There was a slow and steady rise in bitcoin after it tested the $4,920 area against the US Dollar.The price climbed higher steadily and broke the $5,200 resistance area to move into a positive zone.There is a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair could dip in the short term, but buyers are likely to buy heavily near $5,270 or $5,250.Bitcoin price is showing positive signs above the $5,200 pivot level against the US Dollar. BTC could accelerate higher once it clears the $5,400 resistance area in the near term.Bitcoin Price Weekly Analysis (BTC)This past week, there was a downside extension below the $5,000 level in bitcoin price against the US Dollar. The BTC/USD pair traded below the $4,950 level before buyers took a stand above the $4,920 level. A swing low was formed at $4,922 and later the price started consolidating in a range. Finally, there was a fresh increase above the $5,160 resistance and the 100 simple moving average (4-hours). The price broke the $5,200 level and the 50% Fib retracement level of the last slide from the $5,462 high to $4,922 low.The recent upward move was positive since there was a close above the $5,200 and $5,250 levels. However, the price seems to be struggling near the $5,350 resistance. There was also no close above the 76.4% Fib retracement level of the last slide from the $5,462 high to $4,922 low. A successful close above the $5,350 level may perhaps open the doors for more upsides above the $5,400 and $5,450 levels. A break above the last high near $5,462 could trigger a strong upward move towards $5,600 or $5,800.On the downside, there is a decent support formed above $5,270. There is also a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair. If there is a break below the channel support at $5,270, the price could test the $5,160 support level and the 100 simple moving average (4-hours).Looking at the chart, bitcoin price is trading nicely above key supports near $5,200. If there is a short term downside correction, buyers are likely to protect $5,270 or $5,200. Only a daily close below $5,160 could put buyers on the back foot. The next key support is at $5,040, followed by the $4,922 swing low.Technical indicators4 hours MACD – The MACD for BTC/USD is slightly placed in a bearish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly moving lower towards the 50 level.Major Support Level – $5,160Major Resistance Level – $5,400
Archives for April 20, 2019
ETH price remains well supported on the downside near the $170 area against the US Dollar.The price settled in a positive zone above the $165 and $169 resistance levels.There is a major bearish trend line formed with resistance at $176 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair could start a significant rally once there is a break above the $176 and $180 resistance levels.Ethereum price gained traction from key supports versus the US Dollar and bitcoin. ETH is currently placed nicely above $170 and it could break $180 to climb sharply towards $200.Ethereum Price Weekly AnalysisThis past week, Ethereum price dipped further to test the $155 support area against the US Dollar. The ETH/USD pair traded close to the $155 support, which acted as a strong buy zone. The pair started a solid rebound above the $160 and $165 resistance levels. There was a break above the 50% Fib retracement level of the last decline from the $188 high to $155 low. Moreover, there was a close above the $162 pivot level and the 100 simple moving average (4-hours).Finally, there was a break above the $169 and $170 resistance levels. It opened the doors for more gains and the price tested the $176-178 resistance area. The 61.8% Fib retracement level of the last decline from the $188 high to $155 low is also acting as a resistance. There is also a major bearish trend line formed with resistance at $176 on the 4-hours chart of ETH/USD. Therefore, the pair must break the $176 resistance area to climb further higher in the near term.A successful close above the $176 and $180 resistance level may set the pace for more gains. The next resistance is at $188, above which the price could rally towards the $200 level. On the downside, the main support is near the $170 level. Below $170, the price is likely to decline further towards the $162 support and the 100 simple moving average (4-hours).The above chart indicates that Ethereum seems to be testing a significant resistance near the $176 level. If buyers successfully gain traction above $176, there are chances of more upsides above the $180 and $188 level. Conversely, there is a risk of a downside reaction below the $170 support level. However, there are many supports below $170 near the $162 level.Technical Indicators4 hours MACD – The MACD for ETH/USD is about to climb back in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently well above the 50 level, with a flat structure near 60.Major Support Level – $170Major Resistance Level – $176
