The total crypto market cap is facing a strong resistance near the $218.0B and $220.0B levels.Bitcoin price failed to gain momentum above $8,300 and recently declined below $8,200.Litecoin (LTC) price is still trading well below the main $60.00 resistance area.Bitcoin cash price is currently correcting gains and it could test the $220.00 support.EOS price failed to surpass the $3.250 resistance and is currently declining towards $3.050.Stellar (XLM) price is currently consolidating gains above the $0.0600 support area.Bitcoin (BTC) and the crypto market cap are struggling to gain bullish momentum. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are currently correcting gains.Bitcoin Cash Price AnalysisAfter a decent upward move, BCH price faced resistance near the $235 and $240 levels against the US Dollar. The BCH/USD pair is currently correcting lower towards the $225 level. It seems like the price could test the $220 support area in the near term.The main supports on the downside are near the $205 level. On the upside, a clear break above $240 is needed for more gains towards the $250 and $265 levels.Litecoin (LTC), EOS and Stellar (XLM) Price AnalysisLitecoin price recovered above the $55.00 and $56.50 resistance levels. However, LTC price struggled to gain momentum above $58.50 and remained well below the key $60.00 resistance area. The price is currently correcting lower and it may perhaps test the $55.00 support area.EOS price climbed higher recently and tested the $3.250 resistance area, where sellers appeared. The price is currently correcting lower and is trading below the $3.200 level. If there are more downsides, the price could test the $3.050 support area in the near term.Stellar price climbed higher positively above the $0.0620 level. However, XLM price failed to gain momentum above the $0.0630 level and recently started a downside correction. It seems like the price could test $0.0600 or $0.0595 before starting a fresh increase.Looking at the total cryptocurrency market cap 4-hours chart, there was a decent upward move above $210.0B. However, the market cap faced a strong resistance near the $218.0B and $220.0B levels. Moreover, the 100 SMA also acted as a crucial resistance. The market cap is currently correcting lower and it could test the $205.0B support area. The main support on the downside is near the $200.0B level, below which there could be a sharp decline in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins. Conversely, a clear break above the $220.0B resistance and close above the 100 SMA is needed for an upside acceleration in the near term.
Archives for October 8, 2019
Nivaura, a London-based regulated fintech startup backed by the London Stock Exchange Group, has hired senior banker Chris Jones from HSBC, the company said.
The company helps users process capital market legal documents. The marquis hire will advise on product features and leverage city relationships to mainstream use of Nivaura’s blockchain-based system.
In February, Nivaura raised a $20 million strategic investment round led by the London Stock Exchange Group. Other investors in the funding round included Allen & Overy, Linklaters, Orrick, Santander InnoVentures, Aegon Asset Management, Middlegame Ventures and Digital Currency Group.
Before joining the startup, Jones worked for HSBC based in London for 15 years, as global head of local currency syndicate for eight years and global head of MTNs and structured notes for seven years.
He also worked in a similar role at Deutsche Bank prior to HSBC, according to his LinkedIn profile.
In the statement, Jones said Nivaura’s progress is partly due to “collaborating with the market incumbents” and hopes his “experience and relationships will help enhance those efforts.”
“There is a significant opportunity to help the capital markets become more digital.”
Nivaura CEO Avtar Sehra added:
“Chris has a deep understanding of capital markets execution, and in recent years has also been involved in a number of proprietary and third-party capital markets technology initiatives.”
Nivaura’s flagship platform, Aurora, uses the blockchain to help banks, issuers and law firms create and execute legal documents relating to new issues and disseminate data to agents, securities depositories and custodians.
Their system can be built on any blockchain, but their most recent transaction – for Santander – was done on ethereum.
Founded in 2016, Nivaura said it participated in all five regulatory sandboxes from the U.K. regulator Financial Conduct Authority, gaining the latest legal approvals.
