Bitcoin price declined further and traded towards the $3,320 support level against the US Dollar.There is a key connecting bearish trend line formed with resistance at $3,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price could correct higher, but it is likely to face sellers near $3,375 and $3,400.Bitcoin price extended losses below the $3,350 support against the US Dollar. BTC might attempt a recovery, but sellers are likely to defend gains above the $3,400 resistance.Bitcoin Price AnalysisYesterday, we saw a major decline below the $3,400 support in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,350 support and traded close to the $3,320 level. A new weekly low was formed at $3,338 and the price settled well below the 100 hourly simple moving average. Later, the price started consolidating gains and corrected above the $3,350 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $3,445 swing high to $3,338 low. However, the upward move was capped by the $3,375 resistance levels.Besides, there are many hurdles for buyers near the $3,400 and $3,420 levels. There is also a key connecting bearish trend line formed with resistance at $3,400 on the hourly chart of the BTC/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $3,445 swing high to $3,338 low. Moreover, the 100 hourly simple moving average is near the trend line and the $3,410 level. Therefore, upsides from the current levels are likely to face sellers near $3,375 and $3,400.Looking at the chart, bitcoin price is trading in a bearish zone below the $3,400 resistance. Only a daily close above $3,400 and $3,420 could open the doors for more gains. On the downside, the main support are $3,320 and $3,300.Technical indicatorsHourly MACD – The MACD moved back in the bullish, but it may dive back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered recently, but it failed to move above the 50 level.Major Support Level – $3,320Major Resistance Level – $3,400
Archives for February 6, 2019
As storm clouds continue to gather over Donald Trump’s presidency, new data released by the U.S. government on Wednesday provided a rare moment of respite, with news that the country’s trade deficit has narrowed with imports falling faster than exports.
Figures released by the Department of Commerce show that the difference between exports and imports dropped by 11.5 percent to $49.3 billion from $55.7 billion in October.
This fall is primarily due to a fall in imports of consumer goods. While a drop of this magnitude would normally be a cause for concern as it signifies a drop in domestic demand, the data also show that the drop was preceded by a 5-month increase in imports which experts attribute to sellers stockpiling products due to fears over an escalation of the ongoing U.S.-China trade war.
Of course, Trump’s tariffs alone are not the sole reason for the reduced import figures. Lower global prices for crude oil and petroleum imports are also responsible for the lower than expected deficit. Crude oil imports stood at $23.1 billion compared to the $41.8 billion predicted by experts. US exports of oil-based products boomed, surging 5.4 percent which drove the US oil deficit to $11.4 billion – a reduction of 25 percent, which is the lowest the deficit has been in the last 11 years.
Regardless, Trump will definitely take the credit for the reduced deficit, with the Commerce Department eager to make the point that the president’s insistence on rebalanced trade agreements has achieved its intended goal. While the Department has a history of issuing politically motivated communication including a recent study aimed at discrediting man-made climate change, the figures certainly make for compelling reading.
Speaking to CNBC about the report, MUFG Chief economist Chris Rupkey said:
The sharp slowdown may reflect increasing caution given the unpredictable outcome of the administration’s current trade talks, the good news is this will temporarily boost real GDP in the fourth quarter.
Trump’s Protectionism Seeing Fruits?
In an effort to slow narrow the gap between imports and exports, the Trump administration has embarked on a tariff hike spree which saw new charges slammed on a number of items originating from some of its biggest trading partners including a 25 percent tax on steel and a 10 percent tax on Aluminum. The most visible outcome of the new tariff regimes has been a series of tit-for-tat moves by the U.S. and China as trade talks between both countries drag on.
Mainstream economists generally agree that Trump’s trade policies will not reduce the country’s trade deficit seeing as Americans do not produce as much as they buy, but Trump – who ran for office on a deficit reduction campaign – thinks otherwise. To this end, his approach so far has resulted in what to the casual observer, would seem to be a series of seemingly pointless and possibly unwinnable fights in pursuit of a protectionist ‘America First’ economic agenda.
