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December 17, 2018

Ethereum Price Analysis: ETH Could Turn Bullish Above $90

Key Highlights

ETH price recovered recently, but it failed to break the $88 resistance against the US Dollar.
There is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must break the $87, $88 and $90 resistance levels to move into a positive zone.

Ethereum price is struggling to recover higher against the US Dollar and bitcoin. ETH/USD could start a solid upward move if there is a break above $90.
Ethereum Price Analysis
There was a decent bullish reaction from the $80 support in ETH price against the US Dollar. The ETH/USD pair climbed above the $84, $85 and $86 resistance levels. There was even a spiked above $86 and the 100 hourly simple moving average. However, buyers failed to hold gains and the price retreated from the $88 resistance area. It declined below the 50% Fib retracement level of the last wave from the $80 low to $88 high.
Moreover, the price traded below the $85 support and the 100 hourly SMA. At the moment, the price is holding the $83 support. Besides, the 76.4% Fib retracement level of the last wave from the $80 low to $88 high is at $82.50. A break below the $82 level will most likely push the price back towards the $80 level. On the upside, an initial resistance is near $86 and the 100 hourly SMA. Additionally, there is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is facing a solid barrier near the $86, $87, $88 and $90 resistance levels. Therefore, a successful close above $88-90 may perhaps clear the path for more gains towards $100 in the near term.
Hourly MACD – The MACD moved back in the bearish zone.
Hourly RSI – The RSI declined below the 50 level and it is currently showing bearish signs.
Major Support Level – $80
Major Resistance Level – $88
The post Ethereum Price Analysis: ETH Could Turn Bullish Above $90 appeared first on NewsBTC.

NewsBtc.com

Ripple Price Analysis: XRP Could Retest Lows Before Higher

Key Highlights

Ripple price recovered recently, but it faced sellers near $0.2900-0.2910 against the US dollar.
There is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may perhaps decline further to revisit the $0.2800 support area in the near term.

Ripple price is facing uphill task against the US Dollar and Bitcoin. XRP/USD is under pressure and it may decline further towards $0.2800 before a fresh upward move.
Ripple Price Analysis
After trading as low as $0.2776, ripple price started an upward move against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2850 resistance levels. It also broke the 23.6% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. However, the upside move was capped by the $0.2900-0.2910 zone, which was a support earlier.
Besides, there was no test of the 50% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair. Therefore, the price must break the $0.2860 resistance and the $0.2900 barrier to move into a positive zone. The next resistance above $0.2900 is positioned near the $0.3000 level. On the downside, an initial support is at $0.2800, below which the price may revisit the $0.2770 swing low. If there is no break below $0.2770, the price is likely to bounce back.

Looking at the chart, ripple price is facing a solid resistance near $0.2900 and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.2900 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level.
Major Support Level – $0.2800
Major Resistance Level – $0.2900
The post Ripple Price Analysis: XRP Could Retest Lows Before Higher appeared first on NewsBTC.

NewsBtc.com

Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely

Key Points

Bitcoin price found support near the $3,125 level and later recovered against the US Dollar.
There is a major bearish trend line formed with resistance at $3,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely to correct towards $3,320 if there is an upside break above the $3,220 resistance.

Bitcoin price is showing positive signs above $3,120 against the US Dollar. BTC could rebound in the short term towards the $3,320 or $3,400 levels.
Bitcoin Price Analysis
This past week, there was fresh decline below $3,300 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,250 and $3,200 support levels. A new low was formed at $3,121 and later the price formed a decent support above $3,120. As a result, the price started a short term correction and traded above the $3,180 and $3,200 resistance levels. There was also a break above the 23.6% Fib retracement level of the last drop from the $3,487 high to $3,121 low.
However, the upward move was protected by the $3,260 level and the 100 hourly simple moving average. There is also a major bearish trend line formed with resistance at $3,220 on the hourly chart of the BTC/USD pair. The current price action indicates that the price could break the trendline, $3,200, and the 100 hourly SMA. A successful close above $3,220 may push the price towards $3,300 and $3,320. The 50% Fib retracement level of the last drop from the $3,487 high to $3,121 low is also at $3,304.

