The total crypto market cap is slowly moving higher towards the key $220.0B resistance area.Bitcoin price might soon make another attempt to surpass the key $8,500 resistance area.BCH price is holding the $220 support, but it is facing hurdles near the $235 resistance.EOS price is climbing above $3.000 and it may perhaps revisit the $3.100 area.Stellar (XLM) price must surpass the $0.0600 and $0.0620 resistance levels for more gains.Tron (TRX) price is climbing higher towards the key $0.0150 resistance area.Bitcoin (BTC) and the crypto market cap are currently approaching key resistances. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) might struggle to continue higher.Bitcoin Cash Price AnalysisRecently, BCH price corrected lower from the $235 resistance area against the US Dollar. The BCH/USD pair traded below the $225 level and tested the $220 support. The price is now consolidating and it seems like it could rise again towards the $235 resistance area in the near term.On the downside, the key support is near the $220 level. If there are more downsides, the price could test the $205 and $200 support levels.Stellar (XLM), EOS and Tron (TRX) Price AnalysisEOS price corrected lower below the $3.000 level and tested the $2.850 support area. The price is moving higher once again and it about to break the $3.000 resistance area. If the bulls remain in action, the price may perhaps revisit the $3.100 resistance. The next key resistance is near the $3.250 level.Stellar price is slowly rising from the $0.0500 support area. XLM price is approaching the key $0.0600 resistance area. If there is a successful break above the $0.0600 resistance area, there could be more gains towards the $0.0620 and $0.0650 levels in the near term.Tron price managed to stay above the $0.0130 level and recently climbed above $0.0140. TRX price is now trading above the $0.0142 level and it seems like it could even break the $0.0145 level. If there are more upsides, the next stop for the bulls could be near the $0.0150 resistance.Looking at the total cryptocurrency market cap 4-hours chart, the $200.0B level is acting as a strong support. The market cap is currently moving higher, but it is facing a crucial resistance near the $220.0B level and a connecting bearish trend line on the same chart. A clear break above the $220.0B resistance is needed for more gains in the coming sessions. In the mentioned bullish case, there could be a decent recovery in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
Archives for October 2, 2019
Ripple price corrected lower recently and tested the $0.2450 support area against the US dollar.The price is currently climbing higher and is trading nicely above the $0.2500 level.There is a key bullish trend line forming with support near $0.2480 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely to continue higher and it might soon test the $0.2620 or $0.2650 resistance area.Ripple price is slowly rebounding above $0.2500 against the US Dollar, while bitcoin is consolidating. XRP price is likely to retest the recent resistance area near $0.2620.Ripple Price AnalysisAfter struggling to break the $0.2620 resistance, ripple price started a downside correction against the US Dollar. The XRP/USD pair topped near the $0.2618 level and declined below the $0.2600 and $0.2550 support levels. Moreover, the price traded below the $0.2500 support level. It even broke the 50% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high.Finally, the price spiked below the $0.2480 level and the 100 hourly simple moving average. However, the $0.2450 support area acted as a strong buy zone. It seems like the 61.8% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high prevented additional losses. A support base was formed near $0.2450 and recently the price recovered above $0.2500.The price surpassed a connecting bearish trend line with resistance near $0.2525 on the hourly chart of the XRP/USD pair. The current price action is positive, suggesting a solid upward move towards the $0.2620 resistance area. The next key resistance is near the $0.2650 level, above which the price could continue to rise towards the $0.2850 and $0.3000 resistance levels.On the downside, there is a decent support forming near the $0.2480 and $0.2450 levels. Moreover, there is a key bullish trend line forming with support near $0.2480 on the same chart. If there is a downside break below the $0.2450 support and the 100 hourly SMA, the price could resume its decline. The next key support is near the $0.2350 level.Looking at the chart, ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is near the $0.2550 level. However, the bulls must clear the $0.2620 resistance area to push the price further higher. Conversely, a break below the $0.2450 support might call for a test of $0.2350.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed nicely above the 50 level.Major Support Levels – $0.2480, $0.2450 and $0.2350.Major Resistance Levels – $0.2550, $0.2600 and $0.2620.
The Tezos community has strong shared values, arguably as strong as bitcoin’s.
That’s the assessment of Castle Island Ventures partner Nic Carter, who said Tuesday:
“The number one lesson and takeaway of bitcoin is a core set of principles – defining them and making the chain a beacon to attract people who believe in those principles.”