Handshake miniature via Shutterstock
Ripple price started a downside correction after rallying towards the $0.2850 resistance against the US dollar.The price is currently holding the key $0.2720 and $0.2700 support levels.There is a short term breakout pattern forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).The price might decline towards the $0.2700 support area before it could climb higher.Ripple price is currently correcting gains against the US Dollar and bitcoin. XRP price might test the $0.2700 support or $0.2650 before it could rise again.Ripple Price AnalysisYesterday, there was a strong upward move in ripple price above the $0.2650 resistance against the US Dollar. XRP price even broke the $0.2720 and $0.2750 resistance levels. Moreover, there was a break above the $0.2800 level and the 100 hourly simple moving average. Finally, the price tested the $0.2850 resistance area, where the bears took a stand. A high was formed at $0.2855 and recently the price started a downside correction.It broke the $0.2800 and $0.2750 support levels. However, the $0.2720 area acted as a decent support. A low was formed near $0.2710 and the price is currently consolidating. It traded above the 50% Fib retracement level of the recent decline from the $0.2855 high to $0.2710 low. However, it seems like the $0.2800 level is now acting as a solid barrier.Additionally, the 61.8% Fib retracement level of the recent decline from the $0.2855 high to $0.2710 low also acted as a resistance. At the moment, there is a short term breakout pattern forming with resistance near $0.2800 on the hourly chart of the XRP/USD pair. If there is an upside break above $0.2800, ripple price could climb higher towards the key $0.2850 resistance area.Any further upsides might start another rise and the price could rally towards the $0.2950 and $0.3000 resistance levels. On the downside, the $0.2720 area is a strong support. If there is a break below $0.2720 and $0.2700, the price could extend its downside correction. The next key support is near the $0.2650 level and the 100 hourly simple moving average.Looking at the chart, ripple price is correcting gains from the $0.2850 resistance. It seems like it could test $0.2700 or even $0.2650 in the near term. Once the current correction is complete, the price could start a fresh rise towards $0.2800, $0.2850 and $0.2950.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.Major Support Levels – $0.2720, $0.2700 and $0.2650.Major Resistance Levels – $0.2800, $0.2850 and $0.2920.
ETH price is still struggling to break the key $185 resistance area against the US Dollar.The price is currently correcting lower and it might find support near $178 or $175.There is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD (data feed via Kraken).The pair could retest the $185 resistance area as long as it is trading above the $175 support.Ethereum price is struggling to continue higher versus the US Dollar and bitcoin. ETH price remains at a risk if it fails to stay above the main $175 support area.Ethereum Price AnalysisYesterday, we saw a nice 10% rally in Ethereum above the $175 resistance against the US Dollar. ETH price even broke the $180 resistance and the 100 hourly simple moving average. However, the main $185 resistance acted as a hurdle and prevented more gains. A high was formed near $185 and the price started a downside correction. It broke the $180 level to start the correction.Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $168 swing low to $185 high. However, the price stayed above the $178 support and the 100 hourly SMA. Additionally, there is a connecting bullish trend line forming with support near $178 on the hourly chart of ETH/USD. The next support is near the $176 level. It coincides with the 50% Fib retracement level of the upward move from the $168 swing low to $185 high.However, the main support is near the $175 level, where the bulls are likely to prevent additionally declines. If there is a downside break below $175 and the 61.8% Fib retracement level of the upward move from the $168 swing low to $185 high, the price could move back into a bearish zone. The next support is near the $172 level.On the upside, an immediate resistance is near the $182 level. Having said that, the key resistance is near the $185 level. A successful break above the $185 resistance area is must for upside continuation in the near term.Looking at the chart, Ethereum price is clearly struggling to clear the key $185 resistance area. Therefore, there could be an extended decline towards the $175 support area. It seems like the price might make another attempt to clear the $185 resistance. If it fails again, there could be a sharp decline below $175.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone.Hourly RSI – The RSI for ETH/USD is currently approaching the 50 level.Major Support Level – $175Major Resistance Level – $185
UNICEF, the United Nations Children’s Fund, has launched a crypto fund to receive, hold and distribute donations of bitcoin and ether in its aim to back open source technology for children around the world.
UNICEF said in an announcement on Wednesday that in a first for United Nations organizations, the Cryptocurrency Fund will receive contributions in cryptocurrency and grant out in the same digital currency form.
