The total crypto market cap is holding the key $200.0B support area, with corrective signs.Bitcoin price is currently correcting higher and it recently broke the $8,400 resistance.Litecoin (LTC) price is up more than 6% and it broke the $55.00 resistance area.Bitcoin cash price gained nearly 7% and it managed to break the $230 resistance.EOS price surged more than 10% and it climbed above the $2.850 and $3.000 resistancesStellar (XLM) price is back above the $0.0600 level and it is currently showing positive signs.The crypto market cap and bitcoin are currently correcting higher. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are recovering nicely.Bitcoin Cash Price AnalysisAfter consolidating above the $210 level, BCH price started a decent upside correction against the US Dollar. The BCH/USD pair broke the $225 and $230 resistance levels. The price is now up more than 6% and it is currently trading near the $233 level.If there is an upside break above $235, the price could continue to rise towards the $250 resistance. On the downside, the previous support near the $220 level might provide support.Litecoin (LTC), EOS and Stellar (XLM) Price AnalysisLitecoin price found support above the $50.00 level and it recently climbed above the $55.00 resistance area. LTC price is now trading above $57.00 and it may soon test the $60.00 resistance area in the coming sessions. On the downside, the $55.00 level may now act as a support.EOS price performed really well and it broke the $2.850 and $3.000 resistance levels. The price is up more than 10% and it is trading near the $3.050 level. If there are more upsides, the price could test the $3.200 resistance level in the coming sessions.Stellar price started a decent upside correction after it broke the $0.0585 resistance level. XLM price even broke the $0.0600 resistance and it is currently testing the $0.0620 resistance level. If there are more upsides, the price might test the $0.0650 resistance area.Looking at the total cryptocurrency market cap 4-hours chart, the $200.0B support area is acting as a strong barrier for sellers. The market cap is currently correcting higher and it recently broke the $210.0B and $215.0B resistance levels. Moreover, there was a break above a connecting bearish trend line with resistance near $212.0B level. It seems like there could be more upsides towards the $220.0B and $225.0B resistances in the coming sessions. Therefore, there are chances of more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins. Only a close below the $200.0B level might negate the current bullish move.
Archives for September 2019
Ripple price climbed higher recently above the $0.2450 and $0.2500 resistances against the US dollar.The price is currently trading near the $0.2620 resistance area and is consolidating gains.There was a break above a major bearish trend line with resistance near $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).The price might correct a few points, but it is likely to test the main $0.2650 resistance in the near term.Ripple price is showing signs of a decent upside correction against the US Dollar and bitcoin. XRP price could continue higher, but the $0.2650 resistance holds the key.Ripple Price AnalysisAfter a strong decline, ripple price started consolidating above the $0.2320 level against the US Dollar. The XRP/USD pair traded in a range and recently started a decent upward move above the $0.2400 resistance area. Moreover, the price broke the key $0.2420 resistance area and the 100 hourly simple moving average to start the recent upside correction.During the rise, there was a break above a major bearish trend line with resistance near $0.2415 on the hourly chart of the XRP/USD pair. As a result, the pair surged above the $0.2500 and $0.2550 resistance levels. Ripple is up around 10% in the past three sessions and it even tested the $0.2620 resistance area. A high was formed near $0.2618 and the price is currently showing a lot of positive signs.It dipped a few points below the $0.2600 level and the 23.6% Fib retracement level of the recent wave from the $0.2352 low to $0.2618 high. However, the decline was limited and contained by the $0.2480 support area. Moreover, the 50% Fib retracement level of the recent wave from the $0.2352 low to $0.2618 high acted as a strong support.The price is now trading with a positive bias above the $0.2500 level. If there is an upside break above the $0.2620 resistance area, the price could test the main $0.2650 resistance. A clear break above the $0.2650 resistance area might set the pace for a larger upward move in the coming sessions. On the downside, the key supports are near the $0.2480 and $0.2450 levels.Looking at the chart, ripple price is trading nicely above $0.2500. However, the bulls need to gain strength above the $0.2620 and $0.2650 resistance levels to push the price further higher in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.Major Support Levels – $0.2520, $0.2480 and $0.2450.Major Resistance Levels – $0.2620, $0.2650 and $0.2720.