He made the comment at TQuorum, a conference about the Tezos ecosystem organized by the Tocqueville Group. While the bitcoin and Tezos communities have different values, Carter argued both groups are comparably well-defined.
Tezos was funded by one of the largest initial coin offerings (ICOs) of them all, and Carter has been an ICO skeptic.
“But if you are going to do it, shoot for the moon and believe you are going to be able to create a new form of non-sovereign money,” Carter said of the Tezos ICO, which he says is the only ICO he’s participated in, adding:
“You don’t have enough advocates if it’s concentrated in a small number of folks.”
“There has to be a shared narrative,” Alison Mangiero, the Tocqueville Group’s president, told CoinDesk in an interview after the panel, explaining why her organization gathered leading members of the Tezos community for three days in New York.
Before the public conference began, Mangiero gathered some of the most active participants in the Tezos blockchain for a conversation about values. Some of the values her staff presented for discussion included open participation, token-holder-centricity, non-aggression, nuanced pragmatism and evolution (not revolution).
Culturally, Mangeiro noted that Tezos has been a very technical and academic project – one that has spent less time than others telling its story more broadly. However, there are developments happening now that could begin to interest outsiders.
She highlighted the fact that the Tezos answer to ERC-20 tokens has been built and its non-fungible token standard is coming soon as well.
Updates on bitcoin come more in the form of tools built for it rather than changes to the bitcoin software itself. One of the core values of bitcoin, of course, is the fact that it is very conservative. It changes slowly. It has a fixed monetary supply. It never rushes to shift the fundamentals.
Meanwhile, Tezos is built for change and these new features reflect that, Mangiero said. With formal verification built into the very protocol and its ability to be upgraded as its central feature, users who deploy new digital assets on Tezos have stronger safety and security assurances, she argued, adding:
“It’s like a public blockchain for adults.”
What’s the consensus?
So does the community possess a clear idea about the value of Tezos?
On the TQuorum conference floor, CoinDesk found the idea of a protocol that can change with the times to be one that came up repeatedly.
In fact, one interviewee (who preferred to remain anonymous) told CoinDesk he went from being a Bitcoin Maximalist to becoming stressed by bitcoin’s inability to change.
“I see a lot of people coming into [Tezos] from bitcoin because we saw a lot of things that were broken in the previous system,” he told CoinDesk. “Maybe this [Tezos] was something we could settle on and grow?”
Lukas Zuegg, a hobbyist baker (the Tezos term for those responsible for block creation) who also teaches workshops on validating the blockchain, said Tezos bakers have enough of a shared commitment to participating in governance that they have no compunction about naming and shaming each other on social media for not voting. Token holders also show they share these values by quitting bakers who skip votes.
That kind of culture gives Tezos a reputation for being a well-governed blockchain.
Still, Zuegg noted it’s small relative to other blockchains.
“I think it’s a challenge of managing bigger and bigger societies,” Zuegg cautioned.
Adrian Brink, a founder at Tezos startup Cryptium Labs, concurred that the network’s key feature is “constant, steady evolution, to go with the times.”
But he also echoed Zuegg’s point:
“The community is still very young so it’s fleshing out its ethos and its values.”
Image: Nic Carter, Castle Island Ventures; Tarun Chitra, Gauntlet Network; Lily Liu, investor and Coinbase alumna; and Joyce Yang, Global Coin Ventures. (Photo by Brady Dale for CoinDesk)
ETH price is showing positive signs above the $172 and $170 support levels against the US Dollar.The price is currently trading near $180 and it might soon retest the $185 resistance area.Yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD (data feed via Kraken).The price is likely to accelerate gains if it succeeds in clearing the $185 resistance area.Ethereum price is slowly gaining momentum versus the US Dollar, similar to bitcoin. ETH price must break the $185 resistance area to continue higher in the near term.Ethereum Price AnalysisAfter struggling near the $185 resistance, Ethereum corrected lower against the US Dollar. ETH price traded below the $180 support area. Moreover, there was a break below the $175 support and the 100 hourly simple moving average. However, the $172 support area remained intact and a low was formed near the $173 level. Recently, the price started a fresh increase and climbed above the $175 level.Additionally, there was a break above the 50% Fib retracement level of the recent decline from the $185 high to $173 low. The price even climbed above the $180 level and tested the $182 area. It seems like the 61.8% Fib retracement level of the recent decline from the $185 high to $173 low is acting as a resistance. The main resistance is still near the $185 level.A successful break and close above the $185 resistance is needed for the bulls to gain momentum. The next key resistances area near the $195 and $200 levels. On the downside, an initial support is near the $176 level and the 100 hourly SMA. More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.Therefore, dips towards the $175 level remains supported. If there are more downsides, the $172 level might act as a decent support. To move back into a bearish zone, the bears need to push the price below the $170 level in the near term.Looking at the chart, Ethereum price is clearly showing a few positive signs above the $172 and $175 support levels. However, the $185 level is a strong hurdle for the bulls. If there is a clear break above the $185 resistance, the price is likely to accelerate towards the $200 level (as discussed in yesterday’s analysis).ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently well below the 50 level, with bullish signs.Major Support Level – $172Major Resistance Level – $185
Two U.S. lawmakers want the Federal Reserve to consider creating a digital dollar.
