Ethereum’s next system-wide upgrade, Constantinople, is expected to go live next week.
Archives for January 11, 2019
Vinny Lingham, a general partner at Multicoin Capital and the CEO of Civic, believes the crypto market won’t recover any time soon. He said: The crypto market will rise again, but most likely only when the pain of the recent fall becomes a distant memory. Don’t underestimate the power of psychology in free markets. Why
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With an unprecedented 17.68 percent drop on Thursday, Macy’s may possibly fuel a short-term decline of all retailers in the United States. Following the plunge in the stock price of Macy’s, other major retailers in the likes of Target have started to demonstrate a lack of momentum from the strong corrective rally the U.S. stock
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Bitcoin birthed the concept of blockchain technology, and now even organizations as technologically advanced as NASA are considering its benefits. Yet cryptocurrency is often described as a fad, a bubble, and even worthless. NASA Eyes Hyperledger Blockchain for Air Traffic Management Ronald J. Reisman, an aero-computer engineer at the NASA Ames Research Center, has put
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- Bitcoin Price slow down after sinking 10 percent
- China introduces new privacy quashing blockchain rules
- Trading volumes steady but bearish
Even though today’s losses are low, there is hope for traders as long as Bitcoin prices are oscillating above $3,700. Drops below this minor support line could trigger sells towards $3,220 or lower in the next few days.
Bitcoin Price Analysis
At spot prices, Bitcoin is down 3.8 percent in the past 24 hours but stable in the last hour. The coin is flat and trading within a tight trade range contrary to yesterday’s rapidity.
From candlestick arrangement, we expect prices to cool down and even expand towards $4,000 before bears wash down gains in the direction of Jan 10 losses while reaffirming bear trend continuation as spelled by the price action of mid-November and early Dec 2018. Our short-term bullish trend is valid and until after there is a clean break and close below $3,700, there is hope for BTC long traders.
Different governments have different views on cryptocurrencies. To meet popular demand, some are opening doors and even allowing exchanges to self-regulate. Countries like Japan are very open, embracing new technology while others are not interested in the application of blockchain to create competing, censor resistant currencies.
When everything is said and done, it’s all about control and China, as we know, is strict. Although we understand their companies are leaders in crypto, filling patents rivaling those from the US and Europe, the country is against the proliferation of Bitcoin and crypto. However, they see a future in the blockchain. That is why the Cyberspace Administration of China (CAC) is releasing a new document detailing new regulation that crypto and blockchain companies must adhere with.
Once it becomes law by Feb 19,2019, blockchain companies would divulge log user activities on request, allow authorities access to private data and even reveal groups or individuals behind secret or anonymous accounts. It bins all blockchain principles and is authoritarian even though it is for the good of national security.
As aforementioned and from previous BTC/USD trade plans, the rejection of higher highs right off the 38.2 percent Fibonacci retracement level hints of underlying bear momentum. Since none of our conservative trade conditions came to pass and bulls didn’t close above $4,500, we recommend patience aware that liquidation below $3,700 or Dec 28 bulls and bull flag base could lead to further drops to $3,220. Uncertainty reigns and to avoid the claws of bears, we suggest liquidating BTC holdings for stable coins while stepping up if prices drop below $3,700.
Jan 10 declines were at the back of above average volumes—35k versus 18k right off the 38.2 percent Fibonacci retracement level. Reversal at this level was significant. Any confirming drops below $3,700–even with light volumes, could lead to further drawn down in sync with Dec 20 high volume bear bar—117k versus 37k.
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Bitpay CCO Sonny Singh has stated that the $20,000 bitcoin price at the back-end of 2017 and the price fluctuations throughout 2018 were a bit of “an anomaly”. He also agrees that bitcoin demand and usage were at a low last year and although crypto volatility has been a continuing trend into the new year,
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U.S. President Donald Trump has reiterated that Mexico will pay for the wall that he pledged to build along the country’s southern border during the 2015/2016 campaign rallies. In an early-morning tweet, Trump declared that the benefits accruing from the recently signed United States-Mexico-Canada Agreement (USMCA) trade deal would meet the cost of the wall:
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Crypto payment platform Bitrefill has launched Thor, a service that allows customers to open Lightning channels on demand. Thor will connect to Bitrefill’s node on the Lightning Network, allowing users to receive Lightning payments whether they have bitcoin loaded into their Lightning wallets or not.
“This service will let the customer get an empty lightning channel opened to them from Bitrefill’s node, on the Lightning Network. Now anyone can now pay for, or gift, the ability to have a channel opened to a Lightning wallet in order to receive payments over Lightning at any time,” according to a company announcement.
