The total crypto market cap found support near $236.0B and jumped sharply above $245.0B.Bitcoin price broke the key $8,000 resistance level to move into a positive zone.EOS price broke the $6.40 and $6.50 resistance levels to start a decent recovery.Binance Coin (BNB) is up more than 5% and it recently broke the $35.00 resistance.Bitcoin cash price is above to break the $400 barrier to move into a bullish area.Tron (TRX) price gained nearly 6% and it recently broke the key $0.0320 resistance.The crypto market cap gained more than $10B, with positive moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, tron (TRX), ripple, litecoin and EOS are currently gaining momentum.Bitcoin Cash Price AnalysisAfter a major downside correction, bitcoin cash price found support above $360 against the US Dollar. The BCH/USD pair started a steady recovery and recently broke the $380 and $390 resistance levels. The pair is currently trading near $400, above which the bulls are likely to take control in the near term.The next key resistances are near $410 and $420. If there is a downside move, the price might find bids near the $390 or $385.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price remained stable above the $6.20 level and it recently recovered higher. The price broke the $6.25 and $6.32 resistance levels. Moreover, there was a break above the $6.45 and $6.50 resistance levels. The next stop for the bulls could be $6.60 or $6.65.Tron price is gaining bullish momentum and it is currently trading up more than 5%. TRX price broke the $0.0300 and $0.0320 resistance levels. It is currently trading above the $0.0330 level and the next stop could be $0.0340. The main resistance for the bulls is near the $0.0350 level in the coming sessions.Binance coin (BNB) is up more than 5% and it recently cleared the $34.00 and $35.00 resistance levels. BNB price is now consolidating above the $35.00 level, with an immediate resistance near the $35.40 and $35.50 levels. The main hurdle is near the $36.20 level.Looking at the total cryptocurrency market cap 4-hours chart, there was a major upside break above the $236.0B and $240.0B resistance levels. The market cap broke the $246.0B resistance and tested the next important resistance near the $252.0B level. At the moment, the market cap is confined in a range and it might surpass the $252.0B resistance area. The next major resistance could be $258.0B or $260.0B. If there is a downside correction, the $244.0B or $242.0B level might act as a support. Overall, there are chances of more gains in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.
Archives for June 12, 2019
ETH price started a strong upward move after it broke the key $250 resistance against the US Dollar.The price even broke the $255 and $260 resistance levels to move into a positive zone.There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).The pair is correcting lower, but dips remain supported near the $255 and $252 levels.Ethereum price rallied recently with a positive momentum versus the US Dollar, similar to bitcoin. ETH price is now trading with a bullish bias and dips remain supported on the downside near $255.Ethereum Price AnalysisAfter forming a support base near the $240 level, Ethereum price broke the $245 resistance against the US Dollar. The ETH/USD pair gained bullish momentum after it broke the $250 resistance and the 100 hourly simple moving average. The bulls took control and pushed the price above the $255 and $260 resistance levels.As a result, the price traded to a new weekly high above the $260 level at $264. The price traded close to the $265 level and it is currently correcting lower. At the moment, the price is correcting lower below $260 and the 23.6% Fib retracement level of the recent wave from the $246 low to $264 high. On the downside, there are many support near the $255 and $252 levels.An initial support is at $255 and the 50% Fib retracement level of the recent wave from the $246 low to $264 high. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $246 low to $264 high.Therefore, if the price corrects lower, it is likely to find a strong buying interest near the $255 and $252 levels. A break below the trend line might push the price back towards the $250 pivot level. On the upside, an initial resistance is near the $262 and $264 levels. A clear break above the $265 level might call for a test of $275.Looking at the chart, Ethereum price is clearly trading with a positive bias above the $255 and $250 support levels. As long as there is no close below $250, the price is likely to grind higher in the coming sessions.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently moving in the bullish zone, with a few negative signs.Hourly RSI – The RSI for ETH/USD is currently well above the 60 level and is correcting lower.Major Support Level – $255Major Resistance Level – $265
New research from mobile mesh networking company goTenna explores how mobile communications can be decentralized with the help of bitcoin’s lightning network.