In a letter sent to Federal Reserve Chairman Jerome Powell, Rep. French Hill (R-Ark.) and Rep. Bill Foster (D-Ill.) outline concerns they have about risks to the U.S. dollar if another country or private company creates a widely used cryptocurrency, and ask whether the central bank is looking into creating its own version.
First reported by Bloomberg Law, the letter details how the Fed has the right to create and manage U.S. currency policy.
“The Federal Reserve, as the central bank of the United States, has the ability and the natural role to develop a national digital currency,” the Congressmen wrote, adding:
“We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency.”
Indeed, there have been some calls for the global financial system to move away from the dollar. Most notably, Bank of England governor Mark Carney suggested that a digital currency backed by a basket of other financial instruments might help nations make this shift.
In Monday’s letter, Foster and Hill wrote that cryptocurrencies are currently used for speculative purposes in the U.S., but their use may “increasingly align with that of paper money in the future.”
The U.S. should not rely on private companies to develop digital currencies, they wrote. The letter specifically mentions the Facebook-led Libra stablecoin.
“The Facebook/Libra proposal, if implemented,” the congressmen wrote, “could remove important aspects of financial governance outside of U.S. jurisdiction.”
The letter asks a number of questions, including whether the Fed is currently looking into developing a digital currency, whether there are any contingency plans if digital fiat currencies gain traction, what legal, regulatory or national security issues might prevent the Fed from developing a digital currency, what market risks or other issues might result from a Fed cryptocurrency and what benefits there might be to the project.
Hill and Foster are not the only individuals to suggest that the Fed might benefit from creating its own cryptocurrency. Last year, former Federal Deposit Insurance Corporation Chair Sheila Bair also recommended the Fed look into creating a digital currency as a way of avoiding being disrupted by the private sector or another nation.
The Federal Reserve is also looking to create a real-time payments system, though it is unclear whether there will be a cryptocurrency-like aspect to it.
In the letter, the Congressmen suggest that it might even be an urgent matter for the Fed, writing:
“With the potential for digital currencies to further take on the characteristics and utility of paper money, it may become increasingly imperative that the Federal Reserve take up the project of developing a U.S. dollar digital currency.”
A message left with the Federal Reserve’s press office was not immediately returned.
Federal Reserve Chairman Jerome Powell image via Federal Reserve / Flickr
Ethereum has faced a bout of consolidation today as the aggregated crypto markets continue to attempt to determine which direction they will move next, and it is highly probable that in the near-term most major altcoins like ETH will closely track Bitcoin’s price action.Analysts are currently noting that Ethereum may soon incur significant upwards momentum, but this possibility requires that its bulls bolster its price prior to its daily candle close later today.Ethereum Surges Towards $180 as Bitcoin Consolidates At the time of writing, Ethereum is trading down marginally at its current price of $177.80, which marks a slight rise from its daily lows of $174 that were set overnight.Ethereum is currently trading significantly off of its recent highs of over $220 that were set in mid-September, although it is also important to note that it has recovered from its recent lows of under $160 that were set concurrently with Bitcoin’s drop to $7,800.It does appear that ETH’s bulls and bears are currently locked in a tight battle that will determine which direction it trends next, as Big Cheds, a popular crypto analyst on Twitter, explained in a tweet from last night that the crypto is showing some signs of bearish divergence on its 12-hour chart.“$ETH #Ethereum 12 hour – bearish divergence OBV vs Price,” he noted.$ETH #Ethereum 12 hour – bearish divergence OBV vs Price pic.twitter.com/oniSOyarMS— Big Cheds (@BigCheds) October 1, 2019Analyst: ETH Needs to Surge Towards $181 Before Daily Close to Validate Bullish PossibilityDespite this potential bearish divergence, other analysts are noting that bulls have a chance to reverse the recent downtrend and propel Ethereum higher in the near-term, but only so long as it climbs above $181 before the daily close later today.UB, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, telling his followers that he views a close above $181 as bullish for ETH, but also noting that a close below $174 would invalidate any bullishness.“$ETH – I’ll be adding to my current Ethereum long on a Daily Close above low $181s. I’m looking for a move up to ~$200. My argument is invalid on a Daily Close below $174,” he explained.$ETH – I’ll be adding to my current Ethereum long on a Daily Close above low $181s.I’m looking for a move up to ~$200.My argument is invalid on a Daily Close below $174. #Ethereum pic.twitter.com/FjSB8jJTm5— UB (@CryptoUB) October 2, 2019Because Ethereum’s price is currently at a pivoting point, how it trades in the coming hours and days will prove to be illuminating for how it trends throughout the second part of 2019, although it will likely follow Bitcoin’s lead in the near-term.Featured image from Shutterstock.
