Alibaba’s Ant Financial has raised $14 billion in a new funding, part of which will be used to continue its development of blockchain technology.
Archives for June 7, 2018
Alibaba’s Ant Financial has raised $14 billion in a new funding, part of which will be used to continue its development of blockchain technology.
- ETH price is struggling to clear a significant resistance near $614 against the US Dollar.
- There is a major bullish trend line formed with support at $598 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to trade in a range before making the next move either above $614 or below $600.
Ethereum price is facing tough resistances against the US Dollar and Bitcoin. ETH/USD needs to gather pace above the $614 level to move further higher.
Ethereum Price Resistance
There were mostly ranging moves above the $590 level in ETH price against the US Dollar. The price traded above the $615 level recently, but it failed to break the $617 resistance. A high was formed at $617.50 before there was a downside correction. It declined below the $610 level and the 23.6% Fib retracement level of the last wave from the $573 low to $617 high.
However, the decline was protected by the $598-600 support area. Moreover, the 38.2% Fib retracement level of the last wave from the $573 low to $617 high also acted as a support. There is also a major bullish trend line formed with support at $598 on the hourly chart of ETH/USD. The 100 hourly simple moving average is also positioned near the $598 level, which is preventing declines. On the upside, the price is facing a key resistance near the $614 level. A break above the stated resistance is needed for buyers to gain traction above the $620 level.
Looking at the chart, the price is currently trading in a range and eyeing the next break above $614. On the flip side, if there is a downside break, the price may perhaps decline back towards the $590 and $585 levels in the near term.
Hourly MACD – The MACD is slightly placed in a bearish zone.
Hourly RSI – The RSI is currently just below the 50 level with a minor bearish angle.
Major Support Level – $598
Major Resistance Level – $614
The post Ethereum Price Analysis: ETH/USD Targets Fresh Highs appeared first on NewsBTC.
Current performing altcoins are Siacoin, Waves, DigixDAO and Huobi Token.
More sideways action as we end the week in crypto land. Markets have lost a little today wiping out their minor gains yesterday. Total market cap has fallen marginally to just over $340 billion. There is red across the boards and all cryptos are sinking once again. Bitcoin has lost a fraction of a percent and is trading around $7,650 while Ethereum is down 1.7% to a touch over $600. All altcoins with the exception of one or two are in the red as we enter what could be another bearish weekend. Only one or two are showing positive momentum at the moment and the leading coin at the time of writing is Siacoin.
According to CMC Siacoin is on a pump at the moment, up 9% on the while while all other altcoins have fallen. Currently trading at $0.018 SC is up from $0.016 this time yesterday and is the only coin in the green in the top 30. Over the past week Siacoin has made 18% from a level of $0.015 this time last Friday. The past month has seen a fall however of 33% from $0.026 this time last month. Against Bitcoin SC has made a gain of 10% on the day to 232 satoshis from 209 sats this time yesterday. Weekly gains against BTC have been around 14% from just over 200 satoshis the same time last Friday.
Siacoin has been around for a while, it works on a cloud storage based premise that allows for sharing of spare hard drive space. The team has just released version 1.3.3 which is an ongoing update containing a large number of stability fixes.
Sia v1.3.3 release is here!! Main new feature: video streaming (over local network). This is a huge step for Sia. Learn how to get started streaming at our blog. https://t.co/ryqbvgDKPh
— Sia Tech (@SiaTechHQ) June 7, 2018
There is also a listing on OKEx scheduled for June 11 which could be driving momentum for this altcoin.
— OKEx (@OKEx_) June 6, 2018
South Korea is all over Siacoin this morning with Upbit taking almost half of the total trade volume, most of which is in KRW. Bittrex is the second most popular exchange with just under 25%. SC volume has actually fallen slightly from $28 million to $26 million. Its market cap is around $620 million ranking this token at 32nd spot.
Total crypto market capitalization has declined slightly today by 1.7% to $342 billion. Volume has dropped by a billion dollars to $14.5 billion and the markets are still pretty stagnant. Over the past week they are up 3.6% from $330 billion this time last Friday. All other altcoins are in the red during Asian trading this morning with the exception of Waves up 6%, DigitxDAO predictably up 5.5%, and Huobi Token up 6%.