Bitcoin has been able to continue its slow upwards ascent and is now tepidly advancing towards $5,400, which has historically proven to be a strong level of resistance that BTC has failed to break decisively above since it first began surging earlier this month.Now, one prominent crypto analyst believes that Bitcoin’s fractal patterns may signal that it will drop towards $4,600 before incurring significant buying pressure that will send it surging up towards $6,800.Bitcoin (BTC) Slowly Approaches $5,400At the time of writing Bitcoin is trading up less than 1% at its current price of $5,340 and is up slightly from its 24-hour lows of $5,280.Bitcoin has been slowly grinding higher over the past seven days, climbing from lows of $5,000 to its current price levels. This upwards climb has led many investors to flip bullish on the cryptocurrency, as its current stability does appear to be very positive.Despite this, The Cryptomist, a popular crypto analyst on Twitter, explained that she is leaning bearish on BTC in the near term as it is currently forming a rising wedge pattern that may lead to a breakdown.“$BTC Fibs on the RSI and candle upon the daily are still reacting well. Additionally, we have formed a rising wedge here on 4hr, which typically leads to breakdown. This is only invalidated if 5390 can be broken and sustained,” she explained in a recent tweet.$BTCFibs on the RSI and candle upon the daily are still reacting well
Additionally, we have formed a rising wedge here on 4hr, which typically leads to breakdown
This is only invalidated if 5390 can be broken and sustainedTrade safe loveys pic.twitter.com/jWZkFxofAC— The Cryptomist (@TheCryptomist) April 20, 2019BTC May Drop Lower Before a Fresh Rally Begins Other analysts seem to concur with The Cryptomist’s cautiously bearish assessment of Bitcoin, as its fractal patterns may be signaling that further losses are necessary in order for the cryptocurrency to surge higher.Galaxy, another popular crypto analyst on Twitter, discussed this possibility in a recent tweet, saying that BTC may drop towards $4,600 before it incurs enough buying pressure to send it surging up to $6,800.“Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800. Similarities in both candles and volume,” he said.Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800.Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q— Galaxy (@galaxyBTC) April 20, 2019Although it remains unclear as to whether or not the crypto markets will incur any noteworthy volatility during the weekend trading session, it is highly probable that traders will gain a better idea of where the markets are heading next as the fresh week kicks into gear.Featured image from Shutterstock.
Since its birth, Bitcoin (BTC) has been lauded as an alternative to traditional assets day in and day out. Most notably, the cryptocurrency is. in the eyes of some pundits, a replacement to gold, specifically the metal’s store of value capabilities. But if Bitcoin takes over gold’s hegemony, what would happen to the value of BTC?Related Reading: Bitcoin (BTC) Best Performing Major Asset in 2019, Surges 43% Year-to-DateThe Case For A Six-Figure BitcoinAccording to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.If #Bitcoin were to displace the value of gold the current value of a single Bitcoin would be $350K. Bitcoin has the ability to displace value across many financial and technology markets. $BTC is greater than #Gold #BTC350K— HodlWhale (@HodlWhale) April 19, 2019This figure isn’t exactly baseless. As reported by NewsBTC on an earlier date, all gold in circulation is currently valued at approximately $7.83 trillion, while all BTC has a mere $94 billion valuation. If the latter was to fully displace the value of the first, Crypto Voices, an industry analytics and research group, estimated that BTC would swell to a value of $450,000 — slightly above HodlWhale’s estimate.And while this sounds absurd, especially considering that cryptocurrencies remain in the depths of a brutal bear market, some are sure that Bitcoin will become the “digital gold” that its investors want it to be.Could BTC Displace Gold? Mere days ago, Adamant Capital, a Bitcoin-centric fund led by long-time investor Tuur Demeester, released a report on the crypto market’s current status. Following an explanation that “whales” are accumulating cryptocurrencies en-masse, the market is expressing “hope,” and that a further drawdown could be possible if conditions are right, Adamant’s partners explained that they expect for Bitcoin to disrupt traditional assets, like stores of value and reserve assets.Our new report “Bitcoin in Heavy Accumulation” is out. Read here: https://t.co/DkjedcF3RG pic.twitter.com/UpQotZUTdW— Tuur Demeester (@TuurDemeester) April 18, 2019The firm specifically looks to the growth of Bitcoin scaling, like the Lightning Network’s staggering growth and the rise of sidechains; the institutionalization/financialization of this industry through Bakkt, Nasdaq’s futures, etc., and the rise of the millennial demographic to claim that BTC could become a “globally used digital gold and reserve asset.” But why exactly should BTC usurp gold?Well, it’s simple, to be frank.As Gemini’s Tyler Winklevoss explained, Bitcoin is “better at being gold than gold itself” — a sentiment held by many long-standing cryptocurrency investors. He specifically looks to the fact that BTC is portable, sculpted for today’s digital society, even scarcer than the metal, censorship-resistant unlike traditional assets, and decentralized as a way to back this cheery sentiment. At one point, the cryptocurrency entrepreneur added that the only thing that gold has over BTC is a “3,000-year headstart.”Featured Image from Shutterstock
By CCN: An official announcement from the British Virgin Islands says that the island protectorate has entered a partnership with a blockchain company. The company, LifeLabs, makes a wallet and has a token called LIFE on the Ethereum blockchain. The wallet supports Ethereum, Bitcoin, and the firm’s own crypto tokens.
