Day: August 22, 2018

The National Research Council of Canada is using IPFS to host an ethereum blockchain explorer that can’t be taken offline.

FOMO Moments

Markets had a little spurt; Stellar, VeChain, Lisk and Nano benefiting.

Crypto markets experienced a short spurt of energy a few hours ago when a seemingly manipulated pump added over $12 billion to total capitalization. They have already began to fall back however indicated that the bears are still in full control of things and the momentum was short lived.

Bitcoin spiked to a peak of $6,800 eight hours ago when the BitMEX exchanged had a temporary outage causing anomalous trade volumes. The jump marks a 3.6% climb on the day as BTC has now pulled back to $6,690. Ethereum got a small boost from the event but nothing significant enough to alter its price which remains at $285 on the day.

Altcoins are largely in the green at the moment following yesterday’s decline. Their price action is also likely to be temporary as things fall back into bearish territory. Getting the most out of the gains in the top ten is Stellar which is up 5% at the moment to $0.227. The rest have inched up between 1-3% but are already beginning to fall back according to Livecoinwatch.

The top twenty five paints a similar picture with only VeChain posting a larger increase of 7%. VET is now trading at $0.015 which is up around 90% from its level this time last Wednesday at $0.008. The VeChain Thor blockchain has been experiencing a surge in transactions however some Reddit comments suggest that this could just be mainnet testing. Lisk is also climbing by a similar 8% to trade at $4.23.

Other altcoins pumping at the moment are Cortex up 23%, Waltonchain rising 16%, and Aurora and Nano adding 12-14% to their prices. Kin and Aion are both losing over 5% at the other end of the scale.

Aside from these apparently manipulated gains no other cryptocurrency is standing out this Wednesday morning. If one US exchange can have such an immediate impact on market levels then the industry has a long way to go before this irrational volatility is tempered and some sense of stability can be achieved.

Total crypto market capitalization has climbed 2.3% on the day to $217 billion. The big pump a few hours ago added $12 billion in less than two hours but it has not been a natural bullish movement. Since last Wednesday the markets have clawed back 4.3% from their all-time lows of 2018 on Tuesday 14^th. However on the month they have shed 23% as around $60 billion has been dumped out of crypto.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post $12 Billion Crypto Market Pump Already Receding appeared first on NewsBTC.

China’s crypto rankings are drastically different than the ranks on CoinMarketCap, which is the mainstream way to rank cryptocurrencies. China’s Center for Information Industry Development (CCID) publishes a list of cryptocurrency rankings every month, with its fourth edition just released.

The CCID list ranks 33 cryptocurrencies and it has generally been adding one or two new coins to the ranking system every month. It creates a score for each cryptocurrency based on technology, application and innovation.

Its current rankings are #1 EOS, #2 Ethereum, #3 Komodo, #4 Nebulas, #5 NEO, #6 Stellar, #7 Lisk, #8 GXChain, #9 Steem, #10 Bitcoin, #11 Waves, #12 BitShares, #13 Stratis, #14 Cardano, #15 Ark, #16 Ripple, #17 Qtum, #18 Verge, #19 Ethereum Classic, #20 NANO, #21 NULS, #22 IOTA, #23 Monero, #24 Sia, #25 Zcash, #26 Dash, #27 Bytecoin, #28 Tezos, #29 Bitcoin Cash, #30 Hcash, #31 Litecoin, #32 Decred, and #33 NEM.

At the top of China’s crypto list is EOS which only has a market cap of USD 4.3 billion and rapidly dropping relative to other cryptocurrencies, unlike CoinMarketCap which shows Bitcoin as #1 with a market cap of USD 111 billion. Despite Bitcoin’s maturity and widespread adoption, the Chinese crypto ranks only show Bitcoin as #10. The CCID does say that Bitcoin is the leading crypto when it comes to innovation but apparently falls far short in application and technology, according to it.

EOS is marketed as Ethereum for commercial applications. It has not been seeing widespread use and its price has been crashing. Ethereum has by far more popularity and usage than EOS, yet is ranked behind EOS on the CCID list. EOS is known for being partially centralized, with a team of block producers who do conference calls and who can freeze accounts and reverse transactions. This makes EOS very unpopular in most of the crypto world, but perhaps China prefers a cryptocurrency that has centralization, since block producers can be contacted to have accounts frozen. China has already banned Bitcoin trading for the CNY, due to fears that the decentralization of Bitcoin could undermine the Chinese government.

