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Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally – newsBTC


newsBTC

Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally
newsBTC
Although the crypto market saw a resurgence on Wednesday, with assets like Bitcoin posting 5 percent gains, the market remains in “purgatory,” where analysts aren’t too sure where prices will move next.
US Investors Can Now Buy a Bitcoin Exchange-Traded NoteBitcoin Magazine
US Investors Can Now Invest in a Fully-Regulated Bitcoin ETNBitcoinist
There’s Still No Bitcoin ETF, But Investors Just Got a Consolation PrizeCCN
Bloomberg –XBT Provider
all 48 news articles »

newsBTC

Prominent Analyst: Bitcoin and Crypto Aren't Heading Upwards, Big Drop Before Big Rally
newsBTC
Although the crypto market saw a resurgence on Wednesday, with assets like Bitcoin posting 5 percent gains, the market remains in “purgatory,” where analysts aren't too sure where prices will move next.
US Investors Can Now Buy a Bitcoin Exchange-Traded NoteBitcoin Magazine
US Investors Can Now Invest in a Fully-Regulated Bitcoin ETNBitcoinist
There's Still No Bitcoin ETF, But Investors Just Got a Consolation PrizeCCN
Bloomberg -XBT Provider
all 48 news articles »

Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally

Although the crypto market saw a resurgence on Wednesday, with assets like Bitcoin posting 5 percent gains, the market remains in “purgatory,” where analysts aren’t too sure where prices will move next. The Tracker One ETN May Be Good News, But Bitcoin Isn’t Heading Upwards As reported by NewsBTC on Thursday, a Swedish Bitcoin exchange-traded note

The post Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally appeared first on NewsBTC.

Although the crypto market saw a resurgence on Wednesday, with assets like Bitcoin posting 5 percent gains, the market remains in “purgatory,” where analysts aren’t too sure where prices will move next.

The Tracker One ETN May Be Good News, But Bitcoin Isn’t Heading Upwards

As reported by NewsBTC on Thursday, a Swedish Bitcoin exchange-traded note (ETN) recently became available for US investors. While ETNs should not be mistaken with the similarly-named ETF, many individuals and industry leaders likened this new investment vehicle to the long-awaited, heavily-contested ETF proposal. As Bloomberg noted, the Bitcoin Tracker One ETN is a “soft opening of sorts for a crypto ETF.”

The similarities between the two forms of investment resulted in rampant speculation that the introduction of Bitcoin Tracker One to the U.S. market would drive up prices. But alas, the market stayed relatively still even as this set of news hit headlines, posting a mediocre performance that could be equated to a mixed bag.

As such, CNBC Fast Money’s host noted that the market is essentially in a purgatory phase, where sentiment remains in a state of near-superposition. Susquehanna’s head of digital assets, Bart Smith, recently appeared on Fast Money to discuss the condition of the market.

Opening up his segment, Smith alluded to Tom Lee’s recent comment about BTC being a “show-me token/currency,” doubling-down on this opinion that investors need unrefutable proof that a piece of news is bullish or bearish to act accordingly. The investor, who has become known as the “Crypto King” on CNBC, elaborated, stating:

“It’s $8 million traded today (via the ETN). So if you had that repeat in a fund over and over again that would add up pretty quick. I would think that if this volume persisted over time that the ETN could be a big deal, but the market didn’t move and the market is in show-me mode. There’s been a lot of news that has come along that you would have thought would have been a catalyst.”

While any vehicle that drives investor interest into Bitcoin should hypothetically drive up prices, Smith noted that a US-based SEC-regulated ETF would “have a much bigger effect on prices.”

“Why Isn’t The Intercontinental Exchange A Bigger Deal?”

Despite the fact that the market’s turnout to the ETN-related news was mediocre at best, and disappointing at worst, CNBC trader Brian Kelly asked Smith if the market could find solace in the ICE-backed Bakkt platform. The Susquehanna executive noted:

“It was very surprising. You saw a lot of the big names in this space, you know, Novogratz (Galaxy Digital) and many others who were out there (involved in Bakkt)… I don’t know why this isn’t a bigger deal, right?… This is an opportunity for NYSE’s parent company, ICE, to create ICE futures, a custody warehouse in the spot commodity for institutions. ICE is a name that institutions trust (as well).”

