The total crypto market cap is holding a strong support area near the $220.0B level.Bitcoin price is consolidating above $8,500 and it could rally further in the near term.Litecoin (LTC) price must clear the $60.00 resistance area to continue higher.BCH price is facing a strong resistance near the $235 and $240 levels.EOS price is consolidating below the $3.250 and $3.300 resistance levels.Cardano (ADA) price is currently consolidating above the $0.0400 support area.The crypto market cap is showing positive signs along with bitcoin and Ethereum (ETH). Altcoins such as ripple, litecoin, BCH, EOS, tron (TRX), and ADA could slowly rise.Bitcoin Cash Price AnalysisIn the past two days, bitcoin cash price remained stable above the $210 and $215 levels against the US Dollar. Moreover, the BCH/USD pair made an attempt to climb above the $235 and $240 resistance levels, but it struggled to gain momentum. Thus, if there is a clear break above $240, the price could march towards $250.On the downside, the main support is near the $215 level. Therefore, below $215, the price could move back towards the key $205 and $200 support levels in the near term.Litecoin (LTC), EOS and Stellar (XLM) Price AnalysisLitecoin price is consolidating above the $56.50 and $55.50 support levels. On the upside, there is a strong resistance forming near the $60.00 level, above which there are chances of a fresh increase towards the $65.00 and $68.00 levels.EOS price settled above the $3.050 pivot level and it is currently trading in a range. On the upside, there are a few hurdles near the $3.300 level, above which the price might surge towards the $3.500 level. On the downside a break below $3.000 could push the price into a bearish zone.Cardano price is currently consolidating above the $0.0400 support area. On the upside, an immediate resistance is near the $0.0425, above which the price is likely to climb higher towards the $0.0450 level. The next key resistance is near the $0.0485 and $0.0500 levels.Looking at the total cryptocurrency market cap hourly chart, there was a major upside break above the key $220.0B resistance level. The market cap is currently consolidating above the $220.0 level and it seems to be setting up for the next key break. If there is an upside break above $226.0B, the market cap could continue to rise. An immediate resistance is near the $235.0B and $240.0B levels. The next major resistance is near the $250.0B level. Overall, there are high chances of more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the coming sessions.
Archives for October 10, 2019
Ripple price is correcting lower and is trading below the $0.2750 pivot level against the US dollar.The price is holding the $0.2700 support area, but it is facing a strong resistance.There is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair (data source from Kraken).The price could extend its decline to $0.2650 before it starts a fresh increase above $0.2750.Ripple price is struggling to continue higher against the US Dollar and bitcoin. XRP price might decline towards $0.2650 or $0.2620 before it could climb higher.Ripple Price AnalysisYesterday, ripple price traded above the $0.2850 resistance against the US Dollar. XRP price traded to a new weekly high at $0.2871 and later started a downside correction. It broke the $0.2800 and $0.2750 support levels. Moreover, there was a close below the $0.2750 support area and the 100 hourly simple moving average. The bears gained pace and even pushed the price below the $0.2720 support.The price tested the $0.2650 support area and it is currently correcting higher. It broke the $0.2700 level and the 23.6% Fib retracement level of the recent decline from the $0.2871 high to $0.2652 low. However, the previous support near the $0.2750 level is currently acting as a resistance. Additionally, the 100 hourly SMA is also preventing an upside break near $0.2750.On the upside, the next key resistance is near the $0.2765 level. It coincides with the 50% Fib retracement level of the recent decline from the $0.2871 high to $0.2652 low. A successful break above the $0.2750 and $0.2765 resistance levels could start a fresh increase in ripple in the near term. The next key resistance is near the $0.2820 level, followed by the key $0.2850 barrier.On the downside, the $0.2700 level is an immediate support. Moreover, there is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair. If there is a break below the trend line, the price could revisit the $0.2650 support area. Any further losses might push the price into a bearish zone towards $0.2600.Looking at the chart, ripple price seems to be struggling to climb above the $0.2750 and $0.2765 resistance levels. If it continues to struggle, there could be another dip towards the $0.2650 level. However, as long as the price is above $0.2650, it could bounce back above $0.2750.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 near the 40 level.Major Support Levels – $0.2700, $0.2650 and $0.2600.Major Resistance Levels – $0.2750, $0.2765 and $0.2820.
