ETH price recovered nicely from the $132 support level and traded above $134 against the US Dollar.The price even cleared the $135 and $136 resistance levels, but upsides remain capped.There is a crucial bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD (data feed via Kraken).The pair might face a strong resistance near the $138 level and it could drop back to $135.Ethereum price is slowly recovering higher against the US Dollar and bitcoin. However, there are many hurdles for ETH buyers near the $138 and $139 levels.Ethereum Price AnalysisRecently, we saw a major drop in ETH price below the $134 support level against the US Dollar. The ETH/USD pair traded close to the $132 support level and later started a decent recovery. It climbed back above the $134 and $135 resistance levels. There was also a close above the $135 level and the 50% Fib retracement level of the recent decline from the $140 swing high to $132 low. However, there are still many hurdled for buyers on the upside, starting with $137 and ending near $140.The price is currently trading near the $137 resistance and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent decline from the $140 swing high to $132 low is also near the $137 level. On the upside, there is a strong resistance formed near the $138 level. There is also a crucial bearish trend line formed with resistance at $138 on the hourly chart of ETH/USD.Below the trend line, the 76.4% Fib retracement level of the recent decline from the $140 swing high to $132 low is positioned. Therefore, if the price continues to move higher, it could face sellers near the $137 and $138 levels. The next main resistance is near the $140 level, which prevented gains on many occasions recently. On the downside, an initial support is at $135. A break below the $135 level may push the price back towards the $132 level.Looking at the chart, ETH price is slowly climbing high and moving back in the key $130-140 range. It may continue to rise towards the range resistance, but a break above $138 and $140 won’t be easy. There are even chances of a fresh drop below $135 before the price climbs higher towards $140.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing positive signs and it could move into the bullish zone.Hourly RSI – The RSI for ETH/USD is now well above the 50 level and it is moving higher towards the 60 level.Major Support Level – $135Major Resistance Level – $137
Archives for March 22, 2019
The network is Thunes, and through it, Western Union customers can send funds directly into a recipient’s mobile wallet. All they need to do is go online or visit one of the many agent locations just as they do to make traditional transfers.
Why Should Anyone Care?
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Western Union has long been known as the place to make wire transfers and pay bills, but advances in the world of fintech have nearly rendered the brick-and-mortar outfit a relic.
Sobia Rahman, the company’s global head of Account Payout Network, responded that the company was continuously making improvements. These include expanding and enhancing its account payout portfolio; providing customers with multiple payout options, and including bank accounts, cards or mobile wallets in its efforts.
Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions.
Western Union says the collaboration with Thunes will help it better serve customers who lack access to traditional financial services. They’ll be connected to alternative payment solutions such as the mobile wallets.
Who’s on First?
The collaboration brought some fun comments from observers. Western Union has partnered with Thunes, but Thunes has partnered with Stellar.
— Samuel Conner (@samconnerone) March 20, 2019
Stellar is a distributed and open-source blockchain platform that connects financial systems. It also facilitates cross-asset transfers. Thunes says that Stellar provides an instant clearing, settlement and execution platform.
About the partnership, Steve Vickers – CEO of Thunes – stated:
Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems. By utilizing our vast networks, Western Union customers will have more flexibility when sending money across borders.
Patience and Timing Are The Strategies
Last year, CCN reported Western Union president Odilon Almeida’s thoughts on the crypto space. Almeida said the company had been evaluating the best ways to use cryptocurrency and blockchain. Though praising of the technology and innovation within the space, he mentioned that volatility, governance, and compliance were three stumbling blocks against its growth.