In Case of Emergency: Use Blockchain
The partnership mainly regards the facilitation of emergency funding for the British Virgin Islands as well as payments between islands. Andrew A. Fahie, Premier and Minister of Finance for the British Virgin Islands, says:
“It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies. LIFElabs’ innovative financial technology comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting. It is with high expectations that we enter into this unprecedented partnership, together, building a better BVI for the future.”
The British Virgin Islands is home to thousands of global corporations, which has in the past led to accusations that it is a haven for money launderers. The country has recently made changes to its reporting and registration requirements, which, for one thing, led to a restructuring of Telegram’s corporate interests.
The idea behind the partnership is that when disaster happens, and traditional means are disrupted, British Virgin Islanders will be able to use LIFEWallet to receive government assistance. The government will also utilize blockchain technology in such an event.
“The LIFElabs.io implementation for the BVI will allow island residents to download the LIFEwallet® app on either Apple iOS or Google Android mobile devices, accessing an account that can have funds deposited into it whenever a disaster strikes. For users who do not currently have smart mobile devices LIFE will provision for digital currencies to be sent and received via SMS. The wallet app can also be used for peer-to-peer (P2P) transactions, or in daily commerce, purchasing essential goods and services from local businesses. LIFElabs.io pioneering blockchain technology is a major advancement over traditional banking, where ‘bricks and mortar’ locations can be damaged or destroyed, and thereby preventing access to much needed funds during an emergency or humanitarian crisis.”
Big News for Blockchain (and Crypto) this Side of the Atlantic
The partnership doesn’t go much beyond that. There doesn’t seem to be a requirement that local merchants start accepting cryptocurrencies, or anything of that nature, but the announcement is unique in terms of government adoption of cryptocurrency.
Governments have been slow to accept and embrace cryptocurrencies, with Ohio being the first to allow people to pay certain taxes in Bitcoin. Such an initiative has long been sought-after by certain Bitcoin enthusiasts, who have pushed for New Hampshire to enable similar rules for years.
Hopefully, disaster will not have to strike the British Virgin Islands for them to expand their partnership. The announcement also mentions that Fahie will be initiating blockchain conferences and the like.
2018 turned out to be a terrible year for the cryptocurrency markets, with Bitcoin plummeting from its late-2017 highs of nearly $20,000 to lows of just above $3,000, and many other cryptocurrencies posting losses of 90% or more from their early-2018 highs.Despite this, 2019 is shaping up to be a great year for the crypto markets, and if they are able to maintain their upwards momentum, they may be able to continue surging back towards their previously established all-time-highs as the year continues on.Bitcoin (BTC) Outperforms All Other Major Investments At the time of writing, Bitcoin is trading up over 1% at its current price of $5,350 and is up from its weekly lows of approximately $5,000 which were set last week after Bitcoin failed to break above $5,400 and spiraled downwards.Bitcoin started the year at approximately $3,746 and has since surged nearly 43% to its current price levels, making it the best performing investment asset so far in 2019.Last week, Charlie Bilello posted a comparison on Twitter, noting that Bitcoin was the second-best performing asset so far in 2019 behind oil. In the seven days since this comparison was posted, however, BTC has continued climbing and is now the best performing major investment this year.2019 Returns…
Oil $USO: +38%
Bitcoin $BTC: +35%
Nasdaq 100 $QQQ: +21%
REITs $VNQ: +19%
MLPs $AMLP: +18%
Small Caps $IWM: +18%
S&P 500 $SPY: +17%
EM $EEM: +14%
EAFE $EFA: +13%
Commodities $DBC: +13%
High Yield $HYG: +9%
Investment Grade $LQD: +6%
Bonds $AGG: +2%