More on Siacoin can be found here: https://sia.tech/
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 possible fundamentals.
The post Asian Cryptocurrency Trading Roundup: Siacoin Readies for OKEx Listing appeared first on NewsBTC.
- Bitcoin cash price is currently facing a strong resistance near $1,160 against the US Dollar.
- There is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair might dip a few points, but the overall bias is positive above the $1,100 support level.
Bitcoin cash price remains in an uptrend above $1,100 against the US Dollar. BCH/USD has to move past $1,160 and $1,180 to gain upside momentum.
Bitcoin Cash Price Resistance
There were mostly ranging moves above the $1,100 support area in bitcoin cash price against the US Dollar. The price traded towards the $1,170 level, but it failed to move further higher. A high was formed near $1,168 before the price started a downside correction. At the moment, it seems like there is a strong resistance area forming near $1,160, which may act as a pivot zone.
A downward correction is underway, and the price recently broke the 23.6% fib retracement level of the last wave from the $1,048 low to $1,168 high. However, the decline is finding bids near the $1,130 level and the 100 hourly simple moving average. Further below the 100 hourly SMA, there is a key support around the $1,100 level. Moreover, the 50% fib retracement level of the last wave from the $1,048 low to $1,168 high is also around the stated support. On the upside, there is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.
Looking at the chart, the pair has to settle above the $1,160 resistance area to gain upside momentum. The next hurdles above $1,160 are seen near $1,180 and $1,200.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just above the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,160
The post Bitcoin Cash Price Analysis: BCH/USD Eyeing Upside Break appeared first on NewsBTC.
At least five cryptocurrencies have recently been hit with a 51% attack, a vulnerability users used to scoff at.
Startup DFINITY claims to be carrying out the largest airdrop ever.
Two more bitcoin cash mining pools have announced they will support the “Miner’s Choice” initiative, which urges miners to remove the dust limit and begin processing a set number of zero-fee transactions. CoinGeek — which along with nChain devised the plan — on Thursday announced that mining pools ViaBTC and Bitcoin.com have agreed to join
The post Second-Largest Bitcoin Cash Mining Pool Agrees to Process Zero-Fee Transactions appeared first on CCN
Canada’s Quebec province has announced that it will be suspending all approvals for new digital currency-mining projects so officials can consider deeper restrictions and potential energy price hikes.
Bitcoin and cryptocurrency-mining operations in Canada are largely powered by Hydro Quebec. Representatives of the company are asking that the total amount of energy made available to digital currency miners be limited to 500 megawatts. While this is enough energy to run a “single aluminum smelting plant,” it’s a small portion of the 17,000 megawatts miners in Quebec originally asked for.
The enterprise is also asking for respective price increases on all energy consumed by cryptocurrency miners. This is to guarantee that Hydro Quebec maximizes its annual revenue while being able to maintain present power rates for residents and standard businesses.
In a statement, Hydro Quebec Distribution President Eric Filion explained, “We are asking the province’s energy board to quickly determine how much it should charge digital currency miners, and how much energy should be allocated to the industry while addressing the need to maximize revenues and job creation.”
Since early January, Canada has been a serious hotspot for cryptocurrency mining projects from China, South Korea and neighboring regions looking to take advantage of the country’s low energy prices and stable government. According to spokesman Marc-Antoine Pouliot, many of these miners are rewarded with the energy they need to mine digital currencies in exchange for investing in Hydro Quebec’s transmission network, thus boosting the company’s reputation and position in Canada’s power sector.
But problems are forming on the horizon. Hydro Quebec now says it doesn’t have the energy sources it needs to power every project that comes its way.
“We won’t be able to power all the projects that we’re receiving,” Pouliot explains. “This is evolving very rapidly, so we have to be prudent.”
While turning away potential business is a hard decision, Pouliot says Quebec’s energy ministry needs time to examine the situation and set new roles for the industry before things get out of hand. Minister Pierre Moreau states that the province now aims to establish new guidelines that will bring in the “best among the companies” and push Canada to the head of the cryptomarketing arena.