A Russian scientist has received a fine for mining Bitcoin at a top-secret nuclear facility. Denis Baykov has been ordered to pay 450,000 rubles, or about $6,900 for his involvement in the scheme.The incident is the second of its kind reported this year. Earlier in 2019, scientists at a Ukrainian nuclear power plant were found to be using its facilities to mine Bitcoin.Supercomputer Hijacked for Bitcoin MiningAccording to a report in The Moscow Times, Baykov was part of a group of scientists arrested last year for using a nuclear facility to illegally mine Bitcoin. The facility is around 400 kilometres from the Russian capital, in the closed city of Sarov. It was the site at which the first Soviet nuclear weapon was created in 1949.Baykov and the other suspects are thought to have used one of the supercomputers at the site to mine Bitcoin. Given that the machine mentioned is capable of 1,000 trillion operations per second, and presumably had free power, the site was well-suited for the task.Baykov was found guilty of illegally accessing computer information and violating computer operation rules. Two other employees at the Sarov nuclear facility – Andrei Rybkin and Andrei Shatokhin – are still to be sentenced. Baykov has been fined 450,000, or around $6,900, for his involvement.There is no indication how much Bitcoin the team of nuclear scientists managed to mine before their operation was busted. However, the report does mention specifically that they had used various privacy-enhancing techniques to decrease the likelihood of detection.Baykov was sentenced on September 17. Speaking with the Kremlin-funded television channel RT, one of the lawyers of the defence commented on the potential duration of the operation:“I can say one thing for sure: they were not detained on the first day they began to mine.”As mentioned, this is the second similar incident this year. Just last month, NewsBTC reported on the arrest of Ukrainian officials at a nuclear power plant mining cryptocurrency with its facilities.In that example, the court claimed that secret data had been leaked about the power plant as a result of the facilities supercomputer being connected to the open internet in such a way.Elsewhere in Eastern Europe, the president of Belarus Aleksandr Lukashenko recently told IT professionals of plans to set up a cryptocurrency mining facility close to one of the nation’s nuclear plants. Some of the facility, according to local news sources, will be dedicated to Bitcoin mining.Nuclear ☢️ Bitcoin mining.We are backing the right horse with bitcoin.Every third world nation will join us. https://t.co/4DsYbkPeaj— ₿ TruthRaider (@TruthRaiderHQ) September 28, 2019 Related Reading: If In Doubt Zoom Out, Bitcoin Profitable Days Still at 91.5%Featured Images from Shutterstock.