Technologists have long explored how to use cryptocurrencies and blockchains to build programs where users are more in control of their data. GoTenna, the company behind mesh network devices for internet-less connections, is exploring a novel approach.
To that end, the GoTenna team has released a new paper describing how decentralized mesh networks for sending “mobile communications” (such as text messages) could be powered by bitcoin micropayments. What’s more, they’ve establised a new subsidiary Global Mesh Labs LLC to move forward with this goal.
“80 billion mobile messages are sent each day via carriers and [Internet Service Providers (ISPs)]. Mobile mesh networks offer an anti-fragile, decentralized alternative that can extend connectivity to places centralized networks can’t,” the project website argues.
One hurdle to mesh network adoption is that people aren’t really incentivized to run the infrastructure required to relay data across the network, the paper argues. GoTenna attempts to fix that by describing a new “trust-minimized” protocol with bitcoin’s lightning at the center, called Lot49, which would pay users for relaying data.
“Any node can earn a reward for relaying data for others and by being at the right place at the right time,” the paper, written by goTenna engineer Richard Myers, explains.
The proposal is reliant on a couple of bitcoin proposals that have been widely discussed, but haven’t yet been incorporated: Schnorr and sighash_noinput. Before building and trying out the protocol, these things will need to be added, if the bitcoin community agrees that they are good changes to make.
One is Schnorr, a much-anticipated, new bitcoin signature scheme that was first proposed years ago, and has seen progress recently through the release of test code.
“To reduce incentive protocol overhead we propose using signature aggregation, simplex payment channel updates and payment channels formed between mesh nodes within direct communication range,” the paper explains.
Light garland image via Shutterstock
By CCN Markets: Square Crypto, which until now only appeared to exist on social media, is the real deal. It’s been less than a month since Square Crypto announced they were nearing their maiden hire. Now the company made a splash by announcing on Twitter they lassoed Google alum and Silicon Valley angel investor Steve Lee for that distinction.
Before the big reveal, Square Crypto teased its followers by claiming to have hired an intern named Gary, who apparently “loves blockchain.” That situation was short-lived, and the team quickly followed that joke up with the truth. Lee, whose Twitter handle is “moneyball” and who describes himself as a “PM working to improve bitcoin,” is as pumped as Dorsey’s company, saying in a tweet:
“Bitcoin, not blockchain. Very excited about this opportunity!”
Jack Dorsey just let crypto Twitter know that he was thinking about bitcoin, tweeting an image of “historical bitcoin transactions,” which invigorated crypto Twitter. And while the crypto division is for Dorsey’s other company, Square, clearly he has a fondness for the community.
Meanwhile, Square Crypto’s first hire went over well in crypto land. Among the responses, Bitwise CEO Hunter Horsley congratulated Square Crypto.
Avichal Garg, the co-founder of crypto asset management firm Electric Capital and fellow Google alum, similarly cheered the decision, saying:
“@moneyball is amazing. Can’t think of anyone better for this role. Congratulations @sqcrypto and @moneyball!!!”
Square Crypto is keeping its strategy close to the vest since coming on the social media scene in March. Since then, they’ve dropped hints that they are working on something groundbreaking even for crypto. While they’re called Square Crypto, their focus clearly appears to be on bitcoin, which makes sense considering that Jack Dorsey reportedly expects it to become the “native currency” of the World Wide Web. The company recently stated:
“We are close to making our first hire. So let’s set some expectations. True to @jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable. Our goal isn’t to make money, but to improve it.”
Dorsey’s team knows how to capture Twitter’s attention, even bringing Tesla CEO Elon Musk into the conversation at times.
Incidentally, Jack’s other company, Twitter, couldn’t seemingly be on the further end of the crypto spectrum with no indication that they will explore integrating crypto. At least they are not suppressing the conversation.