CCN recently reported that following trade disputes with Canada, Mexico and China, Trump also looks set to embark on a trade war with the EU, which is the world’s largest trading bloc. According to Rupkey such fights have already started to negatively affect global trade, and the jury is very much out on whether or not they will end up being a good thing for America in the long run. For the time being, however, it would seem as though Trump’s ‘crazy’ plan to tariff his way out of the deficit just might be working.
Donald Trump image via AP Photo/Susan Walsh.
The total crypto market cap recovered recently, but it could struggle near the $108.50B resistance.Binance coin (BNB) extended gains and traded above the $8.00 resistance.Bitcoin SV price gained more than 8% and broke the $60.00 resistance area.Tron (TRX) is slowly moving higher towards the $0.0265 resistance level.Cardano (ADA) price is currently consolidating above $0.0350 and $0.0360.Binance coin (BNB) and bitcoin SV performed really well recently. However, the crypto market, bitcoin (BTC), Ethereum (ETH), TRX, ripple, ADA and others might continue to struggle.Bitcoin SV Price AnalysisAfter a steady, bitcoin SV found support near the $50 level against the US Dollar. After trading in a range for some time BCHSV/USD started an upside move above the $58 resistance. The price gained traction and rallied more than 8% to settle above the $60 resistance.It is currently trading above the $62 level and it seems like it could continue to move higher towards the $65 and $70 resistance levels.Binance coin (BNB), Tron (TRX) and ADA Price AnalysisBinance coin price extended gains after it broke the $6.00 and $6.50 resistance levels. BNB price broke the $7.50 and $8.00 resistance levels as well, opening the doors for a push towards the $9.00 or $10.00 resistance.Tron price traded within a tight range above the $0.0250 support level. TRX might gain traction and it could climb towards the $0.0265 and $0.0272 resistance levels. The main supports on the downside are $0.0255 and $0.0250.Cardano price declined in the past few days and settled below the $0.0380 support level. ADA tested the $0.0360 support level and it is currently consolidating losses. On the upside, there are many resistances near $0.0372 and $0.0380.Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline toward the $106.5B support level. Later, the market cap recovered and corrected above the $107.0B and $107.5B levels. However, there is a strong resistance formed near $108.5B, $109.0B, and a bearish trend line on the same chart. Therefore, upsides are likely to remain capped in bitcoin, Ethereum, ADA, ripple, tron, XLM, litecoin and other altcoins in the short term.
Ripple price extended losses and tested the $0.2840-0.2850 support area against the US dollar.There is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently correcting higher, but it is likely to face sellers near $0.2920, $0.2960 and $0.3000.Ripple price is consolidating with corrective moves against the US Dollar and Bitcoin. XRP/USD could resume its decline once the current correction is complete near $0.2920-0.2950.Ripple Price AnalysisYesterday, there was a sharp decline below the $0.3000 support in ripple against the US Dollar. The XRP/USD pair remained in a bearish zone and later broke the $0.2920 and $0.2900 support levels. It tested the $0.2840-0.2850 support area and finally started a short term upside correction. The price is currently trading near the 23.6% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. However, there are many resistances on the upside near the $0.2920, $0.2960 and $0.3000 levels.Besides, there is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. If there is a break above the trend line, the next resistance is near the $0.2940 and the 100 hourly simple moving average. To start a solid recovery, the price must break the $0.2950 and $0.3000 resistance levels. If not, the price remains at a risk of more losses below $0.2880 and $0.2850. The next key support below $0.2850 is at $0.2820, followed by $0.2800.Looking at the chart, ripple price is trading well below the $0.2950 resistance and the 100 hourly SMA. Therefore, it remains in a bearish zone and any recovery from the current levels could face sellers near $0.2950.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently in the bullish zone, but it could move back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD just moved above the 50 level.Major Support Level – $0.2850Major Resistance Level – $0.2950