Gold $GLD: +0.5%— Charlie Bilello (@charliebilello) April 13, 2019At the time of writing, WTI Crude Oil is trading up 37% year-to-date (YTD), while BTC is up 43%, as discussed previously.While looking towards the traditional equities markets, which ended 2018 on a low note but have since surged, Bitcoin has significantly outperformed them, with the S&P 500 currently trading up just under 17% YTD, and the Dow Jones Industrial Average up less than 15% YTD.Other Cryptocurrencies Outperform BitcoinAlthough Bitcoin is currently the best performing major asset in 2019, other smaller cryptocurrencies have significantly outperformed BTC this year.Binance Coin (BNB) is one example of a smaller cryptocurrency that has significantly outperformed BTC, as the cryptocurrency just recently surpassed its previously established all-time-highs and is showing few signs of slowing down.At the time of writing, BNB is trading up 2.2% at its current price of $24.58. BNB started the year trading at roughly $6.19 and has since skyrocketed nearly 300%.The crypto market’s overwhelmingly positive performance over the past several months has significantly improved the sentiment of embattled investors who had previously been burned by the 2018 bear market, and growing fundamental strength may allow for further price gains as 2019 continues on.Featured image from Shutterstock.
By CCN: The developers of the Sirin Labs Finney have created for themselves a monumental task. Not only do they desire to break into the fiercely-competitive smartphone market, but they also aim to spearhead cryptocurrency’s transformation from a niche curiosity into a mainstream financial instrument.
After raising nearly $150 million for its Israeli creator during the initial coin offering (ICO) boom of 2017, does the Finney achieve this lofty goal? Perhaps more pertinently, does it have any chance of competing with the unexpectedly crypto-friendly Samsung Galaxy S10?
Read on to find out.
Cold Storage Cryptocurrency Wallet
Seeking to test the Finney on both of those demographics, my wife, who shares my ideological affinity for bitcoin but has no experience using it, was kind enough to help me test and provide a crypto novice’s perspective on the device. Both of us currently carry variants of the Samsung Galaxy S6 (yes, s-i-x), so keep that in mind when we discuss the phone’s performance and rave about its ability to hold a charge for more than three hours.
The Finney’s key selling point is its integrated hardware wallet, which is located on a “safe screen” that slides out of the top of the phone. Here, private keys remain isolated from the device’s operating system, ensuring that funds remain secure even if the phone become infected with malware.
I found the safe screen difficult to open and altogether unwieldy, though my wife didn’t seem to mind that it took two hands to open it. She did say that it reminded her of John Travolta’s cell phone in “Swordfish,” so I’m not sure which criticism is worse.
In any case, she did encounter difficulty when actually using the safe screen to enter her wallet password and restore her wallet “seeds,” as she called them.
Since the safe screen is too small for a keyboard, you must scroll through the alphanumeric characters and select them individually. Her password was only four characters long, and even that seemed like a chore to enter.
What makes this even more frustrating is that the scroll button is directly beside the delete key, which you will inevitably mash when trying to quickly type in your password.
The Free Money That Wasn’t
Once your wallet is set up, you can fund it with ethereum (or any other supported cryptocurrency) and then head over to the Finney’s on-device decentralized application (dApp) store, called the dCENTER.
The dCENTER could be a major selling point, except that almost no one actually uses dApps, and the Finney only supports a handful of titles anyway. The Decentraland dApp, which is featured on the device, doesn’t even offer mobile support.
That’s not a dealbreaker, though, because we all know what cryptocurrency is really about: lambos. To that end, the dCENTER offers users two ways to earn crypto tokens.
During last year’s Finney launch event in Barcelona, co-CEO Moshe Hogeg spent a surprisingly considerable amount of time touting the dCENTER’s airdrops and “learn and earn feature,” through which crypto startups can bribe users to watch video advertisements and/or directly airdrop funds into their Finney wallets. He said that the device would come with $300 worth of incentives at launch and predicted that the device would eventually pay for itself as users claimed future airdrops.
However, the device I reviewed only had two token airdrops that could be claimed, as well as two “learn and earn” opportunities. It’s possible that the options were limited since it was a review device, but I had specifically requested a sealed box so that I could test the “new user” experience.
