Day: September 5, 2018

The bearish pressure among all cryptocurrency markets is intensifying at an accelerated pace. This trend is not entirely surprising, as various market indicators have highlighted a correction was coming. For the Ethereum price, the recent mainstream media coverage isn’t helping matters all that much either.

Ethereum Price Heads to $250

After a few days of positive market momentum, things are returning to how they were during most of 2018. All cryptocurrencies suffer from increasing market pressure, and any sort of momentum established earlier is being wiped out very quickly. The Ethereum price is a good example in this regard, as it has already lost 10% of its value in just a few hours today.

Several key factors are contributing to this worrisome trend which affects the Ethereum price as of right now. First of all, the market speculators are in favor of opening short positions against Ethereum, almost as if they are aware of some major development before it even happens. The Ethereum price shorts have increased spectacularly since a few hours, as around 30% more short positions have been opened so far.

This particular trend is very different from the past few days, though. There was no notable increase in Ethereum short positions over the past week, yet something is very different today. While some traders are still opening long positions because of the dip, it seems the overall trend clearly favors bears over the bulls. The market data provided by Datamish is well worth keeping an eye on in this regard.

Crypto markets are not pretty right now. This is the price of Eth against the dollar. Going to be some very interesting months ahead for those in blockchain. #blockchain #crypto #ethereum pic.twitter.com/8EhYcqj6Q6

— Toby Lewis (@tobynovum) September 5, 2018

Secondly, the negative momentum is not unique to the Ethereum price. While it is true this popular altcoin is losing a lot more value compared to most other cryptocurrencies, the ongoing Bitcoin price decline will cause all other markets to crumble accordingly. The tweet above by Tobi Lewis shows the markets, in general, are not looking pretty, and Ethereum is an example of how quickly things can turn around in this industry. Another valuable life lesson for newcomers and impatient traders.

Last but not least, there is the recent Ethereum coverage by TechCrunch. While not necessarily biased by any means, it is evident the potential negative side to Ethereum in its current state is being highlighted. The same issue has affected Bitcoin for numerous years, this it is not exactly a new trend either. Unfortunately, the coverage seems to coincide with an expected Bitcoin drop and the major increase in Ethereum short positions.

What the future holds for the Ethereum price, remains to be seen. A drop on this scale is not uncommon, as there has been a bullish trend for nearly a full week now. That is bound to lead to some correction down the line, and it may last for a few days. For Ethereum price watchers, things are not looking pleasant, but there will be sunshine after the rain, as usual.

Coindesk

Bull Trap? Bitcoin Price Slides Below $7K Despite Strong Indicators Coindesk Bitcoin has dropped below $7000 a few minutes before press time, triggering fears of a bull trap. The leading cryptocurrency closed yesterday (as per UTC) above the trendline sloping downwards from the March 5 high and May 5 high, confirming a long ... Bitcoin price established well above $7000 amid bullish signsDigital Journal all 3 news articles »

Business Insider

Bitcoin drops sharply and suddenly — and now cryptos across the board are getting slammed Business Insider Having been steady at around $7,350 per coin during most of trading during both Asian and European morning hours, around 5:50 a.m. ET (10:50 a.m. BST) bitcoin lost more than $200 in mere minutes. It took another leg down an hour later, falling below ...

Bloomberg

Bitcoin Drops 3% in 10 Minutes, Ethereum Plunges 12% Bloomberg It was among the first Wall Street firms to clear Bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc. “The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the last year, so any kind of ... Goldman Sachs is ditching near-term plans to open a bitcoin trading desk — and instead focusing on a key business ...Business Insider Goldman Sachs is ditching near-term plans to open a bitcoin trading desk, instead focusing on a key business for ...Business Insider UK Goldman drops bitcoin trading plans for now: Business InsiderReuters all 7 news articles »

Just when we were thinking that a steady recovery was in motion the bears have awoken again sending Bitcoin and its brethren south, fast.

Did CNBC Just Jinx The Recovery?

At 11.00 GMT BTC took a dive that shaved almost $400 off its price in just an hour. At the moment it is trading 4% down from its levels this time yesterday and it does not seem to have reached the bottom. Currently at $7,030 Bitcoin has fallen from its monthly high of just below $7,400.

BTC has lost all gains in September in a matter of minutes and is dropping back to last week’s price levels. Exchanges BitForex and BitMEX are taking 50% of the current volume which is increasing with the selloff.

Predictably Ethereum has suffered a larger loss with a 10% crash at the time of writing down to $258, its lowest level since the August 14 big dip of the year. The BitForex exchange is again responsible for the largest volume.