ETH price declined recently, tested the $100 support, and later recovered against the US Dollar.There is a major bearish trend line formed with resistance near $105 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to face a strong resistance near $105 and the 100 hourly simple moving average.Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD is likely to fail near $105 or $107 and it will most likely resume its slide.Ethereum Price AnalysisYesterday, there was a major downside move below the $105 support in ETH price against the US Dollar. The ETH/USD pair declined sharply below the $105 level and traded towards the $100 level. The price even settled below the $105 level and the 100 hourly simple moving average. After testing the $100 support, the price started a short term upside correction. It traded above the 50% Fib retracement level of the recent decline from the $107 high to $100 low. However, the price faced a strong resistance near $105 and the 100 hourly simple moving average.Additionally, the price failed to gain strength above the 61.8% Fib retracement level of the recent decline from the $107 high to $100 low. More importantly, there is a major bearish trend line formed with resistance near $105 on the hourly chart of ETH/USD. The pair is currently consolidating below the trend line, $105 and the 100 hourly SMA. To recover further, the price must break $105 and the 100 hourly SMA. The next crucial resistance is near the $107 level, which acted as a hurdle on many occasions in the past. On the other hand, if the price fails to move above $105, it could resume its decline.Looking at the chart, ETH price is clearly facing an uphill task near $105 and $107. Therefore, there is a risk of a fresh drop towards the $102 and $100 levels.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD moved back in the bullish zone.Hourly RSI – The RSI for ETH/USD jumped above the 50 level, with a positive angle.Major Support Level – $102Major Resistance Level – $105
The Bitcoin price took a sharp drop and the rest of the crypto market went with it. The rest of the market, that is, except for Binance Coin, which resisted the bearish tilt and climbed into the 10th spot in the market cap rankings.
Outside of the top 10, nearly everything was red. Bitcoin itself was barely flirting with a global average just over $3,400, while Ethereum dropped a few dollars to $104 and XRP finally dipped under $0.30.
Bears Deal Bitcoin another Blow
As noted above, the global average for Bitcoin is still clinging to $3,400. But plenty of exchanges, including Coinbase, have it in the $3,300 range.
Late trading last night saw a dip of over $65 from whence Bitcoin has not recovered. For reference, the loss on every BTC on Coinbase was enough to buy a whole Bitcoin SV. Bears fought all morning to drag it down, eventually reaching a low of around $3,345. By press time it was selling for $3,360.
Definitely not the “big shakeout” we were told to expect yesterday, but it’ll take some significant buy pressure in the $5 billion volume market to raise it back above $3,400 and head toward the previously understood “support” of $3,500.
Ethereum Follows Bitcoin into Decline
The drop in Ethereum was mostly commensurate with the drop in Bitcoin, only worse. A dollar or two is a lot more to a token struggling to stay above $100 than it is to one resting comfortably above $3,000.
Likewise, Ethereum did about half the volume of Bitcoin today, at over $2.5 billion. The state of the dApp industry isn’t helping matters much. However, any way you slice it, it’s hard to complain about being able to buy Ether this cheaply. Long-term, philosophically-inclined traders understand that crypto assets have only begun their value cycle.
Binance Coin Resists Market Gravity
About the same time that Bitcoin and Ethereum started losing last night, Binance Coin (BNB), a token used primarily for paying fees on the world’s largest crypto exchange, started gaining.
With a 24-hour volume of over $120 million, the token reached $8.00 globally by price time, overtaking Bitcoin SV. At the time of writing, BNB is the 10th largest cryptocurrency by market capitalization. It has a supply of nearly 142 million and a per-token price of $8.00.
Ripple Price (XRP) Among Hardest Hit
Percentage-wise, Ripple (XRP) suffered a bit more than Ethereum or Bitcoin. As you can see in the chart below, which includes BTC and ETH, the losses began around the same time. The primary factor in this is that XRP is often traded against BTC or ETH.
In any case, the overall price for Ripple is now officially below $0.30. Barring some news or other great sentiment from Ripple Labs, we can expect this downtrend to continue for XRP as long as Bitcoin and Ether suffer losses. What we’ll want to check on is whether or not the bank-friendly token gains along with them, or continues losing, on the next bounce.
Disclaimer: Always keep in mind that you’re on your own when trading crypto. This isn’t trading advice. As a rule, this reporter advises anyone to avoid storing coins on exchanges.
