental adoption grow in a positive manner.

Change on the horizon?

The Gallup poll reads, “Looking to the future, however, many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”

The results may be a reflection of the present institutional and governmental sentiments in the United States; for some time, cryptocurrencies have been observed with cautious scrutiny by the Securities and Exchange Commission.

Nevertheless, efforts to bring the cryptocurrency and the underpinning technology of blockchain to mainstream prominence are underway with growing pressures from other governing entities in the United States who fear the US is falling behind, as well as from international participants and world-leading technology trade associations.

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Bitcoin has broken the key support level at $7,800 as the bears take back full control of the market during an exhaustive sell-off.

A PwC executive said that among various digital assets, only digital currencies can “really be used at present”

Now a year old, bitcoin cash is carving out a unique niche for itself with new applications.