Day: August 30, 2018

The bullish mood in the bitcoin market could turn sour if the cryptocurrency finds acceptance below the 100-day moving average.

“Never keep your eggs in one basket” might be the statement you hear time and time again from capital market traders, analysts, and advisors alike. While this investment thesis may be applicable in traditional markets, some believe that this diversification tactic is not applicable to crypto markets.

Don’t Put Your Crypto Eggs Into One Basket?

As reported by NewsBTC, Roger Ver recently made an appearance on CNBC’s ‘Fast Money’ segment to discuss his outlook on this market. While much of his time on-air was filled with Bitcoin Cash-related discussion, CNBC viewers likely focused on this comment regarding diversification, which is as follows:

“I hold more Bitcoin Cash then anything else, but I have some Ether, some ZCash, some ZCoin, Dash, Monero and I still hold BTC as well. So a little bit of everything is a good idea, including a bit of Ripple (XRP) and Stellar (XLM). Diversify, diversify, diversify is the name of the game.”

Although “diversify, diversify, diversify” may sound like a no-brainer for any seasoned investor, Samson Mow, the Chief Strategy Officer at Blockstream, begs to differ. Mow, who is often critical of Ver’s beliefs and statements, brought up his talk he made at South Korea’s Blockfesta conference to rebut the Bitcoin Cash proponent’s sentiment on diversification.

“Diversify, diversify, diversify?” That’s the worst advice possible because #cryptocurrencies are highly correlated. In my #Blockfesta talk I showed how diversified portfolios perform over a year. If you just bought $BTC you’d be up 54% but losses increase as you diversify. #HODL pic.twitter.com/Sl7atlMd0w

— Samson Mow (@Excellion) August 28, 2018

The Blockstream executive first noted that “diversify, diversify, diversify” is the “worst advice possible,” noting that the price action of a majority of cryptocurrencies is “highly correlated.” While not explicitly stated, Mow is essentially alluding to the fact that Bitcoin, which has historically been at the forefront of crypto, should be the sole focus of any portfolio. Backing this claim, the Bitcoin (BTC) proponent pointed out that if you bought only BTC one year ago, you would be up 54%, but if you diversified into the top 16 crypto assets, you would be down by 21%.

While his aforementioned criticism highlighted a short-term scenario (one year), he also added that a focus on Bitcoin may be beneficial in the long run as well. Mow noted that “if you bought anything other than BTC and LTC to hold back in 2013, you’d be thoroughly REKT.”

A majority of 2013’s top 20 crypto assets have all but faded out of existence, with newer projects like Ethereum, Monero, and EOS ousting Namecoin, Peercoin, and Feathercoin, which all used to be the crème de la crop back in their hay day. Not only have these little-known projects faded from public memory, but some have totally abandoned, with their token values dropping off the face of the Earth.

Mow seems to be convinced that this same occurrence will happen in today’s markets, speculating that a majority of altcoins are posed to see hefty losses over the long-term.

However, some were not convinced by Mow’s arguments, with skeptics pointing out his allegiance to Bitcoin maximalist thought process, which would have evidently skewed his opinion on the long-term prospects of altcoins. Others noted that his investment method may work in a bear market, but in a bull market, diversification may actually be key. As the market ran in 2017, Bitcoin dominance fell below 80% for the first time ever, leading ‘altcoin maximalists’ to believe that Bitcoin’s time as a crypto monarch had fully elapsed.

Regardless, there did seem to be a common thread of agreement between those on both sides, which was that taking CNBC Fast Money’s crypto advice to heart may be the “fastest way to lose money.”

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The post Blockstream Executive: Diversification May Have “Thoroughly REKT” Your Crypto Portfolio appeared first on NewsBTC.

US-based cryptocurrency exchange Coinbase has published results of its recent survey, showing that 42% of the world’s top 50 universities offer at least one course relating to blockchain or cryptocurrencies.

Who’s offering what?

Some 22% of the universities offered more than one course, with Stanford listing ten classes and Cornell nine. The National University of Singapore ranked highest of the non-US universities with five blockchain-related courses. The US universities were far more likely to offer related courses than those abroad; just 5 of the 18 non-US institutions offered such classes.

If the results were expanded to include foundational cryptography courses, 70% of all the universities included in the study offer at least one.

Universities appealing to all kinds of majors

Universities offered the courses in a number of departments including anthropology and finance, not only the expected computer sciences. And it is not just the majors that may typically be expected to apply for these types of courses interested in taking them either. Nearly half of all social science majors that Coinbase surveyed said they would be interested in taking such a class.