Altcoins are bleeding for the first time in three weeks according to Coinmarketcap. Double digit daily losses are currently being recorded by XRP, Bitcoin Cash, EOS, Iota, Ethereum Classic, and VeChain. Only Bitcoin Diamond is defying the drop with an epic 130% pump that could well be manipulated.

The rally may have been jinxed once again by CNBC with its Fast Money counter trade angle talking up the recovery and getting things completely wrong once again;

#Bitcoin rallying today, and @jimiuorio has a target near one-month highs. pic.twitter.com/iYnLDjpdvg

— CNBC Futures Now (@CNBCFuturesNow) September 4, 2018

Total crypto volume has shrunk by 5.5% in about an hour as $13 billion has just been dumped out of digital currencies. The bears have awoken and the recovery looks to be over … for now.

 

The post The Bears Have Awoken; Bitcoin Plummets $400 in 60 Minutes, Ethereum Down 10% appeared first on NewsBTC.

The news that Shapeshift is to move to a full custodial model, requiring KYC for anyone who wishes to swap cryptos, has sparked a wave of protests. Many users have vowed to take their business elsewhere. For cryptocurrency holders seeking a non-custodial exchange, there are several Shapeshift alternatives to choose from, with varying degrees of privacy.

Also read: Shapeshift Moves to Membership Model Requiring User Information

Shapeshifting Into a Custodial Exchange

Swapping cryptocurrencies should not require KYC any more than swapping a dollar bill for quarters. Unfortunately, not everyone sees it that way. In transforming into a custodial exchange, Shapeshift has lost its defining feature that was so pivotal in its success. The vast majority of users didn’t choose Shapeshift for nefarious purposes: they chose it because it was convenient. Having to send money to a cryptocurrency exchange, wait for funds to clear, set a market buy order, cash out, and then complete the withdrawal process simply to jump between cryptocurrencies is a chore. Shapeshift promised to do the same job in minutes, with no questions asked.

Reading between the lines, it appears that Shapeshift’s hand was forced by US lawmakers, likely with the threat of subpoenas and prosecution should it fail to change its business model. That being the case, it should be noted that any other US-based Shapeshift competitor is liable to meet a similar fate when it’s built up enough business to attract the attention of US prosecutors. For now, at least, the following services provide an alternative means of switching between cryptocurrencies such as BCH, BTC, and ETH.

Changelly

As Shapeshift’s closest competitor, Changelly now has the chance to establish itself as the market leader for cryptocurrency changers. It offers dozens of cryptos including bitcoin cash, ripple, doge, and neo. An email address is required to use the service, but for those who desire their privacy, encrypted email providers like Tutanota are always an option. Changelly is not without its controversies however, with users complaining, in the last 24 hours, that the exchange can hold monero and force KYC before releasing funds. The Prague-based service should therefore be used with caution by anyone wishing to obtain privacy coins or to swap large quantities of cryptocurrency.

Flyp.me

Flyp.me has wasted no time in capitalizing on Shapeshift’s demise – or rebrand, rather, since Erik Voorhees’ company isn’t going away: it’s simply transforming into a service that its users didn’t ask or wish for. Flyp.me offers 26 cryptocurrencies including BTC (but no BCH), dash, and LTC, as well as a handful of extremely obscure altcoins. Its daily volume averages around 4 BTC, but has been on the rise in the last 24 hours since news of Shapeshift’s pivot broke. Flyp.me requires no registration – not even an email address. Nor does it use web trackers or third-party analytics.

Changenow

Changenow resembles Changelly, but seems to ask less questions, and has been operating smoothly since late last year. A wide range of popular cryptocurrencies, including bitcoin cash and monero, is covered, as well as a handful of less popular ones such as pepecoin. Generally speaking, there is no need to register to use the platform or to supply an email address. However there are some exceptions: Changenow “uses an automated risk management system to check all transactions. Each case will be considered individually. According to European AML directives, KYC regulations and platform requirements, we will ask you to provide you a scan of your ID document valid in your country and additional information of the funds origin.”

Coinswitch

With over 300 cryptocurrencies covered, Coinswitch boasts an enviable array of digital assets. However, the service is built upon existing platforms including Shapeshift and Hitbtc, and seems to draw most of its trades from Changelly. While its range of altcoins can’t be faulted, Coinswitch would benefit from providing greater clarity on the information it requires from its users.