Featured Image from Shutterstock. Price Charts from TradingView.
Following a long period of sideways trading in the cryptocurrency markets, Bitcoin’s recent drop to $3,400 has led most major cryptos to dip and has caused one analyst to turn bearish on major cryptocurrencies like Ethereum (ETH) and Litecoin (LTC), despite many analysts recently being bullish on these cryptocurrencies.It is likely that the direction these cryptocurrencies head next will be dictated by Bitcoin’s price action, as a break below $3,400 will lead the entire markets to follow suit and plunge.Analysts Bearish on Ethereum (ETH) and Litecoin (LTC) in Short-Term At the time of writing, Ethereum and Litecoin are both trading down slightly over 3%, with ETH trading at $103 and nearing its important psychological support level at $100, and LTC erasing some of the relatively large gains it incurred over the past week.Earlier this week, when the markets were more stable than they currently are, some analysts saw Ethereum as having a strong bull case, as it had held steady above $100, validating this price as a strong level of support.Despite this, ETH appears to be closely tracking Bitcoin’s price action, and if BTC decisively breaks below $3,400, ETH may not have enough buying pressure to sustain above $100.Hsaka, a popular cryptocurrency analyst on Twitter, recently discussed ETH’s recent price action, noting that its previous support level at $105 has now become a level of resistance.“$ETH Rejected by the previous consolidation support (now resistance)… Bearish bias is still in play until the red level can be reclaimed as support,” he explained.$ETHRejected by the previous consolidation support (now resistance).Bearish bias is still in play until the red level can be reclaimed as support. pic.twitter.com/iVxdfAqwVX— Hsaka (@HsakaTrades) February 6, 2019Litecoin, which surged from weekly lows of $31 to highs of $35 this week, is also facing growing downwards pressure today, despite the recent news regarding the future implementation of Confidential Transactions to LTC which was widely viewed as a potentially bullish event.Now, at least in the short-term, traders are looking to short LTC as Bitcoin shows increased levels of technical weakness, which will could lead the entire markets to drop.Hsaka also discussed LTC in a recent tweet, noting that he is holding short for now as it has failed to break above its high-time-frame resistance level on multiple occasions.“$LTC Update… Keep longing into HTF resistance expecting it to break, instead of maybe actually waiting for the break… Also, how’s that “cup and handle” looking now? Holding short for now,” he bearishly noted.$LTC UpdateKeep longing into HTF resistance expecting it to break, instead of maybe actually waiting for the break.Also, how’s that “cup and handle” looking now?Holding short for now. pic.twitter.com/YnIPGvjIRv— Hsaka (@HsakaTrades) February 6, 2019All Major Cryptocurrencies Drop, Except for BNB and BSV Although analysts expect Litecoin and Ethereum to see some losses in the near future, most major cryptocurrencies are experiencing technical weakness, except for Binance Coin (BNB) and Bitcoin SV (BSV), which are both trading up today.Only a small number of cryptocurrencies have climbed today amidst widespread market instability.At the time of writing, BNB is trading up over 7% at its current price of $8.02. Over a seven-day period, Binance Coin has surged, climbing from weekly lows of $6.00 to highs of $8.47, before settling at its current price levels.Bitcoin SV has also climbed today, jumping 4% to its current price levels of $64.10. BSV surged today after experiencing a sudden drop late last night to below $56.Traders are increasingly looking towards Bitcoin’s price action as it will undoubtedly have a large impact on where the overall crypto markets head in the near-future.Featured images from Shutterstock.