Together, these airdrops and ads netted me about $5 in tokens.
The upshot was that I was forced to watch this video, which ranks among the most bizarre ads for an initial coin offering that I have ever seen. It’s seven minutes long, but I couldn’t peel my eyes away.
Ideally, users would be able to trade these airdropped cryptocurrency tokens in the Finney wallet’s native token conversion service, which allows users to exchange assets from within the wallet. Unfortunately, this service – which requires KYC verification – only supports a few assets since Sirin Labs is the liquidity provider.
All in all, the dCENTER proved to be a huge disappointment, and the $20 worth of ethereum that I used to fund the wallet is still sitting there, though at least the recent crypto market run has pumped its value up to $25.
Now on to the basics.
Design: Newsflash – It’s Large
The Finney is, to put it simply, large.
In fairness, I’m disproportionately biased against thick phones. To be completely honest, I absolutely loathe them. I treat “phablet” like a four letter word. I place my newly-acquired devices in Otter Box cases amid much weeping and gnashing of teeth, and the only reason I bring myself to do it is that I hate the idea of spending money to replace a broken phone even more than I despise carrying a brick around in my pocket.
Speaking of cases, accessory support is another problem that Finney users will face since third-party manufacturers are unlikely to produce accessories for the device. The Sirin Labs store offers one $35 “styling case” in six different colors (two are sold out at the time of writing), but the case offers little in the way of physical protection, and the design of the hardware wallet makes it unlikely that there will ever be a LifeProof-style solution for this device.
Now, Finney partisans would argue that while the device might be thick, it’s less bulky than carrying around a phone and a traditional cryptocurrency hardware wallet like a Trezor, Ledger Nano S, or the cinder block more commonly known as the KeepKey. And they’d probably be right – but most crypto users don’t carry their hardware wallets around in their pockets.
In any case, the Finney’s size didn’t bother my wife, though the lack of protective cases did.
The Finney does have a fingerprint scanner, which is pretty neat – privacy concerns notwithstanding. Unfortunately, the location of the device’s rearmoutned fingerprint scanner directly next to the camera also seems ill-conceived, as you will inevitably get fingerprints all over the lens when unlocking your phone.
Sirin Labs Tricks Out Device with Flagship Specs
The Finney features a Qualcomm Snapdragon 845 processor and 6GB of RAM, which seemed sufficient to handle everyday tasks, but we didn’t subject it to any benchmark tests.
The device utilizes an “ultra-secure and Google-certified ‘fork’ of Android” called Sirin OS, which will be familiar to the handful of customers who owned Sirin Labs’ first smartphone – the $16,000 Solarin.
Sirin has said that it plans to license the operating system to other device manufacturers, and I wouldn’t be surprised to see them make this the core focus of their business as more mainstream device producers add native support for crypto (reports that the company has laid off a quarter of its workforce seem to bolster this theory).
The device did come with a few bloatware apps that could not be uninstalled, which was disappointing, but unfortunately par for the course.
My wife remarked that she was very impressed with the quality of the Finney’s 12-megapixel camera, but again, she’s comparing that camera with the one on her Samsung Galaxy S6 Active – which to be honest is probably clouded by toddler fingerprints – not a true present-day flagship.
Samsung Galaxy S10: The $999 Elephant in the Room
At this point in the review, it’s time to discuss the $999 elephant in the room. That, incidentally, is the price tag for both the Sirin Labs Finney and the Samsung Galaxy S10+, which is the first flagship device from a mainstream smartphone manufacturer to feature native cryptocurrency support. The base model S10 is even cheaper, with an MSRP of just $899.
Though less secure than the Finney’s isolated hardware wallet, the S10 wallet is a major step up from the third-party wallets that most users download from app stores. The S10’s crypto wallet also reportedly features Samsung Pay support, which could be a game-changer for crypto payments.
Suffice to say that bitcoin evangelists will have a far easier time convincing their crypto-curious friends and relatives to experiment with cryptocurrency using the native wallet on the Samsung Galaxy S10 they were going to purchase anyway than persuading them to plunk down $1,000 on a device named after a crypto icon they’ve never heard of produced by a company they’ve also never heard of.
Still, the Finney wallet makes a nice conversation piece.