The crypto markets are experiencing a relatively quiet Friday as Bitcoin continues to trade sideways in a tight trading range between $4,000 and $4,100. This stability should not fool traders, however, as analysts expect BTC to drop in the near future as its upwards momentum begins to fade.If Bitcoin is unable to garner more buying pressure as the markets head into the weekend, it is likely that Bitcoin will drop back into the upper-$3,000 region.Bitcoin (BTC) Stuck Below $3,900 At the time of writing, Bitcoin is trading up less than 1% at its current price of $4,040. Throughout this week, BTC has firmly established $4,100 as a level of resistance, as it has unsuccessfully attempted on multiple occasions to break above this price level.Importantly, however, Bitcoin has established $4,000 as a level of support, as it has bounced after touching this price. Despite this, the true test of Bitcoin’s current strength remains in its ability to advance above $4,200, which was established as a key resistance level last month.Although the lack of upwards momentum does seem negative, Luke Martin, a popular cryptocurrency analyst on Twitter, recently noted that he is only bearish on BTC in the short-term if the crypto begins tepidly moving towards stronger resistance levels above $4,100.“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” he noted.If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term.Unless you are a short term daytrader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful. pic.twitter.com/gAIhviwYXy— Luke Martin (@VentureCoinist) March 21, 2019Historically, the crypto markets have been more prone to making large price swings during weekend trading sessions, which means that traders may gain more insight into where BTC is heading next over the next couple of days.Analyst: Bitcoin Likely to Drop Back into Upper-$3,000 Region in Near-FutureBecause Bitcoin is not expressing any signs of significant technical strength at the moment, unless it is able to make a large upwards push in the near future, it may soon drop back into the upper-$3,900 region.The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, setting a target for BTC at $3,900.“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range,” she explained.$BTCMentioned couple days ago we will see movement for yesterday price action
We dropped and bounced of candle support as RSI support failed
We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range pic.twitter.com/bclvVRlZqy— The Cryptomist (@TheCryptomist) March 22, 2019If the crypto does drop back below $4,000, this level will likely be further solidified as a strong psychological level of resistance, which may prove to be increasingly difficult to break above.Traders and analysts alike will be closely watching to see how the markets respond to their current price levels during the weekend.Featured image from Shutterstock.
Should banks design their own cryptocurrencies? According to Agustin Carstens, general manager of the Bank for International Settlements, the answer is a definitive “no.”
Carstens has never been a fan of crypto, having likening bitcoin to a “bubble,” a “Ponzi scheme” and an “environmental disaster” in the past. At a speech in Dublin, Carstens explained his fear of cryptocurrencies further, saying that they undermine the global banking system.
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He is now warning banks of the dangers of creating their own digital currencies. Virtual coins, he claims, go against everything banks stand for. They decrease financial stability and could prevent banks from implementing policies designed to enhance customer safety.
In the speech, he comments:
There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system. Central banks do not put a brake on innovations just for the sake of it, but neither should they speed ahead disregarding all traffic conditions.
The Basis of Concern
In other words, banks and financial institutions should work hard to keep up with present trends in the monetary space, but not to the point that it somehow hurts functionality.
Carstens uses the example of a “financial panic” in his speech, saying that the issuance of a central bank-issued digital currency – known as a CBDC – would cause people to move all their money into accounts situated within commercial banks. This could potentially affect interest rates negatively and birth larger balance sheets for central banks, which could harm market liquidity.
All by Yourself
The banking manager appears somewhat alone in his stance. Several banks have either already created national digital currencies or have announced plans to do so. The Bank of England made headlines nearly three years ago when it revealed a new virtual currency similar with bitcoin. Developed by researchers at the University College of London, the coin – known as RSCoin – operated via blockchain technology, but was still a centralized unit of currency, coming directly from the bank itself.
Recently, IBM announced a joint venture with Stellar known as Blockchain World Wire (BWW). The project has garnered the attention of six major global banks including Banco Bradesco in Brazil, Bank Busan in South Korea, and Rizal Commercial Banking Corporation in the Philippines. BWW will enable these institutions and others who join to develop and issue their own stablecoins in the future.