In general, the CCID list is entirely different from the CoinMarketCap list and subjective. Nevertheless, there will be those who believe the free market is excellent at choosing what cryptos are the best.

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The post China, CoinMarketCap Show Stark Difference in Crypto Rankings appeared first on BitcoinNews.com.

Key Points

• Bitcoin price gained bullish momentum and surged above the $6,480 and $6,550 resistances against the US Dollar.
• Yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair traded above the $6,900 and is currently correcting lower towards key supports.

Bitcoin price broke key resistance at $6,550 against the US Dollar. BTC/USD is back in a bullish zone with a close above the $6,620 high.

Bitcoin Price Analysis

Yesterday, we discussed a few important hurdles near $6,550 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $6,400 level and later surged higher. The price started an upward move and cleared the $6,480 and $6,550 resistance levels. Moreover, there was a break above the last swing high at $6,620 and the 100 hourly simple moving average.

During the upside, yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair. A new weekly high was formed near the $6,921 level. Later, there was a downside correction below the $6,900 level. There was also a break below the 23.6% Fib retracement level of the last wave from the $6,236 low to $6,921 high. However, there are many supports on the downside near the $6,600 and $6,550 levels. Additionally, the 50% Fib retracement level of the last wave from the $6,236 low to $6,921 high is near $6,578 to act as a support.

Looking at the chart, if bitcoin is back in a positive zone with a close above the $6,550 level. On the upside, resistances are at $6,800 and $6,900, above which the price may well test the $7,000 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently retreating from the 75-80 levels.

Major Support Level – $6,550

Major Resistance Level – $6,900

The post Bitcoin Price Watch: BTC/USD Breaks Key Resistance, Dips Remain Supported appeared first on NewsBTC.

Today is proving to be a rather interesting day for all cryptocurrency markets. Considering how the Bitcoin price dictates the pace for altcoins, it is good to see the world’s leading currency in the green. Some of the earlier gains have already been wiped out, though. Despite this pressure, the Stellar price remains the biggest gainer of the day in the top 10.

Stellar Price is Still Rocking

It is uncanny how the Bitcoin price can determine the future of the altcoins. Without positive momentum in the Bitcoin department, all altcoins and digital assets will struggle for some time to come. Thankfully, today may prove to offer some relief in this regard, although it remains to be seen how long the upward momentum can last across the different markets.

For the Stellar price, things are looking up. It is the first time in nearly a week some solid gains can be noted, even though the momentum appears to be eroding fairly quickly. There is still a 6.2% gain in the past 24 hours, although it is unclear if this level of momentum can be sustained for more than a few hours. That will mainly depend on the Bitcoin price trend, which seems to be running out of steam already.

Speaking of Bitcoin, Stellar has also gained 2.41% over the world’s leading cryptocurrency. These gains are of great importance to altcoins and digital assets in terms of noting any real growth for the foreseeable future. Although this is only a small push in favor of Stellar, it would appear there may be some further gains to be noted in this department over the coming hours.

Although people would have expected the overall cryptocurrency trading volume to be on the rise once again, that is unfortunately the case. While $12.11bn is not bad, it is insufficient in many different ways. For Stellar, its volume has increased to $65.72m, which is more than respectable for this particular digital asset. If this volume remains in place, there may be a push to $0.24 for XLM later today.

Looking over the exchanges ranked by XLM trading volume, BCEX is the surprising leader. It BTC pair tops Binance’s BTC market and the exchange’s USDT pair. BCEx also has its CKUSD pair in fourth place, followed by CoinEgg’s BTC market. No fiat currency support in the top five can be a problem in the long run, but it is not necessarily posing any problems as of right now.

As is always the case when positive market momentum ensures, there is a growing concern as to how long it will last. For the Stellar price, it seems maintaining the $0.22 level will be relatively easy, although it will heavily depend on the other markets affecting cryptocurrency prices. The year 2018 hasn’t been positive for the crypto industry at all, and there is no short-term improvement in sight.

After weeks of bouncing around in the $6,000 to $6,600 range, BTC broke out to as high as $7,000 on Wednesday morning to the surprise of many investors. Oddly enough, many analysts and industry leaders were able to pinpoint a single catalyst for this bout of positive price action.

Bitcoin Shows Signs Of Strength, But Will It Last?