Today has been a generally good day for most of the altcoins with decent gains all round following a week from hell. One of the top performers at the moment is EOS which has surged almost 15 percent on the news that Block.one has settled with the SEC.Big Pump For EOSMost of 2019 has been pretty miserable for altcoins, EOS included. A mid-year spurt had the crypto community chattering about altseason but all gains have been unceremoniously dumped over the past three months.EOS topped out at around $8.70 during this peak but has since fallen back 70 percent to a low of $2.60 last week. It is not far off the 2018 bottom at the moment and in need of some positive developments. A few hours ago things started to move for EOS as it lifted off an intraday low of $2.70 to top out just over $3.11 according to Tradingview.com.EOS price 1 hour chart – Tradingview.comThe move takes the token back to a weekly high but there is a long way to go in the bigger picture. The daily chart still exhibits a strong down trend for this and all of the other altcoins. It was enough to enable EOS to flip BNB for seventh spot in terms of market cap which is currently $2.8 billion.Block.one Fined 0.6% of ICO FundsThe news that Block.one has settled with the Securities and Exchange Commission over an unregulated token sale charge has provided the momentum today. The blockchain firm was charged for conducting an unregistered initial coin offering of crypto tokens between June 26, 2017 and June 1, 2018 according to the official announcement.According to co-director of the SEC’s Division of Enforcement, Steven Peikin;“Block.one did not provide ICO investors the information they were entitled to as participants in a securities offering,”The fine, however, is a paltry $24 million which is just 0.6% of the $4 billion the firm raised during the year-long ICO. Naturally Block.one is happy with the outcome though it neither confirmed nor denied the allegations. The company responded stating;“We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policy makers as the world continues to develop more clarity around compliance frameworks for digital assets.”As some kind of justification it added that the ERC-20 tokens sold during the ICO are no longer traded or in circulation since the platform was migrated from Ethereum to EOSIO shortly after the sale concluded.Today has been a good day for Block.one and EOS but future price direction will depend largely on the general state of the altcoin market since none of them have managed to decouple from Bitcoin and make independent progress yet.Image from Shutterstock
ETH price started an upside correction above the $172 and $175 resistances against the US Dollar.The price even broke the $180 level and it is currently testing the key $185 resistance area.There was a break above a declining channel with resistance near $171 on the hourly chart of ETH/USD (data feed via Kraken).The price could struggle to clear the $185 resistance area in the near term.Ethereum price is currently rebounding versus the US Dollar, similar to bitcoin. However, ETH price must break the $185 resistance to continue higher in the coming sessions.Ethereum Price AnalysisYesterday, we saw a corrective increase in Ethereum above the $170 level against the US Dollar. ETH price faced a strong resistance near the $172 and $175 level. As a result, there was a minor dip before the bulls were able to push the price above the $175 resistance area. Moreover, there was a proper close above the $175 resistance and the 100 hourly simple moving average.During the rise, there was a break above a declining channel with resistance near $171 on the hourly chart of ETH/USD. The pair even surpassed the $180 level. However, it is now trading near a crucial resistance at $185. The stated $185 level was a major support earlier and it might now prevent further upsides. If there is a clear break above the $185 resistance, Ethereum could continue to rise towards the $200 level.On the downside, an immediate support is near the $180 level. It represents the 23.6% Fib retracement level of the recent leg from the $165 low to $185 high. However, the main support is now near the $175 level (the recent resistance area). It also coincides with the 50% Fib retracement level of the recent leg from the $165 low to $185 high.If there are any further losses, the price might find support near the $175 level and the 100 hourly SMA. A successful close below $175 is likely to decrease the chances of more upsides above the $185 resistance area in the near term. The next major support is near the $165 level.Looking at the chart, Ethereum price is clearly trading near a major resistance area at $185. Therefore, there could be a minor bearish reaction from $185. However, as long as the price is trading above the $175 level and the 100 hourly SMA, there are possibilities of a push towards the $200 level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.Major Support Level – $175Major Resistance Level – $185
Another participant is entering the decentralized finance (DeFi) fray.