Ethereum price is trading nicely above the $188 and $185 support levels against the US Dollar.Bitcoin price is showing positive signs and it is trading above the $8,400 support area.There is a major bullish trend line forming with support near $188 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to continue higher and it could break the $195 and $198 resistance levels.Ethereum price is trading above key supports versus the US Dollar and bitcoin. ETH price must stay above $185 to continue higher towards $200 in the near term.Ethereum Price AnalysisYesterday, we saw a nice upward move in Ethereum above the $185 resistance area against the US Dollar. The upward move was strong as ETH even climbed above the $190 level and settled above the 100 hourly simple moving average. Moreover, it tested the $195 resistance area and recently started correcting gains. It traded below the $190 support area.However, the decline was protected by the $188 support area. It seems like the 50% Fib retracement level of the upward move from the $182 swing low to $196 high is acting as a support. More importantly, there is a major bullish trend line forming with support near $188 on the hourly chart of ETH/USD. Below the trend line, the 61.8% Fib retracement level of the upward move from the $182 swing low to $196 high is near the $187 level.The next major support is near the $185 level (the previous resistance area). Additionally, the 100 hourly SMA is positioned near the $185 level to provide support. Therefore, the $185 support holds a lot of importance. If there is a downside break below the $185 support, Ethereum could start a major correction towards the $175 support area in the near term.On the upside, an immediate resistance is near the $193 level and a connecting bearish trend line. However, the key resistance is near the $195 level. If there is an upside break, the price could rise towards the $198 and $200 resistance levels.Looking at the chart, Ethereum price is currently consolidating above the $188 and $185 support levels. As long as the price is trading above the $185 level, it is likely to climb higher above $195. The main target could be $200, above which the price may perhaps surpass the $205 resistance area.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.Hourly RSI – The RSI for ETH/USD is holding the 50 level and it is likely to move higher.Major Support Level – $188Major Resistance Level – $195
Ethereum surged yesterday and front-ran the jump that occurred in the aggregated crypto markets, with this latest price action marking an extension of the upwards momentum that was incurred earlier this week when ETH and multiple other altcoins posted significant gains.Ethereum’s recent price action may have further bolstered its newfound bullishness, which could mean that significantly further gains are imminent in the near-future, with some analysts setting targets above $200.Ethereum Surges Past $190 as Markets Build Bullishness At the time of writing, Ethereum is trading up just under 3% at its current price of $191, which marks a notable surge from its daily lows of $184 and an even more significant surge from its weekly lows of $170.This price action has made Ethereum one of the most bullish altcoins in the market over the past couple of weeks, and it is quickly nearing its next psychological resistance level around $200, with a break above this level possibly leading it to climb back to its recently established highs around $220.Although Ethereum is certainly showing some signs of bullishness at the moment, it is important to note that it failed to break above the upper boundary of a trading range that it had previously been caught within, with The Cryptomist – a popular analyst on Twitter – previously telling her followers that that a break above the upper-$190 region could spark a swift movement past $200.“$ETH: We are currently breaking out the ascending triangle here on. Should this close above resistance within next hour 30, then the target is $203. Expect alts to rise as ETH does,” she noted.$EthWe are currently breaking out the ascending triangle here on @PrimeXbtShould this close above resistance within next hour 30, then the target is $203Expect alts to rise as Eth does😊 pic.twitter.com/5g0m8vu3KV— The Cryptomist (@TheCryptomist) October 9, 2019ETH May Revisit $183 Before Uptrend ExtendsAlthough ETH failed to close above the upper boundary referenced in The Cryptomist’s tweet, its recent dip to the $180 region and subsequent bounce may help bolster its near-term price action.HornHairs, another popular crypto analyst on Twitter, explained in a recent tweet that $183 is a critical support level for Ethereum in the near-term, and further added that a hold above this level could spark the next notable uptrend.“$ETH #Ethereum update: $160-170 bids in profit. $200 is the next bullish objective. Want to see $183 hold from here on,” he said.$ETH #Ethereum update:$160-170 bids in profit. $200 is the next bullish objective. Want to see $183 hold from here on. pic.twitter.com/XQoTwODm3f— HornHairs 🌊 (@CryptoHornHairs) October 9, 2019The next few hours and days will likely illuminate Ethereum’s mid-term trend, as further bullishness could send it surging significantly higher in the near-term.Featured image from Shutterstock.
