Day: September 2, 2018

Zimbabwe’s Bitcoin ATM – the first and only one in the country – has been reported to be unusable, just as demand for Bitcoin there is at an all-time high.

Golix, the exchange responsible for installing the machine at their office in Harare, has been embroiled in a high courts battle since May 2018 with the Reserve Bank of Zimbabwe. The central bank had ordered all banks in the country to sever ties with Golix and other exchanges, halting the facilitation of crypto trading. Ultimately, this forced exchanges, including Golix, to cease operations, with bank accounts frozen and large amounts of money owed to customers.

The Zimbabwean Dollar was officially demonetized in 2015 and Zimbabwe no longer has a native fiat currency. This crippled the economy for a time, with people and companies losing entire life savings. At the peak of the inflation crisis, there was 98% inflation rate every day, with inflation rates annually reaching hundreds of billions of percentage increases.

Now Zimbabweans use the US dollar, euro and other major global fiat currencies. They also use some silver and gold. Bitcoin has also been in demand, with average prices in Zimbabwe frequently much higher than average global prices, likely due to its decentralization and resistance to inflation. Citizens likely find these aspects to be highly desirable, given their recent experience with fiat currency.

Golix is hoping that it will have success in Zimbabwe’s High Court and overturn the crypto banking ban, which would allow it to start exchanging crypto for fiat again, a necessary mechanism so they can channel Bitcoin into Zimbabwe. No court date has been set yet, however.

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The post Zimbabwe’s Bitcoin ATM Sits Idle Just as Country Needs It Most appeared first on BitcoinNews.com.

Key Highlights

• Ripple price traded above the $0.3500 level and later faced resistance near $0.3530 against the US dollar.
• There was a break below a key bullish trend line with support at $0.3380 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently under pressure and it could revisit the $0.3200 support area in the near term.

Ripple price is correcting the recent gains against the US Dollar and Bitcoin. XRP/USD may continue to move down towards the $0.3200 support area.

Ripple Price Support

There was a decent upward move above the $0.3400 level this past week in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.3500 level before sellers appeared near the $0.3530 level. The price started a downside correction and moved below the $0.3500 support. It also cleared the 50% Fib retracement level of the last wave from the $0.3227 low to $0.3530 high.

Furthermore, there was a close below the $0.3400 level and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support at $0.3380 on the hourly chart of the XRP/USD pair. The pair is now trading below the $0.3380 level and it seems like it could continue to move down. The next major support on the downside is near the $0.3200 level where buyers are likely to appear. An intermediate support is $0.3300 and the 76.4% Fib retracement level of the last wave from the $0.3227 low to $0.3530 high.

Looking at the chart, ripple price is correcting gains below the $0.3400 level. It could correct more in the short term, but dips near $0.3300 and $0.3200 are likely to find buyers on the downside.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3500

The post Ripple Price Analysis: XRP/USD Could Retest $0.3200 Support appeared first on NewsBTC.

Over the past week, as the crypto market began its slow move upwards, volume saw a resurgence, with the daily volume posted by exchanges rising from an average of $10 billion to $12 billion. Although some investors saw the rising volume as an evident sign of the return of retail interest, some pundits claimed that it may not be cut and dried.

$250 Million Of Fake Volume On Bithumb Everyday

It goes without saying that markets can often be erratic on a day-to-day basis, but the unpredictability and volatility in the crypto market are unprecedented. Keeping this in mind, when investors saw an abnormal influx of volume on South Korea’s Bithumb exchange each and every day over the past week, there were suspicions, to say the least. Cynics chalked it up to classic manipulation, while others noted that it could just be an odd API error.

But Alex Kruger, an Argentinian crypto trader and analyst, took to Twitter on Sunday to reveal that that something sinister was afoot. The analyst first posted the following image, which outlines the daily occurrence of extremely pronounced volume candles at 11:00 AM (KST) sharp.

Image Courtesy of Alex Kruger

He later issued a “tweetstorm” regarding the image (seen above) in a bid to bring more clarity to the situation. Opening the thread, the commentator highlighted Bithumb’s “airdrop”, noting how the event, which was ostensibly created in goodwill, directly caused over $250 million in “fake volume” to be traded every day since August 25th.

1/ There currently are USD 250 million of fake volume traded at Korean crypto exchange Bithumb, every day at 11AM Korean Time, since August/25. Tweetstorm covers the math behind it in simple terms. #washtrading illustrated.