The decision to halt new approvals arrives just one week after Quebec lifted a moratorium that banned energy companies from supplying electricity to cryptocurrency-mining projects. The ban was first implemented in March, though Canada later expressed concern over “missing the boat” on crypto and decided it would work with mining companies if they could set different energy prices for miners and cut off electricity to their operations once the power grid was stretched to the maximum capacity.
Pouliot stated, “Having interruptible customers during these critical periods makes it possible to connect more. [Hydro Quebec’s mandate] is to ensure the implementation of cryptocurrencies in Quebec by maximizing economic benefits and ensuring the stability of our electricity supply.”
This article originally appeared on Bitcoin Magazine.
With every second that pass, EOS investors are increasingly becoming disappointed and unloading their coin holdings. We are beginning to see that because EOS is one of the biggest losers in the last 24 hours. It could get worse because it’s poised to shed more if we don’t get official updates from EOS New York and Canada. These two are coordinating mainnet launch and updating the community. Otherwise, we remain net bullish anticipating positive news to propel prices above $15.
From the News
So, before their much hyped EOS mainnet initiation, Dan Larimer and Block One had let known throughout the crypto world that EOS coins would be frozen for only two days. Those two days are now over and three days later, Block Producers are haggling over which version of the mainnet to launch.
— NEWSBTC (@newsbtc) June 7, 2018
It might be trivial from the plain eyes of an investor but the more the delays, the more we become pessimistic. EOS prices are likely to take a hit from this. As we can see from the chart, prices are doing fine and trading is possible at exchanges that supported EOS mainnet launch.
EOS Mainnet Launch Update: Software Validation and Security Auditing is ongoing and a process is being followed to validate community voting portals to ensure token holders are safe. Here’s a good site to keep updated on the launch vote https://t.co/K90rwfTquV @go_eos #EOSLAUNCH
— EOSphere (@eosphere_io) June 7, 2018
While we can take a neutral approach and allow EOS Block Producers to iron out their launch issues, many are taking shots at EOSIO security. There is a bounty program running following 360 sirens of system vulnerabilities but that’s not the point. Critics are now pointing their fingers at Block One saying that they may have sub contracted the platform coding to a third party and this the reason why programming flaws are rampant. Just to mention, Guido Vranken smoked out 12 different weaknesses in a single day. That’s how serious things are.
Thank you. A couple more waiting to be rewarded. I think the final tally was $120K but I lost count. Took me about a week.
— Guido Vranken (@GuidoVranken) June 4, 2018
Besides, with launch delaying, critics’ assertions that EOSIO is just but another over-funded project that tries to collapse a whole spectrum of user cases into one simplistic goal is increasingly becoming true. Remember, EOS and Block One has close to $4 billion worth of ETH at their disposal and we already say what they are capable of doing in the market. Any form of dump will lead to a capitulation of ETH as we briefly saw last week.
EOS Technical Analysis
Week over Week, EOS is up 13 percent making it the fifth most valuable coin in the world at $12.40 billion. Unfortunately such valuation without a working product shows the level of investors astounding irrational exuberance. It’s a question we keep asking: Without a working blockchain and frozen coins, will EOS prices take a hit as sentiment turn red because of launch delays?
As per our previous emphasis, the last four candlesticks before last week are likely to be long coverings. Look at it from an effort-result perspective and you quickly conclude that it took four candlesticks with low volumes to overcoming that single bullish thrust on week ending April 29. Advised by this, the only logical approach is to look for under valuations in lower time frames.
Following periods of bear pressure, we saw bullish reversals last week and it’s because of that technical formation that we anticipate prices to pick up this week. While we remain cautious to buy or sell because of that fundamental delay, setting short term resistance and supports at last week’s high low would be more prudent.
Honestly, EOS prices have been all over the place this week. Yes, June 2 bullish candlestick has some bearing on price action and is our guide for increasing buy positions this week. So, for that projection to go through then we must see some moves above $15 or June 2 high. It’s that simple. If not and assuming prices edge lower, closing below $12 then we shall change our skew and trade in line with May 11 bearish candlestick.
The post Security Audit Delaying EOSIO Mainnet Launch: EOS Technical Analysis (June 8, 2018) appeared first on NewsBTC.