The Centre for Information and Industry Development in China (CCID) has updated its monthly crypto project rankings. Following the update the top three spots on the list of most promising public blockchain-based assets are compromised of the Ethereum network (ETH), Tron (TRX), and EOS, whilst Bitcoin (BTC) fell on the list.CCID looked at a total of 35 different projects in the digital asset space. The evaluation comprised of three components – basic tech, applicability, and creativity.China More Excited by Smart Contracts Than BTCThe latest Chinese CCID crypto ratings are in and it is clear that the Chinese government body is optimistic about platforms supporting the creation of decentralisation applications. The newly published ratings have smart contract platforms Tron and EOS topping the list of 35 crypto projects.Interestingly, Tron only made its debut on the list of projects deemed worthy of rating by the CCID last month. It has quickly managed to replace Ethereum as the project the agency is second most optimistic about. It failed to displace EOS, however, which has been rated the most promising project month-in, month-out since last June.The CCID ratings are awarded based on three criteria: basic tech, applicability, and creativity.Scoring highly in the basic tech department was EOS, Tron, Bitshares, Stem, and Gxchain. According to a translation taken from Bitcoin.com, the CCID did give mention Ethereum and its recent Constantinople upgrade. However, the performance-enhancements made to the Ethereum network were not enough to take ETH into contention for best crypto by basic tech:“Since the Constantinople upgrade, the efficiency of the Ethereum network has improved, and the Ethereum basic technology index has also risen from the 9th [place] to the 6th.”This basic tech assessment accounts for 64 percent of the total score of a project.In terms of “applicability”, the CCID stated that this score was based on “the comprehensive level of public chain support for practical applications”. It comprises of 20 percent of the total score for crypto projects.Here, the CCID’s five hottest crypto projects are: Ethereum, NEO, Tron, Nebulas, and Ontology.Finally, the digital assets evaluated by the CCID were assessed by their creativity. This score accounts for 16 percent of the total awarded. The CCID explained this part of the ratings system as referring to the amount of “continuous innovation in the public chain”. The five projects deemed to be the most important in this regard are Bitcoin, Ethereum, EOS, Litecoin, and Lisk.Evidently, the CCID researchers behind the latest crypto ratings update are less enamoured with straight-up digital currency offerings than they are with smart contract platforms. Bitcoin dropped from thirteenth position two months previous, down to fifteenth. Meanwhile, Bitcoin Cash also fell from to outside of the top 30 projects. Related Reading: Weiss Publish Their First Cryptocurrency RatingsFeatured Image from Shutterstock.
A slow, grinding upward drift has been the name of the game for bitcoin’s market over the last few weeks. The upward drift is bringing us slowly to a level that was previously rejected violently:
Figure 1: BTC-USD, Daily Candles, Upward Drift
Our third rejection of the red resistance level shown above brought the market into a test of macro support in the mid-$3,000s. After several tests of the support level, the market began to slowly drift upward in a stair-stepping manner. This upward drift is a change of character in price action. Prior to this drift, the market was quite volatile, with both upward and downward impulses. The three prior rejected tests shot into the level aggressively (a sign of strong demand) but got spat out aggressively (a sign of strong supply). Our fourth time is quite different, though — rather than shoving into the level aggressively, it is slowly grinding. Slow upward grinds are often a sign of weakening supply and persistent demand.
So far, our market has managed to hold macro support and has even managed to hold above the previously rejected level (outlined in black in Figure 1). Now, we are beginning to see the real test of supply as we enter the prior levels that were rejected:
Figure 2: BTC-USD, Daily Candles, Prior Rejected Levels
If we look at the rejected levels individually, we can form discrete layers of resistance that the market will need to overcome if the bulls are going to overwhelm the market’s supply. At the time of this writing, we are in the process of testing the lowest level (shown by the red dashed line in Figure 2). A decisive close above that level would be a nice step as this slow grind is trapping more and more shorters that are beginning to fade the market move. If the market clears the lowest low, it will then enter into the red zone outlined above. This zone will likely see a lot of volatility as it has historically been a strong point of resistance. However, something to note is that this level is also a logical place for short-sellers to place their stops. If we see a strong move into this level, it’s entirely possible that we’ll see a short squeeze as shorters begin to close out their positions (willfully or forcefully).
Another characteristic of this drift that is important to note is the volume. The volume throughout this drift has been constant and the selling pressure has been relatively weak:
Figure 3: BTC-USD, Daily Candles, Constant Volume
Steady volume accompanied by upward-drifting markets is often a sign of not only bearish exhaustion, but also supply absorption. Supply absorption is simply the act of soaking market supply like a sponge without aggressively pushing the market upward. It’s a passive accumulation technique that baits people into selling prematurely.
While we are still in the process of testing overhead resistance, this change of character in our market looks pretty bullish. The bullish trend will slowly confirm itself over the next few days/weeks if we manage to clear the overhead levels outlined above. For now, we need to see how the market reacts to all of the overhead levels and how the market treats bearish pressure. If we manage to close above the overhead resistance level, there is very little stopping the market from breaking out and seeing a sizable markup in price.