The leaders of crypto payment app Metal Pay, Marshall Hayner and Erik Finman, are launching an investment fund.
Dubbed Metal VC, the $1 million dollar fund will focus on micro and angel investments, primarily in early-stage companies involved in banking and decentralized finance. The fund will allow the startup to align with partners as it expands globally, according to Metal CEO Hayner.
The Metal subsidiary closed its first deal last month, with an undisclosed stake in the Binance-backed startup Yellow Card, which provides a cash-to-crypto on-ramp for emerging markets.
A week after the deal, Finman told CoinDesk he may be close to closing on another startup. This time, an app created by a YouTuber to compete against the video hosting giant that features an in-app currency that could be converted into crypto.
“With Metal VC, our vision is simple, if we see something we like and believe in, we will invest and send MTL Coin right then and there,” Hayner said, adding: “We view each investment as a partner to Metal.”
Though the amount of time spent advising each firm will vary, Metal is willing to contribute resources including developers or admins depending on a startup’s needs, according to Finman.
The fund is looking to invest seed funding in anywhere between 25 to 100 startups at various stages of development. With an eye towards leading the round “when we can,” Finman said. Metal VC will stake anywhere between a minimum of $25,000 and a maximum of $250,000 in each project.
The fund is self-funded by Finman and Hayner, without outside contributions.
As “the VC fund for misfits,” Finman said he and Hayner are considering company metrics that traditional investment funds may ignore, such as an engaged Discord channel. A founder’s personal quirks also play to Finman’s ear, citing the “super young” and ambitious, or leaders of hacking collectives. Said Finman:
“The more of a misfit, the better job you can have in pitching me.”
Funding photo via Shutterstock
The adoption and widespread use by the mainstream public are vital for crypto and Bitcoin to eventually reach its full potential. Acceptance from global government entities is nearly as important, as they wield the power to prevent the asset class from developing further.
Bitcoin (BTC) incurred a sudden influx of buying pressure yesterday that sent its price surging past its previous resistance levels and allowed it to gain a more solid footing within the $8,000 region. This movement proved to be highly bullish for the aggregated crypto markets, as multiple major altcoins posted notable gains.Analysts are now noting that BTC currently has a bullish market structure but are also noting that it may first need to dip back towards $8,300 before it is able to gain enough upwards momentum to propel it towards $9,000.Bitcoin Rally Stalls; Will It Extend Further? At the time of writing, Bitcoin is trading up over 3% at its current price of $8,485, which marks a notable climb from its daily lows of $8,200.It is important to note that the upper-$8,300 level was previously Bitcoin’s near-term resistance, and its break above this level opened the gates for significantly further gains. Despite this, BTC’s bulls have not yet been able to step up and push the crypto’s price higher, which is leading some investors to question the long-term significance of this rally.Popular cryptocurrency analyst HornHairs, however, explained in a recent tweet that Bitcoin’s 2-day candle chart shows a bullish market structure break that could mean it will test its near-term resistance level in the upper-$8,000 region, which will be a price that is critical for bears who want to prolong BTC’s recent downtrend to defend.“$BTC #Bitcoin: 2D chart just landed a bullish market structure break. Previous floor + monthly pivot looks ready to be tested… I’ll be taking partial profits there,” he explained.$BTC #Bitcoin2D chart just landed a bullish market structure break. Previous floor + monthly pivot looks ready to be tested… I’ll be taking partial profits there. pic.twitter.com/sYZ1Rj46If— HornHairs 🌊 (@CryptoHornHairs) October 10, 2019Analyst: BTC May Retest $8,300 Before Uptrend ContinuesDespite the bullish market structure that HornHairs referenced in the aforementioned tweet, it is important to note that he also believes that Bitcoin may dip towards $8,300 before it begins climbing higher in the near-term.“$BTC #Bitcoin: In the meantime, if we do dip from here, $8,300s are a confluent level of support where i’d be looking for additional long exposure,” he said.$BTC #BitcoinIn the meantime, if we do dip from here, $8,300s are a confluent level of support where i’d be looking for additional long exposure. pic.twitter.com/qsFWOQpvaL— HornHairs 🌊 (@CryptoHornHairs) October 10, 2019It does appear that Bitcoin is currently trading at a key price region, as which direction it moves in the near-term could provide significant insight into how it will trend for the coming weeks and months.Featured image from Shutterstock.
