After having tracked crypto prices for years, Yahoo Finance now adds a new feature to let users trade 4 cryptos on its iOS app, including dogecoin.
Archives for August 30, 2018
Bitcoin Price Key Highlights
- Bitcoin price pulled back to the area of interest marked previously and bounced off support.
- Price is setting its sights back on upside targets indicated using the Fibonacci extension tool.
- Technical indicators are giving mixed signals in terms of direction, but bearish pressure appears to be fading.
Bitcoin price is resuming its climb after testing the rising trend line connecting the lows since mid-August.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA on the 4-hour time frame to indicate that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume at this point.
However, the gap between the moving averages is narrowing to indicate slowing selling pressure. The 200 SMA, which lines up with the trend line, also held as dynamic support and could continue to do so moving forward.
In that case, bitcoin price could aim for the 38.2% extension at the swing high next or the 50% extension just past the $7,200 major psychological resistance. Stronger bullish momentum could bring it up to the 61.8% extension at $7,315 or the 78.6% extension at $7,457.70. The full extension is just above the $7,600 mark.
RSI is on the move up so bitcoin price could follow suit while buyers have the upper hand. This oscillator has some room to climb before hitting overbought levels, which means that buyers could stay in the game for a bit longer.
Meanwhile, stochastic just pulled up from the oversold area to indicate a return in bullish pressure. This has more room to head north, also suggesting that the bounce could be sustained.
A bit of month-end profit-taking flows could be seen so be mindful of any sharp dips as traders try to book profits off recent positions. In the meantime, traders still seem optimistic that the SEC could have a more positive decision in the pending bitcoin ETF applications.
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- Bitcoin cash price failed to hold gains above the $540 and $545 support levels against the US Dollar.
- This week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently trading below the $540 support and it could decline further in the near term.
Bitcoin cash price declined below the $540 key support against the US Dollar. BCH/USD may perhaps continue to move down towards the $520 and $510 levels.
Bitcoin Cash Price Decline
We saw a downside correction from the $576 swing high in bitcoin cash price yesterday against the US Dollar. The BCH/USD pair declined below the $550 support area to move into a short-term bearish zone. Later, sellers gained control and pushed the price below an important support near $540. There was also a break below the 61.8% Fib retracement level of the last leg from the $510 swing low to $575 high.
The price settled below the $545 level and the 100 hourly simple moving average. Lastly, this week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair. The pair traded as low as $524 and later corrected a few points. It moved above the 23.6% Fib retracement level of the last drop from the $570 high to $524 low. However, the price is facing resistance near $540 and a bearish trend line on the same chart.
Looking at the chart, BCH price seems to be struggling to move above the previous support area near $540. If it continues to struggle to settle above $540 and $550, it could continue to move down towards the $520 and $510 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.
Major Support Level – $510
Major Resistance Level – $550
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Mysterious Bitcoin creator Satoshi Nakamoto is also credited with creating the distributed ledger technology known as blockchain that underpins Bitcoin and most other cryptocurrencies on the market. However, the first instance of blockchain has been discovered in the pages of the New York Times, predating Nakamoto’s creation by 13 years.
The Blockchain Before Bitcoin
Blockchain is defined as a growing list of permanent records, called blocks, which contain a cryptographic hash of the previous block, transaction data, and a timestamp. The technology was designed to be permanently verifiable and impossible to alter, creating a trustless system for things like financial transactions.
Blockchain is viewed by many industries as a way to improve data security and transparency, all while reducing operating costs.
Due to the great potential blockchain offers, the technology is now being considered to track transactions beyond payments. Supply chain management, or device-to-device communication across the Internet of Things (IoT) are just two examples of common use cases being considered.
Blockchain’s biggest benefit for businesses is around its chronological chain of hashed data it records. It’s this method of timestamping data that early cryptographers Stuart Haber and Scott Stornetta first invented in 1991, reports Motherboard. However, Haber and Stornetta at the time saw the tech as a way to timestamp digital documents to prove authenticity.
In the physical world, timestamping and verification is a lot easier. There are notaries to verify documents, and even something as simple as sealing an envelope can potentially prove a document arrived without any alteration. For digital documents, however, its far more difficult to verify data hasn’t been altered in some way.
