CLS, the bank-owned currency trading utility, and IBM have gone live with their blockchain-based payment netting service after more than two years in development.
Archives for November 27, 2018
After two weeks of incessant sell pressure and analysts giving up on bulls, it seems like BTC/USD sellers are exhausted. Notice that BTC is finding minor support at $3,600 or Nov 25 floors and if today close higher then we might see a temporary recovery towards $4,700. On the flip side and Vinny Lingham projections will be valid.
Latest Bitcoin News
10 months after the unfortunate hack that saw $530 million worth of NEM siphoned off from Coincheck, the Japanese exchange is back in operation after reinstating deposits and purchases of XRP and Factom (FCT). This now means users can deposit and withdraw in fiat—Yen and crypto. That’s aside from allowing sign ups. Its lending service is now back in operation though traders won’t leverage their trading neither will they be able to deposit fiat from convenience stores.
As Coincheck gears up, BitMex Insurance Fund now holds 18,851 BTC. According to the exchange, the fund is used to prevent auto-deleveraging traders’ positions and the fund grows from market liquidation executed at a better price than at bankruptcy level. Because of this, online commentators now think this minor Bitcoin accumulation would help shore prices after two weeks of turmoil that saw BTC sink $1,500 hours after the disastrous hash rate war between Bitcoin Cash SV and ABC.
While it would be the perfect shot in the arm if bulls find a way and bounce above $5,000, market analysts are shying away from bullish comments. While talking to CNBC Fast Money, Vinny Lingham of civic talks of Crypto winter where he projects that Bitcoin prices will be trapped within a tight range between $3,000 and $5,000 till end of Q2 2019. During this time, he says, there will be a lot of short-term buys which will surely help in recovery.
BTC/USD Price Analysis
At spot prices, BTC/USD is down 23 percent in the weekly chart and unfortunately for bulls, bears are not slowing down.
Though we expect a temporary pullback, the past two weeks draw down has shaken coin holders to the core and with the emergence of a new faction—the sodlers, we could as well see a temporary reprieve offering these sellers another opportunity to unload their stash further fueling this sell frenzy.
Unless otherwise there are strong bulls driving price above our minor resistances at $4,700 and maybe $5,000, we shall retain a bearish outlook expecting prices to test $3,000 by the end of the week as price action complement week ending Nov 18 bear breakout pattern.
In line with our last BTC/USD price analysis, sellers are clearly in control and as mentioned above, aggressive traders can take every opportunity to unpack their BTC holdings more so if bulls fail to clear the $4,700 mark assuming prices bounce back from spot.
After all, they may now that BTC is finding short-term floors at $3,600 or Nov 25 lows. However, if buyers breach and close above $4,700 then we may see a temporary rally towards $5,000 and even to $5,800 as the market sparks back to action.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post BTC/USD Price Analysis: Bitcoin Support at $3,600, Path to $4,500? appeared first on NewsBTC.
One of Israel’s leading entrepreneurs in the cryptocurrency field, Moshe Hogeg, is facing accusations of embezzling funds raised from two Initial Coin Offerings consequently rendering the company for which the funds were raised for insolvent. As a result, 17 individuals who claim to be shareholders of IDC Investdotcom Holdings, the company associated with Hogeg and
The post Renowned Israeli Crypto Entrepreneur Moshe Hogeg Accused of Misusing ICO Funds appeared first on CCN
- ETH price retested the $100 support area and recovered slightly against the US Dollar.
- Yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher in the short term towards the $114 and $118 resistance levels.
Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD could test the key $118 resistance area in the short term.
Ethereum Price Analysis
Yesterday, we saw a fresh decline below the $112 level in ETH price against the US Dollar. The ETH/USD pair even broke the $110 and $106 support levels. Besides, there was a close below $110 and the 100 hourly simple moving average. The decline was such that the price retested the $100 support area where buyers emerged. A low was formed near $99 and later the price started a short term correction.