It seems that with this comment, the two crypto-centric investors on the CNBC panel hold a similar sentiment on the collaboration between ICE, Microsoft, and Starbucks. With Brian Kelly, who has become near-notorious for his unrelenting bullish sentiment, recently calling the establishment of Bakkt “the biggest crypto news of this year.”

Whilst bulls were let down when the market stagnated as ICE made its first public mention of Bakkt, Smith added that the platform is still in its early stage, with the first Bakkt product expected to launch in November. The prominent investor closed off his segment adding that Bitcoin may continue to bounce around in the $6,000 to $6,800 range for the time being, and may even move lower. Also noting that it might just be a bit of a waiting game before the market truly absorbs the impact that this platform could have on the future of this nascent industry.

Featured Image From Shutterstock

The post Prominent Analyst: Bitcoin and Crypto Aren’t Heading Upwards, Big Drop Before Big Rally appeared first on NewsBTC.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, CanadaChinese exchange Huobi and its partners are launching cryptocurrency exchanges in five regions: the Philippines, Russia, Taiwan, Indonesia, and Canada. Partners “share Huobi’s order integration system, wallet system, asset management and clearing systems.” The exchange in Manila has launched with trading in three markets with over 40 trading pairs. Also read: Yahoo! Japan Confirms Entrance Into […]

The post Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada appeared first on Bitcoin News.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada

Chinese exchange Huobi and its partners are launching cryptocurrency exchanges in five regions: the Philippines, Russia, Taiwan, Indonesia, and Canada. Partners “share Huobi’s order integration system, wallet system, asset management and clearing systems.” The exchange in Manila has launched with trading in three markets with over 40 trading pairs.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Five Partners, Five New Exchanges

Chinese digital asset and service provider Huobi has announced that it has chosen five partners to launch cryptocurrency exchanges in five regions.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, CanadaHuobi is one of the world’s largest cryptocurrency exchanges, with a 24-hour trading volume of $915,183,234 at the time of this writing, according to Coinmarketcap. With offices in Singapore, the U.S., Japan, South Korea, Hong Kong, Thailand, and Australia, Huobi claims to serve millions of users in over 130 countries.

The five partners are Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings (AIF) and Dbank Group, according to South China Morning Post. Each partner will utilize Huobi Cloud to set up a new cryptocurrency exchange in “the Philippines, Russia, Taiwan, Indonesia and Canada, respectively,” the publication added.

Huobi clarified on Thursday:

Corporate partners also share Huobi’s order integration system, wallet system, asset management and clearing systems; in addition to Huobi Global’s world-leading depth, liquidity and market data.

The company officially launched Huobi Cloud on July 20, aimed at “enabling its partners to build secure and stable digital asset exchanges quickly.”

Launch Schedule

Huobi has provided a rough schedule for when the new exchanges will be launched by its partners. The exchange in Bali, Indonesia, will be launched on August 22. The one in Taiwan will be called Shubao Digital Asset Exchange and will be launched on August 26. The one in Moscow will be launched on September 3. The company has not provided the launch date for the exchange in Canada at press time.

The only exchange that has already been launched by one of the above partners is in the Philippines; it is called Huibi. Launched on August 12, it is headquartered in Manila and co-founded by Ya Tai International Holding Group.

Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada
Huibi exchange in the Philippines.

Huibi lists three markets on its platform: USDT, BTC, and ETH. Eight trading pairs are available for the USDT market, seven for the BTC market, and 26 for the ETH market. There is no fiat support.

Huobi is also expanding its presence in the U.S. On Wednesday, August 15, the company announced that it “has entered into a strategic partnership, including a significant investment” with Openfinance Network, a US compliant security token trading platform launched earlier this summer. This follows Huobi’s recent attempt to enter the US market with the launch of Hbus exchange.

What do you think of Huobi and its partners launching exchanges in these countries? Let us know in the comments section below.


Images courtesy of Shutterstock, Huibi, and Huobi.