Upon any visit to crypto Twitter or any online cryptocurrency community for that matter, and you’ll be hard pressed to avoid over the top shilling of the recent IEO tokens, notably the Binance Launchpad-born tokens, Harmony One, Celr, Fetch, BitTorrent Token, and the Coinbase Ventures-backed Matic.
By CCN Markets: Tron CEO Justin Sun has set July 25 as the date for his $4.6 million lunch with billionaire investor Warren Buffett. And it’s going to take place in Silicon Valley instead of Manhattan, as originally scheduled.
Justin Sun’s Bid Was Record-Setting
Sun made the announcement on Twitter, where he revealed that he chose San Francisco to shine a spotlight on the city’s homelessness crisis. The $4.6 million that Sun shelled out was the highest ever paid for the annual charity lunch.
“The 20th annual eBay Power Of One Lunch with Warren Buffett will take place July 25 in San Francisco! We decided to move this year’s lunch to a restaurant in the Bay Area to further shine the spotlight on Glide’s amazing charitable efforts! More details coming soon!”
The Glide Foundation is a San Francisco charity that Buffett’s late wife, Susan, had supported. Glide provides meals for the homeless and helps domestic violence victims.
Sun: I’m Representing the Crypto Community
When Sun won the auction last week, the location for the lunch was supposed to be Smith & Wollensky, a steakhouse in New York. However, Sun has decided to switch things up.
One thing Sun has not changed is his goal, which is to promote cryptocurrencies to Warren Buffett. As CCN reported, the legendary investor has derisively dismissed bitcoin as “rat poison squared.”
Buffett has also repeatedly trashed bitcoin and all cryptocurrencies as worthless, speculative gambling. Moreover, he predicts that crypto will eventually come to a bad ending.
Sun admits that it’s unrealistic to change Buffett’s mind completely but told Yahoo Finance that he hopes to soften his stance a bit.
“We want this lunch to be a bridge between the cryptocurrency community and the traditional investor. It might be unrealistic to convince Warren Buffett, just in three hours, to buy cryptocurrencies. But we want to show him the recent progress of cryptocurrency and blockchain technology.”
Sun: Buffett’s Investing Strategies Made Me Rich
While many in the crypto industry expressed concern that Sun would use his lunch to only promote his Tron cryptocurrency, Justin underscored that he’s an ambassador for the entire ecosystem.
“It’s not only about Tron itself. It’s about crypto and blockchain, the whole industry.”
Sun says he was happy to pay $4.6 million for the lunch because he’s a huge fan of Buffett’s investing strategy — which has paid huge dividends.
“I’ve made lots of money from these strategies. So this is like a payback to Warren Buffett.”
Warren Buffett is from Omaha, Neb., and Sun’s Twitter followers suggested the lunch should be held there.
The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables held by citizens at banks. If actually imposed, the measure could drive people towards Bitcoin as a way to keep their savings safe from cash-strapped government ministers.The proposal comes as rising geopolitical tensions are impacting other investment markets, making value held in cash and other valuables a more attractive option for many.Would the Italian Government Coming After Private Savings be a Catalyst for Bitcoin Adoption?According to a report published earlier today by Reuters, Italy’s government may consider taxing its citizens’ private savings held in safety deposit boxes at banks.The report states that the nation’s Deputy Prime Minister, Matteo Salvini, made the proposal on a late night TV programme yesterday. It was picked up by the domestic press this morning.Salvini reportedly stated that he had been informed that there were hundreds of billions of euros stored as cash and other assets in safety deposit boxes around the country.He described the savings of his citizens as being “substantially hidden” money, implying that the government has some ordained right to know what the Italian people as individuals have managed to save.He went on to state that citizens that were open about their holdings would be taxed at a lower rate than those who were less forthcoming with information about their savings.If the Italian government do implement such a measure, its citizens may very well turn to other means of storing value to protect their savings. One Bitcoin proponent mused that such a policy could be favourable to the crypto asset via Twitter earlier today:This is bullish for bitcoin 🚀Italy could end up being the best thing to ever happen to bitcoin.H/t @Ray94609549 