It moved above the $206 level and the 23.6% Fib retracement level of the recent drop from the $119 high to $99 low. However, the price is currently facing a tough resistance near $110-112. Moreover, yesterday’s important bearish trend line is intact with resistance at $110 on the hourly chart of ETH/USD. Around the trend line, the 100 hourly SMA is positioned at $112. Besides, the 61.8% Fib retracement level of the recent drop from the $119 high to $99 low is at $111. Therefore, the $110-112 zone is a significant resistance for buyers. A break above $112 could push the price towards the next major resistance at $118.
Looking at the chart, ETH price is slowly recovering above $106 and $108. However, a proper close above the $118 level is needed for a larger upward move. If not, the price may decline back towards the $100 level.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is now placed well above the 50 level.
Major Support Level – $100
Major Resistance Level – $118
The post Ethereum Price Analysis: ETH/USD Could Rebound In Short Term appeared first on NewsBTC.
The second largest stock exchange in the world – NASDAQ – is partnering with investment management firm VanEck to bring to market a new generation of cryptocurrency futures products.
- Bitcoin cash price settled below the $190 and $200 support levels against the US Dollar.
- There was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could correct higher, but it is likely to face sellers near the $190 or $200 resistance level.
Bitcoin cash price moved back in a bearish zone below $200 against the US Dollar. BCH/USD could decline towards $160 as long as it is below $200.
Bitcoin Cash Price Analysis
After a solid recovery above the $200 level, bitcoin cash price struggled to hold gains against the US Dollar. The BCH/USD pair started a fresh decline and traded below the $200 and $190 support levels. There was even a close below the $180 level and the 100 hourly simple moving average. The price even broke the 61.8% Fib retracement level of the last recovery from the $145 swing low to $206 high.
More importantly, there was a break below an ascending channel with support at $172 on the hourly chart of the BCH/USD pair. The pair tested the $160 support zone and formed a low at $161. Later, there was a minor upside correction above the $170 level. The price also moved above the 23.6% Fib retracement level of the recent decline from the $206 high to $161 low. However, there are many resistances on the upside near the $180 and $190 levels. Additionally, the 100 hourly SMA is also positioned near the $180 level.
Looking at the chart, BCH price is currently trading below the key $190 and $200 resistance levels. As long as there is no break above these resistances, the price could slide back towards $160 or $150.
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 placed above the 50 level.
Major Support Level – $165
Major Resistance Level – $190
The post Bitcoin Cash Price Analysis: BCH/USD Remains Sell Near $200 appeared first on NewsBTC.
Global Bitcoin payment service BitPay has warned customers of a vulnerability on a third-party NodeJS package used by the Copay and BitPay apps which could be used to capture users’ private keys. The company said the malicious code was deployed on versions 5.0.2 through 5.1.0 of its Copay and BitPay apps. BitPay recommended users to move funds to new wallets immediately as private keys are potentially compromised.
BitPay Investigates Whether Code Vulnerability Exploited Copay Users
BitPay is currently investigating the matter as to whether Copay users suffered from any attack purported the malicious code, the company said in a statement.
“Currently, we have only confirmed that the malicious code was deployed on versions 5.0.2 through 5.1.0 of our Copay and BitPay apps. However, the BitPay app was not vulnerable to the malicious code. We are still investigating whether this code vulnerability was ever exploited against Copay users.”
The Bitcoin payment service warned customers not to use any infected Copay versions before running a security update provided by BitPay in the app stores.
“Our team is continuing to investigate this issue and the extent of the vulnerability. In the meantime, if you are using any Copay version from 5.0.2 to 5.1.0, you should not run or open the app. A security update version (5.2.0) has been released and will be available for all Copay and BitPay wallet users in the app stores momentarily.”
Additionally, BitPay recommended users to move funds to new wallets (v5.2.0) immediately as private keys could be compromised. The Atlanta-based firm warned users not to import affected wallets’ backup phrases as they too may be compromised.
