Day: August 28, 2018

Trading platform OpenFinance has now launched a regulated alternative trading system for crypto assets within the U.S.

Alibaba payments affiliate Ant Financial is poised to launch a blockchain platform next month, alongside an application that tracks rice shipments.

While crypto prices may have ostensibly kicked the bucket, there are some optimists who have done their best to disregard prices, focusing on the adoption and development of this space instead.

Charlie Lee: Long-Term Price Of A Crypto Indicates Levels of Success

Ever since Bitcoin’s mind-boggling run, from $1,000 to $20,000 and subsequent decline, CNBC’s “Fast Money” show has taken an interest in crypto. While CNBC’s coverage of the crypto market often focuses on short-term price action, predictions, and the like, the founder of Litecoin did his best to focus on another important aspect of this industry in a recent Fast Money appearance.

Litecoin creator Charlie Lee says he wouldn't buy back his #litecoin. Here's why. pic.twitter.com/ghZSHq1VMb

— CNBC's Fast Money (@CNBCFastMoney) August 27, 2018

Staying true to its name, Fast Money began its crypto segment by querying Litecoin founder Charlie Lee when he sees Bitcoin surpassing $20,000 yet again. Responding by doing his best to stay away from providing a clear prediction, Lee stated:

“I mean its hard to predict prices, and I have been in this space for seven years now. I think sometimes it comes back within six months or a year, but sometimes it takes three to four years. So it’s kind of hard to say.”

Following his reply, CNBC host Melissa Lee then went on to ask the Litecoin founder about if prices, in general, signify the “adoption or viability” of a crypto asset. Dividing his reply into two components, Lee first spoke on a long-term outlook, pointing out that prices do in fact represent the success of an asset. On the other hand, short-term prices “don’t really tell us much.” Backing the latter statement, the Litecoin founder noted that even though adoption rates are rising, Bitcoin, along with a majority of altcoins, still fell by over 70% this year.

This clearly outlines an issue with price speculation, as systems, services, or goods should ideally be valued via the network effect, rather than the short-term irrationality of traders.

Nonetheless, Lee still sees current prices as a more than viable zone of accumulation, giving CNBC viewers advice in the following statement:

“I think it’s good to buy on the way down, to dollar-cost average your buy-in. That’s what I would recommend for everybody to do. As long as you don’t spend money that you can’t afford to lose, I think that this strategy is fine.”

Taking this statement, along with the sentiment held by Wanchain and Shapeshift’s CEOs into account, it becomes clear that now is an optimal time to purchase crypto assets for long-term “hodling”.

“It’s A Good Time For People To Have Their Head Down To Get Stuff Done”

Brian Kelly, CNBC’s go-to crypto analyst, then brought up the topic of the upcoming Litecoin Summit, asking Lee what he wants attendees to take away from the conference. Alluding back to his previous statement regarding the long-term prospects of crypto, Litecoin’s founder, who obviously plays a key role in the event, responded by explaining:

“I would like for people to focus on the technology, adoption, merchant adoption and also how to scale. So things like the Lightning network, sidechains, and things that would help Bitcoin and Litecoin scale… And I think with the price currently depressed, it’s a good time for people to sit down and have their head down and actually working to get stuff done.”

While scaling solutions like the Lightning Network may take years to come to fruition, as Charlie Lee likes to say, “build it and they will come.”

Featured Image from Shutterstock

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FOMO Moments

Markets are heading upwards; Dash, Iota, GAS and Bytecoin in double figures.

The condition of crypto markets is steadily improving as the week progresses and further gains have been made today. Total market capitalization has been bolstered by an $8 billion cash injection and is now over $225 billion once again.

Bitcoin has led the rally by climbing 3% to $6,930 in one spurt a few hours ago. The next major resistance level is $7k and the charts are indicating that more gains could be on the way. Ethereum is also up 3% on the day but that has only managed to push it to $285 which is still a very low level for the world’s second most popular crypto.

The entire top fifty altcoins are green at the moment with a few making double digit gains according to Coinmarketcap. Iota is the biggest gainer in the top ten with 15% on the day to $0.705. Since last Tuesday MIOTA has climbed 34% from $0.525 and trade volume has tripled to $90 million per day. Momentum has been driven by the release of the Trinity desktop wallet and Japanese tech giant Fujitsu stating that they are “all set to help roll out IOTA as the new protocol standard … to develop and co-create innovative technology together with customers.”Cardano is up 7% and the rest have made 3-4% on the day.

Further down the list Dash is taking off with a 23% surge to $179 in the past 24 hours. The announcement of a strategic partnership with Kripto Mobile to expand Dash’s user base in Latin America has lifted this privacy focused altcoin today. ZB.com is currently taking 60% of the trade volume in Dash which has risen 65% to $330 million.