Looking at the chart, bitcoin price seems to be setting up for a bullish break above $3,220. If BTC buyers fail to gain momentum above $3,220, there could be a fresh slide towards $3,120 or $3,080.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI moved above the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,325
The post Bitcoin Price Watch: BTC Hesitates, But Recovery Seems Likely appeared first on NewsBTC.

NewsBtc.com

Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot

FOMO Moments
Crypto markets lick wounds from fresh lows; Stellar dropping back, Maker making moves.
Crypto markets have made a very slight recovery from their fresh lows over the weekend but they are still on the floor. Total market capitalization is still very low but has yet to drop below $100 billion, it seems to be only a matter of time though.
Bitcoin is still down a little on the day but has recovered marginally from its 2018 low on Saturday of $3,195. At the time of writing BTC was trading at $3,270, pretty much where it was this time yesterday. On the week it is down 9% and may drop to $3,000 soon.
Ethereum is still very weak and has made no recovery from its low point. Trading at $85 at the moment ETH is the cheapest it has been for over 18 months.
The top ten is generally mixed right now with very little movement in either direction for most altcoins. Stellar has lost fourth place to Tether as it drops another 2% on the day. Only Litecoin has made anything back since the weekend but it too is very weak at $26.
The top twenty is nearly all red. Only one altcoin is making moves at the moment and that is Maker up 12% on the day. The push has taken MKR above $385 and it is one of the top performing altcoins today. Everything else in this section is in the red losing a percent or two on the day.
As usual there are a couple of fomo pumps occurring and today’s lucky two are Revain and Factom up around 30%. MobileGo is also making around 18% at the time of writing. Getting dumped is DEX with a 17% slide since yesterday.

Total crypto market capitalization is currently just below $104 billion, very close to where it was 24 hours ago. Late on Saturday markets dropped to their lowest levels of 2018 at just over $100 billion. Most altcoins also recorded fresh lows for the year and the pain is not over yet for cryptocurrencies.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Cryptocurrency Market Update: Tether Tops Stellar Taking Fourth Spot appeared first on NewsBTC.

NewsBtc.com

Binance Incubator Program to Foster Innovation For Blockchain and Crypto

The bear market this year has seen an exodus from cryptocurrencies for a lot of people and companies. Not all are so pessimistic though and not all are in it for a quick buck. Binance is one of the pioneers of the industry and has recently launched a program to foster innovation for blockchain and crypto.
Binance Not Deterred by Bear Market
The first batch of initiatives for the Binance incubation program will focus on solving the most critical issues currently facing the industry. There are a number of projects aimed at nurturing education and mentorship in the crypto space run through the exchange’s venture arm Binance Labs.
According to the head of Binance Labs, Ella Zhang, who spoke to Forbes last week explaining the ethos behind the ten week on-site program;
“Through the program, we support entrepreneurs who are solving critical problems for the blockchain industry. In particular, we help participants focus on “BUIDLing” products from an early stage. The term BUIDL is a glossary term from the Binance Academy, originally derived from HODL, a term referring to keeping your heads down and focusing on building your product,”
Over 500 projects applied for the first round of the incubation program and only the top 8 were selected. Those lucky few will get direct funding of $500,000 and full access to the all resources they need from Binance.
According to the report, seven of the eight projects had launched working products and enrolled new members. Three of them already have paying clients and their recent ‘graduation’ from the program will put them on the path to greater things.
Binance also offered the opportunity for these projects to pitch at the Singapore Blockchain Week organized by the company next month. Some of the problems tackled included hardware wallet development, secure logins for dApps, prediction markets, blockchain data insights, computer security systems, and decentralized exchanges.
“There are two problems we have seen in the ecosystem, which helped inform our design of the program: a lack of product-market fit in many blockchain projects, and the market hype that distracts founders from BUIDLing. With the incubation program, projects can focus on shipping a working product or service with product-market fit as quickly as possible,” Zhang added.
Binance has taken the initiative to focus on developing the technology for the future rather than looking at the prices. Its own trade volume is massively down from over $2 billion per day to around $300 million today according to Coinmarketcap. This has not deterred the team though which has not only expanded internationally over the past year but is now channeling energies into education and innovation for the nascent industry.
Image from Shutterstock
The post Binance Incubator Program to Foster Innovation For Blockchain and Crypto appeared first on NewsBTC.