“Users should not attempt to move funds to new wallets by importing affected wallets’ twelve word backup phrases (which correspond to potentially compromised private keys). Users should first update their affected wallets (5.0.2-5.1.0) and then send all funds from affected wallets to a brand new wallet on version 5.2.0, using the Send Max feature to initiate transactions of all funds.”
BitPay found out about the malicious payload via a Copay GitHub issue report. According to comments on GitHub, the malware “was really sneaky, and only triggering the upload of the private keys for wallets that had genuinely over 100 BTC in there”. BitPay and its users were lucky this time but should be prepared for future attacks, according to GitHub user atomantic.
“Narrowly escaped a mass theft/liquidation event. Network egress monitoring would be good to add to automated tests if not already part of the build validation process.”
In April 2018, BitPay issued a warning of a trojan horse called Coinbitclip which has affected some purchases using Bitcoin processed by the payment service. The trojan did not infect any specific Bitcoin wallet or payment system, but individual Windows users only, similarly to most types of ransomware.
Image from Shutterstock
The post BitPay Warns Users to Move Funds to New Wallets Amid Malicious Code Outbreak appeared first on NewsBTC.
Riggs Eckelberry is the CEO of OriginClear, a company which provides water treatment solutions, and Chairman of WaterChain, a token project which works to crowdsource water funding in an effort to alleviate suffering as a result of the ongoing global water crisis, which isn’t scheduled to get any better as populations increase. In a recent
The post WaterChain Chairman: Cryptocurrencies Will Create An Entirely New Economy appeared first on CCN
An exchange is only as good as its liquidity. There are hundreds of exchanges to choose from, and many have chosen Binance, which was originally based in China and funded through an ICO. Binance is far and away the largest exchange in the world by volume and users, most days almost doubling the volume of
A report into the projected growth of the current blockchain market by Meticulous Research has produced some incredibly bullish forecasts for the industry. By 2025, it’s expected to have grown at a compound annual growth rate (CAGR) of 74.1%, reaching $28 billion.
Future Looks Bright for Blockchain Technology
To us more used to dealing with cryptocurrency market capitalisations, this might look like a sharp fall. However, the figures do not include any individual cryptocurrency market caps. To put it into perspective, the current size of the technology market is stated by Meticulous as being $385.5 million.
The researchers believe that explosive growth will be driven by a variety of factors. These include: rising rates of adoption of Blockchain-as-a-Service (BaaS), increased merchant acceptance of cryptocurrency, and heightened interest from traditional financial interests.
The report states that the banking and financial sector currently accounts for the largest share of the total market. Payments are cited as the largest form of application of the technology. The finance-focused blockchain sector is expected to grow at a CAGR of 70% by 2025. Meticulous speculated as to why this area is emerging as the largest use of the technology:
“The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions propels the adoption of blockchain in this application area.”
BaaS is cited as a way to bridge the current gap between technical expertise in building and programming blockchain and actually using the technology in business applications. BaaS allows customers to build their own distributed ledger technology appliations using a cloud-based service provider.
Related Reading: Ethereum Co-Founder Vitalik: IBM Blockchain Is “Missing The Point”
They manage all the more complex back-end processes and allow programmers to get on with building their applications. As successful blockchain-based applications come to market, the demand to learn the skills to code on public blockchain platforms such as Ethereum increases. This, in turn, helps the industry to grow.
Moreover, increasing cryptocurrency adoption in retail is further strengthening the tech’s market. The report cites companies such as Expedia, PayPal, Subway, Shopify, and Microsoft as examples of big companies that have accepted digital currencies for payments. Meticulous goes on to speculate that the current levels of hype around blockhain technology will only incentivise others to follow suit in the coming years.
Finally, the report states that North America is currently the home of most of the blockchain market’s tech companies. However, Asia-Pacific is named as the area expected to grow most by 2025. Reasons cited for this include how quickly nations such as Korea and Japan are embracing cryptocurrency and the technology in industries such as finance and supply chains.
Featured image from Shutterstock.
The post Report: Blockchain Market to Be Worth over $28 Billion by 2025 appeared first on NewsBTC.