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Ripple Price Analysis: XRP/USD Recovery Above $0.30 On the Cards

Key Highlights Ripple price is moving higher and it has settled above the $0.2800 and $0.2900 resistances against the US dollar. Yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to gain momentum above the $0.3020 and

The post Ripple Price Analysis: XRP/USD Recovery Above $0.30 On the Cards appeared first on NewsBTC.

Key Highlights

  • Ripple price is moving higher and it has settled above the $0.2800 and $0.2900 resistances against the US dollar.
  • Yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to gain momentum above the $0.3020 and $0.3080 levels in the near term.

Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD could continue to move higher once it settles above $0.3020.

Ripple Price Trend

During the past two sessions, there were positive moves in Ripple price above the $0.2700 level against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2900 resistance levels. It even settled above $0.2900 and the 100 hourly simple moving average. Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $0.3575 high to $0.2466 low.

The current price action indicates that ripple could continue to move higher above $0.3020. At present, yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair. Moreover, the 50% Fib retracement level of the last decline from the $0.3575 high to $0.2466 low is at $0.3020. Therefore, the price is likely to accelerate higher once it settles above the $0.3020 resistance. The next hurdle for buyers is near $0.3150, which is the 61.8% Fib level. The final target for buyers could be $0.3300, which is the last swing high.

Ripple Price Analysis XRP USD

Looking at the chart, ripple is positioned nicely above the $0.2800 support for more gains. If there is a downside correction, the $0.2850 support and the 100 hourly SMA are likely to hold losses.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level and is moving higher.

Major Support Level – $0.2800

Major Resistance Level – $0.3020

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BitMEX CEO Dismisses Ethereum as “Double Digit Shitcoin”

The CEO of BitMEX, Arthur Hayes, has said that “Ethereum is a double-digit shitcoin“. He predicts that it will fall below USD 100 when everyone decides to sell all at once. Ethereum is already on an extreme downtrend, having dropped from USD 1,400 to less than USD 260, before bouncing back up slightly to USD …

The post BitMEX CEO Dismisses Ethereum as “Double Digit Shitcoin” appeared first on BitcoinNews.com.

The CEO of BitMEX, Arthur Hayes, has said that “Ethereum is a double-digit shitcoin“. He predicts that it will fall below USD 100 when everyone decides to sell all at once.

Ethereum is already on an extreme downtrend, having dropped from USD 1,400 to less than USD 260, before bouncing back up slightly to USD 290 as of this writing on 16 August 2018. Bitcoin has declined sharply too in the same time from USD 20,000 to USD 6,400, but this is a 68% drop versus Ethereum’s 79% drop.

BitMEX, the largest crypto derivatives exchange in the world with USD billions of trading volume per day, listed Ethereum contracts two weeks ago. These are perpetual swap contracts that exchange Ethereum derivatives for USD, similar to the most popular Bitcoin derivatives product on BitMEX. Currently, the daily volume on BitMEX is ETH 800,000, about USD 250 million. This is nearly on par with Binance’s and Bitfinex’s ETH 1 million of combined trading volume during the same time. Perhaps BitMEX is on track to become the largest Ethereum exchange in the world, although once again this is a derivatives market and not physical cryptocurrency.

The timing of Ethereum being listed on BitMEX and the sharp decrease in its price might not be a coincidence. Ethereum was steady near USD 470 prior to the listing and has dropped nearly 40% since trading started on BitMEX. The possible connection is that BitMEX offers short selling and leveraging, allowing traders to make bets that Ethereum will drop and then multiply those bets. The end result is a massive amount of bets that Ethereum’s price will drop and then it did drop, so these short sellers made huge profits.

The fact that the CEO of BitMEX is now saying Ethereum is going to drop below USD 100 suggests that traders on BitMEX will maximize short selling Ethereum, which could make this a self-fulfilling prophecy. The Ethereum market is smaller than the Bitcoin market and easier to manipulate, and BitMEX is sizable enough that it has definitely influenced Bitcoin’s global price. The quarter-billion USD of Ethereum volume on BitMEX per day is only a small taste of what BitMEX is capable of.

The CEO of BitMEX speculates all the venture capitalists will sell at the same time. The huge amount of short selling on BitMEX has the potential to initiate, accelerate, and propagate the crash of Ethereum. Of course, BitMEX traders can go long on Ethereum too and bet that it will rise, but with the CEO of BitMEX calling for sub-USD 100 prices, that is less likely.