The Lightning Network is a protocol built on Bitcoin that allows for instant and cheap payments between users, without compromising the security and decentralization of the cryptocurrency. With Lightning payments, you can make multiple payments at a small fraction of the cost of a regular bitcoin transaction, as you don’t have to settle each transaction on the blockchain. Transactions are only settled when the channel is closed.
However, in order to receive Lightning payments, users must have a payment channel open with at least one other Lightning user that has funds on their end of the channel. Without that, there is no way to have funds routed to you. And while it’s possible that a payer opens a brand new Lightning channel to a payee when making the initial Lightning payment, this does require time (a blockchain confirmation) and money (on-chain fees), thus diminishing the advantage of Lightning in that instance.
With Thor, users can purchase an empty channel (potentially also for their friends or business partners) with crypto. Users don’t need to put up any money in the payment channel themselves, while Bitrefill maintains the channel, funded on their end for 30 days. As such, you can immediately start accepting payments through Bitrefill’s channel to you.
The channel opening service from Bitrefill currently works with command-line client LND wallet and the Bitcoin Lightning Wallet for Android. Payments for Thor can be made with custom capacities of 300,000 satoshis to 16,000,000 satoshis using Bitcoin, Lightning payments and a number of other payment options. an empty lightning channel with custom capacities of 300,000 satoshis to 16,000,000 satoshis, and payments for the service can be made through a number of options including bitcoin, Lightning payments and existing Coinbase balances.
The Lightning Network has continued to grow since its first implementation was announced in March 2018 by Lightning Labs.
As of November 2018, the network was supported about 4,070 nodes, with a collective capacity of 223.65 BTC. At press time, the Lightning Network supports 5,241 nodes with a collective network capacity of 563.17 BTC.
This article originally appeared on Bitcoin Magazine.
- Ripple price is trading within Sep 2018 high low and bullish
- The management team at Circle convinced crypto valuation would rise.
- Bear trading volumes high, XRP prices likely to find support at 30 cents
Although losses were market wide, XRP is resilient, absorbing sell shocks and rising above ETH for the first time in 2019. Even with this safe-haven status, we expect XRP to slide against the USD towards 30 cents.
Ripple Price Analysis
The ability of XRP to absorb shocks may be the reason why the coin is in second place. XRP, despite its specific use as a cross border liquidity tool for banks, is stable in the last hour. XRP prices are trading above 30 cents. Although yesterday’s sellers rammed prices below the first support at 34 cents, our bullish overview is valid. The only time, as reiterated in the last XRP/USD price analysis, we shall revert to bearish is if asset prices collapse below 30 cents.
David Schwartz and the XRP Royal Army may be having a field day thanks to Ethereum Classic’s debacle, but the valuation table relays countering signals. As per Charlie Lee expressions, proof of work networks are true representations of decentralization. He goes on saying true decentralization paves the way for attackers to launch double spending attacks more so if the network’s total hash is low. Such acclamation is everything against what David Schwartz stands for: speed and security.
Even with superior throughput, Ripple and other systems making use of proof of work alternatives have no power to dislodge store of value coins as Bitcoin in the long term. Though the gap will widen, the crypto market as a whole will expand as adoption increase more so if more products are built allowing for seamless crypto payment backed by education. Rachel Mayer, the Product Manager for Circle Pay and Circle Invest, said in a recent Reddit AMA session:
“we need to BUIDL better consumer products that feel like native internet apps so that you can use crypto seamlessly (outside of speculative investing). Finally, it is our responsibility to continue to educate not only regulators but your friends, family, and acquittances of why blockchain technology is here to stay and the value it will unlock for them and the rest of the world.”
Cementing our bullish stance is the failure of bears to wipe gains of Sep 2018. Before that happens, our trade position will remain constant. Technically, every low should be another buying opportunity with ideal targets at 80 cents. In the meantime, traders should move their XRP stash to stable coins or fiat depending on preferred exchanges. Once prices find support at Dec 2018 lows at 30 cents, then we can liquidate them for XRP.
Even though we are net bullish, yesterday’s declines were propelled by above average volumes—83 million versus 30 million. Basing our analysis on volumes, this is bearish. This interpretation will hold unless there is a counter bar fading trend, backed with high volumes above 83 million. Because of this, odds are XRP will drop towards 30 cents in the next couple of days.
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The brother of deceased drug lord Pablo Escobar has launched a cryptocurrency apparently targeting the impeachment of President Trump.