Bitcoin is lauded as an “uncorrelated asset” in terms of how it performs compared to popular stock indices like the S&P 500 and other traditional financial markets.
If there’s anywhere in the world where it feels right to believe in magic, it’s Devcon 5 in Osaka, Japan.
The ethereum community faces a daunting task: scale its blockchain ecosystem to securely support the growing demand for mainstream use cases. Thousands of technologists and passionate fans gathered at Devcon this week to grapple with the nitty-gritty, in a venue marked by rainbow signage. Among them sat 16-year-old Shawki Sukkar, a self-taught developer from Aleppo, Syria.
“I’m searching wherever I find an opportunity to learn,” Sukkar, one of the 50 scholarship attendees at Devcon, told CoinDesk. “People look smart here. They have a great mindset.”
Since his father’s factory was destroyed in the Syrian civil war, and his brother’s identity documents were lost along with their source of income, the unbanked Sukkar has taken a keen interest in ethereum-based identity solutions and financial products.
Beyond Sukkar, several attendees told CoinDesk they came to this developers conference, and other smaller ethereum-centric events worldwide, to learn by contributing.
Along those lines, Mariano Conti, the MakerDAO Foundation’s head of smart contracts, gave a presentation about how he lives in Argentina earning only a cryptocurrency salary. He openly acknowledged the risks of relying on an open-source experiment instead of his national currency deposited in a regulated bank. However, Conti said he trusts the ethereum community more than the Argentine government.
Conti’s statement garnered resounding applause from the audience, including several people who also use cryptocurrency as a survival tool. This type of testing ground, with participants who give feedback directly to technologists at Devcon, is a boon for the network.
Beyond that, however, the event is a key venue for determining the network’s priorities for the year ahead.
“Lots of narratives make a lot of sense,” ConsenSys founder Joseph Lubin told CoinDesk when asked to define ethereum, adding:
“The ‘world computer’ narrative is a useful and good one. It’s called the ethereum ecosystem, or the decentralized protocol ecosystem, of which ethereum will be a central component.”
Devcon is an anomaly among cryptocurrency conferences in that the content is both highly technical and deliberately accessible.
Panels and workshops, about issues like scaling decentralized applications, revolve around opportunities for questions from community members of all skill levels. Sometimes engineers raise issues they’ve dealt with in serving clients, other times users ask about price mechanisms. There are even several panels and speaking slots reserved for ethereum rivals, like OpenLibra or Ethereum Classic.
So far, there aren’t any finite plans to address the scaling limitations of the current ethereum ecosystem with the blockchain’s upcoming iteration, Eth 2. However, there are several proposals in-process and thousands of people more invested in testing these theories than they are in profiting from them.
“The scope of who has been involved is an iterative process,” Ethereum Foundation developer Danny Ryan, part of the team leading research for Eth 2, told CoinDesk. “And we fully expect that to keep expanding [the process] all the way out to dapp users.”
He said community members can contribute comments and requests to the process via GitHub and Ethresear.ch, adding there will definitely be a more concrete plan for compatibility between ethereum and Eth 2 in 2020.
Speaking of how the MakerDAO ecosystem will adapt to the evolution of Eth 2, which may not provide backwards compatibility, Ethereum Foundation community manager Hudson Jameson told CoinDesk:
“We’re going to work very closely with dapps, big and small, to make sure data, such as MakerDAO’s loan contracts, can be utilized or transitioned in Eth 2.0.”