The two developers set out to solve the need for digital document verification. They knew data would have to be timestamped to ensure any changes to a document would be noticeable, and they understood that same timestamp needed to be impossible to change to ensure authenticity.
Together, Haber and Stornetta landed on using a cryptographic hashing algorithm to generate a unique ID for each document. The ID would change each time the document was altered. The duo eventually launched their own timestamping service called Surety.
Surety’s main product AbsoluteProof serves as the best example of blockchain before Bitcoin. AbsoluteProof was designed to be a cryptographically generated seal for digital documents. The software is used to generate a cryptographic hash of a digital document that is later sent to Surety to create a timestamp seal. The seal acts as the unique ID verifying authenticity.
A copy of the seal is then sent to what Surety called a “universal registry database” composed of hashed customer seals, creating an immutable ledger of all of Surety’s customers seals ever created. The design makes it impossible for anyone outside of Surety to alter the seal.
The way Bitcoin’s blockchain and Surety’s AbsoluteProof differ is that Bitcoin’s blockchain is decentralized, adding a layer of trustlessness to the technology first invented by Haber and Stornetta.
As further “absolute” proof of Surety’s verification process, the company would publish newly added hash values each week to the New York Times in a small ad in the classified section. It’s that record published in the New York Times, dating back as far as 1995, that serves as the first-ever instance of blockchain technology, and would inspire Bitcoin creator Satoshi Nakamoto to create Bitcoin in the wake of the 2008 global financial crisis.
In Bitcoin’s whitepaper, Nakamoto actually referenced three separate papers written by Haber and Stornetta out of eight papers cited in the text. It’s clear Nakamoto used Surety’s AbsoluteProof system as inspiration for Bitcoin’s blockchain, perfecting what Haber and Stornetta originally set out to accomplish.
Featured image from Shutterstock.
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Technically, the altcoins market—including that of Cardano (ADA) is on a recovery path. We can see this panning out in the charts and despite sell attempts in the daily chart, still ADA is up a market boosting 10 percent in the last week. On the fundamental front, ADA should benefit from the extra liquidity following Bittrex’s move to open up USD market for individuals and approved corporate accounts.
From the News
As the market bottom out, several events stand out in the Cardano markets. In the past 24 hours, these Cardano specific news have been commanding the headlines:
Bittrex shall avail the ADA/USD markets for their customers
We’re rolling out more USD pairs. On Sep 5 we’re launching US dollar (USD) markets for Cardano (ADA) and Zcash (ZEC). Eligible #Bittrex accounts created before August are already enabled for USD trading. New user or want to deposit/withdraw USD? Details: https://t.co/KA248OA2Bz pic.twitter.com/pzCry5OdTr
— Bittrex (@BittrexExchange) August 29, 2018
In a tweet, Bittrex, the Seattle based crypto exchange, said beginning Sept 5, the trading platform shall introduce two new trading pairs: ADA/USD and ZEC/USD. Though the service will be available to only select account holders in six US states and pre-qualified international account holders, individual accounts must white-list their bank accounts to allow deposit and withdrawal from Bittrex. Additionally, only accounts older than one month will be allowed to trade the USD market while corporate accounts desirous of fiat trading must fill in and submit a request form. Overly, Bittrex is rolling out this service to test the market and to establish quality controls now that they have a working partnership with Rialto Trading as they aim to create a next gen digital asset trading platform.
Cardano Targeting Nigeria
#ADA #Cardano INTERESTING…. The blockchain project – Cardano (ADA) – is poised to take over emerging markets in Africa, South America, Central Asia, and other developing nations. https://t.co/2UdgiwH6co
— Tweet (@SpineMonkey) August 29, 2018
After Rwanda and Ethiopia, the Cardano Foundation is setting their eyes on Nigeria, an African power house. This comes days after Cardano sponsored a well-attended community meet up in the coastal town of Port Harcourt where many expects more collaboration and announcement will be made in coming days. Overly, this is not surprising and as an emerging market, Cardano and IOHK should strategically position themselves to offer several blockchain based solutions in this thriving African market which has seen Bill Gates sink in more than $1.6 billion in several start-ups in the country.