With Shapeshift no longer a viable option, there is a gap in the market for a more privacy-oriented alternative that is headquartered outside the subpoena-happy US. Flyp.me appears the best of the bunch for respecting user privacy, but is let down by its limited selection of coins. Hopefully it will expand its service or a new competitor will emerge that will facilitate the entirely lawful desire for an individual to swap one cryptocurrency for another.

What’s your favorite cryptocurrency changer and why? Let us know in the comments section below.

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The post Four Alternatives to Shapeshift appeared first on Bitcoin News.

Many experienced cryptocurrency investors and traders classify crypto ATMs as a gimmick, as these machines charge exorbitant fees in comparison to digital fiat-to-crypto exchanges, like Coinbase, Bittrex or Bitstamp. But as decentralized technologies develop and more individuals seek to enter the cryptosphere, analysts predict that the value of the global crypto ATM market will skyrocket in correlation with surging demand for accessible fiat on-ramps.

From $16.3M In 2018 To $144.5M In 2023

In a report titled “Crypto ATM Market by Type… Global Forecast To 2023,” relayed by ResearchAndMarkets.com, analysts painted a very bright picture when it comes to the future of the crypto ATM sub-industry. According to the optimist analysts cited in the 94-page report, this specific market is forecast to grow from a value of $16.3 million in 2018 to $144.5 million in 2023, or a gain of nearly tenfold in the span of half a decade.

If this prediction comes to fruition, that would mean that this sub-industry would have expanded at a compound annual growth rate (CAGR) of a staggering 54.7% from 2018 to 2023. However, this was no baseless claim, as researchers highlighted a series of reasons as to why crypto ATMs could make a foray into the limelight in just a few years time.

The study first revealed that “growing fund transfers in developing countries” and “fluctuating monetary regulations” will be the primary catalysts in the eventual explosion of the crypto ATM market. The authors went on to outline that two-way ATMs or devices that allow users to buy crypto for fiat (and vice-versa) will take a leading role in the development of this sub-industry, as ATMs that host more than one use case will become an invaluable asset for investors.

Keeping this in mind, the researchers expect for the CAGR of two-way ATMs to outmatch the growth rate of one-way ATMs by 2023, as entrepreneurs seek to take advantage of the functionality and demand for the former variety of crypto ATM.

Last but not least, the study brought up the concept of “ATM printers,” which are expected to become a hot topic in the cryptosphere. As the report explains, instead of enlisting an automated process to send crypto to a designated wallet, ATM printers will distribute cryptocurrencies via public and private keys that will be printed on receipts. Although this may sound like an abstract innovation, the analysts revealed that ATM printers are expected to grow at the highest CAGR out of the other forms of crypto ATMs.

North America To Be A Leading Crypto ATM Market In 2023 

As per data compiled by Coin ATM Radar, a leading source for crypto ATM information, there are 3,687 BATMs (Bitcoin Automated Teller Machines) in operation today, with North American countries claiming nearly 75% of those machines as their own. And the report claims that North American dominance over this market will continue, as a majority of ATM infrastructure firms exist within Canada and the U.S. already, which creates an environment in which BATMs can be installed with ease.

It was added that the relatively lax environment surrounding crypto assets will only aid the growth of North America’s crypto ATM market, as the Mexican, American and Canadian governments seem hesitant to stamp out crypto.

Although the crypto ATM market in the north-western hemisphere is set to boom, some fear that regulatory scrutiny and uncertainty will restrict the growth of BATMs in other countries. The study noted:

“Uncertain regulatory status of cryptocurrencies, and lack of awareness and technical understanding regarding cryptocurrencies restrict the market growth for crypto ATM manufacturers and operators. Further, concern regarding security and privacy is expected to pose a challenge to the market players.”

So it seems that all eyes are on regulators as always, as decisions made by regulatory bodies may determine the future of the cryptocurrency industry, and subsequently, the fate of crypto ATMs.

Featured Image from Shutterstock

The post Analysis: Crypto ATM Industry Will Grow Tenfold in Next Five Years appeared first on NewsBTC.

Blockonomi (blog)

Bitcoin (BTC) Price Analysis: Interacting With Key Resistance – Will Another Selloff Start? Blockonomi (blog) It is still in the realm of speculation who is the owner and what are funds for, but one thing is certain, that amount of Bitcoin is on the move with a purpose. So the owner is in my mind a whale who wants to use the opportunity to sell it which can be ...

The Industrial and Commercial Bank of China (ICBC) has revealed that it intends to focus on developing blockchain technology.

This is a major development in terms of China’s push to integrate blockchain technology into financial systems as the ICBC is the country’s largest banking institution with over 5,000 corporate and 530 million personal customers.

