Day: September 12, 2018

Fintech investment firm Ribbit Capital, whose portfolio includes crypto trading platforms Coinbase and Robinhood, plans to raise $420 million for its latest fund

A week over week 20 percent drop of Bitcoin Cash (BCH) prices was enough to set the tone for week. From the chart, it’s obvious that the trend is bearish with prices trading within a bear break out strategy set in motion in early August. Going forward, we suggest selling on every high until after a firm bullish reversal pattern prints.

From the News

There are four main elements of a “proper” cryptocurrency. They include the ability to fix supply, transaction immutability, censorship resistance and though an external factor, the cost of production. As an individual, the cost of production plays a major role and can directly affect the overall decision of whether to embark on the mining business or not. It all depends on the margin after costs but speaking at the CoinsBank Blockchain Cruise Charlie Lee said Bitcoin Cash miners would have no reason to mine BCH should Bitcoin decide to launch what he calls a miner attack.

Even if Bitcoin miners don’t have to “waste” time on launching such an attack, it will only take 20 days for Bitcoin Cash to be wiped out of existence. Supporting his claim, he said Bitcoin and Bitcoin Cash miners use the same equipment but with a low hash rate in the BCH network, Bitcoin Cash is literally susceptible. Currently, Bitcoin Cash network hash rate stands at around 3.6 EH/s—which is seven percent that of Bitcoin–and a difficulty level of 565G.

In other news, Post Oak Motor Cars owned by Tilman Fertitta now accepts payment in Bitcoin Cash and Bitcoin for customers purchasing Bugatti, Bentley and Rolls-Royce. In a press release, the dealership said they will be partnering with payment processor, BitPay.

Bitcoin Cash (BCH) Technical Analysis

Weekly Chart

Bitcoin Cash Weekly Chart by Trading View

A 20 percent drop in the last week re-asserted the overall price trajectory. Visibly, not only are BCH sellers stepping on gas but are confirming last week’s bears and week ending Aug 12 bear break out pattern. Since prices did reverse from $600 main resistance trend line and former support line canceling the three bar bullish reversal pattern of week ending Sep 17, bears are clearly in charge and as such we suggest selling on pull backs in lower time frames. This therefore means our previous BCH price forecasts are solid and with every lower low, our first bear target at $300 is getting closer.

Daily Chart

Bitcoin Cash Daily Chart by Trading View

If anything, what we have is a nice bear break out pattern with price action trading at the third stage, the trend resumption phase. Notice that after that strong rejection of higher highs on Sep 5, the decline has been steady to say the least. On the charts, we have these series of lower lows meaning the best way to sync with the trend is to liquidate BCH on every high with targets at $300. However, with yesterday closing as a pin bar, we might see temporary pull back but still we recommend shorting anywhere between $450 and $480 in the 4HR chart. Any close above $500 and traders can exit their shorts.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Bitcoin Cash (BCH) Price Analysis: Bitcoin Cash Find Temporary Support, could Head Higher Today appeared first on NewsBTC.

Mexican banks dealing in crypto and digital asset exchanges must now apply with the country’s central bank in order to legally operate

Hong Kong-based diamond retailer Chow Tai Fook Jewellery Group has put some of its stones on a blockchain platform, enabling customers to track their origin and authenticity

Crypto exchange OKCoin has extended its trading platform into 20 more U.S. states, saying it has also applied for money transmittal licenses

There is a ray of hope in the crypto-sphere: Litecoin is up three percent rejecting lower lows right at $50 support line while Stellar Lumens bulls did add five percent following through on Sep 11 gains. Others as EOS and Monero are stable but edge higher with Monero trending along $100, a psychological level. In the mean time ADA is below ATLs at 7 cents meaning our sell triggers are live overriding news of Metaps ADA integration come November 2018.

Let’s have a look at these charts:

EOS Price Analysis

EOS Daily Chart by Trading View

The drop in Ether (ETH) prices should logically be supportive of EOS but for some reason that has not been the case. If anything, the movement of EOS has been restricted to a very tight trading range with support found between $4.5 and $4.

As mentioned before, temporary reprieve could be found only when prices edge above $5.5, our very minor resistance line. When that happens, then maybe EOS would have mustered some momentum to reverse last week’s losses. However, that seem to be a tall order and the proximity of $4 elevates odds of a break below and bear targets of $1.5 being hit.

Litecoin (LTC) Price Analysis

From the News

• Even as the Litecoin developers take on the risky route of creating a web-based wallet, Charlie Lee can’t simply stop throwing jabs at Bitcoin Cash. Citing low hash rates—stands at around 6 percent of Bitcoin; he said a continuous Bitcoin mining attack on the Bitcoin Cash network would wipe the coin out in no more than 20 days. But he thinks Bitcoin miners won’t waste time on such activities. On matters cryptocurrency and adoption, Charlie lee thinks the only way Litecoin and other cryptocurrencies would gain traction is if users find a simple way of using crypto for their day to day transactions. That would trigger mass adoption and the only way to spur such is to build speedy, robust systems with simple to use user interfaces. To him that’s when people will truly begin appreciating what it means to be their own banks.