Cardano (ADA) Technical Analysis
At position nine in the liquidity list, Cardano (ADA) is up 10% in the last day even in the face of resistance in lower time frames. While this week has been emphatic for buyers who have been successful in reversing last week’s losses, that long upper week visible in the current bar should be a pointer to slowing bull momentum.
After all, price action is technically bearish with ADA trading below the psychological resistance level at 12 cents. On top of this ADA prices are trading inside week ending Aug 12 initiated bear break out pattern.
As mentioned before, ADA reversals are on the cross roads. And we can see these developments happening in the daily chart.
While yesterday signaled the completion of a three bar bear reversal pattern, the evening star, we shall still hold on to a bullish projection unless there is a dip past our immediate support line at 8 cents.
Before then, our previous Cardano (ADA) long trades are valid and that path way should apply for consequent ADA traders searching for long opportunities on every dip.
However, on a conservative approach, risk on traders must first wait for a conclusive close and break above 12 cents, our immediate resistance line as spelled out in our last Cardano (ADA) trade plan.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
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Consultancy firm PwC is kicking off a new program aimed at improving the expertise of its employees on new technologies like blockchain.
The California Legislature has passed Assembly Bill 2658, which provides a legal framework for the recognition of blockchain technology in the state’s insurance code. Introduced by Democrat Ian Calderon, the bill sought to amend Sections 1624.5, 1633.2, and 1633.75 of the Civil Code, Section 25612.5 of the Corporations Code, Section 16.5 of the Government Code, and Section
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Coinbase went out of its way to get a new crypto collectible loaded onto its dapp store, but Apple had other plans.
Bitcoin payment services provider BitPay, a global leader in processing payments for merchants, has announced the much-awaited option of receiving settlement in the form of Bitcoin Cash.
The news hasn’t had an effect on the price of the cryptocurrency as of yet, as BCH continues its downslope towards the $500 line.
BitPay Responds to Merchant Demand by Launching Bitcoin Cash Option
Founded in 2011, BitPay has made a name for itself by giving merchants tools for accepting blockchain payments from their customers, as well as providing its customers with reliable bank settlements. This includes their own local currency (USD, EUR, etc.) without the risk of volatility. Bitpay mitigates the risk of Bitcoin price volatility by converting Bitcoin to a local currency immediately.
The company based in Atlanta, Georgia, USA, announced Bitcoin Cash as its second digital currency settlement option for BitPay merchants.
“Since our springtime launch of Bitcoin Cash payment processing, BitPay merchants have been able to accept Bitcoin Cash payments from customers alongside Bitcoin payments. Now they can get their settlement payments in Bitcoin Cash, too. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”
The BitPay community on Reddit cheered the news and some concluded that the cryptocurrency payment services provider has worked hard to offer the altcoin option in response to merchant demand.
Fees on the Bitcoin Cash network have historically been considerably lower than those on the Bitcoin network. The BCH average transaction fee on Thursday was 0.0157, while Bitcoin cost 0.704, according to BitInfoCharts.com.
During the peak of the cryptocurrency fever in late 2017, Bitcoin fees jumped above 50%, which caught the attention of BitPay CEO Tony Gallipi.
“How many #Bitcoin UTXOs are currently unspendable? I just received $45 and now it will cost me more than that to spend it”, he wrote on Twitter in November 2017.
57.26% of all bitcoin addresses contain less than 100,000 satoshis.
— Tony Gallippi (@TonyGallippi) November 17, 2017
BitPay first announced the decision to add the Bitcoin Cash option in March 2018, including the ability to use BCH tokens to purchase gift cards in-app from Amazon and Mercado Livre, a leading Brazilian online marketplace. Since then, it was possible to use BCH with the BitPay Visa debit card with no fees.
The platform, however, began integrating BCH support with almost all of its partner merchants several weeks prior to that first announcement.
Bitcoin Cash, with a market capitalization value over $9 billion, has been stuck below the $600 mark since losing the handle in early August. Despite the good news for the BCH ecosystem, the cryptocurrency remains priced below 0.08 BTC.
Featured image from Shutterstock.
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Based on a survey conducted by Statistca on 15,000 individuals, Turkey has the highest percentage of population that has invested in the crypto market. According to the data released by Statistica shown below, 18 percent of the country’s investors have purchased cryptocurrencies like Bitcoin and Ethereum in the past few years. Motive of Residents in
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