The architect known for conceptualizing the Lightning Network, an off-chain scaling solution for Bitcoin, has done it again. On August 8, Joseph Poon, and Ethereum’s Vitalik Buterin, published a white paper titled Plasma: Scalable Autonomous Smart Contracts. Poon first conceived the high-level construction for Plasma in mid-2014, before the Lightning Network paper was published, before Frontier was released… View Article
Archives for August 17, 2017
Key Points Bitcoin cash price after consolidating just below the $300 level gained heavy bids against the US Dollar. There was a break above a major bearish trend line at $300 on the hourly chart of BCH/USD (data feed from Kraken). The price rocketed higher and broke many hurdles on the way up towards $500. … Continue reading Bitcoin Cash Price Technical Analysis – BCH/USD Surges Higher
The post Bitcoin Cash Price Technical Analysis – BCH/USD Surges Higher appeared first on NEWSBTC.
Bitcoin price appears to be making a much-needed pullback to the ascending channel support and Fib levels.
The post Bitcoin Price Technical Analysis for 08/18/2017 – Quick Pullback Opportunity appeared first on NEWSBTC.
Paxful is a peer to peer Bitcoin marketplace that is on its way to make buying and selling bitcoin easier for the global cryptocurrency community. The platform, created by two friends, Artur and Ray, offers a safe and secure option for people to buy bitcoin with plenty of available payment options. Bitcoin and other cryptocurrencies … Continue reading Paxful Experiences a Two-Fold Growth in Volumes as It Strives to Become a Universal Money Translator
The post Paxful Experiences a Two-Fold Growth in Volumes as It Strives to Become a Universal Money Translator appeared first on NEWSBTC.
The post Bitcoin Price Breaks New ATH at $4,473, Surging Demand Amidst Economic Uncertainty appeared first on CryptoCoinsNews.
#Transmissions Press Release: Hong Kong-based global currency transfer platform is launching its revolutionary new service as it announces ICO and pre-ICO crowdsale. August 8, 2017, Hong Kong – The Hong Kong-based global transfer startup #Transmission has announced the launch of an innovative new platform as it prepares for the upcoming ICO and ICO-pre-sale. The platform… View Article
Bitcoin has literally exploded into the mainstream awareness after a meteoric rise this spring and summer. However, many investors and crypto newcomers are still nervous about how cryptocurrencies work. At the same time, many new companies are coming into the marketplace and seeking crowd funding through ICOs (initial coin offerings). And yet, many of these … Continue reading A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO
The post A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO appeared first on NEWSBTC.
This morning, BTC-USD pushed a new all-time high on several exchanges. However, this time, the momentum to continue higher seems to be waning. Shortly after establishing the new all-time high, there was a $150 flash crash that sprang a series of account liquidations across several exchanges in a move that would ultimately “long squeeze” the market. A long squeeze is a term used to describe the sudden cascade of long positions getting stopped out of their positions, causing market orders to propel the price even lower:
Figure 1: BTC-USD, 5-Minute Candles, Bitfinex, Long Squeeze
The figure above shows the price movement correlated to the volume during the $150 drop. Halfway through the drop we see a sudden spike in sell volume. This spike in volume is the beginning of the “long squeeze” that initiated the cascade of market sell orders caused by traders in long positions being forced out of their positions via their stop-loss market orders.
Figure 2: BTC-USD, 15-Minute Candles, Bitfinex, Short Squeeze
Yesterday, at around 12 pm EST, the exact opposite thing happened in a market event known as a “short squeeze.” You can think of a short squeeze as literally the opposite of a long squeeze: People who are anticipating a great short entry are suddenly forced out of their positions via their stop-loss orders, and market buy orders propel the market higher, thus triggering more stop-loss orders until the market equalizes.
Today the BTC-USD market has begun a series of long squeezes that pulled the price down by $300 in a matter of hours, and it doesn’t show much sign of letting up at the moment. Let’s take a look at the macro trend and see where the market is likely heading:
Figure 3: BTC-USD, 3-Day Candles, Bitfinex
For the fifth candle in a row, the 3-day candles have managed to puncture the Bollinger Bands in a move that indicates an overbought market. We have yet to see an attempt to move within the Bollinger Bands and provide some relief for the high price range.