— Alex Krüger (@Crypto_Macro) September 2, 2018

Kruger then dove into the statistics that backed his claim. First off, the analyst highlighted Bithumb’s airdrop system, writing:

“Bithumb offers 120% payback of trading fees as an airdrop. Daily limit is one billion Korean Won ($900,000), first come first served…  Trading fees are 0.15% taker. Wash trading conducted by entering two opposite limit orders => Total fees 0.3%. Rebate is for 120% => 0.36%.”

Crunching the numbers, Kruger then added that for traders to claim the full $900,000 rebate, a single trader (or group of traders) will have to incur over 279 billion KRW ($250 million) of volume in a single day.

As this is a “first come, first served” system, it was made clear that some traders decided to game the system by manufacturing over $250 million in wash volumes in minutes to claim the full trading fee airdrop, as corroborated by the 31,000 BTC volume candles seen on the image above. After subtracting trading fees, those who partake in the wash trading scheme will reportedly rake in over $150,000 each and every day, or until the promotional airdrop ends that is. As Kruger puts it “(that is an) expensive marketing campaign.”

As it stands, Bithumb has not commented on the situation, but it seems that the Korean firm initiated this airdrop with no malicious intent but clearly left a loophole for wash traders to exploit.

However, some claim that the exchange made this move to regain popularity within cryptocurrency circles as it reopens account registrations. As reported by NewsBTC just days ago, Bithumb has just partnered with Nonghyup Bank to reinstate its account registration procedure that was shut down in January due to regulatory scrutiny.

Analysts expect that Bithumb reopening its doors to the Korean public may result in an influx of capital, as the thousands of sidelined individuals will finally be able to inject fiat into the shaky cryptocurrency market.

Featured Image From Shutterstock

The post Korea’s 2nd Largest Crypto Exchange Sees $250 Million Of Fake Volume Daily appeared first on NewsBTC.

Key Highlights

• ETH price recently traded towards the $303-305 level and later corrected lower against the US Dollar.
• There is a major bearish trend line formed with resistance near $295 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains nicely supported near the $288 level and the 100 hourly simple moving average.

Ethereum price is positioned for an upward move against the US Dollar and bitcoin. ETH/USD remains well supported near the $285-288 zone.

Ethereum Price Resistance

During the past three days, there were decent bullish moves above $280 in ETH price against the US Dollar. The ETH/USD pair broke the $295 and $300 resistance levels and formed a high at $302.64. Later, buyers failed to keep the price above the $300 level, resulting in a downside correction. It declined below the 23.6% Fib retracement level of the last leg from the $276 low to $302 high.

However, losses were protected near the $285-288 support zone. The stated level was a resistance earlier near $288 and now preventing declines. The 50% Fib retracement level of the last leg from the $276 low to $302 high is also at $289. Moreover, the 100 hourly simple moving average is positioned near the $288 level, signaling its importance. Therefore, as long as the price is above the $285-288 support, it could move higher. On the upside, there is a major bearish trend line formed with resistance near $295 on the hourly chart of ETH/USD. A break above the trend line and $298 may well clear the path for more gains towards the $310 level.

Looking at the chart, ETH price is positioned nicely in a positive zone above the $288 level. However, buyers need to gain momentum above $295 and $300 to push the price further higher towards $310.

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI – The RSI is just near the 50 level.

Major Support Level – $274

Major Resistance Level – $284

The post Ethereum Price Analysis: ETH/USD Signaling More Upsides Above $296 appeared first on NewsBTC.

A Japanese city government has tested a blockchain-based system to let residents cast votes for selecting city development programs.

In less than a year, eight months to be exact, Matt Aaron and his team have grown the Bitcoin.com Podcast Network (BPN) by 100 episodes. Covering everything from blockchain innovation and hype to the week’s hottest crypto news, all the while highlighting the ecosystem’s most interesting personalities, now BPN is expanding into Latin America with a Spanish language broadcast. It’s easily the most comprehensive way to get giant helpings of Bitcoin ear candy.

Also read: Bitcoin Journalist Pioneer: Jamie Redman Has Over 2,000 Articles Published

100 BPN Episodes Document the Fascinating World of Crypto in All its Glory

Last year, Matt Aaron was comfortably running his export business from Latin America, an expat on a fulfilling adventure. Chance meeting with a Bitcoin.com executive looking to expand the company’s podcast presence online led to a conversation, leading to a job offer.

Mr. Aaron, host and curator of all things Bitcoin.com Podcast Network, set about to meet the varied needs of listeners. Veterans of the space often are lacking for time, needing a quick listen to the most important news of the week. There is never a dull day in the cryptosphere, and so Mr. Aaron created This Week in Bitcoin (TWiB), one of the first summary shows of its kind in the community. TWiB is exactly as advertised: a sub 15 minute investment gets listeners caught up on an international spread of topics relevant to the ecosystem. Its easy format, story selection by news.Bitcoin.com writer and editor Kai Sedgwick, and consistent publishing have made it a BPN favorite.