The Sequoia-backed data management startup, Band Protocol, announced Monday the mainnet of its decentralized trading app. The dapp functions as a brokerage – without a centralized authority to confirm prices or collect fees – for ether-denominated binary options.
Dubbed BitSwing, users can take long or short positions on bitcoin’s price within a one-minute time horizon. In time, additional cryptocurrencies and financial products will be added to the platform.
With binary options, traders purchase an option contract to bet on whether the price of an underlying asset will either increase (“call option”) or decrease (“put option”). BitSwing works similarly, providing users with a BTC/USD spot price to bet against.
True to binary options’ sometimes “all-or-nothing” epithet, if BitSwing traders are correct in their predictions they will double their staked ETH, or lose it all.
The tool uses data oracles to provide real-time price feeds for the market. Information is sourced from CoinGecko, Binance and Upbit, among other sites. These data providers receive rewards for providing trustworthy information from users in the form of collateralized “band” tokens.
Prior to going live, BitSwing garnered $12,000 in ETH from data query fees in its first two weeks. At that rate, “Band Protocol expects to generate over $300,000 in value per annum for its ecosystem via BitSwing alone,” the company said in a statement.
Founded in 2017, Band Protocol provides a platform for decentralized data governance on public blockchains such as ethereum, EOS and Cosmos. In February, venture capital firm Sequoia India led a $3 million seed round for the startup.
Team photo via Band Protocol
Cryptocurrency investors were left holding the wrong coin after a mix-up over ticker symbols on the Binance DEX.
But this simple ticker debacle inadvertently revealed some highly suspicious details about the listing process on the Binance DEX.
UPX Ticker Mix-Up on Binance DEX
The founders of uPlexa say the UPX ticker symbol is, and always has been, unique to their project. However, Binance DEX recently listed a token by the name of UDAP, which also uses the UPX ticker symbol.
At least two investors were left red-faced after mistakenly buying UDAP, and then coming unstuck when they attempted to move their funds to a dedicated uPlexa wallet. Now the most viewed thread on Binance’s community support forums is titled ‘Stolen Ticker Symbol’, as the uPlexa community tries to make its concerns heard.
Thus far no communication has come back from the Binance team, despite support tickets being filed on Binance DEX, as well as the main Binance website.
Cases of copycat ticker symbols are fairly common in the crypto space, with numerous projects begrudgingly forced to share those three little letters.
But the uPlexa team have reason to be bitter. An examination of UDAP’s fundamentals reveals a coin which had no right to be listed on the Binance DEX in the first place.
Why Did Binance List a ‘Sh*tcoin’?
An examination of UDAP’s fundamentals leaves one with the impression of a ‘sh*tcoin’. The token has had no Github commits in the past two years – and just three commits overall.
Likewise, the project’s Bitcointalk announcement, created in November 2018, was just one page long until a horde of uPlexa holders added to it with calls for its ticker symbol to be changed.
When the ‘Stolen Ticker Symbol’ complaint post was first created, it correctly pointed out that UDAP didn’t even have a CoinMarketCap page. That means that Binance DEX listed a token that couldn’t even meet the listing requirements of a data aggregator.
Suspiciously enough, an attempt to create a CoinMarketCap page for UDAP has since taken place. The page remains empty, and contains zero information about the coin supply, circulating supply, or trade statistics.
One website which does supply those statistics is CoinGecko – and the findings are damning. As seen below, UDAP follows a very distinct trading pattern.
Such patterns are typical indicators of fake volume. The above chart shows the past two weeks of trading activity, yet those fake volume waves stretch back as long as CoinGecko’s charts extend.
At this point, it might be wise to ask – why did Binance DEX list an obvious sh*tcoin?
$26,000 Listing Fee… For What?
A standard fee of 1,000 BNB must be paid to list a token on the Binance DEX. As recorded on the blockchain, UDAP paid its listing fee on August 22nd, when BNB was priced around $26.
That means $26,000 changed hands in order to get UDAP on Binance DEX. But according to uPlexa founder, Kyle Pierce, that payment may amount to little more than a bribe.