The organization added the first contributions to the UNICEF Cryptocurrency Fund come from the Ethereum Foundation and “will benefit three grantees of the UNICEF Innovation Fund.”
It said the three grantees that will receive the initial donations are Prescrypto, Atix Labs and Utopixar, focusing on the areas of “prescription tracking, matching investors and those needing funding, and community tokens and engagement.”
Aya Miyaguchi, executive director of the Ethereum Foundation, said in a keynote speech at the DevCon event that 100 ether, worth about $18,000 at its current price, has been sent to the UNICEF via the new partnership.
“This is a new and exciting venture for UNICEF,” said UNICEF Executive Director Henrietta Fore. “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. ”
“Together with UNICEF, we’re taking action with the Crypto Fund to improve access to basic needs, rights, and resources,” Miyaguchi said in the announcement.
The UNICEF Cryptocurrency Fund is the UN children agency’s latest push to adopt blockchain technology for its wider goal. Earlier this year, it was in talks with the government of Kyrgyzstan to use blockchain to provide internet access to schools in the country via the so-called Project Connect initiative.
In December last year, UNICEF said it was investing $100,000 in six blockchain startups in order to solve global challenges via blockchain, ranging from healthcare delivery transparency to managing finances and resources.
UNICEF image via Shutterstock
On location in Tel Aviv at the Ethereal Summit, hosted September 15, CoinDesk’s Daniel Kuhn spoke with some of the major players in the ethereum space about where the second largest blockchain is heading.
Billed as “the world’s computer,” ethereum has not lived up to its initial marketing campaign. ConsenSys and a crowd of developers are working at a solution, dubbed ethereum 2.0, to fix the blockchain’s scalability problems.
Leading up to this reboot, the Ethereal Summit served as a progress marker. The community was enthusiastic for what lays ahead.
“It’s it’s still a bit early but I think we’re coming towards a crossroads where we can start to see the maturation of the technology, especially as more enterprises come into the fold,” said Chrissa McFarlane, CEO of Patientory.
It’s not just enterprise adoption that had community members excited, but also the number of developers working on building actual use-cases on the decentralized network. Eyal Shani, a blockchain researcher with Aykesubir, said that ethereum is the “largest blockchain in terms of developers,” having recently surpassed Bitcoin.
Lex Sokolin is one such developer. He joined ConsenSys as co-head of financial technology months prior. Sokolin was specifically attracted to ethereum’s potential to revolutionize banking services.
The point was also echoed by Itzik Yushuvaev, salesman for AlgoZ Liquidity Solution, who sees the amount of developer activity on the blockchain as “a sign of trust in the second system and in the token.”
But it’s not disruption of global finance all the way down.
Marguerite deCourcelle, CEO Neon District, built her yet-to-be-released cyberpunk role-playing adventure on a sidechain off of ethereum, because it offers gamers the ability to accrue actual value through non-fungible tokens while playing.
Ethereum (ETH) and the aggregated crypto markets have lost the upwards momentum that they incurred yesterday as Bitcoin failed to move past its near-term resistance level that exists around $8,400.Despite today’s slowdown in the aggregated markets, analysts are now noting that Ethereum may be forming a bullish bottom formation that could give it significantly further room to surge in the near-future.Ethereum’s Price Climb Slows as it Stabilizes Around $180At the time of writing, Ethereum is trading up marginally at its current price of $179.50, and it is currently sitting slightly below its daily highs of $184 that were set at the peak of the market’s upwards surge that occurred yesterday.It is important to note that Ethereum is closely tracking Bitcoin’s price action, and it is highly probable that it will remain closely correlated with BTC in the near-term while the markets struggle to determine which direction they will trend for the foreseeable future.Regardless of this correlation, however, analysts are noting that Ethereum may be currently laying the groundwork for its current price levels to mark a long-term bottom that is followed by its next noteworthy uptrend, with Peter Brandt – a prominent analyst – explaining that he sees “bottoming construction” while looking at the ETH/BTC chart.Bottoming construction in $ETHBTC $ETH pic.twitter.com/zbi0slEQzR— Peter Brandt (@PeterLBrandt) October 7, 2019It is imperative that Ethereum begins climbing higher in the near-term if this possibility is to be validated, as another drop to its range lows could invalidate this and signal that further weakness is imminent.ETH Has “Room to Fly” in Near-Term, Claims AnalystThe bottoming formation that Brandt pointed to may soon be validated, as The Crypto Dog, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes ETH has “room to fly” in the near-term, marking an upside target at 0.026 BTC on his chart – a notable climb from its current price of 0.0218 BTC.“I reckon $ETH / $BTC has some room to fly, once it breaks ~0.0223,” he explained.I reckon $ETH / $BTC has some room to fly, once it breaks ~0.0223 pic.twitter.com/aJAC7qG5D3— The Crypto Dog📈 (@TheCryptoDog) October 8, 2019The next few days and weeks will provide significant insight into where major altcoins like Ethereum will head next amidst Bitcoin’s consolidation period, as a failure for ETH to climb from its current prices could mean that significantly further losses are inbound.Featured image from Shutterstock.