Price Analysis

Litecoin Daily Chart by Trading View

Thanks to a three percent gain in LTC, sellers did slow down preventing sells triggers below $50. Instead, what we have is a pin bar with virtually no sell pressure but visibly strong bulls– clear in lower time frames.

While we can suggest longs, the best approach is to hold on a neutral position keeping in mind that any bull candlestick printing at the $50 mark shall complete a three bar reversal pattern and trigger the next wave of buys.

If that is the case today, then we shall begin taking buys in lower time frames on Friday with first targets at $70 and later $90. If not, and sellers reverse these losses then the trip to $30 is open on every pull back retesting $50 as laid out in prior LTC prior forecasts.

Stellar Lumens (XLM) Price Analysis

Stellar Lumens Daily Chart by Trading View

Though news of Stellar Foundation acquisition of Chain should be bullish for XLM, prices are actually stable and oscillating within Sep 12 high lows.

According to our set XLM trade plans spelled out yesterday, we recommend holding off trading until either there is a solid close below 18 cents inviting sellers or there is a rally above 25 cents reversing week ending 9 hinting of a possible recovery.

Even if it’s unlikely, any break below 18 cents, shall undoubtedly reinvigorate sellers aiming for 8 cents or Dec 2017 lows.

Cardano (ADA) Price Analysis

From the News

• By November, Metaps will complete their integration with ADA making it possible for consumers to make purchases across 33k stores throughout South Korea.

Price Analysis

Cardano Daily Chart by Trading View

With a three percent drop in the last day, ADA did close below the 7 cents mark meaning prices are now trading in new all time lows. But it could get worse for ADA especially if sellers press lower today.

Because of this new development, we shall trade according to the laid out plan and sell on every retest now that we have a bear break out pattern. ADA sellers shall place their stops at around 8 cents and let the trade run only exiting when stops are hit or when solid reversal patterns print later in the bear territory.

Monero (XMR) Price Analysis

Monero Daily Chart by Trading View

The main support trend line is once again proving helpful for XMR. From the charts, not only did we see a rejection of lower lows in lower time frames resulting in that long lower wick hinting of bull pressure but the failure of sellers to drive prices below the psychological $100 level speak volumes about underlying momentum.

Technically, XMR is in a down trend but any move above the $110 or $120 level might trigger a minor revival reversing Sep 5 losses. On the other side of the coin, any dip and close below $100 shall confirm our past XMR price forecast and could easily see prices printing $70 or lower.

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

The post Cardano, EOS, Stellar Lumens, Litecoin, Monero Price Analysis: Altcoins Register Gains at Key Supports as Sellers Lose Steam appeared first on NewsBTC.

The Indian government has approved an MOU on the collaborative research of blockchain technology by BRICS member banks

The chief executive of the UK’s Financial Conduct Authority (FCA) addressed the issue of cryptocurrencies at a speech in London on Tuesday, a subject with which he said requires a balanced approach.

Speaking at the 2018 regulator’s Annual Public Meeting, Andrew Bailey initially brought up crypto assets as one of four operational risks significant in the regulators’ current work. While he said that the FCA was ”keen to see the potential of their underlying technology,” he recognized that there are also evident risks, citing a lack of education from consumers who do not understand the price volatility of their investments.

Bailey added that the FCA would not ”rule out roles for cryptoassets themselves”, an approach far from calling for a ban or restriction on trading operations. Combined with his statement that ”the FCA is firmly a supporter of innovation,” UK investors can rest assured that the FCA is not looking to impose any radical changes to the current regulations any time soon.

The section of Bailey’s speech referring to cryptocurrency came to an end with his assurance that the regulatory body was working closely with the Treasury and Bank of England to address any related issues and find ”appropriate responses”, a reference to the Cryptoassets Task Force set up earlier this year in May.

The UK task force held its first meeting on 21 May to discuss the future of blockchain and cryptocurrencies, and to establish ways to mitigate any risks that the growing industry might bring.

Alongside the FCO, the task force includes several senior government officials, the Bank of England and HM Treasury, although they have said they welcome the opinions and input of trade bodies, consumer groups, and investors in order to gain a broader perspective.

The UK has already begun establishing itself as a leading country in the blockchain industry; the outcome of these discussions are crucial in deciding whether this can remain the case in the future.

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Stellar’s implementation of blockchain has attracted a lot of attention from financial institutions and service providers. Interstellar is a new venture based on this technology. It is the offspring of the acquisition of Chain by Lightyear.