Verdict: This Luddite Will Probably Stick with His S6
My wife decidedly preferred the performance of the Finney to her years-old Samsung Galaxy S6, but access to an onboard cryptocurrency wallet and native dApp support didn’t make her any more likely to actually use them.
As an early Finney skeptic, I’m also far more impressed with the device than I ever expected to be, criticisms notwithstanding. Still, if I owned a large amount of cryptocurrency, I don’t think I would feel comfortable carrying it all around on my person. If I was in the market for a $1,000 smartphone on which to store my funds, I would probably buy an $899 Galaxy S10 base model and use the remaining $100 to purchase a conventional hardware wallet.
The Sirin Labs Finney in many ways feels like a device ahead of its time. The problem is that when its time finally does arrive, companies like Samsung will be the ones to reap the profits.
Even so, Sirin Labs has accomplished something that a shockingly low number of ICO-funded projects have failed at, namely, producing a working product.
And hey, at least its flaws aren’t nearly as bad as #PeelGate.
Another week, another round of Crypto Tidbits. The movement in the value of Bitcoin (BTC) has slowed, with volume and volatility falling across the board, but underlying industry developments have been absolutely monumental.Bitcoin Satoshi’s Vision (BSV) was delisted on an array of exchange; Binance launched its own blockchain, sparking a BNB price surge; a report revealed that endowments are piling into this industry en-masse; technology giant HTC backed a blockchain fund, and a prominent U.S. presidential candidate called for the correct regulation of digital assets to promote their growth.Related Reading: Crypto Tidbits: Bitcoin Passes $5,000, SEC Doubles-Down On Crypto, Binance DEX NearsCrypto TidbitsBitcoin SV Delisted On An Array Of Exchanges: Over the past two or three weeks, a whole hubbub has erupted about Craig Wright and his claim that he is Bitcoin creator Satoshi Nakamoto. Wright claims that he is Satoshi, as others have rebuked him. The debate reached a point where Wright, Calvin Ayre, and the rest of their camp, all supporters of Bitcoin Satoshi’s Vision (BSV), sent legal letters to an array of industry leaders: podcaster Peter McCormack, Lightning Network proponent Hodlonaut, and Ethereum’s Vitalik Buterin. And with that, the community fought back, urging exchanges listing BSV to delist the asset. Eventually, Binance agreed, as did ShapeShift, Blockchain.com, and Kraken, leading to a collapse in the price of the cryptocurrency.Binance Chain Finally Launches, BNB Surge: After months, potentially even a year of waiting, Binance Chain, the native blockchain of prominent industry upstart Binance, has launched for a public audience. The launch of a decentralized exchange (DEX) based on the platform is expected to soon follow. As a result of this move, which one or two pundits have called one of the biggest crypto-related news items of the year, Ethereum-based projects have begun to prepare to move to this sleeker option, BNB has surged to new all-time highs (even in this bear market), and the broader market has started to tick higher.HTC Backs Proof of Capital, New $50 Million Fund Funding Crypto Firms: The Taiwan-headquartered HTC earlier this week was revealed to be participating in a $50 million blockchain-centric fund, Proof of Capital. Not only will Phil Chen, the Decentralized Chief Officer at the firm who heads the Exodus division, be leading the venture capital fund, but HTC is reported to play a key role in the portfolio of Proof of Capital.ConsenSys Seeks Funding As “Crypto Winter” Wraps Up: According to a recent report from The Information, New York-headquartered blockchain group, ConsenSys, headed by Ethereum co-founder Joseph Lubin, is currently searching for a large sum of venture capital funding. Citing “several people with knowledge of the plans,” the outlet explains that ConsenSys, which houses MetaMask, Infura, and countless other key pieces of Ethereum infrastructure, is actively seeking $200 million from “outside investors,” after operating off Lubin’s Ether stash for years on end. While this nine-figure sum is ludicrous in and of itself, the $200 million seems even crazier when you factor in the mere $21 million the firm dragged in for fiscal 2018, and that ConsenSys is seeking a valuation of “at least $1 billion.”
By CCN: According to a new survey conducted by a gold investment research firm, most retirees in the U.S. are aware of bitcoin and cryptocurrencies but are not interested in investing in the asset class.
More than 56 percent of respondents said that they are aware of the existence of bitcoin but have not considered investing in it, and 32.9 percent have said that they are not aware of the asset class.
