Day: August 21, 2018

The cryptocurrency markets face declining volume in the United States as they move closer to the SEC’s decision on two proposed Bitcoin ETFs. According to a recently released report, trading volume is shifting from US based exchanges to Asian exchanges preceding the Bitcoin ETF decision.

Trade Volume Shifts to Asia

The report, conducted by research firm Diar Ltd. using CoinApi data, found an unfolding trend of trading volume shifting from US based exchanges to foreign exchanges, mostly ones located in Asia.  It also appears that exchanges with lower regulatory scrutiny are gaining trading volume, as investors shy away from exchanges that require lengthy verification processes, or other forms of KYC/AML rules.

The report states:

“Traded volumes on Coinbase, Bitstamp and Kraken have seen steep declines. Meanwhile, token exchanges outside the U.S., that have lax regulatory scrutiny, are now seeing an increase in traded volume.”

The report also notes that investors in the US are focusing their trades on large market cap cryptos, like Bitcoin and Ethereum. This could stem from fears that other altcoins could be categorized as securities by the SEC at any given time.

Traders Fear the Outcome of Upcoming ProShares Bitcoin ETF Decision

In the report, Diar also cites the SEC’s upcoming decisions on the variety of Bitcoin ETF’s in the running for approval as a contributing factor for the current price volatility. Notably, the SEC is deciding on the ProShares Bitcoin ETF in the next couple days, which could cause some major price movements for the markets depending on their decision

In the past week, Bitcoin shorts have accumulated to near record highs, signaling that the majority of traders believe that the price will spiral downward following the SEC’s ETF ruling. If the news is positive, however, the overly confident shorts will likely be squeezed, which could lead to a massive price increase in a small amount of time.

While discussing the upcoming SEC Bitcoin ETF decision, Diar said:

“The US Securities and Exchange Commission (SEC) is set to make a final decision this week on the application from ProShares for a Bitcoin Exchange Traded Fund (ETF). And the regulator has another three to consider within the next 6 months. But not much has changed since July when the SEC rejected the Winklevoss Bitcoin ETF for the second time.  Cboe President Chris Concannon says ‘the problem with a futures-based ETF is, what is the right level of liquidity? It’s never been tested before.’”

Businesses and Institutions Slow to Make the Crypto Switch 

Another factor discussed in the Diar report is the fact that businesses and institutions are currently slow to adopt cryptocurrencies as a form of payment. Diar attributes the lack of widespread adoption to an unclear regulatory framework, saying, “Businesses will likely remain unwilling to take on the risk of regulators digging through their affairs after a near-decade of media focus on illicit activities revolving around Bitcoin.”

That being said, the upcoming ICE backed Bakkt exchange may help with mass adoption, as the cryptocurrency platform will be working with major corporate partners, including Microsoft and Starbucks, to bring corporations and institutions into the crypto markets.

Diar warns investors of the risks posed by turning Bitcoin into a mass institutional investment product, saying:

“The institutional drive could metaphorically strip Bitcoin’s utility as a currency for trade, should it become seen a holding asset as it forms into what enthusiasts have been voicing all along – digital gold.”

At the time of writing, Bitcoin is trading at $6,680, trading up from daily lows of $6,300.  The altcoin markets are currently flat, with many coins trading up or down 1%. It is likely that current stability is simply the calm before the storm as the SEC Bitcoin ETF decisions are sure to impact the markets.

Featured image from Shutterstock

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Key Highlights

• Ripple price found a strong buying interest around $0.3120 and recovered sharply against the US dollar.
• There was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair tested the $0.3550 resistance and is currently consolidating gains above $0.3200 .

Ripple price reversed yesterday’s losses and gained traction against the US Dollar and Bitcoin. XRP/USD broke the $0.3350 level to move into a positive zone.

Ripple Price Upside Move

Yesterday, we saw a bearish reaction below the $0.3300 level in Ripple price against the US Dollar. The XRP/USD pair tested an important support area near $0.3120 where buyers emerged. A low was formed at $0.3125 before the price started an upside recovery. The price broke the $0.3300 resistance to start a decent recovery. Later, it cleared the 61.8% Fib retracement level of the last drop from the $0.3534 high to $0.3125 low.

