From a network design perspective, bitcoin is ugly. As with as city, you have to experience it from a bottom-up perspective to understand its allure.
Archives for March 12, 2018
Coincheck, the Japanese cryptocurrency exchange at the center of a recent hack, starts reimbursing victims today.
- ADA price recovered from the $0.1850 swing low against the US Dollar (tethered), but faced sellers near $0.2230.
- There was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair has to break the $0.2250 and $0.2300 resistance levels to continue moving higher.
Cardano price is slowly recovering against the US Dollar and Bitcoin. ADA/USD is facing a major resistance below $0.2300 and is struggling to break the same.
Cardano Price Resistance
There was a decent upside move in ADA price after it found support near $0.1850 against the US Dollar. The price recovered and moved above the $0.2000 resistance level. The upside move was positive since there was a close above the $0.2000 level and the 100 hourly simple moving average. It traded above the $0.2200 level, but it faced a strong resistance near $0.2250.
During the upside move, there was a break above a major bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair. It is a positive sign, but the price has to break the $0.2250 and $0.2300 resistance levels. At the moment, the price is consolidating and is trading below $0.2220. An initial support is near the 23.6% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high. However, there is a major support forming near $0.2100 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the latest wave from the $0.1895 low to $0.2230 high.
Therefore, the $0.2100 is a decent support. On the upside, a break above the $0.2300 level is must for the price to continue moving higher.
Hourly MACD – The MACD for ADA/USD is back in the bullish zone.
Hourly RSI – The RSI for ADA/USD is currently well above the 50 level with positive signs.
Major Support Level – $0.2100
Major Resistance Level – $0.2300
Charts courtesy – Trading View
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The Winklevoss twins have been strong advocates of Bitcoin since they invested back when it was trading at $8. Today the billionaire brothers have their own exchange which is set to expand to include others from the ‘Satoshi family tree’, these are likely to be Litecoin and Bitcoin Cash.
Welcoming Members of the Satoshi Family
The Gemini Exchange operates primarily as a Bitcoin and Ethereum trading platform, however the twins have plans to expand this to include LTC and BCH this year. The move could have a big impact on CBoE Global Markets Inc which is Gemini’s partner on Bitcoin futures. The Chicago based exchange also has plans to expand its futures contracts beyond Bitcoin and currently uses Gemini to calculate its XBT contracts.
At the 34th annual CBOE Risk Management Conference the twins discussed ‘Digital Assets and the Future of Finance’ with Paul Stevens from the exchange.
— Gemini (@GeminiDotCom) March 8, 2018
The next possible futures contracts could well be Ethereum, possibly followed later in the year by Litecoin and Bitcoin Cash if they get listed on Gemini, which will be responsible for supplying the data.
According to Tyler Winklevoss the licensing agreement with CBoE is scalable, and they entered into the deal knowing it could expand in terms of offerings. Prices usually react when cryptocurrencies get listed on major exchanges; this has been the case historically with rival exchanges Coindesk Inc., and Coinbase. The move would place Gemini in a better position to compete with Coinbase which may then need to increase its own listings by adding others such as Ripple.
Optimistic about greater institutional investor participation in 2018, Tyler went on to say;
“Futures have gotten off to an incredible start. In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,”
The Winklevoss twins also praised the SEC for taking the official stance that crypto exchanges must register as a national exchange with the regulatory agency. Gemini itself is regulated by the New York State Department of Financial Services. Regulation is a critical move in protecting investors from fraudulent activity and products.
Bitcoin Cash has seen a positive reaction already, trading up 11.5% on the day however Litecoin has remained lackluster during this morning’s Asian trading session and is only up 4.4%. Real price action will be seen when the official announcement is made.
The post Gemini Exchange Likely to List Litecoin and Bitcoin Cash appeared first on NewsBTC.
The popular center-left HBO late night comedy show, Last Week Tonight with John Oliver just devoted the main segment of one episode to cryptocurrencies. While other late-night shows have taken jabs at cryptocurrencies (and often made numerous glaring mistakes) LWT got their facts pretty much right. In this article, we’ll take a look at some… View Article
A delegation of top-level Chinese technology executives is visiting Australia this week to explore the future and implementation of blockchain into industry.
Austalia Hosts First Blockchain Meeting
The delegation which is made up of the elite of China’s Fintech companies including Senior managers from Ant Financial, WeBank, JD.com, ZhongAn, Wanxiang and OnChain.
The group is being led by Ming Li, director of the China Electronics Standardisation Institute, which has responsibility for setting blockchain industry standards under China’s Ministry of Industry and Information Technology.
The delegation is set to explore developments in global blockchain standards where Australia is taking a lead role by hosting the first international blockchain standards meeting for the “ISO/TC 307” group next month, chaired by Westpac Banking Corp director Craig Dunn.
The delegation is tasked with both exploring the next step in blockchain architecture that will be the basis of “the internet of value” and to send the message that China will be aggressive in implementing this technology.
China wants Blockchain Not Bitcoin
As Chinese companies go proactively into the future of blockchain technology the government continues to express its dislike of cryptocurrency.
Once home to the majority of the worlds cryptomarket activity the Chinese government began cracking down on trading digital currency and the release of ICO’s.
Zhou Xiaochuan governor of the Peoples Bank of China (PBOC) spoke this week about the Banks official stance of nonrecognition of cryptocurrency and plans to ramp up regulation of both the trade and companys launching ICO’s.
We don’t like cryptocurrency products that make huge opportunity for speculation that gives people the illusion of getting rich overnight.
Zhou went to say that cryptocurrencies are inevitable but that they had strayed from the useful path of being a secure and safe way to quickly and easily move money.
That they are now used by people as a get rich quick scheme that can end up costing people their life savings.
Local news outlets interpreted his speech as possibly the first move to creating a nationally backed cryptocurrency. Zhou ended with hopes that public and private agencies can partner together for further research and development.
Later the same day the founder of Okcoin made a statement over social media that the company was ready to work with the government.
Despite the regulations of Bitcoin and like alt currencies there are more than 150 blockchain-enabled companies in China. This may seem ironic as blockchain was developed to allow people to anonymously buy and sell what they wish thus circumnavigating government control.
However, blockchain can also be set up to allow a government full visibility of transactions across the network.
The post China to Meet With Australia to Deploy Blockchain Technology Commercially appeared first on NewsBTC.
- Ripple price formed a nice support around $0.7400 and moved a few points higher against the US dollar.
- There is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break $0.8300 and $0.8400 resistance for further upsides in the near term.
Ripple price is slowly gaining pace against the US Dollar and Bitcoin. XRP/USD must break the $0.8400 hurdle to set the pace for more gains.
Ripple Price Resistance
After a major decline, there was a strong buying interest noted near $0.7400 in Ripple price against the US Dollar. The price formed a low near $0.7450 and started an upside move. It traded above the $0.7800 and $0.8000 resistance levels. It even broke the $0.8200 level and the 100 hourly simple moving average. However, the upside move was capped by the $0.8310 level.
A fresh downside move is underway and the price broke the 23.6% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. More importantly, the price is now below the $0.8000 level and the 100 hourly SMA. It may decline further to test the 50% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. Below $0.7850, the price may even test the $0.7650 level. On the upside, there is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair.
The pair must break the $0.8300 and $0.8400 resistance levels to gain upside momentum. The overall bias is neutral and it seems like the price is consolidating above the $0.7500 level in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down and is just around 50.
Major Support Level – $0.7650
Major Resistance Level – $0.8400
Charts courtesy – Trading View
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