The bank’s chairman Yi Huiman has indicated that the ICBC will focus on “intelligent banking” and “accelerated deployment in the field of financial technologies”, as it moves forward. This includes cloud computing, big data, artificial intelligence (AI), blockchain, and Internet of Things (IoT).

China’s government has publicly expressed that it is in favor of blockchain technology, with comments made at the highest level that it plans to integrate it wherever possible. This commitment doesn’t extend to cryptocurrency, which it continues to publicly admonish and prohibit at every opportunity, both at government level and in the state-run media.

In August the government released its guide entitled ‘Blockchain – A guide for Officials’,  which covers many facets of the nascent technology offering counsel to government officials. In an excerpt from the book in the chapter ‘From Internet Thinking to Blockchain Thinking’, Ye Hao, president of People’s Network writes:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

Such opportunities are being seized almost weekly in China, with fresh developments utilizing DLT such as projects targeting the State Aerospace Industry, updating its electronic invoicing using the tech. In Sichuan Province just last week, a new blockchain company has been formed to target “forestry economic development and industrial poverty alleviation”.

 

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The post No Rest for China As Country’s Largest Bank Adopts Blockchain appeared first on BitcoinNews.com.

Civic needs a network of users, so it’s offering free KYC for business partners and funding the effort with its reserve of tokens.

newsBTC

Cryptocurrency Market Update: Bitcoin Diamond (BCD) Price Surges 200% newsBTC Bitcoin has made another 1.2% on the day to trade at $7,380 with one big green hourly candle last night. BTC is now at its highest level for over a month and resistance has turned support. Ethereum is still suffering and has fallen back again, another ... Binance Opens Deposits, Withdrawals for Bitcoin Diamond (BCD)Cryptovest Bitcoin Diamond [BCD] opened on Binance, pumps by a massive 182.92%AMBCrypto all 15 news articles »

FOMO Moments

The slow recovery is still intact; Neo and Bytecoin doing well, Bitcoin Diamond is surging.

Following a couple of days of inactivity when markets made very little movements in either direction the slow recovery has continued. Market capitalization is creeping back towards $240 billion, its highest level for almost a month.

Bitcoin has made another 1.2% on the day to trade at $7,380 with one big green hourly candle last night. BTC is now at its highest level for over a month and resistance has turned support. Ethereum is still suffering and has fallen back again, another one percent to take it closer to $280. There is very little momentum or positive sentiment in the Ether market at the moment.

Most altcoins in the top ten are in the green, with the exception of ETH and XRP which are down marginally. The top performer here is Stellar climbing 3.3% to $0.229, the rest have not moved much from yesterday’s levels.

Looking at the top twenty Neo is in the lead with a gain of 3.5% to $24 on the day. Nem is up just over 3% and the rest just a percent or two, with Tron and VeChain falling back slightly. Further down the list Bytecoin is up 9% but many of the rest are in the red.

A massive spike for Bitcoin Diamond has seen it jump 190% to $3.82 in the past two hours. Volume has surged over 550% to almost $60 million from less than $1 million 24 hours ago. BCD price just tipped over $4 making a 200% gain before pulling back slightly.

Binance just reopened deposits and withdrawals for BCD a couple of hours ago which could be driving momentum;

#Binance Opens Deposits and Withdrawals for Bitcoin Diamond (BCD)https://t.co/intK0QM7YR pic.twitter.com/RF4b0Gb1AB

— Binance (@binance) September 5, 2018

Additionally Bitcoin Diamond’s commerce division, BCD Bazaar, has negotiated partnerships with eight distributors which will be adding over 20,000 products to the platform;

We are excited to announce that BCD Bazaar has negotiated partnerships with eight distributors, who will be adding over 20,000 products to BCD Bazaar in the coming weeks. All aboard! #BCD #tothemoon $bcd $btc $dash pic.twitter.com/oRSka6KkZd

— Bitcoin Diamond[BCD] (@BitcoinDiamond_) September 5, 2018

In the top one hundred Dropil and Statis are both enjoying double digit gains of over 18% and 13% respectively. On the flipside are Bitcoin Dark and Holo with double digit losses of over 14% on the day.

Total crypto market capitalization has made less than one percent on the day and is currently at $239 billion. Trade volume has increased slightly to $13 billion and the recovery from mid-August’s yearly low is still slow and steady.

More on Bitcoin Diamond can be found here: http://btcd.io/

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 ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Bitcoin Diamond (BCD) Price Surges 200% appeared first on NewsBTC.

The Digital Currency Research Lab within China’s central bank is expanding to Nanjing to enable wider deployment of blockchain and other fintech.