On Sunday, BitMEX announced that it would be performing scheduled maintenance on its trading engine, which would result in a short period of downtime on Wednesday morning (GMT). While this announcement may sound mundane on the surface, many drew attention to BitMEX’s role as a primary medium for traders to speculate on prices, coupled with the influence the platform has on the market. Elaborating, these users noted that the exchange’s downtime, albeit ever so short, could result in a temporary burst of abnormal price action.

Scheduled Performance Upgrade on Weds, August 22 at 01:00 UTC: https://t.co/87NuN6P4j9 – Please note this downtime is on Tuesday night in the Western Hemisphere and Wednesday morning in the Eastern.

— BitMEX (@BitMEXdotcom) August 20, 2018

Right on schedule, BitMEX users were automatically signed out as the exchange’s trading systems went offline on August 22nd at 1:00 UTC. Down to a tee, as BitMEX’s trading ground to a halt, Bitcoin saw a surge of buying volume, rising from $6,450 to $6,720 within a minute. In the minutes that followed, BTC continued upwards, temporarily peaking at $6,900 as the weight of shorts were alleviated off the shoulders of the crypto market.

Altcoins followed, posting near-identical gains in terms of percentage, including Ethereum, which temporarily broke over the $300 line of support for the first time in weeks. While some expected a post-maintenance influx, what occurred next shocked a few investors. As BitMEX’s maintenance cycle drew to a close, one-hour after it started, the market started to show signs of relative weakness.

Some saw this weakness as a sign that the market would return to pre-maintenance levels, but as BitMEX reopened its doors to traders, buy orders quickly propped up the spot price of BTC on the exchange. Soon enough, Bitcoin was trading at over $7,000 on BitMEX, in a likely correlation with the tens of millions of dollars worth of short positions biting the dust. And since then, crypto prices across the board have found stability at an average of 4% daily gains, adding $10 billion to the total market capitalization of all crypto assets.

Although this move marked Bitcoin’s first foray above $6,600 in weeks, some were skeptical that this wouldn’t last for long. Alex Kruger, an Argentinian crypto-focused market commentator and analyst, noted that this move may actually be a “loss” for long-term crypto believers.

The Bitmex Maintenance Pump represents a big win for short-term longs yet a loss for investors.

— Alex Krüger (@Crypto_Macro) August 22, 2018

While not explicitly stated, this statement implies that this price jump, or “pump” as he calls it, was rather an act of manipulation rather than a bona fide bullish move. But to some, a price surge achieved through any means can be seen as something positive.

At the time of writing, Bitcoin has found a place to stand at $6,690, with investors keeping their eyes peeled on where the price of the asset will move next.

Featured Image from Shutterstock

The post Crypto Market Adds 4% After BitMEX Experiences Temporary Outage appeared first on NewsBTC.

Key Highlights

• ADA price tested the $0.090 support area and recovered higher against the US Dollar (tethered).
• There was a break above a key bearish trend line with resistance at $0.0940 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
• The pair is trading in a positive zone above the $0.095, but it facing a major resistance near $0.100.

Cardano price is trading with positive moves against the US Dollar and Bitcoin. ADA/USD must break the $0.100 and $0.105 resistance levels.

Cardano Price Analysis

After a downward move below the $0.1000 support, cardano price found support near $0.090 against the US Dollar.  The ADA/USD pair started a recovery and moved above the $0.095 resistance level. The price also moved above the 23.6% Fibonacci retracement level of the last slide from the $0.1119 high to $0.0904 low, which is a positive sign.

Moreover, there was a break above a key bearish trend line with resistance at $0.0940 on the hourly chart of the ADA/USD pair. However, the upside move was capped by the $0.1000 resistance and the 100 hourly simple moving average. Additionally, the 50% Fibonacci retracement level of the last slide from the $0.1119 high to $0.0904 low also prevented gains. The price is currently correcting lower and is trading near the $0.0970 and $0.0950 levels. If the price corrects further lower, the $0.0940 level is likely to act as a buy zone. On the flip side, the price has to move above the $0.1000 resistance for more gains in the near term.

The chart indicates that ADA price is back in a positive zone above the $0.0940. On the upside, a break above the $0.1000 resistance will most likely open the doors for more gains towards the $0.1200 level.

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

Hourly RSI – The RSI for ADA/USD is currently placed well above the 50 level with a bullish angle.

Major Support Level – $0.0940

Major Resistance Level – $0.1000

The post Cardano Price Analysis: ADA/USD Attempting Upside Break Above $0.10 appeared first on NewsBTC.

Once a sure way to get a meeting, startups building blockchain solutions are focusing more on the benefits of their products than the tech itself.