In the meantime, Gitcoin founder Kevin Owocki, currently incubated under the ConsenSys umbrella, is looking to increase funding for open-source developers beyond philanthropy from original ethereum co-founders.
Since the Gitcoin fund distribution platform launched in January 2019, Owocki told CoinDesk it has grown to process $200,000 of cryptocurrency donations a month.
“I’d love to work for the internet. I’d love for software developers not have to work at a corporate job that has a monopoly on their employment,” Owocki said, adding:
“I think there’s a lot of opportunity in this community to create systems that will scale … for sovereignty of employment.”
Definitions in progress
Outside critics harp on the vague use of language when it comes to defining goals and objectives for ethereum development.
But, like most ethereum fans at Devcon, Owocki isn’t bothered by the experimental nature of ethereum infrastructure development, which is arguably less rigorous and conservative than traditional open-source projects.
“I think it’s more honest not to have deadlines when you have something fundamentally new and you need to do research,” he said.
ConsenSys security engineer Shayan Eskandari, a bitcoiner since 2011 who helped create some of Iran’s leading educational resources for crypto users, said ethereum and bitcoin have inherently different philosophies.
“It’s like comparing gold with ice cream. Ethereum is a playground where you can do almost anything you want, although everything [in the protocols] will change,” he said, adding:
“Ethereum isn’t about trying to build censorship-resistant [money]. It’s about a more open system.”
“We’ve built the early stages of the decentralized World Wide Web, the strongest candidate to be the base trust layer for the planet,” he said. “We have quite concrete plans, but I can only say things in vague terms.”
Sources with knowledge of the matter told CoinDesk that ConsenSys is working on pilot projects with financial institutions such as banks and government entities, which Lubin confirmed but declined to specify.
When asked what he expects the ethereum community, including his company, to accomplish by Devcon 2020, he replied, “more good stuff.”
Joseph Lubin speaks at Devcon 5, Osaka, Japan, October 2019, image via ConsenSys
Typically, it’s the kid who tells their parents about Bitcoin, but for U.S. Democratic Congressional candidate Agatha Bacelar, it was the other way around.
“It first started with my dad. He read the Satoshi white paper really early on, before the mainstream knew about it. At first it was just him talking about it, and at first I didn’t know whether to believe him or follow this groundbreaking technology,” she told us on the Bitcoin Magazine Podcast.
This was in 2011, when Bitcoin was still largely an obscurity. I joked with her that she’s a bit of a Bitcoin O.G. (though she noted with humor that she’s not BTC rich), which is curious given that the news of her campaign accepting cryptocurrency donations would paint her as something of a newcomer.
On the contrary, she said that she acquired her first coins during her sophomore year at Stanford University and took the proverbial dive down the Satoshi rabbit hole. But instead of viewing Bitcoin through a strictly Austrian lens for its impact on monetary economics, she saw it, perhaps somewhat uniquely, as a tool for progressive social change.
“I read the paper, saw its potential for actually starting a social justice movement. I didn’t see it as much as an economic tool,” she said during the interview.
Bitcoin and Blockchains for Social Good
Andreas Antonopoulos once said in a Bitcoin Magazine interview that Bitcoin’s “post-modern” and “mirror-like capability” means that folks “tend to reflect onto Bitcoin their preconceived politics.” This, as with the stereotypical Libertarian-anarchic cultures that originally gravitated to Bitcoin, could rightly be applied to Bacelar.
The 27-year-old is part of a rising faction of progressive young talent that is shaking the ranks of the Democratic party. For her part, she’s challenging Speaker of the House Nancy Pelosi (California’s 12th district incumbent with more than 30 years of uninterrupted tenure in the U.S. House of Representatives) for a Democratic seat in Congress.
Running as she is on a hyper-progressive platform which advocates for single-payer healthcare and the Green New Deal, her left-leaning mores have blended themselves with Bitcoin’s open-source ethos. She believes that cryptocurrency contributions could inject some much-needed transparency into the election process. This is a fitting view for a woman who has rejected taking any money from Super PACs, positioning herself against an incumbent who courts more corporate dollars than most of her peers.