Inter-disciplinary interest in blockchain could be attributed to the societal impact it is having in a number of domains. Dawn Song, a computer science professor at the University of California, Berkeley said that studying the technology is particularly appealing as it can lead to ”fundamental breakthroughs in many research areas”, as well as having a profound impact on many industries and sects of society.

Campbell Harvey, a Professor of international business at Duke University said that he has seen law students particularly benefit from taking blockchain classes. ”Law students that are trained in blockchain, they don’t need to apply anywhere. People are just asking them to join their firms,” he said.

Methodology

Coinbase worked alongside survey company Qriously during the study. A total of 675 US college students were surveyed and an unspecified number of professors were interviewed. 175 classes were reviews, 15% were offered by economics, finance, law and business departments and 4% coming from social science departments.

The top 50 universities were chosen according to the US News and World Report: Best Global Universities 2018.

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Cryptocurrency volatility is slowing down business adoption of blockchain tech, survey shows, as senior management fails to differentiate between the technologies

FOMO Moments

Markets are correcting; Iota, Tron, Dash and Nano dropping fast, Dogecoin bouncing back.

Following three days of upwards momentum a slight crypto market pullback has predictably occurred. Total market capitalization has dropped back below $230 billion as altcoins fail to hold their recent gains.

Bitcoin has just dipped back below $7k which could be an ominous sign. Falling just 1.3% on the day BTC is currently trading at $6,985, it dumped almost $150 in just a couple of hours yesterday and has failed to really recover from that. Likewise with Ethereum which is down again, 3.8% at the moment, back to $280.

The altcoins are pretty much all in the red as markets correct after recent gains. In the top ten Iota, which has performed well in previous days, is dumping hard with an 13% dip today back to $0.677. The rest have fallen between 3-4 percent on the day.

Larger losses can be seen in the top twenty with Tron and Dash dropping over 8% in 24 hours to $0.024 and $182 respectively. Neo, Nem and VeChain are also falling back by 5-6 percent wiping out previous gains and the rest are losing 2-4 percent.

Dogecoin is the only altcoin in the top forty showing a gain, it has pumped 23% on the day to trade at $0.0031 or 44 satoshis. The Reddit chatter is just populated by doggie pictures and moon cartoons however developers are working a smart contract ‘bridge’ that will facilitate the transfer of Dogecoin to and from the Ethereum blockchain and have imaginatively called ‘Dogethereum’.

Yesterday’s pumped Noah Coin has made another 38% on the day and Decentraland is also defying the drop with a 9% gain. Nano is taking the biggest hit at the moment with a 15% dump to $2.61. Ontology and Chainlink are both dropping over 9% on the day has the downslide accelerates.

Total crypto market capitalization has dumped almost $6 billion and is down 2.5% to $225 billion once again. Trade volume has remained stable at $13 billion and Bitcoin’s dominance is at 53.4%. Over the week markets have made 8% as they were below $210 billion this time last Thursday. The monthly view however is still grim with a 24% decline keeping the down trend intact. If Bitcoin cannot hold support further losses across the board look very likely but technical indicators are still showing it as bullish.

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.

The post Is Another Crypto Market Correction The Sign Of More Declines? appeared first on NewsBTC.

Although current crypto prices are a far cry from last year’s all-time highs, the adoption of blockchain-backed assets remains a hot topic in this industry, with Yahoo Finance revealing a crypto-friendly feature.

“The Virus Is Spreading”

In an unexpected move, Yahoo Finance, a well-established business news site, has introduced Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) trading support right on its webpage. Now, users will be able to buy and sell these four cryptos without ever having to click off Yahoo Finance, a welcome addition for less technologically-adept users of the California-based platform.

Although the site also supports price tracking for a variety of well-known cryptocurrencies, options to purchase or sell any assets other than the four aforementioned are unavailable.

For those looking to take advantage of this newly-introduced feature, it is as simple as searching up the ticker symbol of the aforementioned cryptos and clicking the “buy” or “sell” button. Upon clicking the button, which is colored in a bright sky blue, users will be prompted to select “a broker,” with the site currently supporting the crypto trading APIs from Coinbase and Robinhood. Following an automated brokerage connection process, buying and selling crypto should be a cake walk.

Oddly enough, Yahoo Finance has yet to release a statement on the subject, but it is more than likely that this is a bona fide move backed by the technology giant.

While this news was quickly cast aside by some, optimists see this new medium of crypto trading as a gateway to widespread adoption. Soon enough, everybody and their dog had something to say about this new feature.

The first notable mention of Yahoo Finance’s move came from Anthony Pompliano, the founder of Morgan Creek Digital Assets, jokingly noting that “the virus is spreading.” The mention of a crypto “virus” or “bug” has long been a colloquial term for adoption in the crypto industry, with Pomp’s statement essentially pointing out that Yahoo’s move will only help to bolster the acceptance of cryptocurrencies.