https://t.co/TmkS7FZICl— Alex Krüger (@krugermacro) June 12, 2019As highlighted in the above Tweet, the news comes as Italian retail deposits hit a new all-time high and geopolitical tensions continue to rock European markets. A recent report by Financial Times shows that share prices of the Eurozone’s largest companies recently hit a five month volatility peak. Tensions in Europe itself relating to Brexit and geopolitical worries overseas caused by the ongoing US/China trade war and fear of the pending collapse of a nuclear accord with Iran are driving the current instability.Therefore, it does indeed seem possible that some of those Italian investors on the lookout for a safer haven than traditional markets and concerned about the government taxing their savings may well turn to Bitcoin. That said, given the perpetual volatility of Bitcoin, it remains unlikely that the crypto asset market will see any serious influx of capital in the form of life savings of Italians being poured into the market.However, given that Bitcoin is much harder for governments to come after than funds held in safety deposit boxes and that the market is entirely uncorrelated to stocks or fiat currencies, it still seems plausible that some will take a high risk/high reward hedge against the current fiat system that seems to be edging ever closer to meltdown. Related Reading: Bank of Italy Feels People Shouldn’t Create Their Own CurrenciesFeatured Image from Shutterstock.
Payments company Square has hired former Google director Steve Lee as the first member of its new crypto team.
A Square Twitter account teased the news Wednesday afternoon without specifying what Lee’s role at the company would be. A spokesperson for Square declined to comment.
The maker of the bitcoin-friendly Cash app led by Twitter CEO Jack Dorsey announced it was hiring a crypto team in March. At the time, Dorsey said the new roles would be focusing not on Square’s own commercial interests, but rather “on what’s best for the crypto community.”
Lee, who left Google in 2015 after eight years at the search giant, has since become a Bitcoin Optech contributor. He’s also an angel investor who lists Lyft, Pinterest and Yardbarker as key exits.
Square generated $65.5 million in bitcoin-related revenue in the first quarter of 2019, its highest quarterly volume to date.
Square Cash App image via Shutterstock
By CCN Markets: Bitcoin, the asset written off by many prominent economists after an enormous fall last year, has surged by more than 115% in the first half of 2019. The world’s largest cryptocurrency in May established a year-to-date high of $9,090 on Coinbase exchange. The price corrected downwards by more than $1,000 afterward. However, the drop did not shake bitcoin’s long-term bullish bias, at least according to Barry Silbert, the founder, and CEO of Digital Currency Group. Silbert told Bloomberg that crypto spring has arrived. He’s been in the crypto market since 2011 and is used to the volatility.
“[We’ve] been through quite a roller coaster. Price has gone down 80% four times. But in the past four times, the price has hit record highs afterward. And so if you look at the price for bitcoin, it looks like perhaps we’re coming out of the crypto winter and we’ve entered the crypto spring.”
According to Silbert, the market has responded positively to apparent demand from venture capitalists and institutional investors. The crypto bull noted that none of the bitcoin’s previous price rallies had the same optimism.
“If you compare the infrastructure today relative to where it was right before the last bitcoin bull market in 2017, it’s really night and day. And so now the question is not if institutional money is going to move into the asset class, but the question is really when.”
In retrospective, the surging demand for bitcoin tokens recorded in 2017 was mainly because of the so-called ICO-mania. People purchased the cryptocurrency to use it as a tool to invest in blockchain startups. However, as more than 90% of them failed, they started recovering their losses by selling the bitcoins they had raised through crowdfunds. The move eventually brought the price down by more than 75% in 2018.
But, as Silbert noted, the market has already moved away from the ICO-mania phase.
Fidelity Has Helped to Bolster Sentiment
Fidelity Investments, one of the world’s largest asset management firms, announced in May that it would roll out a bitcoin trading service for its institutional clients. The move closely followed the company’s earlier decision of offering bitcoin custody solutions. It indicated that more prominent firms are beginning to cater to Wall Street’s growing appetite for cryptocurrencies.