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Ethereum Hits Address Milestone But Activity and dApp Usage Down

Latest data indicates that Ethereum has reached a milestone in terms of unique addresses surpassing 50 million. While this news is a good sign for growth the actual number of active addresses has declined quite substantially.
50 Million Ethereum Addresses
Metrics from etherscan indicates that Ethereum crossed 50 million addresses over the weekend. During its peak in early January Ethereum recorded the highest increase of unique addresses added per day 352,888 on the fourth. Conversely its lowest number was 41 on August 6, 2015. So even during a massive bear market unique Ethereum addresses were still being made and growing.
Further research carried out by The Block indicates that active addresses are falling and have dropped almost 70% since their peak. Citing figures from Coinmetrics, the peak of activity for Ethereum addresses was on January 16, 2018 at 719,093. It defines activity as “the number of unique sending and receiving addresses participating in transactions on the given day.” This had now fallen to 232,085 by December 15. The percentage of active addresses out of all Ethereum addresses is currently 0.46%, down from around 3.5% seen in January.
Hashrate and dApp Usage Down
Since mid-November Ethereum hashrate has also plunged and it is now back to the same levels witnessed during peak times at the beginning of the year.
The demand for dApps and ERC20 tokens has fallen with prices this year so these figures are not surprising. According to dappradar daily users of ETH dApps has been in steep decline since mid-October. The current number of users is 7,434 compared to around 17,000 just two months ago. Early July saw the lowest figure this year at 4,215.
The continued liquidation of Ethereum from ICO projects is keeping prices on the floor. According to recent figures 416,000 ETH has been sold in the past month leading to further slide in prices.
Ethereum Market in Pain
At the time of writing Ethereum was trading at $85, down a whopping 94% since its all-time high of just over $1,400 in January. Market cap has dropped below $10 billion for the first time since May 2017. This has allowed Ripple’s XRP to surpass it and take and hold second spot with a market cap of just under $12 billion.
The lowest point for Ethereum this year was on December 15 when it fell to $82.83, a price not seen for over 18 months. Over the past seven days Ethereum has fallen 9.5% and looking back over the past month it has dumped over 50% of its value.
There are a number of improvements slated for the project which will do wonders for its scalability which is the main thing holding back adoption at the moment. Once these are rolled out and the bears start to go into hibernation Ethereum will be back on the up again.

Image from Shutterstock
The post Ethereum Hits Address Milestone But Activity and dApp Usage Down appeared first on NewsBTC.

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BitcoinNews.com

Japan Publishes Draft Report of New Crypto Regulations

Japan’s Financial Services Agency has published its draft report outlining new cryptocurrency regulations. The report contains measures in areas that are not currently addressed in existing laws such as hacking incidents, self-regulation, deemed dealers, privacy coins, and margin trading.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
New Crypto Regulatory Framework
Japan’s top financial regulator, the Financial Services Agency (FSA), published a draft report outlining the country’s new regulatory framework for cryptocurrencies and initial coin offerings (ICOs) on Friday. The report, which was discussed at the agency’s 11th study group meeting, contains recommendations from the previous 10 study group meetings. According to local media, there was no major objection to the proposed measures in the report so the FSA is expected to draft regulations based on its content.
One major area in the report concerns preventing and dealing with hacking incidents such as the hacks of two major Japanese crypto exchanges — Coincheck in January and Zaif in September. The FSA will require crypto exchanges to strengthen the “management and maintenance of customer property,” such as the management of private keys. For consumer protection, the FSA states that it is necessary for exchanges to have net assets “equal to or more than the amount equivalent to the currency and repayment funds” in the event of a hack. The document also outlines countermeasures against crypto exchanges going bankrupt.
Self-Regulation
The FSA explains that it recognizes the rapidly changing technological innovation and sees the importance of collaborating with accredited self-regulatory organizations. “For this reason, we urge members to join the certified [self-regulatory] association” and develop systems according to their rules, the FSA wrote. In October, the Japan Virtual Currency Exchange Association (Jvcea) obtained accreditation from the FSA to be able to legally enforce self-regulatory rules.
The document also explains that the FSA deems it appropriate to refuse or cancel the registration of operators that neither join “the accredited association and conform to the self-regulation” nor establish their own internal systems to comply with the self-regulatory rules.
Deemed Dealers
The report also addresses “deemed dealers,” which are companies that have been allowed to operate crypto exchanges while their applications are being reviewed. Currently, there are three of them: Coincheck, Lastroots, and Everybody’s Bitcoin. The report points out that some of them have been aggressively advertising and rapidly growing their businesses, but many of their customers are not aware that they are not registered.
The FSA has proposed a number of measures for them. Firstly, they cannot expand their businesses or list additional coins until they are registered. Moreover, they can neither acquire new customers nor advertise or solicit for the purpose of acquiring new customers. They must also post a notice on their websites about the status of their registration.
Some Other Measures
Among other measures outlined in the report are restrictions on privacy coin listings, transactions in derivatives, and margin trading.
In addition, the report discusses ICO regulation. ICOs “can be subject to the securities regulation,” the FSA noted, adding that “We are implementing administrative measures.” Depending on their structure, tokens may be subject to regulation by the Financial Instruments and Exchange Act or the Fund Settlement Act. The document also reveals that the FSA finds it appropriate for third-party organizations to establish a framework and examine token issuers’ businesses and financial situations.
Additionally, the report addresses crypto custody businesses which do not fall under existing laws. The FSA has proposed measures such as introducing a registration system, maintaining an internal control system, separating the management of exchanges’ and customers’ cryptocurrencies, publishing response policies in case of hacking incidents, and retaining funds for repayment.
What do you think of Japan’s proposed new regulatory framework for cryptocurrencies? Let us know in the comments section below.