 

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Mark Cuban-Backed Unikrn ICO Hit by Class Action Lawsuit

Unikrn, an e-sport betting firm that conducted an ICO last year, is now facing a class action suit that accuses it of violating US securities law.

Unikrn, an e-sport betting firm that conducted an ICO last year, is now facing a class action suit that accuses it of violating US securities law.

Ethereum Price Analysis: ETH/USD Poised for More Upsides

Key Highlights ETH price is gaining momentum and it could break the $304 resistance for more upsides against the US Dollar. There was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD (data feed via Kraken). The pair might decline a few points towards $290 and

The post Ethereum Price Analysis: ETH/USD Poised for More Upsides appeared first on NewsBTC.

Key Highlights

  • ETH price is gaining momentum and it could break the $304 resistance for more upsides against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might decline a few points towards $290 and $288 before climbing higher in the near term.

Ethereum price is placed nicely in a bullish zone against the US Dollar, but it is struggling versus bitcoin. ETH/USD may soon break $304 to gain momentum.

Ethereum Price Trend

There were mostly range moves above the $277 level in ETH price during the past few sessions against the US Dollar. The ETH/USD pair formed a decent support near $277 and later started an upside move. It traded above the 50% Fib retracement level of the last drop from the $331 high to $250 low. There were a couple of bullish candles formed above $280, but bulls failed to gain momentum.

More importantly, there was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD. The pair is now trading above the $290 level and the 100 hourly simple moving average. If the recent break is true and buyers gain traction, the price may well move past the $304 resistance. Above this, the next resistance is near the 76.4% Fib retracement level of the last drop from the $331 high to $250 low. Finally, the price might aim to test the last swing high at $331-332.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is trading with a positive bias above $277-280. In the short term, there could be a tiny bearish reaction, but the price is likely to find support near the $282 and $277 levels.

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI – The RSI is now placed well above the 50 level with a bullish angle.

Major Support Level – $277

Major Resistance Level – $304

The post Ethereum Price Analysis: ETH/USD Poised for More Upsides appeared first on NewsBTC.

Bitcoin Stickers Attract Unwanted Attention from Authorities

Bitcoin Stickers Attract Unwanted Attention from AuthoritiesBitcoin, while becoming more widely known and a little better understood among the general public, is still considered suspicious among rank and file security folk such as customs and airport agents. Security expert Matt Mitchell warns enthusiasts might want to cover up when it comes to stickers and other social advertisements announcing their crypto love. […]

The post Bitcoin Stickers Attract Unwanted Attention from Authorities appeared first on Bitcoin News.

Bitcoin Stickers Attract Unwanted Attention from Authorities

Bitcoin, while becoming more widely known and a little better understood among the general public, is still considered suspicious among rank and file security folk such as customs and airport agents. Security expert Matt Mitchell warns enthusiasts might want to cover up when it comes to stickers and other social advertisements announcing their crypto love.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Bitcoin Stickers Might Get You Heat

“Conferences, border crossing, airports, public places,” Tactical Tech’s director of digital safety, Matt Mitchell explained to Motherboard, “stickers will/can get you targeted for opposition research, industrial espionage, legal or investigative scrutiny.”

Enthusiastic Bitcoiners who travel know this all too well, and it has been going on for years in various forms. Indeed, back in 2014, well known ecosystem personality Davi Barker of Bitcoin Not Bombs, had a bizarre encounter with TSA agents in the United States. As luck would have it, he was wearing a Bitcoin Not Bombs hoodie, and also had merchandise related to crypto and various libertarian causes (he was on his way to a conference as an exhibitor).