MAJOR NEWS – @Dashpay has announced an exclusive relationship with @KriptoMobile to provide Latin Americans with an affordable way of acquiring & using #Dash for everyday transactions. Phones are pre-loaded with complete $Dash ecosystem. https://t.co/XasBlsqkD1

— Mark Mason (@StayDashy) August 27, 2018

Kripto Mobile co-founder, Luis Sosa, said;

“We are seeing an incredible transition period in Latin America with those who are unbanked, underbanked, or simply do not want to use the traditional banking system. Combining our accessible, affordable phones with Dash’s InstantSend transaction capabilities and low fees will provide a myriad of benefits to these communities.”

Monero, Neo, Zcash, VeChain, 0x and Bytecoin are also enjoying 10% gains on the day. The top altcoin in the top one hundred at the moment after Dash is GAS which has jumped 19% on the day.

Total crypto market capitalization has increased 3.7% on the day to just over $225 billion, its highest level for 18 days. Trade volume has remained steady at around $12 billion and Bitcoin’s dominance has dropped back a little to 53%. Further sustained upwards momentum could be the beginning of the recovery everyone has been waiting for.

More on Dash can be found here: https://www.dash.org/

FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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A new report out by PricewaterhouseCoopers (PwC) illustrates the degree to which companies are now seeing blockchain as an essential business tool.

The report shows that out of companies surveyed, 84% were actively involved in blockchain technology in some way. The PwC 2018 Global Blockchain Survey included 600 company executives for 15 different regions.

“Everyone is talking about blockchain, and no one wants to be left behind,” reported PwC, adding, “In reality, companies confront trust issues at nearly every turn… As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability.”

Some 45% of executives said that trust was the only issue that might prevent it moving forward, along with regulatory uncertainty, and compliance and intellectual property concerns. Other research from Cowan suggests that it make take up to six years for acceptance and widespread adoption.

Bloomberg read the PwC figures from a completely different perspective, suggesting that “most companies aren’t diving into blockchain”, pointing out that out of the 600 companies surveyed, “only 15% of them have a live project and only 10% are piloting blockchain’s use”.

Bloomberg suggests that the reason that many companies haven’t leapt in wholeheartedly and adopted blockchain is down to the cost of replacing current systems. Plus companies need to be convinced that there are significant advantages over their existing systems which at this stage is difficult to prove. Graine Mcnamara of PwC explained:

“It’s a little bit stunning how stagnant it is. A lot of people took a few steps and are pausing before the bridge. They might be having a hard time articulating the ROI.”

What must be a considerable selling point to companies is the fact that major players such as Microsoft, Amazon, IBM, Deloitte, JPMorgan and HSBC all have blockchain initiatives either in progress or planned for the future. It is likely that as these initiatives prove their worth the industry will take a more active interest. The interest shown by Facebook this year is likely to add to this impetus.

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In a Monday phone interview with CNBC Fast Money, Roger Ver explained why he believes Bitcoin Cash is a better investment than Bitcoin, also expressing that Bitcoin isn’t efficient for commerce due to high fees and low transaction speeds.

Bitcoin Cash Rules

In the interview, Ver, who owns and operates Bitcoin.com, begins his explanation of why Bitcoin Cash (BCH) is a better investment than Bitcoin (BTC), by saying that the latter’s slow transaction times and high fees make it bad for commerce, and that Bitcoin Cash offers the solution to this.

“Bitcoin is no longer…usable for commerce at all. The fees became high, the transactions became slow and unreliable, and people like myself and everybody else who was actually trying to use it for commerce stopped and switched to something else, and that something else looks most likely to be Bitcoin Cash for the most number of people.”

Ver is referring to the long transactions speeds that came about as a result of the meteoric price rise Bitcoin saw in late 2017, for which Bitcoin’s network wasn’t prepared to handle, resulting in high fees and slow transactions. That being said, in the time since, Bitcoin’s transactions fees have dropped greatly due to the price decrease and increased scalability.

Bitcoin Vs. Bitcoin Cash: Price and Transaction Volume

According to bitinfocharts.com, Bitcoin’s on-chain transaction fees peaked along with its price in late December at nearly $60, falling to a low of about $0.49. In comparison, Bitcoin Cash’s on-chain transaction fees peaked at approximately $0.9, falling to a year-to-date low of about $0.003.

As for Bitcoin and Bitcoin Cash’s prices, Bitcoin has done significantly better than Bitcoin Cash in 2018. According to CoinMarketCap, Bitcoin is currently sitting at $6,750, down from its all-time-high of just under $20,000. Bitcoin Cash, in comparison, is currently at $535, down from its high of nearly $4,000 in December.