Blockchain 2025 was BPN’s initial attempt at a longer-format show, one loose enough to pull from at the margin issues within the community and relate them to the tech underlying crypto, blockchain. Its ‘2025’ number is to give it a forward-looking focus, but not too far off. Mr. Aaron and a variety of co-hosts have examined cutting edge topics, and usually before most enthusiasts have heard about them. Prediction markets, religion, voting, storytelling lore, 3D guns, real estate, Blockchain 2025 seems to never run out of new and interesting topics. A key to the show’s success is production value: Editor Isabel Chaparro adds sound drops to make listeners smile while also keeping the show’s pace fluid, moving. The show was even recently nominated for a podcast award.

Exhaustive Coverage of the Ecosystem

Humans of Bitcoin is Bitcoin.com Podcast Network’s most ambitious show. Imagine This American Life turned completely into a crypto-centric, longer format show focusing on one principal guest. It’s a time for luminaries, ecosystem lights, those making a difference in the cryptosphere to let their hair down and discuss personal journeys they’re not normally asked about, if ever. Some of the most compelling episodes include interviews with Lyn Ulbricht, mother of alleged Silk Road founder Ross Ulbricht, Wall Street analyst Caitlin Long, Billionaire Coin Geek owner Calvin Ayre, former gigolo turned Cointext revolutionary Vin Armani, and crypto’s spirit animal, Jeffrey Tucker. More recently, Mr. Aaron scored an exclusive interview with 3D gun printing advocate Cody Wilson, and listeners were the first in the world to hear Mr. Wilson’s historic response to court bans.

BPN has become so popular, it is venturing into emerging markets such as Latin America. Calle Bitcoin, loosely translated, ‘Bitcoin Street,’ is a audio project to get back to cryptocurrency’s roots, as a peer-to-peer cash for the entire world. Arguably, Latin America could be both in the greatest need for crypto and one of the first regions to reach considerable adoption as a result. Calle Bitcoin guides Spanish speaking listeners through topics surrounding blockchain, current issues, and why crypto is so revolutionary.

100 episodes over four distinct shows is a herculean effort, and as BPN expands so has its team. Emily Dallara is the mistress of marketing and promotion, and is sure to get shows out in front of those who are most interested. Bitcoin.com China News correspondent Cindy Wang and Gerald Fabrot from Business Development have contributed to important guest gets. Attila Kramer, Joey King, and Luis Barreto keep the BPN website slick looking and running smooth.

What is your favorite show on the BPN? Let us know in the comments below. 

Images via Pixabay.

We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto.

The post Bitcoin On Air: 100 Reasons to Explore the World of Cryptocurrency appeared first on Bitcoin News.

Bitcoin Price Key Highlights

• Bitcoin price is trending higher inside an ascending channel on the 4-hour chart and is testing the top.
• A pullback to support might be due from here, so as to gather more bullish energy on the climb.
• The uptrend is likely to resume since the 100 SMA is completing a crossover above the 200 SMA.

Bitcoin price hit resistance at the top of the channel but might be ready to resume the climb on a test of support.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than to reverse or that support is more likely to hold than to break.

However, RSI is pointing down to indicate that sellers are trying to regain control from here while buyers take a break. Similarly stochastic is moving south so bitcoin price might follow suit while bearish pressure is in play.

Price could bounce upon hitting support at the Fib levels or the channel bottom, which lines up with the 61.8% level in particular. This also coincides with a former resistance around $7,000, which might also hold as an area of interest.

A larger pullback could last until the swing low just above the moving averages, which might be the line in the sand for any bullish correction.

BTCUSD Chart from TradingView

Bitcoin price does seem to remain support, especially after landing back above the $7,000 major psychological mark that many are watching. Optimism for approval by the SEC in bitcoin ETF applications appears to be keeping bulls present for fear of missing out on a big rally.

Apart from that, many analysts are renewing their bullish calls on this particular cryptocurrency, with Tom Lee even citing that the launch of ethereum futures might wind up positive for bitcoin.

The post Bitcoin (BTC) Price Watch: Don’t Miss This Bullish Pullback appeared first on NewsBTC.

Key Points

• Bitcoin cash price is consolidating below the $650 resistance area against the US Dollar.
• There is a contracting triangle forming with support near $630 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair may well break the triangle to test the $600 support before moving higher again.