It opened the doors for more gains above $0.3400. More importantly, there was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair. The pair even spiked above the $0.3500 level and settled above the 100 hourly simple moving average. At present, the price is correcting lower and is trading near $0.3440. An initial support is the 23.6% Fib retracement level of the last wave from the $0.3125 low to $0.3540 high. Below $0.3440, the next major support is at $0.3330 and the 100 hourly SMA.

Looking at the chart, ripple has moved into a positive zone above $0.3350. On the upside, a break above the $0.3500 and $0.3540 resistances will most likely clear the path for more gains.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is showing positive signs above the 60 level.

Major Support Level – $0.3350

Major Resistance Level – $0.3540

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Key Highlights

• ETH price found support near $271-272 and started an upward move against the US Dollar.
• Yesterday’s highlighted key bearish trend line with resistance at $281 was breached on the hourly chart of ETH/USD (data feed via Kraken).
• The pair traded above the $290 and $295 levels, but sellers appeared near the $300 level.

Ethereum price is slowly gaining momentum against the US Dollar and bitcoin. ETH/USD is now placed nicely in a positive zone above the $284 level.

Ethereum Price Support

After trading as low as $268.13, ETH formed a base for an upward move against the US Dollar. The ETH/USD pair started trading higher and gained momentum above the $278 and $284 resistance levels. The price also surged above the $290 level and settled above the 100 hourly simple moving average. More importantly, the price moved past the 50% Fib retracement level of the last decline from the $306 high to $268 low.

Additionally, yesterday’s highlighted key bearish trend line with resistance at $281 was breached on the hourly chart of ETH/USD. The pair is now placed nicely above the $284 level, which is a positive sign. The recent upside move found sellers near the $300-301 zone. The price retreated and is currently trading below the $295 level. Sellers pushed the price below the 23.6% fib retracement level of the last wave from the $268 low to $301 high. On the downside, the next support is near the $288 level and the 100 hourly SMA. Below this, the next major support is near the $284 level, which is also a pivot level.

Looking at the chart, ETH price is trading with bullish moves above $282. On the upside, the price has to move above the $295 and $300 resistances for more gains in the near term.

Hourly MACD – The MACD has moved back sharply in the bullish zone.

Hourly RSI – The RSI is currently well above the 55 level.

Major Support Level – $284

Major Resistance Level – $301

The post Ethereum Price Analysis: ETH/USD Surging, Can Buyers Hold Gains? appeared first on NewsBTC.

The biggest cryptocurrency exchange in the U.S. just set up its core principles for its institutional financial products.

Steve Wozniak, co-founder of Apple along with Steve Jobs, recently announced his participation in a crypto startup. During the interview, Mr. Wozniak (Woz) also spoke about cryptocurrencies and why he is excited about their prospects for the future.

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

Apple’s Wozniak is Very Excited About Cryptocurrencies and their Future

“I like to keep up with things,” Steve Wozniak, 68, famed computer engineer and co-founder of Apple explained at the Chainxchange blockchain convention recently in an interview. “Bitcoin caught my attention. It had so many unusual aspects for any technology I had ever heard of. Nobody is really known to be the creator. It doesn’t have any centralized [component]. It’s based on mathematics. There’s a certain number of Bitcoin that can ever exist.”

Woz is best known in computer history lore as the right hand man to business visionary Steve Jobs. The two founded Apple, presently the most valuable company in human history, in 1976. Mr. Jobs handled the entrepreneurial aspects such as financing, Woz was the brains, building personal computing revelations, ushering in an industry that literally changed everything.  

“Mathematics to me is like nature,” Woz continued in his admiration for Bitcoin. “It’s much better than human beings… I trust those things of nature more than what man makes up. Man makes up currencies, controls them, issues new US dollars every year; Bitcoin was immune to that.”

Computer Revolutionary Describes Crypto Space as When the Internet Began

Woz helped Mr. Jobs build Apple in its critical infant years through 1981. He would finally leave the company in a more-or-less permanent way by 1985. He’s gone on to do a lot of philanthropic work, invented the Universal Remote, and has even hosted pop music shows. Of late he is seen more as an ambassador of computing’s earliest days.  