It has been 10 years now since Bitcoin (BTC) was first created. The original cryptocurrency has existed for all this time with minimal changes to its code base and zero adjustments to its governance model.Why then is it so hard for some in the mainstream media to develop even a basic understanding of Bitcoin? Just this week, two completely independent publications have reported on the decentralised fintech innovation as if there was some overarching authority controlling the disparate network.Stop the Press! Bitcoin is a Protocol, Not a Company…Earlier this week, two big news stories broke in the Bitcoin space.The first concerned the founder of the Canadian cryptocurrency exchange QuadrigaCX. Gerard Cotten passed away last December, taking with him the secrets to control US$145 million worth of digital assets owned by the exchange and its customers.The story was picked up by more than just the traditional crypto news platforms and many mainstream publications around the world deemed it interesting enough to cover. Of course, mistakes are often made when non-specialists write on technical topics.Austria’s Strazburg 24 decided to run with the headline, “Bitcoin-Chef nimmt Passwörter mit ins Grab”, or “Bitcoin boss takes passwords with him to the grave.” I am sure I do not need to point out how misleading the wording of this title is.Bitcoin has no boss. It exists without central control from any single authority. Even if BTC’s founder, the anonymous Satoshi Nakamoto, was identified and died, the headline would still not be accurate. Such errors by mainstream media do a spectacularly poor job of presenting Bitcoin in an honest, accurate light. Proliferating non-factual statements about the technology can only delay its eventual adoption.Other reporters seem to be labouring under the same misconception too. In this second example, The Times of Israel reported on the appeal by the Hamas group for individuals to donate Bitcoin to their cause. The story has since been edited, likely due to the high numbers of people Tweeting about the error:Times of Israel article reads, “There was no immediate reply from Bitcoin.”In case it wasn’t already abundantly clear that mainstream journalism is trash.https://t.co/Xnby3WQpCM #Bitcoin #Journalism pic.twitter.com/q63ye9Hhyf— BashCo (@BashCo_) February 4, 2019As you can see from the above Tweet, the story originally featured the line:“… there was no immediate reply from Bitcoin.”Despite how poor of a representation this is of Bitcoin in the mainstream press, the image of one of the publication’s writers attempting to contact “Bitcoin” the entity is an amusing one indeed.Jokes aside, the effort from the cryptocurrency community to shame The Times of Israel for its shoddy reporting must be commended. If mainstream media publications print misinformation it is our duty to call them out on it and that is exactly what happened.That said, it is not just the mainstream media that seems confused by this incredibly basic facet of the most successful digital currency by market capitalisation. Others are apparently having the same issue too:Someone can help? pic.twitter.com/MpJxy0Cc5z— Crypto Rand (@crypto_rand) February 6, 2019If anything, examples like that above, if serious, highlight the need to tackle the spread of false narratives relating to Bitcoin in the mainstream media. Clearly, this individual has been grossly misinformed about the nature of the Bitcoin protocol. Related Reading: Bitcoin Acceptance: The Changing Face of Mainstream Media CoverageFeatured Image from Shutterstock.
According to Credit Suisse strategists, the “reversal of fortunes” seen by tech behemoths Apple and Google-parent Alphabet are dragging down the performance of the overall US stock market. The S&P 500 forecast has been “skewed” by companies suddenly transitioning from high growth forecasts to much more modest outlooks.
This Bad Apple Could Roil the S&P 500
An “unusually high” number of big US companies have revised previously-bullish earnings forecasts downwards. These include Alphabet and Apple, as well as Exxon Mobile, GM, Micron, Chevron, and ConocoPhillips. Oil and technology companies are also pushing US stock market growth downward.
The S&P 500, according to Refinitiv, will now only grow by 0.3% in the first quarter of 2019 compared to 23% in all four quarters of 2018. Overall S&P 500 growth for 2019 is now expected to be 4.5%.
There have only been three other times since 1990 that so many companies have seen such a reversal of growth. Per the chart above, 71 quarters have seen two or fewer top 20 growth contributors move to the worst-performing segment. Thirty-five quarters have seen less than a handful of companies reverse so rapidly, and just three have seen more than seven do so, including the first quarter of 2019.
Cited in CNBC, Patrick Palfrey, a US equities strategist at Credit Suisse, says:
“For the typical company, are they seeing a problem? The answer is not really. You can get a few bad apples distort the underlying trend.”
US Stock Market at Mercy of Mega Companies and Tax Cuts
Palfrey believes other companies on the S&P 500 are growing at between 5% and 6%, adding:
“There is this massive skew for these mega cap companies that had really great years, over the past several years and in 2019, the trends are uninspiring for them.”
