Day: August 18, 2018

Key Points

• Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.
• There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways.

Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC/USD is correcting lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Range Trading

This past week, there was a nice upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level.

There was a break below the 23.6% Fib retracement level of the last leg from the $5,900 low to $6,653 high. Moreover, there was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair. It has opened the doors for more losses in the short term below the $6,300 support level. The next important support is the 50% Fib retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Below this, the price is likely to break the $6,250 level to test the $6,188-6,200 support zone.

Looking at the chart, BTC price seems to be trading in a broad range of $6,000-6,600. Therefore, there are chances of the current wave extending towards $6,200 and $6,000 before buyers appear.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD has moved back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Level – $6,200

Major Resistance Level – $6,600

The post Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What? appeared first on NewsBTC.

A Britain-based CEO has suggested that post-Brexit, cryptocurrencies will benefit the UK as they have key advantages over fiat currencies.

Danial Daychopan of Crypto company Plutus, suggests that due to the pound and euro’s interdependence and the fact that they are both based on other currencies,  allows decentralized cryptocurrencies to offer a “variable and stable alternative” for both consumers and businesses in the post-Brexit UK.

The current lack of direction in Brexit negotiations has led some people to believe that a period of instability is a possibility as both Europe and the UK race towards next year’s deadline. Daychopan sees instability and lack of trust in governments and the global financial system as key to the success of digital currencies. He claims:

“…in economies that aren’t stable, we’re already seeing digital economies developing and thriving. We’re approaching a period of instability and people need to understand that cryptocurrencies are going to be a force for good, not just tokens to be speculated upon.”

In terms of where cryptocurrencies sit once Britain’s departure from the EU becomes a reality, it is still unclear how Brexit will affect the future of blockchain and cryptocurrencies in both zones. The EU including the UK, with the exception of only 6 states, has signed up to the EU Blockchain Partnership which will promote the future exchange of expertise in order to launch EU wide blockchain-based applications across the single digital market.

The EU has called for cryptocurrency regulation at both European and G20 level and would clearly like to regulate the industry from Brussels, a further possible complication for the UK. As current members of the “EU Blockchain Observatory Forum” the UK has already benefited from membership with the EU’s fintech market, now valued at $6 billion.

Kay Swinburne, Member of the European Parliament (MEP), argues that bodies such as the EU Blockchain Observatory Forum are not essential to the UK advancing its fintech impact after Brexit. The UK, with its new crypto haven Gibraltar, having advanced significantly down the cryptocurrency and blockchain route, may be well placed to withstand significant damage to its fintech markets on withdrawal.

As the UK prepares to leave the EU it is also reportedly planning to create its own crypto regulations before 2019. The EU has already passed its own blockchain resolution for a post-Brexit Europe in order to remain a global fintech hub.

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Key Highlights

• ETH price corrected higher recently and traded above $310 and $315 against the US Dollar.
• There is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair has to break the $311 and the $320 resistance levels for more upsides in the near term.

Ethereum price failed to remain in a positive zone versus the US Dollar and Bitcoin. ETH/USD settled below $300 and is facing resistances near $311 and $320.

Ethereum Price Resistances

After forming a base near the $249-250 zone, ETH price started an upside correction against the US Dollar. The ETH/USD pair traded higher and broke the $275 and $300 resistance levels. It even moved above the $315 level and traded as high as $322. Later, buyers lost the control, resulting in a fresh decline. The price dropped below the 23.6% fib retracement level of the last wave from the $249 low to $322 high.

More importantly, it declined back below the $300 level, which is not a good sign. However, the downside move was protected by the $285 support. It represents the 50% fib retracement level of the last wave from the $249 low to $322 high. The price is currently consolidating above the $285 level and is preparing for the next move. If sellers push the price below $285, it could increase selling pressure. The next supports are $279, $275 and $262. On the upside, there is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD.

The above chart indicates that ETH price must break the trend line and $320 to gain momentum. The next resistance is near $340 and the 100 simple moving average (4-hours).

4-hours MACD – The MACD is showing signs of weakness in the bearish zone.

4-hours RSI – The RSI is currently just below the 50 level.

Major Support Level – $285

Major Resistance Level – $320

The post Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320 appeared first on NewsBTC.

Listen to the 17 August 2018 Bitcoin News Radio Show below.

On this edition of the show, we start with a Bitcoin price update. Hear about Ethereum’s gambling problem. Learn about a USD 224 million lawsuit against AT&T for a sim swapping incident. We discuss a bomb threat to a crypto mining company due tthe o noise level, and how one expert thinks the USD strengthening is the real reason crypto markets have declined.

Follow the Bitcoin News Radio Show on Anchor, Spotify, Google Podcasts, Stitcher, Overcast, Radio Public, Pocket Casts, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

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In South Korea, Bithumb was visited by officials of the Mongolian government. Upbit is offering free training leading up to its developer conference. A public company has unveiled a hardware wallet as it enters the crypto space. Meanwhile, hacked crypto exchange Coinrail has launched an international service for non-Korean customers, and a US bitcoin ATM operator plans to enter the Korean market.