It’s interesting to the current crop of builders, investors, and visionaries within the cryptocurrency space to get Woz’s perspective. It might be odd if he was less than enthusiastic about prospects in this regard, and, sure enough he didn’t disappoint convention goers.

“It’s so independent!” Woz announced excitedly about crypto. “It’s kind of like the internet when it was brand new… I was amazed at the technology behind it. People start up companies that do other things in life. I’ve encountered people working in real estate avenues, types of Uber systems, everything we’ve got in our life, especially involving transactions – retail sales, car sales, manufacturing of goods… working on Bitcoin applications… and they all have value. Every single one you hear about, to me, has value…. A few people can see the value, which reminds me very much of the early internet days.” He also discussed his involvement in a crypto investment group, Equi Capital — a first for Mr. Wozniak.

What do you think about Woz’ enthusiasm for crypto? Share your thoughts 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.

The post Apple Co-Founder: Crypto World “Like the Internet When it was Brand New” appeared first on Bitcoin News.

Crypto markets see sharp upswing just as major leveraged trading platform BitMEX goes offline, commentators note

Key Points

• Bitcoin cash price found a decent support near the $500-510 zone and bounced back against the US Dollar.
• There was a break above a key bearish trend line with resistance at $545 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is gaining momentum and it seems like it could revisit the $600 zone in the near term.

Bitcoin cash price formed a base near $500 against the US Dollar. BCH/USD is showing positive signs for a test of the $580 and $600 levels.

Bitcoin Cash Price Trend

After a significant decline, bitcoin cash price found support near the $500 and $510 levels against the US Dollar. The BCH/USD pair formed a low at $509 and later it started an upside move. The price traded higher and broke the $520 and $530 resistance levels. There was a break above the 38.2% Fib retracement level of the last decline from the $611 high to $509 low.

Moreover, there was a break above a key bearish trend line with resistance at $545 on the hourly chart of the BCH/USD pair. The pair gained traction and broke the $550 level and the 100 hourly simple moving average. At the moment, the price is trading with a positive bias above the $550 level. An hourly close above the 50% Fib retracement level of the last decline from the $611 high to $509 low is needed for more gains. Above $560-570, the price will most likely accelerate towards the next resistance at $580 and $600.

Looking at the chart, BCH price is could continue to move higher if buyers remain in action above $560. If there is a downside reaction, the broken resistances at $540 and $530 are likely to act as supports.

Looking at the technical indicators:

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

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

Major Support Level – $540

Major Resistance Level – $570

The post Bitcoin Cash Price Analysis: BCH/USD Bounces Sharply, Could Retest $600 appeared first on NewsBTC.

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Ethereum Price Key Highlights

• Ethereum price has formed lower highs and higher lows to create a symmetrical triangle on the 1-hour chart.
• Price is testing the top of the triangle and might be due for a bounce.
• Ethereum is also nearing the peak of the formation, so a breakout in either direction is also a possibility.

Ethereum is consolidating inside a symmetrical triangle pattern and is testing the resistance.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, resistance is more likely to break than to hold or support is more likely to hold than to break.

RSI is indicating overbought conditions, though, and turning lower could bring sellers back in. In that case, ethereum could follow suit and drop back to the triangle bottom near $280. Stochastic has some room to climb, so buyers could have the upper hand for a bit longer.

A move past the triangle resistance and $300 major psychological level could signal that an uptrend is underway. This might last by around the same height as the chart pattern, which spans $250 to $330.

ETHUSD Chart from TradingView

Ethereum is joining most of its cryptocurrency peers in the recent pop higher, which is being pinned on investors anticipating the SEC decision on the ProShares bitcoin ETF application. This has been filed in December last year, so the regulator can no longer extend its deadline on the ruling for August 23.

Of course a denial could bring a blow to cryptocurrencies, forcing ethereum back down to the triangle bottom or even a break lower. Approval, on the other hand, could spur expectations of the same decision for the other bitcoin ETF applications due for a ruling by the end of September.

The post Ethereum (ETH) Price Watch: Ready for a Triangle Breakout? appeared first on NewsBTC.