Bitcoin cash price is positioned nicely above $600 against the US Dollar. BCH/USD could correct lower in the short term, but dips remain supported.

Bitcoin Cash Price Support

Recently, there was a nice upside move in bitcoin cash price above the $600 resistance against the US Dollar. The BCH/USD pair traded above the $650 level and settled above the 100 hourly simple moving average. A high was formed at $660 and later the price started consolidating gains. It tested the 23.6% Fib retracement level of the last wave from the $549 low to $660 high.

However, it seems like buyers are defending the $620-630 support area. Moreover, there is a contracting triangle forming with support near $630 on the hourly chart of the BCH/USD pair. If the price breaks the triangle support, it could correct lower below $620 in the near term. The next major support is near the $600 level. It represents the 50% Fib retracement level of the last wave from the $549 low to $660 high. Below this, the next important support is near the $580 level and the 100 hourly simple moving average. On the other hand, if the price breaks higher, it could surpass the $650-660 zone for more gains towards $700.

Looking at the chart, BCH price is likely to correct lower towards $600 in the near term. Having said that, dips remains nicely supported near $600 and $580.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.

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

Major Support Level – $620

Major Resistance Level – $650

The post Bitcoin Cash Price Analysis: BCH/USD Could Test $600 Before Higher appeared first on NewsBTC.

The software giant’s Azure cloud division is building bridges between its blockchain services and other, widely used infrastructure and platforms.

Regardless of the sentiment and interpretation of the 10,000 BTC short position of Sep 1, prices seem to be bottoming out. At current prices, BTC is up an impressive nine percent in the last week and two percent in the last 24 hours. We expect coin specific fundamentals to prop prices going forward. As such, placing longs on every pull back in line with last week’s gains will be trading with the market keen on edging towards $10,000.

From the News

The Bitcoin market is in limbo on whether to short or buy in direction of the “new found bull momentum”. It all had to do with that massive 10,000 BTC short position of Sep 1 and while prices did rise soar, it also syncing perfectly with aftermath of previous short positions of Q2 and 3 2018. Time and time again, it has been shown that prices temporarily rally in a perfect short squeeze before tumbling in later sessions as bulls are overwhelmed by strong wave of sellers. When we take a look at Bitcoin prices, prices are rising contrary to expectations and this by itself is brewing theory after theory but the most important thing is whether Bitcoin bulls can maintain prices above $7,200 and prove short sellers wrong.

John MacAfee is not short of controversy. On numerous occasions he has been quoted placing Bitcoin prices above $250,000 and even $1 million depending on prevailing sentiment. Aside from his outrageous Bitcoin predictions, he is also an influencer for hire. Money talks for John and backing a cryptocurrency wallet, BitFi his reputation is on the line. The wallet claims it is unhackable and a secure cold storage device.

Bitfi got hacked — twice. Within an hour of the second hack, the wallet maker shut down its bounty and called in security reinforcements. https://t.co/XU79voJZGw https://t.co/RNfbd0giRe

— Zack Whittaker (@zackwhittaker) August 30, 2018

Their claims turned out to be a mockery for researchers who went to great lengths to find flaws on the BitFi code. At the end of the day, it turned out to be vulnerable and hackable because it is possible to steal user’s private keys through a cold boot attack.

Bitcoin Technical Analysis

Weekly Chart

Bitcoin Weekly Chart by Trading View

It’s a triple bottom affair for Bitcoin and the result is a morale boosting recovery above $7,200 or week ending Aug 12 highs. Even though we anticipate further recoveries this week, it would be important if there is a close above the eight month resistance trend line marking the upper edge of this descending wedge at around $8500.

Should that be the case—and chances are it might pan out this way—then Bitcoin prices may as well explode above $10,000 and $12,000 before end of this year. Ideally, accompanying this higher high should be high volumes printing above recent averages.

Daily Chart

Bitcoin Daily Chart by Trading View

At current prices, not only is Bitcoin trading above $6,800 and $7,000 resistance zone, prices are above $7,200, the conservative bull entry level marking week ending Aug 12 highs. Judging from candlestick formations, it is likely that the market is bottoming out with further gains in the horizon.

Now, from previous BTC analysis, traders were anticipating for this recovery and close above those major resistance points before loading on every pull backs. Because it is now in effect, we suggest buying on dips in lower time frames with stops at $7,000 and first targets at $8,500 and later $10,000.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post Bitcoin (BTC) Price Analysis: Bitcoin Bulls Thrash “Short Squeeze” Talk, Now Aims $10,000 appeared first on NewsBTC.