Responding to a question from CNBC’s Melissa Lee regarding Bitcoin Cash’s poor price performance, Ver said that he has seen 90% price decreases in Bitcoin before, which only preceded exponential price increases.  He added that:

“In investing or in hockey, you don’t skate to where the puck is currently, you skate to where it is going to be in the future, and it is very very clear that all the adoption and the merchants and all sorts of businesses are being built on top of Bitcoin Cash at this point, so for the future, I think Bitcoin Cash is the best investment…”

Importantly, Ver also added that it is incredibly important to diversify, telling Lee that he doesn’t recommend putting all the eggs into one basket, and adding that he himself is diversified and “holds more Bitcoin Cash than anything else, but I have some Ether, some Zcash, some Zcoin, some Monero, some Dash, and some BTC as well…and some Ripple and some Stellar,” emphasizing that it is incredibly important to have a diversified crypto portfolio.

He also added that he is more diversified than he was in the past, moving away from Bitcoin because “the Bitcoin people had this absolutely insane idea in their mind that high fees and slow transaction times were a good thing.”

The cryptocurrency community is split on Bitcoin Cash, with many people believing like it is a shadily marketed scam that doesn’t offer anything more than Bitcoin, and many believing that it is in fact a far more efficient version of Bitcoin, achieving the goals that were originally intended for Bitcoin.

Cryptocurrency mining giant Bitmain is a notable supporter of Bitcoin Cash, with reports claiming that the company owns a higher quantity of Bitcoin Cash than Bitcoin, holding 1.02 million BCH, while holding 22,082 BTC, as of March of this year.

Featured image from Shutterstock

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A Chinese self-regulatory association is working to assist government agencies in cracking down on illegal token sales with a new reporting option.

It is not uncommon for cryptocurrencies to note strong gains when the Bitcoin price remains in the green for an extended period of time. In the case of the Dash price, the current momentum is looking extremely bullish. No one knows for sure where these gains come from exactly, although investors will not be too worried about the lack of reasons.

Dash Price is Soaring High

It is quite difficult for cryptocurrencies to recover most of the losses sustained throughout 2018. Most currencies are still down by 50% or more compared to late January, and the momentum has not worked in favor of most altcoins ever since. The Dash price has seen many different setbacks along the way, although the past few hours offer a more than welcome sign of relief in this regard.

Over the past 24 hours, the Dash price has noted a strong gain of 21.1%. Although that is not necessarily an expected gain, it does show there is plenty of positive momentum in the tank for altcoins as of right now.  With no real explanation as to why the Dash price is rising, one has to wonder if this momentum can be sustained for more than a few hours at a time.

Such strong gains would not materialize without an intriguing change in the Dash/BC ratio over the past few hours. For the altcoin, things look very promising as of right now, primarily thanks to a 17.59% gain over Bitcoin itself. This shows now is the time for the altcoins to effectively recover some of their recently lost value, although there is still a very long way to go in the case of the Dash price.

As is usually the case when momentum turns bullish in the altcoin industry, the overall cryptocurrency trading volume tends to increase. That is happening as of right now, and the Dash volume is seeing a healthy boost as well. With over $327m in 24-hour trades, Dash is one of the most liquid altcoin markets today, although it seems to be a matter of time until profit taking starts to set in and the Dash price begins to decline again.

Surprisingly, ZB.com is leading the charge in terms of Dash trading volume. This sole exchange generates over 60% of all trades through its BTC and USDT trading pairs. OKex offers another USDT pair in third place, followed by Bitfinex’s USD market and Binance’s BTC pair. Why the demand is accelerating on ZB.com, remains to be determined, although it may hint at a potential pump-and-dump cycle.

For Dash price speculators, this latest trend is very promising. How long that positive vibe will last, is a different matter altogether. Since one exchange, which usually remains barely popular, generates over 60% of all trades, it seems there will be a correction sooner rather than later. Until that happens, the Dash price should stay near or above $175 for the foreseeable future.

Key Points

• Bitcoin price made a nice upside move and broke the $6,750 and $6,775 resistance levels against the US Dollar.
• There is a crucial bullish trend line in place with support at $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently consolidating gains and it looks set for more gains above $7,000 in the near term.

Bitcoin price gained bullish momentum above the $6,750 resistance against the US Dollar. BTC/USD is now preparing for more upsides above $7,000.

Bitcoin Price Analysis

Yesterday, we discussed a possible break above $6,750 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher and buyers succeeded in clearing the $6,750 and $6,775 resistance levels. The price even broke the $6,850 level to move into a bullish zone. A new weekly high was formed at $6,957 and the price is currently placed well above the 100 hourly simple moving average.