You can now buy/sell LTC on @YahooFinance. Mass adoption is achieved one step at a time. pic.twitter.com/RuF7XR4zTX

— Charlie Lee [LTC] (@SatoshiLite) August 29, 2018

This sentiment regarding adoption was soon echoed by Litecoin founder Charlie Lee, who recently stated that this is an optimal time to focus on the development of this industry, rather than short-term price action. Lee lauded Yahoo’s move as one step towards mass adoption, which the Litecoin founder sees as a long-term catalyst for the success and price of crypto assets.

It is apparent that this is one of Yahoo’s moves to further position itself as a crypto-friendly site, as the previously legacy market-centric source recently opened its doors to offer blockchain and cryptocurrency related content to its vast audience.

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The post Crypto-Friendly Yahoo Finance Launches BTC, ETH, LTC and BCH Trading Feature appeared first on NewsBTC.

Bitcoin Press Release: BitSport, a ready-made eSports betting platform from BitPlay utilizes blockchain technology with real-world application to succeed where many have failed whilst introducing cryptocurrencies to the millennial gamer demographic.

August 24th, 2018, London – Presently the blockchain and cryptocurrency industry is still feverously pumping out initial coin offerings (ICOs) tied to solutions and platforms that more often than not, fail within their first year.

In Q1 of 2018, token sales have already generated over $6 billion, and a staggeringly large number of startups from 2017 no longer exist in 2018, which is why BitSport will come out of the gate as a working product before launching an ICO.

The trend of funding a company prior to it having a working product has seen many investors, companies and media outlets begin to shy away from the technology as a whole; overpromise, scams and projects lacking even a prototype are increasing cynicism toward a nascent industry with enough to prove already.

BitPlay has spent the majority of 2018 developing the BitSport beta, the vision is to tap the gaming marketplace that is host to over two billion gamers.

BitSport will introduce the already tech-savvy demographic to a platform where they can bet on their favorite eSports games and tournaments, and furthermore, streamers can utilize the platform to engage with audiences like never before.

All bets are secured through Smart Contract technology, deleting the risk of fraud or transaction failure. BitSport smoothly introduces cryptocurrencies to its users in a safe and streamlined way, removing the need to go through multiple exchanges to obtain tokens.

BitSport will host its own native cryptocurrency named BTP, the tokens already have multiple uses on the platform; furthermore, BitSport has established partnerships to allow for the easy purchasing of BTP which includes both fiat and credit card options.

Millennials and more specifically the gamers are the perfect audience to handle online betting, agreements, and engagements through blockchain and smart contracts.

From day 1, the BitSport platform will play host to the biggest eSports video game titles in the world such as Counter-Strike, Overwatch, PUBG, FIFA, NBA, NFL and Dota 2.

Being one of the few blockchain startups with a product prior to an ICO, BitPlay still has a lot of work to do. The vision is to create a major gaming hub, one where aspiring gamers can train, bet and even earn enough to make a legitimate career from their passion.

BitPlay will also eventually be expanding into the mobile gaming market as time goes on, it would be foolish to ignore one of the fastest growing markets in the world.

BitSport Beta Launch, Private Sale and Airdrops

Building a solid, working and honest platform for users is a game changer from BitPlay; once the concept of the platform is proven and credibility is secured, only then is it considered fair to begin crowdfunding through an ICO.

The BitSport beta will launch on September 1st, 2018, showcasing the platform will show value to gamers.

Until then, BitPlay is hosting a private sale for interested and accredited investors until August 31st,after which BTP will be available on popular crypto exchanges from the second week of September.

Gamers can head to the BitSport.io website to subscribe early for a chance to participate in the airdrop on the launch date, gamers can use airdropped BTP tokens to make eSports bets on launch day.

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Bitplay is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can

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As was to be expected after a few days of positive price momentum, the cryptocurrencies are in a battle for survival once again. Despite Bitcoin holding its own relatively well, the IOTA price is going off the deep end at an alarming pace. It is the only currency in the entire top 15 to note double-digit percentile losses at this time.

IOTA Price Feels the Pressure

Every time the Bitcoin price takes a small stumble, the altcoins will respond in a rather volatile manner. So far, most of the top altcoins have succeeded in keeping the losses to a minimum, but there will always be some exceptions to take into account. In the case of the IOTA price, the going is getting very tough in very quick succession, which does not bode well for speculators in search of quick profits.