“Listing fees are typically supposed to go towards an audit. An audit of code, community, developers/team, and business model. As UDAP is just a token, there’s no code to audit. So it looks like the fee paid was more-so just a bribe, or the audit was simply not done.”
ERC-20 smart contracts like UDAP can be audited for just a few hundred dollars, whereas a sovereign blockchain would cost between $15,000-$22,000, according to Pierce.
With no information about the circulating supply, it’s difficult to believe that UDAP would have passed Binance DEX’s own token listing criteria.
Assessing the Scene
Somehow the UDAP token has managed to completely sidestep the official Binance DEX listing process. It now trades on the DEX with a volume of just $500 over the past 24 hours. That amounts to over 30% of its daily trade volume overall.
With that in mind, it seems unlikely that there was ever any real demand for UDAP on the Binance DEX. Yet somehow it finds itself there. As Pierce notes, the usual battery of tests a coin must pass were probably not even carried out.
“It looks like code/tech was not audited, community was not audited, and token information & economics were not properly audited.”
Earlier this week Calvin Ayre prophesized the eventual shut down of Binance due to its less than ethical practices. In the same week, DigiByte (DGB) founder Jared Tate revealed the extortion demands he was subject to in order to make it onto the main Binance exchange.
It was then discovered that Binance had used its customers’ TRX holdings to vote itself in as No.1 TRON Super Representative, meaning it could collect all the block rewards from the TRON blockchain.
The Binance story continues…
Ethereum has extended its upwards momentum after briefly facing a bout of selling pressure yesterday that sent it reeling into the $160 region. Today, however, ETH has surged over 5% and is now nearing the $180 region.This upwards momentum has come about as the aggregated crypto markets recovered from a sharp drop that occurred overnight, and analysts are now eyeing significantly further upside for ETH in the near-term.Ethereum Surges Towards $180 as Buyers Flex Their StrengthAt the time of writing, Ethereum is trading up nearly 6% at its current price of $178.70, which marks a significant recovery from its recent lows of roughly $165 that were set yesterday concurrently with the downturn incurred by the aggregated crypto markets.Ethereum’s current upwards momentum is showing few signs of slowing down, and it has been able to outperform Bitcoin over the past 24-hours, which may signal that its near-term price action will remain separate from that of Bitcoin – assuming that BTC continues expressing stability around its current price levels.The latest ETH surge did not come as a surprise to analysts, as HornHairs, a popular cryptocurrency analyst on Twitter, explained in a tweet from yesterday that he suspects that Ethereum will continue climbing higher in the near-term.“$ETH #Ethereum: Bullish 1W SFP at a confluent level. If I was a gamblin’ man, I’d bet she goes up from here,” he said while pointing to the chart below that shows that ETH found strong support at its lower support boundary, which could mean that a surge to its upper boundary at $350 is imminent.$ETH #EthereumBullish 1W SFP at a confluent level. If I was a gamblin’ man, I’d bet she goes up from here. pic.twitter.com/WEL1yi5XfL— HornHairs 🌊 (@CryptoHornHairs) September 30, 2019Could ETH Target $220 in the Near-Term?Although Ethereum’s mid-term target may currently sit as high as $350, in the near-term analysts believe that it may soon visit its recent highs around $220, but this move may depend on stability or upwards momentum amongst Bitcoin and other major cryptos.Moon Overlord, another popular crypto analyst on Twitter, shared his thoughts on Ethereum in a tweet from this past weekend, in which he points to a chart that shows a near-term upside target around $220.$ETH / $USD pair pic.twitter.com/R6T7pyipjR— Moon Overlord (@MoonOverlord) September 28, 2019It does appear that the trade idea he points to in his chart has already shown signs of being valid, which may mean that it is only a matter of time before Ethereum climbs back to its multi-week highs and lays the groundwork to target significantly higher highs.Featured image from Shutterstock.
EOS maker Block.One must pay $24 million in penalties for conducting an unregistered securities sale, the U.S. Securities and Exchange Commission (SEC) announced Monday evening.