- The market has continued its slow upward drift into overhead resistance. Slowly but surely, we are testing all the resistance.
- This upward drift is a change of character as the market has seen strong bouts of volatility leading into the drift. Now, however, we are grinding upward through each discrete resistance level.
- If we manage to close above the band of overhead resistance, we can expect to see a strong continuation of the uptrend as this would represent a break of market structure, and a breakout of strong overhead resistance.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
There is a common motif within the crypto markets that the advent of “do-no-harm” regulation would allow for an influx of institutional, corporate, and public funds that will help propel Bitcoin and other cryptocurrencies higher.Despite this, a recent report conducted by Bitwise Asset Management explains that the nascent markets are actually significantly more regulated and surveilled than widely known, while also importantly noting that the actual trading volume on many major exchanges is significantly lower than reported.Are the Crypto Markets Actually Regulated Presently?The report, which was published and conducted by Bitwise – a crypto asset management firm – came about after the firm submitted a Bitcoin-based ETF application to the Securities and Exchange Commission (SEC) and offers an in-depth look at many of the major topics currently surrounding the new and quickly evolving crypto industry.In a section of the report titled “The Bitcoin Market Is More Regulated and Surveilled Than Is Commonly Understood,” Bitwise explains that the crypto markets are in fact regulated – in a certain regard.“We are not implying that bitcoin spot exchanges are ‘regulated markets’ or that they are on an equal legal status with national securities exchanges or futures exchanges, but rather that the…exchanges highlighted earlier interface with other forms of regulation,” the report stated.One such form of regulation that Bitwise notes exchanges are currently interfacing with is the FinCEN requirement that crypto exchanges register as Money Services Business (MSB), a requirement that has been in place since 2013. As a MSB, exchanges are subjected to a plethora of strict regulatory requirements.Furthermore, the exchange also notes that exchanges who offer their services to users in the state of New York are required to acquire a BitLicense, which mandates that exchanges comply with a significant number of regulatory requirements that ensure safety for customers.Report Claims that 95% of Bitcoin Trading Volume is Artificially CreatedAnother key portion of the report offers an interesting set of data regarding the veracity of the trading volume on major crypto exchanges.“We will demonstrate…that approximately 95% of this…volume is fake and/or non-economic in nature, and that the real market for bitcoin is significantly smaller, more orderly, and more regulated than commonly understood,” the report explains.Bitwise then elucidated the results of a test they applied to the top 81 exchanges by trading volume – which entailed using trade size histograms, volume spike analysis, and spread patterns – to determine the veracity of the exchange’s trading volume.Shockingly, the conclusion is that of the top 81 exchanges, only ten of them – including Binance, Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Bitstamp, bitFlyer, Gemini, and itBit – had predominantly genuine trading volume.When considering this data and Bitwise’s conclusion that 95% of the total Bitcoin trading volume is artificially created, it shines a light on just how much room Bitcoin, and the crypto markets as a whole, have to grow.Featured image from Shutterstock.
The Tor Project, a digital anonymity-focused nonprofit, is now accepting cryptocurrency donations directly, with donors able to take advantage of nearly 10 different options to send funds. A donations page on Tor’s website with a list of crypto addresses has been available since March 18.
Tor fundraising director Sarah Stevenson told CoinDesk that the company had already accepted bitcoin for a number of years. What’s new is that previously, these donations were accepted through BitPay, a company that converts crypto payments to fiat before passing it on to its merchant clients.
Now, crypto donations can be sent directly to Tor, which will convert the funds through the Kraken exchange, Stevenson said. She explained that Tor donors “requested direct wallet addresses,” as well as for the project to accept a larger variety of coins.
“We decided to accept cryptocurrency because more and more donors requested that option. The Tor Project and the cryptocurrency communities both value privacy, so it makes sense,” she said.
According to its donations page, Tor will accept bitcoin, bitcoin cash, dash, ether, litecoin, monero, Stellar lumens, zcash and the Augur project’s REP tokens. Stevenson explained Tor has a small team, meaning it had to set specific goals when adding these addresses.
“We focused on two things: the return on investment of time and effort and the coins donors had specifically requested. We are currently limiting the number of separate wallets we need to monitor and manage and also only accepting currencies that can be converted to fiat via Kraken.”