Announcements such as those helped to improve the sentiment in the bitcoin market, more than 90% of which remains retail-only. According to a report published recently by Diar, the number of investors holding between 1 and 10 BTC increased in Q1 2019. According to the report:
“Retail size wallets between 0-100 Bitcoins have also seen a 126k increase in Bitcoins. And, a continuous upward trend to the number of addresses. Overall, these addresses hold, as of date, 38% of Bitcoins circulating supply.”
The year’s rally so far has taken the bitcoin market capitalization to $145 billion. At its lowest last year, the valuation was close to $61 billion.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
Ethereum (ETH) and the aggregated crypto markets have incurred a sudden influx of buying pressure today that has allowed them to extend the upwards momentum that they have incurred over the past couple of months.Analysts now believe that Ethereum will continue climbing higher in the near future, and possibly outperform Bitcoin over a longer-time frame, due to growing technical strength and increasing adoption from major companies like Ubisoft.Ethereum Climbs Higher Amidst Widespread Crypto Market SurgeAt the time of writing, Ethereum is trading up nearly 7% at its current price of $257, up significantly from its 24-hour lows of $240 which were set earlier today.This massive surge has allowed ETH to surge to fresh weekly highs and has brought it closer to returning to its year-to-date highs of $285, which were set in late-May when the entire crypto markets briefly surged before incurring significant selling pressure that sent them reeling lower.Currently, Ethereum is one of the top performing altcoins of the day, and is closely trailing behind Litecoin, which has been leading the market surge over the past several days, surging a whopping 31% over the past seven days.The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes ETH could continue surging higher in the near-future, and could possibly surge to $300 by July.“$Eth: This looks good! Falling wedge potentially present. If I am right about $Btc falling wedge, then there is no reason why we should not see $300 before end of July. We still could see one final touch upon $222 region. Regardless I am holding and buying on dips,” she noted.$EthThis looks good! Falling wedge potentially presentIf I am right about $Btc falling wedge, then there is no reason why we should not see $300 before end of July 😊We still could see one final touch upon $222 region.Regardless I am holding and buying on dips! pic.twitter.com/tOKh9mLKXP— The Cryptomist (@TheCryptomist) June 12, 2019Analyst: ETH Could Outperform Bitcoin in the Next Two YearsAlthough it does seem reasonable to conclude that ETH will continue surging higher in the coming days, one analyst believes it will significantly outperform Bitcoin in the next 24-months.Bitcoin Jack, another popular crypto trader on Twitter, explained that he believes that Ethereum’s long period of consolidation against BTC will allow it to surge significantly higher over the coming years.“Unpopular opinion: $ETH will outperform $BTC in the next 24 months. Facts: – $BTCUSD 14/15 consolidation 288 days to breakout – $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto – The only large scale secure decentralised SC network,” he said while referencing the below charts.Unpopular opinion:$ETH will outperform $BTC in the next 24 monthsFacts:– $BTCUSD 14/15 consolidation 288 days to breakout– $ETHBTC consolidation 278 days and counting, one of the largest consolidations in crypto– The only large scale secure decentralised SC network 🤓 pic.twitter.com/xcvOLJQLAv— Bitcoin 𝕵ack (@BTC_JackSparrow) June 12, 2019One possible factor that could help Ethereum’s performance is increasing rates of adoption. Most recently, it was announced that gaming giant Ubisoft may be looking to utilize the Ethereum blockchain for games and in-game features. This type of adoption could be incredibly favorable for ETH, assuming it is ultimately utilized for in-game market transactions.Although it is difficult to accurately predict where the crypto markets will head over a macro-time frame, it does seem increasingly apparent that the markets are currently in a firm uptrend that will likely persist for the foreseeable future, which could allow altcoins like Ethereum to post significant gains.Featured image from Shutterstock.