Bitcoin Stickers Attract Unwanted Attention from Authorities

After a very thorough pat down inspection and all his belongings rifled through, he was approached again but this time away from the TSA proper, and just before boarding his flight. Official looking people cornered him, and someone in an orange shirt began asking where he was headed and why. After giving these airport people vague answers, one of them suddenly asks, “‘What about Bitcoin?’ I was flabbergasted. This was above and beyond any scrutiny I had ever received from the TSA, and a little frightening that they were looking for Bitcoin. I said I didn’t understand the question. He continued, ‘We saw Bitcoin in your bag and need to check.’ I was incredulous, and asked, ‘Do you have a superior officer because I don’t think you know what you’re talking about.’ The blue shirt replied by repeating that they were ‘managers,’ but if I didn’t answer his questions he could call law enforcement and have me taken into custody. I asked, ‘Aren’t you law enforcement?’ and he replied, ‘No we’re with the TSA.’” Mr. Barker then asked, “‘What did the Bitcoin look like?’”

A traveling companion then explained to the agent bitcoin is not a physical thing. The agent wasn’t buying it for whatever reason, and the line of questioning went into whether Mr. Barker had more than $10,000 in bitcoin on him. Mr. Barker tried to explain that that is not how this works, and after a while the agents seemed to give up. Mr. Barker believes because he was not flying internationally is what ultimately saved him from even more scrutiny. However, he did contend, “If I wasn’t wearing the hoodie it probably wouldn’t have happened. “

Keep a Low Profile

Ask anyone in the space, and they’ll recall instances where they’ve been pulled aside, stared at, and not always in a bad way. Wearing cool shirts, having stickers on your stuff, is a great way to evangelize. People want to know about cryptocurrency, and so these little advertisements become conversation starters.

When travelling, however, “a laptop lid full of stickers also arguably provides something of a red flag to authorities or hackers who may want to access sensitive information stored on that computer, or otherwise cause the owner hassle,” Motherboard cautions. Veterans carefully pack away their affiliations in such instances or at the very most take ‘burner’ phones and cheaper devices with less information on them. This way, if for some reason they are confiscated, copied, compromised, the loss isn’t significant.

Bitcoin Stickers Attract Unwanted Attention from AuthoritiesOn a flight headed for a DEF CON, Mr. Mitchell noticed a media organization sticker, “This person had a Chromebook, I guess as a travel laptop. But it had a media sticker on it.” Even that, he seemed to imply was too much information, and could be an enticing target for someone looking to make trouble. “Buy an outer case and sticker that shit up. Keep it at home when you travel or swap with a clean outer case. It’s ok to be yourself and have fun,” Mr. Mitchell reminded Motherboard. “Support your favorite nonprofits, open source projects, and surveillance circumvention tech. But nothing comes at no cost or risk.”

And maybe it’s not always a bad thing to broadcast your geek. Tor’s Moritz Bartl recalled how everything in his vehicle was stolen, raided. The only thing remaining when all was said and done was his very stickered laptop. “Police assumed it was [left behind] because it is hard to resell,” Mr. Bartl tweeted.

Do you broadcast your enthusiasm for crypto? Let us know in the comments section below. 


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

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Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?

Bitcoin Price Key Highlights Bitcoin price appears to be forming an inverse head and shoulders pattern on its 1-hour time frame. This is considered a classic reversal signal and if confirmed, price could pull up from its earlier drop. Technical indicators are also reflecting the presence of bullish momentum. Bitcoin price might be forming an

The post Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern? appeared first on NewsBTC.

Bitcoin Price Key Highlights

  • Bitcoin price appears to be forming an inverse head and shoulders pattern on its 1-hour time frame.
  • This is considered a classic reversal signal and if confirmed, price could pull up from its earlier drop.
  • Technical indicators are also reflecting the presence of bullish momentum.

Bitcoin price might be forming an inverse head and shoulders pattern as it moves to test the neckline soon.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is now to the upside. This adds confirmation that the uptrend could carry on from here, possibly enough to take bitcoin price past the neckline at the $6,600 level.

If so, bitcoin price could climb by around $1,000 since this is the height of the inverse head and shoulders reversal pattern. RSI is also pointing up to signal that buyers are taking control of price action from here. Stochastic is also on the move up to confirm bullish pressure, but this oscillator is also nearing overbought levels. Turning back down could bring selling pressure in.

BTCUSD Chart from TradingView

BTCUSD Chart from TradingView

Bitcoin price is attempting to recover lost ground long-term support levels continue to be defended by bulls. An improvement in risk sentiment, stemming from the prospect of US-China trade talks next week is also propping up cryptocurrencies. Then again, some say that this is just a short-squeeze from the earlier drops.