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Need to calculate your bitcoin holdings? Check our tools section.
The post Japan Publishes Draft Report of New Crypto Regulations appeared first on Bitcoin News.

BitcoinNews.com

BCH Devs Publish Bi-Directional Payment Concept Based on IPFS

On Friday, Openbazaar and Bchd developer, Chris Pacia, revealed a new Bchd project feature currently in the making that would allow for Bitcoin Cash-based bi-directional payment channels. Moreover, in contrast to the Lightning Network, the Bchd developers explained that the team has created an overlay network based on the Inter-Planetary File System (IPFS).
Also Read: A Look at Some of 2018’s Most Popular Cryptocurrency Traders
A Generic Overlay Network Based on IPFS Built for Bitcoin Cash
The Bchd developer Chris Pacia has published a Medium post explaining a new bi-directional payment channel protocol for the Bitcoin Cash (BCH) network which they hope will be complete by early next year.
Pacia and fellow contributors at the Bchd project just recently published the client’s library and wallet. The following day, the programmers released the Neutrino wallet which can enhance BCH privacy. Bi-directional payment channels are used in unison with the Bitcoin Core (BTC) network which allows the Lightning Network (LN) participants to exchange micropayments. However, some people consider LN not very user-friendly and others have criticized its security due to routing complications. Instead, the programmers built a generic overlay network based on IPFS’s libp2p. IPFS is a network that enables a more decentralized peer-to-peer method of allocating hypermedia in a distributed fashion.
The open source Gcash overlay implementation, which is based on the modular network stack Libp2p, can be found on Github. According to Pacia, it offers features like extensible peer identities, encrypted and authenticated connections, protocol multiplexing, stream multiplexing, and distributed hashtable technology (DHT) techniques. The Gcash overlay section of the repository states that “using the overlay network in your app is dirt simple.” Further, the applications that could benefit from this type of overlay connection would be peer-to-peer gambling apps, atomic swap protocols, coin mixers, wallet-to-wallet communication, and basic payment channel protocols. There will also be Tor integration and at the moment Bchd developers need to connect Tor as an optional transport.

‘Nothing Stopping All Bitcoin Cash Apps From Being Interconnected’
The idea was well received by Bitcoin Cash proponents on r/btc, with many from the community offering Pacia feedback in regard to the protocol’s functionality. One commenter said that “Bchd is really making a run for best BCH implementation.” In the Bchd Medium post it links to some examples on how to “register a custom protocol, store and retrieve data from the DHT, and publish data over pubsub.”
The blog post continues:
There is also a compatible javascript version of libp2p that can run entirely in the browser. Making a javascript version of the overlay network should be really easy as the entirety of the library is only 614 lines of code.
The Bchd developers wholeheartedly believe there is nothing that can deter BCH applications from communication and interconnectivity. The programmers hope other developers are interested in pursuing this path and conclude that if people have any feedback to contribute or questions to feel free to reach out.
What do you think about the idea of an overlay network for the Bitcoin Cash blockchain that allows for bi-directional payment channels and DHT technology? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, IPFS logo, Pixabay, and Bitcoin.com.