Based on the official data provided by the U.S. government, there are approximately 47.8 million retirees in the U.S. and it remains a large market for various asset classes including precious metals.
Why Your Grandma Isn’t Interested in Bitcoin
The research firm said that retirees are constantly on the lookout for viable asset classes to invest in and that the acknowledgment of cryptocurrency IRAs by the Internal Revenue Service (IRS) can be considered as an indicator of rising demand for crypto assets by retirement account holders.
“Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations. The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts,” the researchers said.
For retirees, even if bitcoin is considered a viable alternative to assets like gold as a store of value, it is difficult to invest in it because of technological boundaries.
Often, investors purchase crypto assets through regulated exchanges like Coinbase, Gemini, and Kraken in the U.S. But, due to strict regulations in place, investors are required to undergo a rigorous know your customer (KYC) verification process.
After the lengthy process, investors then have to move funds from their bank accounts to the exchange, most of which require online services.
The entire process can be cumbersome for retirees and older investors, and until the process can be as simple as buying stocks through a company like Fidelity or BlackRock through a call, the cryptocurrency market is unlikely to be compelling enough for retirees.
Bitcoin Has to be as Easy as Stocks
Speaking to Fortune in late 2018 about his intent to bring bitcoin to 401(k) plans, NYSE chairman Jeff Sprecher stated that bitcoin does not have a good market structure yet.
“Bitcoin does not have a good market structure. Even for Bitcoin, different markets are posting lots of different prices. And you can pay an up to 6% spread to exchange dollars for Bitcoin, meaning Bitcoin needs to rise by as much 6% before you break even.”
In the future, Sprecher said that asset managers and financial institutions would use currencies millennials trust in to appeal to the younger generation, like bitcoin
“Millennials don’t trust traditional financial institutions. To gain their trust, banks, brokerages, and asset managers can use a currency that millennials believe in, like Bitcoin. Using digital currencies brings a lot of sizzle,” Sprecher added.
If Fidelity, ICE’s Bakkt, and other custodial service providers can successfully create a solid market structure for bitcoin as suggested by Sprecher, more retiree account holders and investors who previously were reluctant towards investing in bitcoin could find the asset class more compelling.
The total crypto market cap is positioned for more gains above the $180.0B resistance.EOS price is consolidating gains near $5.50 and it could surge above $5.60.Binance Coin (BNB) rallied above the $22.00 and $25.00 resistance levels.Bitcoin cash price is back above the $300 support area, with a positive angle.Tron (TRX) price is struggling to break the $0.0265 and $0.0268 resistance levels.The crypto market cap setting up for a new monthly high, with strong gains in binance coin (BNB). Bitcoin (BTC), Ethereum (ETH), bitcoin cash, tron (TRX), ripple, litecoin and EOS remains supported on dips.Bitcoin Cash Price AnalysisThe past few hours were positive since bitcoin cash price found support near the $292 level against the US Dollar. The BCH/USD pair climbed back above the $300 support level and it is currently trading with a positive bias. On the upside, a break above the $305 and $310 resistance levels is must for more gains above the $320 level.On the downside, the main support is at $292 and $290, below which the price could move back in a bearish zone in the near term.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price climbed above the $5.50 level, but it struggled to gain momentum and it is currently consolidating in a tight range. On the upside, a break above the $5.55 level is needed for more upsides above the $5.60 resistance area. On the downside, the price could test the $5.42 support level.Tron price faced a strong barrier near the $0.0265 and $0.0268 resistance levels. TRX price recently corrected lower and tested the $0.0262 level. The next key support is at $0.0260, where buyers are likely to emerge in the coming sessions.Binance coin (BNB) extended gains above the $20.00 and $22.00 resistance levels. BNB price is up more than 6% and it is currently consolidating near the $25.00 level. There could be a short term downside correction, but the $24.00 and $23.60 levels are likely to act as supports. On the upside, the bulls might target a new all-time high above the $30.00 level.Looking at the total cryptocurrency market cap hourly chart, there was a steady rise above the $162.00B level. The market cap broke the $168.0B and $170.0B resistance levels. The main resistance is at $180.0B, above which there could be a sharp rally towards the $195.0B level. On the downside, there is a key bullish trend line in place with support near the $169.0B level. Therefore, if there is a downside correction, dips remain supported in bitcoin, ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, XMR and other altcoins in the near term.