Still, it’s helpful to remember that the dollar remains safely bid as easing trade tensions could benefit the US economy at the end of the day. This could keep some downside pressure on BTCUSD in play. A number of analysts retained their bullish bets while experts also expressed confidence that betting on the industry is a long-term game rather than being rattled by these short-term drops.

The post Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern? appeared first on NewsBTC.

Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern? – newsBTC

newsBTCBitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?newsBTCIf so, bitcoin price could climb by around $1,000 since this is the height of the inverse head and shoulders reversal pattern. RSI is also pointing up to signal that buyers are t…


newsBTC

Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?
newsBTC
If so, bitcoin price could climb by around $1,000 since this is the height of the inverse head and shoulders reversal pattern. RSI is also pointing up to signal that buyers are taking control of price action from here. Stochastic is also on the move up ...

and more »

ExCraft Launches First DAO, User-Governed Cryptocurrency Exchange

Hong Kong, 17 August 2018 — ExCraft (www.excraft.com), a cloud-native cryptocurrency exchange based in Hong Kong that implements a DAO governance ran by the users and pools, was launched today. ExCraft stands out by being a community and pool focused exchange, rewarding traders through a combination of “Proof of Existence” (PoE) and “Proof of Stake” (PoS) mechanisms, […]

Hong Kong, 17 August 2018 — ExCraft (www.excraft.com), a cloud-native cryptocurrency exchange based in Hong Kong that implements a DAO governance ran by the users and pools, was launched today. ExCraft stands out by being a community and pool focused exchange, rewarding traders through a combination of “Proof of Existence” (PoE) and “Proof of Stake” (PoS) mechanisms, allowing power-users to create pools, vote for new project listings, and even create dedicated pool exchanges based on its immutable and fair PoE and PoS meritocracy.

The first DAO-based exchange — “ExCraft, Craft Your Own Exchange!”

ExCraft introduces the first decentralized autonomous organization exchange managed based on a single or pooled user trade volume meritocratic Proof of Existence voting system. Verified KYC (Know Your Customer) users will be able to vote on listing new projects to be sponsored in the exchange. The ExCraft community values all users input as well as those who trade most frequently.

The governance of the DAO will combine ExCraft with a Congress and a Senate made of Pool Masters and Grand Pool Masters to which all votes will be submitted. All votes will be subjected to a Congress and a Senate smart contract voting based on both KYC users and the meritocratic system:

  • The Representative Proof of Stake Congress will be a meritocracy based on the top 101 users holding EXT tokens as determined by a smart contract. Any current representative of the congress may bring an issue to vote. The vote result will be transparent and easily verifiable on the blockchain. When a bill passes the Congress, it is passed to the Senate for a second vote in a new smart contract.
  • The Representative Pool Master Senate is made of Pool Masters of the top 101 pools containing the most PoE across their pool members. The system will empower the Senate with the ability to pass legislation through a democratic process. Conversely, users with only a single vote must convince the pools of senators with Proof of Existence to approve the legislation they have passed. Member of Congress are free to change pool and shift their PoE voting power to a new pool for the next round of voting should they disagree with the outcome of the vote.
  • The top 30 Senators who have at least 1000 KYC users on average over the past two weeks will be automatically designated as a Grand Pool Master. They will have the additional decision-making rights to request ExCraft to list custom tokens to their pool members only without requiring a full DAO vote, and only needing to go through a centralized ExCraft approval process. If 80% of all Grand Pool Masters (24) list a custom token, the token will be automatically and permanently approved for use for all ExCraft exchange users without requiring a DAO vote.