The SEC said in a press release that Block.One “raised the equivalent of several billion dollars” over a one-year period in an unregistered initial coin offering (ICO). (A total of $4.1 billion was raised.) Block.One agreed to settle the charges, according to the SEC.
The fine amounts to 0.0058 percent of the initial raise.
Notably, the press release highlighted that Block.One’s token sale began shortly before the SEC released its DAO Report but “continued for nearly a year after the report’s publication.” The company did not secure an exemption from securities registration requirements and did not otherwise register the sale, the SEC said.
In a statement, SEC Division of Enforcement co-director Steven Peikin said the company “did not provide” investors with any of the information typically included in securities sales. He added:
“The SEC remains committed to bringing enforcement cases when investors are deprived of material information they need to make informed investment decisions.”
In June, Block.One announced the creation of a decentralized social network called Voice. Subsequent details on the launch of Voice, which also runs on the EOS network, have been sparse. As CoinDesk previously reported, the EOS blockchain has faced governance challenges in recent months.
Just last week, the commonwealth of Virginia gave Block.One a $600,000 grant to help build out its headquarters in Arlington, a suburb of Washington, D.C. The company has existing operations in Blacksburg, Va., as well as a major hub in Hong Kong.
According to the SEC press release, Block.One did not admit to or deny the regulator’s findings in deciding to settle.
CoinDesk has reached out to Block.One for comment and will update this article if necessary.
Brady Dale contributed reporting.
Brendan Blumer image via Block.One
Bitcoin has been involved in some pretty brazen efforts to scam people out of money. However, the latest might just be the most ludicrous.A fake letter, apparently from the desk of a member of the Queen of England’s staff, has been reported. In it, her royal highness appeals to the reader to donate Bitcoin to help save the UK economy from ruin in the wake of an unfavourable Brexit.Bitcoin to Save Britain? Hmm…According to a post on LinkedIn, letters have been circulating in the UK in which the Queen of England apparently appeals for financial help in the form of Bitcoin donations. Paul Ridden, the CEO of Skillweb, posted a photograph of the letter, jokingly commenting that he always knew that her royal highness would seek his help in dire times.The letter, headed “Buckingham Palace” and apparently from the Private Secretary of Queen Elizabeth II, asks for donations of hundreds of thousands of pounds and advertises a frankly outrageous interest rate of 30 percent for a period of three months on money the reader can “borrow” to the cause. Oh, and they also have the possibility of becoming a member of the “Royal Warrant Assiciation [sic.]”.The donation will join the 82 percent of the £19 billion (or billions, as the author preferred) already amassed to pay the European Union. The exact purpose of this money is not disclosed but it will:“… keep the economy and inflation exactly as it is for a minimum period of 10 years”.Finally, the letter concludes with a Bitcoin address and QR code. Who knew the 93 year old monarch was so tech-savvy, eh?Obviously, there are several glaring red flags with this Bitcoin scam. The most undermining of these is the lousy spelling and grammar used throughout. Along with those already quoted, the author of the letter uses the unconventional phrase “the Brexit” rather than the preferred “Brexit”, “rise” instead of “raise”, and a questionable use of “until” when “before” would feel much more natural.Of the Bitcoin scams we’ve reported on previously at NewsBTC, this really is one of the more ridiculous. It seems most inconceivable that any individual would blindly send £2 million worth of Bitcoin to an address in the hope of receiving 30 percent back for three months, based on a single letter. Even using an immaculately presented letter, free of all the glaring errors of the one actually sent, the effort is so brazen that it screams “scam”.A lot of people in the United Kingdom are genuinely concerned about the outcome of Brexit and the UK’s departure from the European Union has been delayed on several occasions since a referendum indicated that marginally more of those bothering to vote wanted to leave the union for good in 2016. With another deadline now looming, it’s hardly surprising to see opportunistic criminals attempt to take advantage of the situation. However, we find it hard to imagine this effort at a Bitcoin scam ever being successful.Needless to say, the BTC wallet address pictured in Paul Ridden’s post remains empty. Related Reading: Ripple Sends $15.3 Million XRP to Trading Address, Is a Dump for the Crypto Incoming?Featured Images from Shutterstock and Paul Ridden.
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