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The post BCH Devs Publish Bi-Directional Payment Concept Based on IPFS appeared first on Bitcoin News.

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Support Grows for Bitcoin Proof of Keys on Jan. 3

The campaign to see bitcoin withdrawn from third-party wallets to private wallets on Jan. 3 is gaining traction. Over the past week, hundreds of Twitter accounts, including those operated by prominent figures such as Nick Szabo, have appended “[Jan/3 ]” to their Twitter handle to show support for the operation, timed to coincide with Bitcoin’s 10th anniversary.
Also read: Support for Proof of Keys — Celebrating Genesis Block Day
Your Keys, Your Coins
Last week, news.Bitcoin.com reported on Trace Mayer’s campaign to celebrate Genesis Block Day, which falls on Jan. 3, by withdrawing cryptocurrency to noncustodial wallets. “Not your keys; not your bitcoin,” is the mantra he invoked. “I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty every Jan. 3 as a celebration of the Genesis Block,” proclaimed Mayer.
The vast majority of cryptocurrency holders are aware that they only truly own their coins once they’re stored in a private wallet. Due to laziness or a desire to have funds accessible for trading at a moment’s notice, however, many people store their coins with third-party services such as exchanges. It’s bad opsec, and it also violates one of the basic tenets of bitcoin: that it’s currency you and only you control.

Mayer’s Genesis Block Day is in many respects a return to Bitcoin’s roots, when the only wallet available was the noncustodial Bitcoin-qt client, and there were no exchanges to rely upon for coin custody. It is one of Bitcoin’s many ironies that as the cryptocurrency has grown in value, so has the proportion of people entrusting their coins to third-party services.
Proof of Keys on Jan. 3 Gains Traction
Numerous figures within the Bitcoin community have now added “[Jan/3 ]” to their Twitter profile to show their support for the grassroots movement. They include Max Keiser, Caitlin Long, and Giacomo Zucco. Jan. 3, 2019, is shaping up to be a very busy day for Bitcoin supporters, with the 10th anniversary set to grab most of the headlines. Once the day has passed, and the mainstream media has expended its supply of thought pieces on “What Has Bitcoin Achieved in the Last 10 Years?,” attention can turn to the Proof of Keys initiative.
It’s a scheme whose success can be measured, crudely at least, through the number of onchain transactions recorded that day. A major upswell in BTC and BCH transactions can be taken as evidence that the Genesis Block Day campaign has resonated with the community. Regardless of how many takers the inaugural event persuades, Proof of Keys looks set to become a staple of Bitcoin’s unofficial calendar for years to come, and in doing so to return ownership of more money to the people.
What are your thoughts on the Proof of Keys campaign? Let us know in the comments section below.

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The post Support Grows for Bitcoin Proof of Keys on Jan. 3 appeared first on Bitcoin News.

NewsBtc.com

Hong Kong Bitcoin Wiz Throws Millions From Rooftops, Subsequently Arrested

Crypto enthusiasts are always deemed a bit nutty by the public. Bitcoin, specifically to them, is an abstract concept that often represents little-to-zero intrinsic value, and altcoins aren’t much better. And unfortunately, the public’s negative conjectures towards the cryptosphere were confirmed on Saturday, as a Hong Kong Bitcoin millionaire dispensed millions of the local currency onto the public in an apparent publicity scheme.
Bitcoin Millionaire Embarks On Apparent Publicity Stunt
On Saturday evening, reports arose that a hooded man was spotted around Fuk Wa Street and Sham Shui Po, one of Hong Kong’s most underprivileged neighborhoods. The man, who was revealed to be serial cryptocurrency entrepreneur Wong Ching-kit, purportedly began to throw millions of Hong Kong dollars (HKD) onto the crowd below. Although police reportedly advised the public not to pick up the cash, the allure of no strings attached money overcame the authorities’ cries, as members of the public scrambled to obtain the seemingly endless stream of fiat.