Over the past 24 hours, the IOTA price has lost a surprising amount of value. A 10.67% setback in USD value is not what most people expected, even though it doesn’t exactly come as a total surprise either. Because of this USD value decline, the IOTA price is dipping below $0.7 again, an event that was bound to happen sooner or later after some solid gains earlier in the week.

Unfortunately for IOTA price watchers, things are not looking any better in the MIOTA/BC ratio. A steep decline of 9.51% has been noted in this regard, and it may not necessarily be the lowest point either. Because of this decline against Bitcoin, one MIOTA is worth less than 10,000 Satoshi once again. Retaking this hurdle will take some time, although it primarily hinges on how the Bitcoin price evolves in the coming days and weeks.

The overall cryptocurrency trading volume is not looking too impressive right now. After a few days of gradual increases, it appears things have come to a status quo, for the time being. IOTA is not affecting the overall volume in a positive or negative manner, as its $84.92m in trades is on par with the volume one would expect for this particular altcoin in this day and age.

The majority of this trading volume still originates from Binance, even though Bitfinex’s USD pair is still at the top in terms of individual volume. Binance takes second and third place with its USDT and BTC pairs, followed by OKEx’s USDT pair. A new entrant made it in the top five, as CoinOne’s KRW pair successfully fends off the competition. Despite two fiat currency pair sin the five, it seems unlikely the IOTA price will recover anytime soon.

As is always the case in the world of cryptocurrencies, anything can happen prior to and during the weekend. For ITOA price watchers, this may very well be a brief dip when looking back on the situation next week. At the same time, it may also be a sign of things to come for the crypto industry, which would be rather troublesome. An interesting few days lie ahead, that much is almost guaranteed.

Key Points

• Bitcoin price corrected lower after setting a new weekly high around $7,130 against the US Dollar.
• Yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair remains well supported near the $6,920 and $6,850 levels in the near term.

Bitcoin price dipped a few points to test the $6,920 support against the US Dollar. BTC/USD remains in uptrend as long as it is above $6,775.

Bitcoin Price Analysis

Yesterday, we saw a sharp bullish wave above the $7,000 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $7,131 and later started a downside correction. It declined below the $7,025 support and started trading in a range. There was a break below the 23.6% Fib retracement level of the last rise from the $6,709 low to $7,131 high.

There was even a spike below the $7,000 and $6,950 levels. However, the 50% Fib retracement level of the last rise from the $6,709 low to $7,131 high acted as a strong support. There was no close below the $6,920 support and the 50% Fib level. More importantly, yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair. Below the trend line, the 100 hourly simple moving average is positioned near the $6,870 level. However, the main support for the current trend is $6,775, which was a resistance earlier.

Looking at the chart, bitcoin seems to be very well supported near the $6,950, $6,870 and $6,775 levels. On the upside, the price has to clear the $7,025 and $7,080 resistance to challenge the $7,131 high. Finally, a break above $7,130-50 could set the pace for a test of $7,250.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is bouncing back from the 40 level.

Major Support Level – $6,920

Major Resistance Level – $7,080

The post Bitcoin Price Watch: Here is Why BTC/USD Remains in Uptrend appeared first on NewsBTC.

Key Highlights

• Ethereum classic price formed a high at $13.37 and declined below $13.00 against the US dollar.
• There is a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair could bounce back after testing the $12.75 support and the 100 hourly simple moving average.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD must hold the $12.75 support to resume its upside move in the near term.

Ethereum Classic Price Trend

During the past two days, there was a steady rise from the $12.10 support in ETC price against the US dollar. The ETC/USD pair climbed higher and broke the $12.50, $12.75 and $13.00 resistance levels. It traded close to the $13.40 level and formed a short-term top at $13.37. Later, there was a downside correction and the price moved below $13.00. The price also moved below the 23.6% Fib retracement level of the last wave from the $12.27 low to $13.37 high.

However, the price is now approaching a crucial support near the $12.75-12.80 area. There is also a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair. The 50% Fib retracement level of the last wave from the $12.27 low to $13.37 high is also above the trend line support. Moreover, the 100 hourly SMA is positioned at $12.70 to act as a support. Therefore, if the price continues to move down, it is likely to find support near $12.70 and $12.75. Below these, it could move back towards $12.10.

The chart suggests that ETC price remains supported near $12.75 and the 100 hourly SMA. On the upside, an initial resistance is near $13.00 followed by a bearish trend line at $13.10.

Hourly MACD – The MACD for ETC/USD is slightly placed in the bearish zone.

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

Major Support Level – $12.75

Major Resistance Level – $13.10

The post Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75 appeared first on NewsBTC.

Disagreement surrounding an upcoming upgrade, Constantinope, is putting ethereum to the test.