Within minutes of stock market’s opening trades on Tuesday, #Apple had reclaimed the title of most valuable American company for the first time in more than two months. By around midday, #Microsoft had taken back the top spot. https://t.co/lBDb9oWJCM
— CiteShare (@CiteShare) February 5, 2019
Credit Suisse also points to the importance of Trump’s recent tax cuts in skewing stock market growth. The cuts added 7% to 8% to earnings growth in 2018 but are now acting as a headwind, dropping profit growth by 1%. Benefits included last year, like deductions for capital expenditures, are no longer available.
Breaking Down Growth Struggles at Apple and Google
Apple reported profit growth of over 40% in the third-quarter of 2018 and is now expected to see a 12.3% decline. Alphabet’s profits grew 23.9% in the third-quarter of 2018 but are likely to fall 21% in the first quarter of 2019.
The two have moved from being at the top of the S&P 500 for growth to the bottom 20%. They are joined by Exxon Mobil – dropping from 51% growth to a 14.5% decline – and Chevron, dropping from 148% growth to a 21% decline for the same period.
Apple’s ability to swing the US stock market has never been in doubt. Its shocking sales forecast revision in early January dropped its own share price 10% and sent the Dow Jones Industrial Average plummeting by a whopping 500 points. Apple and Microsoft are still battling to be America’s largest company by market value and are closely followed by Alphabet and Amazon.
These Silicon Valley giants helped propel the US stock market to record highs in 2018, but as the economy moves deeper into 2019, they may prove to be its greatest foil.
Featured Image from AP Photo / dapd, Martin Oeser
At a recent cryptocurrency conference, Vitalik Buterin answered a question about whether an Ethereum upgrade would have “any transaction throughput goals.” Buterin took the opportunity to cast shade on Ethereum alternatives like EOS, NEO, and Tron.
Ethereum Pioneer Throws Serious Shade at ‘Centralized’ Crypto Networks
“So I’ve noticed a lot of misconceptions here. Because, like, there’s a lot of like, honestly, bad crypto projects that try to claim. ‘Oh, because we use fancy BFT, we can do 5,000 transactions per second and proof-of-work can only do 15.’”
Buterin argues that consensus is the important thing when talking about the ability of a blockchain to process transactions. He continues:
“There’s a lot of horrible misconceptions inside that. Because the purpose of a consensus algorithm is not to make a blockchain fast. The purpose of a consensus algorithm is to keep a blockchain safe. […][W]ith the way proof-of-work works, it becomes unsafe if computers spend more than maybe 10% of the time actually mining and verifying blocks. […] Bitcoin-NG or things like the various forms of proof-of-stake, it could potentially be safe if you go higher than 10%. But the difference is still very small.”
Shots Fired: Other Smart Contract Platforms Are ‘Centralized Piles of Trash’
The Ethereum co-creator then disparages blockchains that have made significantly more aggressive claims as to their transaction volume potential, saying:
“When a blockchain project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.’”
The last bit seems specific to NEO, who actually have 7 consensus nodes running. While NEO is a blockchain platform for smart contracts, its very intention is quite different from that of Ethereum. It is not intended to be “the world’s computer” in the same way that Ethereum is. It is not mineable and does not have a mechanism for generating new coins.
After some applause, Buterin then says there are “good, legitimate ways to make a blockchain fast.” He doesn’t use this as an opportunity to soften the blow to alternative platforms, however. Instead, he doubles-down, saying that the best ways to make a blockchain fast are layer one and layer two scaling solutions for Bitcoin and Ethereum.
Buterin says one issue that Ethereum can address is latency – the time it takes to get consensus on the network. Ethereum can get from needing to wait “one minute for a medium degree of safety” to instead needing to wait six seconds.
Ethereum scaling became a hot-button topic during the ICO boom of 2017 and early 2018. Transaction fees and delays skyrocketed during various ICOs. The question of whether the Ethereum network could actually handle the increased volume of transactions as a result of ICOs was raised repeatedly, leading to various scaling solutions, including some powered by ERC-20 tokens like Raiden, being developed.
Vitalik Buterin Image from TechCrunch/Flickr