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

Mongolian Government Officials Visit Bithumb

Senior officials of the Mongolian government visited Bithumb’s headquarters on August 16, local media reported. They were trying to determine the feasibility of using blockchain and cryptocurrency in solar energy businesses in Mongolia. The Korea Economic Daily elaborated:

What they have focused on is the possibility of virtual currency remittance and payment functions and blockchain technology. Mongolia is seeking to utilize blockchains and virtual currency to activate new energy projects such as solar power generation at the government level.

“With the visit of high-ranking officials of the government, it is possible that Bithumb will pursue a business alliance with the Mongolian government or establish a local corporation,” the publication noted.

Ksign Launching Hardware Wallet

Kosdaq-listed company Ksine Inc. has commenced its cryptocurrency business with the launch of a hardware wallet called Touch x Wallet, the company announced on August 16.

Touch x Wallet uses locally developed fingerprint authentication technology and has a built-in battery. It can store up to 10 cryptocurrencies – including bitcoin, ether, and ripple – which the company plans to expand to about 50 by the second half of next year, Cctvnews reported. The wallet also has high-resolution electronic paper (e-paper) to display QR codes of addresses and allows users to check their balances.

Upbit’s Crypto Training and Developer Conference

Dunamu Inc, the operator of South Korea’s major crypto exchange Upbit, announced on August 16 that it is holding a free crypto and blockchain training for the public on September 12. This is a pre-program leading to Upbit Developer Conference which will take place on September 13 and 14 at the Jeju Creative Economy and Innovation Center.

The class consists of two parts. The first focuses on the origin and history of blockchain and cryptocurrency. The second focuses on the theory and practice of blockchain including the basic understanding of Ethereum and Lambda chain, solidity and Dapp development, and smart contracts.

Recently, the governor of Jeju Island requested the central government to designate the island a special zone for blockchains and cryptocurrency.

Coinrail Launches International Service

Coinrail, which was hacked on June 10 and resumed services on July 15, announced last week that it has officially launched the Coinrail international service for non-Korean users. Foreigners can now access the exchange’s crypto-to-crypto markets. The service is available in English.

Coinme Rolling out Bitcoin ATMs in Korea

U.S. bitcoin ATM (BTM) operator Coinme revealed on August 16 that it is “seeking to roll out its service in Korea before the year-end,” the Investor reported.

Currently, the company’s ATMs are in 67 locations across the U.S., the new outlet noted, adding that “Coinme said it is eying Asia as the next spot for expansion, specifically focusing on Korea and other countries in the region, including Hong Kong and Singapore.”

CEO Neil Bergquist was quoted saying:

We have seen really promising interest in Coinme from Korea…There’s a large and sophisticated cryptocurrency community which understands the potential of a token tied to real world applications.

“The Coinme ecosystem also seeks to offer massively reduced transaction costs, so we see real synergies with the Korean market,” he added.

What do you think of all the crypto activities going on in South Korea? Let us know in the comments section below.

Images courtesy of Shutterstock, Zdnet, Bithumb, Upbit, Coinrail, Ksine, and Coinme.

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The post Korea Roundup: Mongolian Government Visits Bithumb, New BTM, Hardware Wallet appeared first on Bitcoin News.

Economic crises will drive adoption, says Coinbase CEO, as Turkey flocks to Bitcoin 

Blockchain experimentation and adoption in Russia has reached a new height with the announcement of a blockchain-based electronic voting system.

Russian Experiment

The non-profit Association of Independent Public Observers, also known as National Public Monitoring (NOM), is reported to have announced a pilot project at a press conference in Moscow.

The Russian news outlet, Tass reported that the all-Russian Congress of Public Observers was held by NOM, the Russian Fund For Free Elections and the Association of Lawyers of Russia; partners such as the “Corps” for Clean Elections and Public Association Group 32 were also among the 300 representatives who were in attendance at the Congress.

The federal coordinator of NOM, Fedor Kolomoystsev told reporters, “As part of our congress, we are launching in the test mode an electronic voting system [in elections], which is built on a blocking system.”

Unfortunately, no technical details have been revealed as of yet, and it could be some time before more information or pilot results are made public. Russia has been particularly bullish on blockchain technology this year. In June, Russian banks made positive strides towards facilitating digital currency trading by planning to launch cryptocurrency portfolios for private investors.

Furthermore, the Russian Central Bank also began testing a blockchain system to replace the globally adopted SWIFT payment system. This move comes after economic sanctions from the EU and US prompted Russia to seek alternative options in the event that it is banned from SWIFT.

In Politics

Blockchain technology in 2018 has been flexing its versatile prowess across any industry or sector it touches. And for some time, the use-case of distributed ledger technology (DLT) in political practice has been cautiously approached due to present perceptions of the technology.

This is slowly changing however as some countries are beginning to pioneer the use of blockchain technology in this field.

Earlier in August, neighbouring country Ukraine officially went live with its voting trial using the NEM blockchain. The technology has been commended for being immutable, transparent and secure. The Ukrainian Central Commission also noted on social media that it will continue to run a number of trials.

In early March, the Mountain State of West Virginia in the United States announced a blockchain voting trial that would be piloted during its primary Senate elections in May 2018. This was concluded to be a success and West Virginia Secretary of State Mark Warner’s office reported that there were no problems.

From this, West Virginia pushed ahead to remedy a situation laterally with a blockchain voting system that provides overseas military troops with a smart-phone application that allows for them to vote in the upcoming November elections.

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