Zooming in a little closer, we can see that clear signs of bullish exhaustion formed as we began to push the most recent set of all-time highs:
Figure 4: BTC-USD, 2-Hour Candles, Bitfinex, Bullish Exhaustion
The first thing that pops out about this trend is the decrease in volume (shown in pink) leading into this morning’s all-time high. Upon reaching that high, sell volume began to pick up considerably (labeled in blue) and has continued to remain strong during the push into the $4300 and $4200 prices. The previous all-time highs (labeled in yellow) are currently paired with a decreasing MACD moving average/signal line trend that indicates the market is losing bullish momentum across the macro trend.
The BTC-USD market seems to be running on fumes at the moment, but I would not be surprised at all to see an all-time high squeezed out of this market. However, I would be VERY surprised if that all time had any notable follow-through. The market volume on the macro levels has steadily declined, and there are key market indicators that hint toward the need for sustained sideways consolidation. Alternatively, a strong market pullback might be in the cards for BTC-USD. Each push toward the new highs has been greeted by strong sell volume. In the event of a market retracement, your key support levels on the macro exist along the Fibonacci Retracements shown below:
Figure 5: BTC-USD, 4-Hour Candles, Bitfinex, Key Support Levels
When the market begins to struggle to push new all-time highs, it is important to keep a close eye on the volume and see how it interacts with the price movement. Consistent price growth on decreasing buy volume is a signal that the bears, although losing the battle in price currently, are gathering as the market nears its final top before ultimately correcting or consolidating. And given the price growth over the past 30 days, I would be inclined to lean toward the former rather than the latter.
Short squeezes and long squeezes have begun to shape the current market trend.
On the macro and micro scale, the market is showing a highly overbought market and is beginning to lose upward steam.
Key support levels lie on the Fibonacci Retracements shown in Figure 5.
Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
The post Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High appeared first on Bitcoin Magazine.
The post Blockstream Satellite Takes Bitcoin One Step Closer to the Moon appeared first on CryptoCoinsNews.
On August 9, IBM announced the firm’s cooperation with Sony Global Education — a subsidiary of Sony, providing global educational services — with the objective to develop a learning platform for students implementing blockchain technology.
According to IBM, the blockchain-based educational platform would allow school administrators to manage and consolidate the educational data of students at multiple schools in addition to recording and referring their “learning history and digital academic transcripts with more certainty.” The platform will use the IBM Blockchain, which is based on the IBM Cloud, to establish “transparency and accountability of scholastic achievements between students and schools,” allowing both professors and students to track the latter’s learning progress.
The tech giant pointed out that it is often difficult for employers to verify student records of potential hires. According to IBM, there are multiple reasons for this issue, including students taking online courses and attending universities abroad. Such “non-traditional methods” can create confusion for the employers; however, IBM believes implementing blockchain technology will resolve the issue. The learning platform will give both the teachers and the students a digital, trusted record showing their accomplishments, which can be — thanks to the nature of blockchain technology — easily verified by future employers or educational institutions.
“Blockchain technology has the potential to impact systems in a wide variety of industries, and the educational sphere is no exception when educational data is securely stored on the blockchain and shared among permissioned users. We are pleased that we have worked together with IBM to build a new system which can help effect real change in the education sector,” Masaaki Isozu, President of Sony Global Education, said in a statement.
The system’s work is simple: student data will be recorded by the platform and shared with “need-to-know parties,” including future employers and school administrators. Since the learning platform will be using the IBM Blockchain, every piece of data can be verified by the parties.
Schools, colleges and universities can also share the data to help teachers identify and implement unique teaching methods for each student based on the information on the blockchain. The learning platform will also collect all related information and place it in a single repository, which will allow the reliable sharing of digital transcripts. Students will be able to create certain networks on the blockchain, which can’t be altered or changed by any party.
In addition, the platform will help specific vendors target offerings based on verified needs. Representatives from IBM Japan confirmed to Bitcoin Magazine that these vendors include private preparatory schools and cram schools (institutions specialized in training students to reach certain goals). The only data provided to the vendors are the study results of the students. The students or their parents will maintain access control for the students’ study results.
“Blockchain [technology] offers a new approach to how the lifetime history of data related to a person, place or thing is shared and managed. In effect, data tracked on a blockchain becomes a single source of truth. We are delighted to have supported Sony Corporation and Sony Global Education to build up a new blockchain-based platform for innovations in education,” said Yoshiki Minowa, Vice President and partner of Cognitive Process Transformation, Global Business Services, IBM Japan.
The platform will be powered by Hyperledger Fabric 1.0, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.
The post Sony and IBM Join Forces to Put Student Achievement on the Blockchain appeared first on Bitcoin Magazine.