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Archives for March 7, 2018
Merriam-Webster has added 850 new words in its dictionary along with their definitions. Three of these words include cryptocurrency, blockchain and initial coin offering (ICO). Oh hey. Cool news. 🎉🌟 We added 850 new words to the dictionary! 🎉🌟https://t.co/eyYWKHKzk7 — Merriam-Webster (@MerriamWebster) March 5, 2018 According to the post last updated on Mar. 3, cryptocurrency
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- Ripple price fell sharply and declined below the $0.8500 and $0.8200 support levels against the US dollar.
- There is a major bearish trend line forming with resistance near $0.8600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains in a bearish zone and it may decline further towards $0.7800 in the near term.
Ripple price fell sharply against the US Dollar and Bitcoin. XRP/USD is now well below $0.8500 and it looks set for more losses in the short term.
Ripple Price Decline
There was a sharp downside reaction from the $0.9200 swing high in Ripple price against the US Dollar. The price declined and broke a major support area near $0.8500. It ignited further declines and the price even traded below the $0.8000 level before recovering. It is now trading well below the $0.9000 resistance and the 100 hourly simple moving average.
Recently, the price traded as low as $0.7877 before it recovered. It moved above the 50% Fib retracement level of the last drop from the $0.9236 high to $0.7877 low. However, the upside move was protected by the $0.8870 level. Moreover, there was close above the 61.8% Fib retracement level of the last drop from the $0.9236 high to $0.7877 low. It seems like the price failed to move above the maintain gains above the $0.8600 level. On the upside, there is a major bearish trend line forming with resistance near $0.8600 on the hourly chart of the XRP/USD pair.
Therefore, a major recovery above $0.8600 won’t be easy. On the downside, the $0.8000 level is a decent support. Below the mentioned $0.8000, the price may retest the $0.7800 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the 30 level.
Major Support Level – $0.8000
Major Resistance Level – $0.8600
Charts courtesy – Trading View
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The non-profit dedicated to advancing ethereum has awarded $2.5 million in grant funding to various projects looking to improve the ecosystem.
The rout has intensified during this morning’s Asian trading session and the bears are fully in control. As was witnessed this time last month a huge selloff is occurring and all crypto currencies are falling sharply, led by Bitcoin which has lost 9% in the past day. There are no altcoins in the green in the top 25 so we can only focus on ones that have not been hit that badly.
At the moment we are not sure if the bottom will be as far down as the February 6 dip. Total market capacity has fallen below $400 billion – or 17% in just two days. It currently stands at $395 billion whereas the low last month was at $280 bn, if things continue on this steep trend it will be there by the weekend.
There have been a number of factors causing the current selloff including more regulation in the US, a huge selloff by a Bitcoin whale linked to Mt Gox funds, and FUD over a Binance hack that never happened. Markets are still very immature and very reactive to these things and it will take a long time before things settle down and crypto traders have a little more confidence rather than repeatedly panic selling.
In the top ten Stellar Lumens has been the most resistant by only dropping 5% and Cardano has taken the biggest hit losing almost 16% in 24 hours. Looking out to the top 25 Lisk has been resilient and has only lost 3% while VeChain, Icon, Qtum, and Tron have all been hammered losing over 14% since this time yesterday.
Looking for an altcoin in the green is not easy this morning, there is only one though further down the list at 29th. Waves is up 4% and is the only one in the top 100 to be showing a gain this morning. CMC reports that Russian based blockchain platform Waves has recovered within 24 hours and is trading a little higher than this time yesterday. It has been relatively flat for the past seven days, discounting the spikes in either direction, and is up 16% on the three month chart.
The bears are running the show today which leaves the rest of us looking for the bottom and reversal.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
In the ongoing saga of how U.S. regulators will ultimately handle cryptocurrency the SEC yesterday said it will require digital asset exchanges to register causing Bitcoin to dip below $10,000.
Cryptocurrency Defined as Securities
The SEC released a statement that said online platforms trading in digital assets are considered securities under existing guidelines and therefore must register with the agency.
The SEC statement reads as follows
“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”
The SEC’s statement may have triggered fears among Bitcoin traders of further regulation to come. The statement from the regulatory commission follows some tense weeks of subpoenas and demands of information from exchanges as the commission strives to take some control over crypto trading.
Nothing the SEC has demanded is new policy, rather these are existing regulations that it is trying to fit to the as yet undefined crypto market. “The SEC continues to draw a line in the sand between securities and non-securities but without going so far as to name names,” said Spencer Bogart, partner at Blockchain Capital.
SEC Definition May Help Protect Crypto Exchanges
While that may be true up until now bonafide exchanges have relied on developing a steady reputation and their lawyers protecting their cause in order to separate themselves from being linked to scam operations or getting labelled as Ponzi or pyramid schemes.
In this way, a final and consistent ruling from the SEC naming cryptocurrency as securities may be a good thing. As the level of existing regulation may work to protect the exchanges and ultimately investors from further and possibly more difficult regulatory interference.
Whether or not an investment is legally a security generally relies on what is called the “Howey Test”. This defined by a 1946 supreme court ruling that says a security involves the investment of money in a common enterprise, in which the investor profits primarily from others’ efforts.
Bitcoin suffered a bit from the Securities Exchange Commission announcement by dropping to $9,500 but recovered back to nearly the $9,800 mark by the end of the day.
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SWIFT, the interbank communications firm, has announced the results of a proof-of-concept program using DLT for bank transactions.
- Bitcoin cash price extended declines and moved below the $1,100 support against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $1.110 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair is likely to extend declines and it could even break the $1,000 level in the near term.
Bitcoin cash price is in trouble as it broke $1,100 against the US Dollar. BCH/USD remains in a downtrend and it could soon break the $1,000 level.
Bitcoin Cash Price Decline
There was a sharp increase in selling pressure on bitcoin cash price as it declined from $1,150 against the US Dollar. The decline was such that the price traded below a major support area at $1,100. The price extended declines and traded towards the $1,000 level. It is now well below the $1,150 pivot level and the 100 hourly simple moving average.
The recent low was formed near $1,020 before the price started a minor upside move. It traded above the 23.6% Fib retracement level of the last decline from the $1,170 high to $1,020 low. However, the upside move was capped by the $1,100 level. The mentioned $1,100 level was a support earlier and it is now acting as a resistance. Moreover, the 50% Fib retracement level of the last decline from the $1,170 high to $1,020 low at $1,095 acted as a resistance. On the upside, there is also a new connecting bearish trend line forming with resistance at $1.110 on the hourly chart of BCH/USD.
On the downside, the pair is likely to find bids near $1,040. However, the most important support is near $1,000, which is also at risk of a downside break.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,100
Charts courtesy – SimpleFX
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Japan’s Financial Services Agency is halting the operation of two domestic crypto exchanges while requiring six exchanges to report improvement plans.