Tor looks to encrypt traffic and facilitate digital anonymity, with users able to use a variety of browsers (including Tor’s own browser) or apps to use the network. Its primary benefit is seen as protecting user privacy, which many in the crypto space also advocate for.
Image via Jarretera / Shutterstock
It seems that not only Bitmain it getting back in the game with a more powerful Equihash ASIC miner, but Innosilicon also has a new offer for such device. The new Innosilicon Equihash A9++ ZMaster is the successor of their original A9 Zmaster ASIC from last year that offered 50 Ksol/s hashrate for Equihash. The new Innosilicon Equihash A9++ ZMaster comes with 140 Ksol/s hashrate at 1550W of power usage, so efficiency wise it does not seem much better than the original A9 Zmaster – it is almost 3 times faster at almost 3 times the power usage. Innosilicon listed briefly Innosilicon Equihash A9+ ZMaster (with just one plus) with 120 Ksol/s at the same 1550W, but it is not available anymore.
The Innosilicon Equihash A9++ ZMaster is available for order at a price of $1580 USD (without a power supply). It is very similar specifications wise to what Bitmain is offering with their AntMiner Z11, however the A9++ ZMaster could ship faster and be in your hands a bit early. The problem is that unlike Bitmain that caught up with their new product, Innosilicon seems to have just put more of the chips into a bigger device as they were ahead of Bitmain specs wise already with their A9.
Innosilicon Equihash A9++ ZMaster Specifications:
– Hashrate: 140Ksol/s +/-6%
– Power Consumption: 1550W +/-10% (normal mode, at the wall, with 93% efficiency PSU. 25°C temperature)
– Dimensions: 360mm(L)*250mm(W)*155mm(H), dual tube
– Net Weight: 11KG
– Ambient Temperature: 0°C to 40°C
– Network Connection: Ethernet
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The manager of the Bank of International Settlements (BIS) has voiced opposition to the initiatives proposed by JP Morgan and other banks to issue their own digital currencies, which borrow from the design of crypto, whilst omitting its truly liberating features. Augustin Carstens made his comments during a speech at the Central Bank of Ireland recently.Carstens posits that central banks, not accustomed to dealing with customers, will have to take on such responsibilities going forward. This will impact on their ability to dictate monetary policy.Is JPM Coin a Bigger Threat to Central Banks Than Real Crypto?Mexcian economist and BIS General Manager, Augustin Carstens, has stated that the creation of central bank-issued digital assets could pose:“… huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system.”According to UK news publication CityAM, Carstens stated that it was the responsibility of central banks to ensure that the economy functions smoothly and that the “system is sound”. This contrasts with the latter’s responsibilities to appeal to and serve customers.Without divulging much in the way of reasoning, Carstens went on to say that bank-issued, not-so-crypto-currency would “change the demand for base money and its composition in unpredictable ways”.Instead of rushing into such schemes, Carstens instead prefers a more cautious approach. Whilst the need to innovate clearly important, such innovation should not come at the cost of other considerations:“Central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.”The sentiment from the BIS General Manager comes in the wake of multiple announcements from both central and commercial banks about plans to launch their own digital representations of value in the future.Despite its CEO repeatedly lambasting Bitcoin and all of crypto, JP Morgan recently announced that it was working on its own stable-coin project – JPM Coin. The scheme has little in common with true crypto, however, since the token will be pegged to the dollar and entirely permissioned. For now, the bank has stated that it will only allow its institutional clients to use the new service for transferring value and in doing so, just further reinforces the divide between different levels of banking freedom around the world.Alongside such schemes from banks, there have been a few proposals made by national governments to issue their own currency in a digital version. However, none of these have been launched as of yet, with the exception of Venezuela’s unsuccessful and frankly bizarre oil-backed digital asset, the Petro. The world’s first state-issued digital asset has thus far failed to ensure any form of economic recovery and the plight of those living in Venezuela seems to get more desperate by the day with a recent wave of blackouts the latest signaller of the tragic fallout of a mismanaged economic policy. Related Reading: JPMorgan Executives Flip Bullish on Crypto After JPM Coin ReleaseFeatured Images from Shutterstock.