Recently, the price corrected lower below the $6,900 level. It tested the 23.6% Fib retracement level of the last wave from the $6,567 low to $6,957 high. However, downsides were limited and the price was well bid near the $6,850-6,860 zone. Below this, the next major support is near the $6,800 level. More importantly, there is a crucial bullish trend line in place with support at $6,780 on the hourly chart of the BTC/USD pair. The same trend line coincides with the 50% Fib retracement level of the last wave from the $6,567 low to $6,957 high. Therefore, if the price corrects lower from the current levels, it is likely to find support near $6,800.

Looking at the chart, the current price action is positive above $6,850 for bitcoin price. It seems like the price is preparing for more gains above $7,000 and $7,050 levels in the short term.

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 now near the 72 level.

Major Support Level – $6,800

Major Resistance Level – $7,000

The post Bitcoin Price Watch: BTC/USD Primed To Gain Above $7,000 appeared first on NewsBTC.

The race is on to build the best “stablecoin” – a cryptocurrency with mechanisms aimed to reduce price volatility built in.

The Democratic People’s Republic of North Korea (DPRK) is usually in the crypto news media for all the wrong reasons, but there is an indication that the Republic of Korea’s (South Korea) northern neighbor is stirring again with reports of a blockchain conference set for its capital Pyongyang later this year.

Unconfirmed reports from South Korean news agency Yonhap has suggested that a two-day international blockchain conference will take place starting 1 October. This will mark the first such event to take place in North Korea.

The report, which originated from US-based radio broadcast service Radio Free Asia (RFA), indicates that experts from the blockchain space will hold talks at the event with North Korean business officials, in what has been said is an opportunity to show off its fintech knowledge.

Another report via Yonhap indicates that unsuccessful mining attempts were made last year. The North Korean research unit of South Korea’s state-run Korea Development Bank (KDB) stated that “North Korea appears to have tried to mine cryptocurrencies on a small scale”, adding that North Korea was looking into the “characteristics of cryptocurrencies, including anonymity, difficulties of tracing money and cashability”.

The reason for the lack of crypto mining success is as yet unclear as news of a negative nature rarely emerges from the North Korean state-run media. The mining was said to have been trialled between May and July last year.

The same research unit claims that a North Korean tech company, Chosun Expo, has been working on setting up a Bitcoin exchange platform although details are scant. It does appear, however, that North Korea, albeit late, is starting to show some interest in the technology after introducing a crypto and blockchain course at the Pyongyang University of Science and Technology.

Federico Tenga, an Italian Bitcoin entrepreneur who ran the course, suggests that students had “limited awareness” of crypto but had heard of Bitcoin. The course was also attended by some professors from the university along with a few computer science and finance students.

The KDB report indicated that North Korea is very much underdeveloped even in terms of basic computer connectivity and lacked the essentials with which to develop and meaningful fintech industry such as the lack of a blockchain infrastructure, high-performance computers, electric power, and networks to carry internet. South Korean Speconomy suggested:

“The current situation in which only a few layers of the internet can be connected will dampen the development of the virtual currency industry.”

Until now, Pyongyang’s only connection with the industry is one of alleged hackings and attempted theft from South Korean exchanges, apart from the announcement by Koryo Tours in April that they had released a travel industry coin for exclusive use in the DPRK tourist sector.

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Key Highlights

• Ethereum classic price formed a support base near $12.00 and moved higher against the US dollar.
• There was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair has moved into a bullish zone and it could continue to move higher towards $13.00 and $13.50.

Ethereum classic price is gaining traction against the US Dollar and Bitcoin. ETC/USD is placed nicely above $12.50 for more gains in the near term.

Ethereum Classic Price Support

After trading as low as $11.88, ETC price started an upside move against the US dollar. The ETC/USD pair traded above the $12.00 and $12.20 resistance levels. The price also traded above the 23.6% Fib retracement level of the last slide from the $13.47 high to $11.88 low. However, the upside move was capped by the $12.70 level and the price dropped back towards the $12.00-12.20 support.

Later, the price formed a support base near $12.00 and moved higher. It settled above the $12.50 resistance and the 100 hourly simple moving average. Moreover, there was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair. The pair is currently trading near the 50% Fib retracement level of the last slide from the $13.47 high to $11.88 low. Once there is a proper close above the $12.75 and $12.80 levels, the price is likely to accelerate above the $13.00 level. If ETC buyers gain control, the price may well break the $13.10 resistance and revisit the $13.40 zone.

The chart suggests that ETC price could dip a few points, but the broken triangle near $12.60 is likely to hold declines. Below this, the next major support is near $12.50 and the 100 hourly SMA.

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

Hourly RSI – The RSI for ETC/USD is now well above the 50 level.

Major Support Level – $12.50

Major Resistance Level – $13.00

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