“Politics is run by dark money, run by private ledgers and super PACs and shell [organizations] where you can’t trace the money and see where it comes from,” Bacelar said.
Bitcoin and Empowerment
Juxtaposed against political “dark money” system is one that uses a public ledger. With Bitcoin and its blockchain, we can trace funds and keep tabs on the source of campaign funds, while circumventing centralized contribution hubs like ACT Blue, a donations platform responsible for processing a majority of credit/debit payments for Democratic candidates in the U.S.
The Bitcoin donation option hasn’t become very popular, Bacelar thinks, because it was only made legal a few years ago, and most members of Congress are too old to be privy to it or see its benefits. After all, in some regards, a technology for self-empowerment isn’t exactly in the interests of the powers-that-be.
Bacelar expressed that, as technologies, Bitcoin and blockchain are all about empowerment so, naturally, they lend themselves to the same truth-to-power ethos that America’s other social movements emphasized.
“I view this similarly to the civil rights movement,” she said. “I think it’s hard for people to believe that we can create our own tools for liberation. If you look at the civil rights movement, it was so hard for segregationists, it was so hard for them to believe that black people create and lead their own movement and liberation.”
Bacelar sees blockchain technology’s benefit to society extending beyond Bitcoin and, per her comment about viewing it first as an agent for social movements, she has for some time.
This perspective is what led her to co-found Democracy.Earth with her father, Herb Stephens, as well as Santiago Siri and Glen Weyl. She met Siri and Weyl while working at the Emerson Collective, an LLC for incubating tools and services for social good. They were pitching the idea, known as DemocracyOS at the time, to Y Combinator and other incubators, including the Emerson Collective.
“I think I was the only one who got what they were talking about,” she said, referring to her alignment with Siri’s and Weyl’s optimism in blockchain technology’s latent potential for social change. “If you really read the origin of where this movement started, blockchain was created for the people. To move power away from larger centralized, corrupt institutions. To give the power to people to have their own keys to their data, their money, and to be able to publically audit information. In today’s world, all corruption occurs on private ledgers — banking, the finance industry or voting.”
Voting and Blockchain Applications
Right now, voters in U.S. elections can’t verify or double check how votes are tallied and allocated, and Bacelar believes that blockchain technology holds the answer. Others question the technology’s viability for this oft-touted application, and they raise concerns over personal device security, identity verification, anonymity and sybil attacks. Bacelar acknowledges that these are indeed obstacles, but she also believes that the technology needs time to grow before we say it can’t stand on its own two feet.
“I’d say we’re early for now,” she said. “I don’t think this is going to happen this year — the technology’s pretty far out. There are concerns over onboarding, how do you verify a person, sybil attacks. All of those things need to be figured out, and I’d say that proving identity and verifying that someone is human are the biggest bottlenecks. Another thing we need to work on is: How do you onboard someone seamlessly?”
Addressing Cryptocurrency “Brain Drain” in the U.S.
No coder herself, Bacelar doesn’t have immediate answers to these problems, so she trusts that the technology will evolve to address them, as those building it iron out the kinks. If she gets elected to Congress, though, she’ll be focusing on the cryptocurrency problems she does have answers to, such as addressing the “brain drain” that the cryptocurrency tech sector is facing in the U.S. in response to murky regulations.
Citing her own experience at the Silicon Valley Blockchain society, Bacelar noted that “their official recommendation is to not start a blockchain company in the U.S. They tell you to go to Switzerland.”
She believes that solutions like Singapore’s regulatory sandbox, which allows projects to launch on a limited basis while they receive approval, could work well in the U.S. as regulators and legislators work on providing clearer guidelines for cryptocurrency startups.
“First start with an open mind and don’t cast off cryptocurrency as a technology that needs to get banned … oftentimes, this comes from a place of ignorance or fear,” she said, pointing to bills floating in Congress right now that would deal with cryptocurrency by banning it outright.
After all, Bitcoin doesn’t care if you ban it — and if Capitol Hill is not on board with the revolution, it’ll just happen without (and despite) it.