- The bitcoin market is experiencing a strong rally that has us testing the strength of the $8,300 resistance level.
- So far, the support level at $8,090 is holding and as long as the daily candle doesn’t close below the support level the market is poised for a retest of the $8,500s.
- If we see a close below the $8,090 support we will likely see a retest of deeper support at $7,700.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
Bitfinex is clutching its documents despite objections from the office of the New York Attorney General (NYAG).
In a letter filed to the New York State Supreme Court Tuesday, attorneys for Bitfinex, Tether and other affiliated entities wrote that a request made by the NYAG’s office relating to a $900 million loan between sister companies Bitfinex and Tether should be denied.
Lawyers for Bitfinex claim the NYAG’s office did not cite any authority supporting its request, further suggesting that the state prosecutor seems to believe that the “collection burdens are meaningless.”
That said, the letter admits that simply collecting the documents would require a significant expense.
The letter also pushes back against allegations that the exchange is stalling on its court-ordered document production requirements.
“OAG’s allegations concerning delay are in all events misleading, and unfairly attack the motives of the Respondents and their counsel,” the letter – signed by Jason Weinstein of Steptoe & Johnson, and David Miller and Zoe Phillips of Morgan, Lewis & Bockius – states.
As one example, the letter notes:
“OAG complains of being unable to conduct a ‘thorough’ or ‘coherent’ investigation (OAG Letter, at 2), but fails to mention that Respondents have already produced material pertaining to customers with New York connections.”
These materials apparently include more than 70,000 pages of documents produced between May and July 2019 (the NYAG’s office previously claimed that the respondents “failed to produce a single non-jurisdictional document” between April and August 2019).
Six months on
The NYAG’s office alleged in April that Bitfinex lost access to $850 million held by a payment processor, and covered up the loss by borrowing from Tether’s reserves, which were meant to back the USDT stablecoin at a 1:1 ratio.
Attorneys for the NYAG successfully secured an injunction from the New York Supreme Court that ordered the companies to turn over all documentation about the process, as well as prevent Tether from loaning any further funds to Bitfinex. In August, an appeals court granted Bitfinex a temporary stay, allowing the companies some breathing room before turning over any documents.
The NYAG’s office asked the New York judge to order Bitfinex to collect all of the documents pertaining to the loan, to ensure they could be immediately turned over if the government wins the appeal.
While Bitfinex pushed back against the request to collect all the documents called for in a previous court order in its letter Tuesday, the company said it would not oppose a request to extend the injunction by a further 90 days.
The appeal is set to be heard in January 2020, the letter said, adding:
“Even if a decision issues immediately, a further period of 90 days under the injunction will take us to April 2020 – a full year from when the injunction first issued. This is by any measure an excessively long period of time, and certainly more than enough time for tether holders to decide in full view of the facts whether they would like to continue holding their tethers or to redeem.”
Tuesday’s letter comes on the heels of a new putative class action lawsuit alleging Bitfinex and Tether caused immense damage to the crypto market as a result of its use of USDT to manipulate the bitcoin market. The lawsuit, filed in federal court, references the NYAG action against Bitfinex as evidence supporting its allegations.
Bitfinex image via Shutterstock