Day: August 6, 2018

A Chinese investor is suing crypto exchange OKCoin for allegedly preventing him from withdrawing Bitcoin Cash after Bitcoin’s hard fork

Bitcoin derivatives trading provider LedgerX says it saw a “record” amount of trading volume over the last two months.

Congressman Bob Goodlatte has disclosed in his annual report that he owns cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash

On a weekly basis, ETH is down 10 percent and this is contrary to the fundamentals that are overly supportive of Ethereum (ETH). Remember, not only are there new developments as Mokens launching and implementing new ERC standards but the approval of ENS by ICANN is definitely a huge plus for Ethereum (ETH) propulsion to mainstream.

From the News

• Finally, the first composable ERC-998, non-fungible token is ready to launch on the Ethereum mainnet. A composable token is simply a unique digital asset and there are of two types: top-down composables and bottom up composables. ERC-998 tokens according to Mokens are an extension of the ERC-721 tokens that makes it possible for one to own other ERC-721 tokens. In turn ERC-721 tokens can also own ERC-20 based tokens.
• Trinity, an agnostic second layer solution for Ethereum, state channels might end up being deployed by end of August. Thereafter the team plans on setting a Trinity-Ethereum node set up page for non-technical users and later there will be optimization of Trinity app and NEO nodes.
• In collaboration with Ethereum Name Service (ENS) and Mind + Machines Group (MMX), ENS will be ready for integration with the WWW via their top level domain, luxe. With this, every luxe domain will be considered an Ethereum asset and in that case it shall have a corresponding hash rate on the Ethereum blockchain. Encouragingly, luxe domain will be resolvable after getting the much needed approval from the Internet Corporation for Assigned Names and Numbers (ICANN).

Ethereum (ETH) Technical Analysis

Weekly Chart

Ethereum Weekly Chart by Trading View

By dropping 10 percent week over week, Ethereum (ETH) is $50 away from 2018 lows and $3 from breaching the lower limit of our $150 trading range with floors at $400.

Anyhow, odds are we might see further losses of Ethereum (ETH) considering last week’s bear engulfing candlestick breaking below July attempts of higher high.

Besides, by closing as a strong bear, ETH sellers are now syncing with May-June losses and snapping back to the last seven month bear trend.

On the other hand though, Ethereum (ETH) bulls need to reverse last week’s losses and perhaps print above $550 for them to stand a chance against this 13 percent month over month losses. All in all though, we recommend shorts with ideal stops at last week’s highs with first bear targets at $350 and later $150.

Daily Chart

Ethereum Daily Chart by Trading View

Not only are we bearish for today but we also expect a follow through of yesterday’s sellers. Ideally, what we wish to see is a whole bear candlestick closing below $400.  $400 is our main support trend line and the lower limit of the last 40 day trade range.

As we have reiterated time and time again in our past Ethereum (ETH) technical analysis, when that happens, we can begin unloading ETH on every pull back or retest of $400 with assurance that the third phase, the trend resumption stage, of that bearish break out pattern of June 10.

Our first and short term target will be $350, 2018 lows and later $150, Q4 2017 lows.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Ethereum (ETH) Technical Analysis: Ethereum (ETH) Enters the Seventh Month of A Correction appeared first on NewsBTC.

The biggest Bitcoin and cryptocurrency exchange headquartered in the United States, Coinbase, has reopened to residents of Wyoming after a three-year hiatus, due to a change in the law that exempts virtual currency businesses from having to deposit double reserves with the state to get a money transmitter license. Coinbase once again has a money transmitter license in the state of Wyoming, and the less than 1 million people that live across the sparse plains of Wyoming can buy and sell cryptocurrency on Coinbase.

In June 2015, Coinbase closed its doors to Wyoming residents since it determined that it would be too costly and impractical to obtain a money transmitter license from state regulators. Coinbase would have been required to deposit double the value of Wyoming residents’ cryptocurrency assets with the state for reserve purposes. This law was created to protect traders and investors but ultimately, it caused every legitimate crypto exchange to abandon Wyoming. This left Wyoming residents with no options besides peer-to-peer dealing through sites like Localbitcoins, which might still be illegal because that could be considered money transmitting.

In March 2018, the Wyoming legislature changed the law to exempt virtual currency businesses. Coinbase had been actively working with Wyoming politicians to make this happen, including David Miller from the Wyoming House of Representatives, Eli Bebout who is the state senator of Wyoming, and the Wyoming Division of Banking.

This follows another victory in 2017 after Coinbase obtained the New York BitLicense allowing them to resume services for New York residents. Coinbase left New York and Wyoming around the same time in 2015 amid a frenzy of new crypto regulations across the United States caused by money laundering concerns.

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British multinational investment bank and financial services company Barclays is reportedly looking to join the cryptocurrency hype among institutional players.

Barclays Appoints Chris Tyrer to Lead Digital Assets Project

A few months ago, Jes Staley, Barclays CEO, ruled out launching their own virtual currency trading desk. However, the bank has reportedly created a “digital assets project” in which it will be figuring out how to approach the fast-growing market.

Barclays, one of the world’s largest banks with nearly 120,000 employees across the globe and reporting over £21,000 billion in revenue, has remained on the sidelines when it comes to the trading of digital assets. Goldman Sachs was one of the first large institutional players making a move by using its own money to trade with clients in a number of contracts. The decision saw other financial institutions making the move to launch cryptocurrency trading desks, but Barclays kept its cool.

In May 2018, Staley, told a shareholder that he remained skeptical of the technology because of compliance and regulatory issues, but that the bank was exploring the subject of cryptocurrencies. Now, it’s reported that instead of launching a virtual currency trading desk, the bank exploring how it can start trading digital currencies, reports the Financial News. The “digital assets project” will be run by Chris Tyrer, former global head of energy trading.

The working group includes Marvin Barth, head of FX and emerging markets macro strategy, and Lee Braine, a senior executive from the CTO office and expert on blockchain technology. Braine recently made comments about distributed ledger technology in an interview.

“There are clearly tremendous opportunities for startups in the blockchain space. For investment banking, blockchain-inspired solutions such as shared ledgers and smart contracts should aim to meet the enterprise-scale architectural non-functional requirements […] Different banks implement executable business logic, often operating in a similar way, within their bank. The opportunity here is for executable business logic common across banks, and shared ledgers may provide one potential way of achieving that.”

Barclays Joins Institutional Race for Cryptocurrency Market

News that Barclays is strengthening its “digital asset project” indicates that an eventual launch of a cryptocurrency trading desk may be sooner than one would expect after Staley’s comments in May. Barclays joins a group of institutional players who are gaining confidence in a more regulated, secure, and predictable ecosystem.

The institutional race for digital assets may have started with Goldman Sachs, but Morgan Stanley is a strong competitor after revealing their plan of creating a specific desk for institutional traders, ICOs, and arbitrage. This before Goldman Sachs or any of the other major players.

JPMorgan Chase has recently appointed DLT talent Oliver Harris to its blockchain initiatives team as Head of Crypto-Strategy. CEO Jamie Dimon once called Bitcoin a “fraud”, but he has been quite open to distributed ledger technology for its promise of disruption.

Featured image from Shutterstock.

The post Barclays Sets Up Digital Asset Team to Explore Crypto Trading appeared first on NewsBTC.

Overstock.com’s token platform subsidiary tZero is officially closing its security token offering (STO) Monday night.

Despite several attempts, Bitcoin has failed to stay about $7,000 today, with major altcoins trading sideways or slightly in the red

Robinhood zero-fee trading app has listed Ethereum Classic, the app is available in 19 states