An Innovative approach to rewarding users

ExCraft will create an initial decentralized service by rewarding users based on “Proof of Existence” (PoE). The ExCraft platform will introduce three separate ways to reward users for their activity, with its own ERC20 compatible EXT token. The reward system is designed to sustain the EXT token economy ensuring value redistribution and increase over time:

  • Excraft will reward the community with a calculated number of EXT tokens daily which are distributed based on each user’s Proof of Existence volume. The exchange will also purchase EXT tokens with no less than 80% of the fees collected and permanently remove them from the overall supply.
  • A Proof of Stake mechanism will enable users who hold EXT tokens in the exchange or any private Ethereum wallet address registered with the exchange to receive rewards on a daily basis based on the amount of EXT they hold.
  • Pool Rewards will be distributed to users who chose to join “Exchange Pools’ and have their PoE counted towards the total pool PoE increasing their chance of receiving a larger portion of the daily token distribution. A pool will be considered eligible for pool rewards if it is among the top 101 pools as measured by the combined PoE of all their members and contains at least 100 KYC users. The Pool Master will elect to have the reward automatically redistributed to pool members, and may decide to retain a certain percentage of the reward.

This innovative trifecta of user activity reward possibilities puts ExCraft a step ahead of other exchange as it values all users based on a meritocracy system totally new to the industry.

Unparalleled reliability and security by design powered by cloud-native microservices

The ExCraft Exchange Platform is implemented in Google Compute Platform, custom built to support both security and performance. The cloud-native exchange platform is architected to be both modular and scalable by utilizing docker for encapsulating key components into a set of microservices managed by Kubernetes.

Unlike many traditional monolithic centralized exchanges, the ExCraft architecture promotes performance by allowing the exchange to quickly add additional resources and changes in functionality with minimal to no disruption to any existing trading activity. The exchange platform has been tested to support thousands of trading pairs with an overall capability to support tens of millions of transactions per second.

The ExCraft platform utilizes docker not just as a means to bring operational efficiencies but also to reduce security risks by compartmentalizing critical services through network isolation and resource management. Should a vulnerability be found in one service, ExCraft uses hardened docker containers with Kubernetes to enforce “deny by default” to reduce the possibility of an attacker using a compromised service from accessing another service.

About ExCraft

ExCraft is registered in Hong Kong with the support of the Hong Kong Science Park, and invested in by Collinstar Captial, Eagle Fund, BXTING, RC4. The project is spearheaded by Roy Lam kt, CEO, and early bitcoin investor, investment fund manager and celebrity in high IQ and memory championships. The technical architecture of the exchange was developed under the leaderships of CTO Benjamin who brings over a decade of experience and multiple patents from working as Senior IT Architect and CTO at various blue chip tech companies.

Follow ExCraft:

Website: www.excraft.com

Facebook: https://www.facebook.com/ExCraftExchange

Twitter: https://twitter.com/ExCraftExchange

Telegram: https://t.me/ExCraftExchangeEN
Medium: https://medium.com/ExCraftExchange

Naver Blog https://blog.naver.com/excraft_exchange

Media Contact:

Influence Matters PR

[email protected]

www.influencematters.asia

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

Bitcoin Cash Price Analysis: BCH/USD Primed to Break above $540

Key Points Bitcoin cash price is slowly moving higher and is currently trading above the $500 support against the US Dollar. There is key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is likely to move higher and it could break

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Key Points

  • Bitcoin cash price is slowly moving higher and is currently trading above the $500 support against the US Dollar.
  • There is key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to move higher and it could break the $540 resistance for more gains.

Bitcoin cash price is preparing for the next break above $535-540 against the US Dollar. BCH/USD remains supported on dips near $515 and $500.

Bitcoin Cash Price Resistance

There was a slow and steady rise initiated from the $471 low in bitcoin cash price against the US Dollar. The BCH/USD pair climbed higher and managed to settle above the $500 resistance level. There was also a break above the 38.2% Fib retracement level of the last key decline from the $594 swing high to $470 swing low. However, the price is currently facing a crucial hurdle on the upside near the $535-540 zone.

Moreover, the 61.8% Fib retracement level of the last key decline from the $594 swing high to $470 swing low is near $546 to act as a resistance. Therefore, a break above the $540 and $546 resistances could open the doors for more gains in the near term. Above $546, the price may perhaps move towards the $565 and $570 levels. On the downside, there is a key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair. The trend line support is important, below which, the price may revisit the $500 support.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is placed nicely for more upsides above the $500 support. However, a break above $540 is must for an upside acceleration.

Looking at the technical indicators:

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

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

Major Support Level – $500

Major Resistance Level – $540

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