The Interstellar Concept

Unlike what some people may think at first, this new project has nothing to do with the movie Interstellar. Instead, it is a new company which leverages Stellar‘s technology to create an end-to-end solution for organizations to issue, exchange, and manage assets. Solutions like these will be in high demand as more time progresses. Institutions are already showing an increasing interest in asset issuance and management.

How Does it Work?

It is worth nothing Interstellar is the outcome of the merger between Chain and Lightyear. Chain is a well-known company in the blockchain industry. Lightyear acquired the firm a while ago and has been working on setting up this new commercial entity ever since. Both of those native brands will be retired, and Interstellar is the only name moving forward. By leveraging Stellar’s native technology, a lot of potential use cases can be explored.

It is expected the Interstellar project will offer a few different aspects. First of all, it lets institutions issue, manage, and exchange assets on a public network. Second, the Sequence cloud ledger service allows firms to track assets as they move between different networks. This includes tracking assets on private networks, which will undoubtedly be an interesting feature to keep an eye on.

On the management side of things, Stellar Development Foundation co-founder Jed McCaleb will be the CTO of Interstellar. It is evident this venture will be a natural extension of what Stellar tries to achieve and how they company is moving forward. The product portfolio of this new company will also encompass StellarX, a marketplace for trading Stellar-based assets.

The Road Ahead

It will be rather interesting to see how Interstellar tries to elevate Stellar to a whole new level. It seems to provide a service institutions can get behind in moving forward, although there are still a few unknowns regarding the exact business plan. The company expects to employ several dozen people, with headquarters in San Francisco and offices across Singapore and New York City.

The post What is Interstellar? appeared first on NullTX.

As Bitcoin ranges in the $6,000-7,000 range and regains its market dominance, many altcoins are being pushed to their year-to-date lows which is resulting in an overwhelmingly bearish market sentiment. Due to the negative market sentiment, mainstream media outlets have been quick to liken the 2018 crypto crash to the dot-com bubble burst in 2000.

Although in many ways the comparison is quite accurate, the ultimate success of the internet industry proves that there is still the potential for exponential profits in the cryptocurrency industry.

Cryptocurrency Prices not an Accurate Assessment of Future Success

According to the MVIS CryptoCompare Digital Assets 10 Index, the general cryptocurrency market is down 80% from its January highs, making the crash more than two percent greater than the massive 2000 dot-com bust that led the tech markets to lose nearly $1.8 trillion in market capitalization after years of tremendous success.

While speaking to Bloomberg, Neil Wilson, the chief market analyst for Markets.com, had an “I told you so” moment, saying:

“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned. It’s a very likely a winner takes all market — Bitcoin currently most likely.”

Even though there is a general smugness among crypto detractors, the current prices do not accurately indicate the future of the emerging technology, just as the technology sector saw tremendous success in the decades following the dot-com crash.

During the dot-com bubble, Amazon’s stock price declined from its highs of around $100 per share, to lows of well under $10 after the crash. In the years since, Amazon has climbed to nearly $2,000 per share, and became the second public company to reach a one trillion-dollar valuation.

The fact that many companies survived the dot-com bubble and have since climbed to prices exponentially higher than those during the 2000 bubble, proves that there is great hope for the crypto industry. Although the cryptocurrency industry is different from the tech industry, in that investors are buying currency, not shares in a company, there are many fundamental similarities.

It is also important to note that Bitcoin has seen these types of price cycles before, going through multiple bull-runs proceeded by prolonged bear markets. An example of this type of price cycle can be seen in April of 2013, where media coverage pushed Bitcoin’s price from under $30 to above $200. In the same year, Bitcoin continued its upward momentum, reaching highs of over $1,150 in late November, followed by a crash that took the price to under $500. It took several years before Bitcoin passed $1,000 again.

Even though many investors are fearing that their crypto holdings will soon be worthless, this fear is unwarranted considering the amount of positive developments occurring in the industry. Recently, news broke that Citigroup is looking into developing a cryptocurrency investment product that would allow institutions to purchase digital assets with complete security and regulatory approval.

The industry is also seeing an unprecedented level of interest from corporations, with a new exchange – called Bakkt – which is backed by the NYSE’s parent company, ICE, and has partnerships with major corporations, including Microsoft and Starbucks.

Investors are also anxiously awaiting the SEC’s ruling on the CBoE VanEck/SolidX Bitcoin ETF, which, if approved, could lead to a massive influx of funds into the cryptocurrency markets, leading to a massive price rally. It is appearing, however, that due to new products, like the aforementioned Citigroup product, the Bitcoin ETF may not be necessary in order to lead to the introduction of institutional funds into the market.

Investors should be wary of basing any investment decisions on the sensationalism of the mainstream media, and on the opinions of market “analysts” that have little understanding of the purpose and future of the cryptocurrency markets.

Featured image from Shutterstock

The post Crypto Price Crash Similar to Dot-Com Bubble, and That’s not a Bad Thing appeared first on NewsBTC.