Bitcoin (BTC) has surrendered the majority of the upwards momentum that it incurred earlier this week and is now sitting at a key support level that bulls must hold if they want to propel the crypto any further in the near-term.It is important to note that the muted response to this support level may signal that significantly further losses are imminent, but other analysts are noting that BTC may once again target the $8,500 region in the near-term, with a break above this level potentially sparking another rally.Bitcoin Nears Key Support Level as Bulls Falter At the time of writing, Bitcoin is trading down over 1% at its current price of $8,270, which marks a notable retrace from its recent highs of roughly $8,500 that were set during the recent rally that was started when the crypto plummeted to lows of $7,800.Bitcoin’s inability to extend its upwards momentum after this fleeting surge may point to an underlying weakness, and it may incur significantly further losses in the near-term if bulls are unable to support the cryptocurrency above its current price, which appears to have become an imperative support level.Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this support level in a recent tweet, eluding to the possibility that a break below it will spark another downtrend.“$BTC bulls want to see price staying above this 8200 support zone,” Martin explained.$BTC bulls want to see price staying above this 8200 support zone. pic.twitter.com/CYjlFReSbL— Luke Martin (@VentureCoinist) October 2, 2019If BTC Holds Support, Could a Move to $9,000 Be Imminent? Although it does appear that Bitcoin’s bulls are relatively weak at the moment as they defend its near-term support level, it is important to note that some analysts are pointing to the possibility that it will extend its uptrend if it is able to break above $8,500, which appears to be its near-term resistance level.Harry, another popular crypto analyst on Twitter, spoke about this bullish possibility in a recent tweet, saying:“$BTC – a very clear risk reward trade here for long’s looking to breakout $8,500 and attack $9-9.5k. Short pressure will be massive up there though.”$BTC – a very clear risk reward trade here for long’s looking to breakout $8,500 and attack $9-9.5k. Short pressure will be massive up there though x pic.twitter.com/0arphVHB5Z— Harry (@HaraldoXRP) October 2, 2019The coming few hours and days will likely illuminate whether or not its support level at $8,200 will hold strong, with a break below it potentially leading BTC to cut even deeper into the gains it incurred throughout 2019.Featured image from Shutterstock.
Blocko, the South Korean enterprise blockchain provider backed by Samsung, has launched in the UAE after raising funding in Asia Pacific and Europe, the company said.
In April 2018, the Dubai government announced the Emirates Blockchain Strategy 2021, where the UAE government will migrate 50% of its transactions such as visa applications and bill payments to a blockchain platform.
Upon Blocko’s official launch, the company entered a business and technology partnership with SEED Group, a conglomerate in royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office.
“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses,” Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said.
The Emirates Blockchain Strategy is expected to generate annual savings of $3 billion in transaction and document costs, eliminating 398 million printed documents and 77 million work hours.
Korea’s oldest bank, Shinhan, KEB Hana Bank, private equity firm LB Investment and Dadam Investment participated in the August financing, the company said.
Blocko will team up with Aergo, an operating platform to implement hybrid public-private blockchain technology for both government and enterprises in UAE.
“The company is now focusing efforts on bringing the Aergo platform to enterprises in the Middle East, looking to replicate its success in Asia and Europe,” according to Blocko.
“Many blockchain technologies in the Middle East are still in the proof-of-concept phase, Phil Zamani, the CEO of Blocko and co-founder of Aergo, said.
“As a hybrid blockchain, Aergo breaks through these barriers, unlocking new features that provide increased levels of efficiency, security, scalability and value.” he said.
Blocko is currently supporting more than 20 enterprise clients, aiming for 25 million daily users by supporting government bodies and other large enterprises in the Middle East.
The company rose to fame in South Korea after it became the full-scale enterprise provider for Samsung, Cisco, Hyundai Motors, and Gyeonggi-do province. It has offered 38 such blockchain solutions in the country.
Hong Kong-based platform Aergo secured $30 million from a syndicate led by investors Sequoia Capital China and GBIC, the company said.
Telegram Open Network (TON) is on track for its planned launch, according to an email from the company sent to TON investors on Wednesday.
Mitja Goroshevsky, CTO of TON Labs, a startup building tools for TON developers, confirmed the authenticity of the email to CoinDesk, adding that TON Labs itself “will run and manage its own validation pool.”
“Original investors received emails from the Telegram core team,” a post in the Telegram channel dedicated to the project said, adding that investors need to provide Telegram with their public keys by Oct. 16 using the key generator in order to receive the tokens, or “grams,” they bought.
Notably, the message also mentions governance matters, saying Telegram itself will recuse itself from running the network:
“Investors have to select validators. Neither Telegram nor the TON Foundation will serve as validators post-launch.”
As CoinDesk reported, the code for TON was released in early September, allowing the broad community to try out full nodes, validator nodes and a block explorer.
The project is scheduled to launch no later than Oct. 31, according to existing agreements with TON investors. The blockchain, which raised $1.7 billion in early 2018, has been built in near-total secrecy. Telegram CEO Pavel Durov has never publicly announced TON’s existence.
The only official confirmation so far has been the registration with the U.S. Securities and Exchange Commission (SEC) of the project’s SAFT (simple agreement for future tokens) – featuring the names of Telegram Group, Inc., Pavel Durov and Nikolai Durov, the CEO’s brother who is also TON’s chief architect.
Telegram image via Shutterstock