Chinese 24 year old Bitcoin Millionaire Wong ching kit 黄鉦杰 AKA bi shao ye 币少爷 (Mr coin ) throws 100’s of millions of HKD from the roof top. He said “he feels as if he is god and he is responsible to teach the world about bitcoin.” Is this a sign of a bullrun incoming or ?! pic.twitter.com/IfgKykB0ME
— Mia Tam (@_blockandchain_) December 16, 2018

At first, it wasn’t made clear who was behind this act of charity, nor the reason for it. But, as locals dug, they found a video of a man, known as Wong Ching-kit to most, addressing his Facebook followers after the stunt.
Contained in the video, which has since garnered hundreds of social media shares, is Wong embarking on a monologue, telling the camera that he was “robbing the rich to help the poor.” According to Mia Tam, a self-proclaimed “China crypto insider,” the crazed individual also claimed that he “feels as if he is a god,” before adding that he’s responsible to “teach the world about Bitcoin.”
It Isn’t All Sunshine And Rainbows
Initially, it seemed as though the stunt had paid off, as local media rushed to praise Wong for aiding the region’s underprivileged demographic. Yet, as later revealed in an exposé Twitter thread from Leo Weese, a Bitcoin enthusiast situated in Hong Kong, Wong, who also goes by a number of monikers, has had a more than checkered history. Weese claimed that he is “well-known” in the local crypto ecosystem for heading a “pyramid-like scheme,” before lambasting local outlets for praising a supposed criminal. Backing his inflammatory claim with some facts, Weese drew attention to an article that revealed he was associated with the so-called “London Golden Scam.”
According to Channel NewsAsia, Wong was arrested for “disorderly conduct in a public place,” not for his supposed involvement in mischievious crypto-related schemes. Still, many cryptocurrency savants see value in charity. Coinbase recently donated $10,000 worth of BTC to Syrian refugees, also contributing the same dollar sum in ZCash (ZEC) to Venezuelan families in the days prior.
Featured Image from Shutterstock
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Circle CEO: Bitcoin Price Will Boom In Years To Come

As the Bitcoin price has fallen throughout 2018, investors have sought solace in chaotic waters. Case in point, consumers en-masse have latched onto institutional forays, promising crypto-centric platforms, and ambitious price predictions from this industry’s finest in a bid to stay afloat. Investors’ thirst for the latter was quenched on Friday, as Jeremy Allaire, CEO of the Boston-based fintech upstart Circle, sat down with CNBC’s Squawk Box.

What does the future hold for bitcoin? Circle CEO Jeremy Allaire said he thinks three years from now "it's certainly going to be worth a great deal more than it is today." https://t.co/EjNDF1wbuC pic.twitter.com/MoI7r9j7rD
— CNBC (@CNBC) December 14, 2018

Jeremy Allaire Bullish On Bitcoin Price, “Tokenization Of Everything”
In a short interview with the outlet, Allaire, a long-time internet entrepreneur, opened up his segment by claiming that from a fundamental perspective, Bitcoin (BTC) and Ethereum (ETH) both look oversold. The Circle chief claimed that the “amount of usage” on the two networks justify higher short-term valuations for their respective assets.
Discussing the same topic from a long-term outlook, Allaire noted that while he isn’t exactly inclined to issue “significant price predictions,” he sees abounding potential in a network like Bitcoin, a system that facilitates a non-sovereign, store of value, and digital gold-like asset with a clear underlying thesis.
Related Reading: Prominent CEO: Bitcoin Isn’t Digital Gold Yet, But $10,000 Is Still Possible
Keeping this in mind, the American claimed that he “it is certainly going to be worth more than it is today” in three year’s time, before maintaining that he is “long” on the Bitcoin price, even as bears roam free. Articulating what is behind his nebulous, yet bullish forecast, Allaire stated:
“The key thing with bitcoin is [that] it’s unique in its security and scale. And as an idea that we need a scarce [and] non-sovereign store of value that individuals can hold, and hold in a protected fashion, [Bitcoin] is attractive all around the world.”
By the same token, Allaire, who doesn’t seem to embody the hallmarks of a Bitcoin maximalist, went on to note that he envisions a future filled with millions of crypto assets, whether they take the form of security, commodity, or utility tokens. In short, the long-time crypto advocate noted that he doesn’t believe cryptocurrencies are a “winner takes all” scenario, instead, he made it clear that a multitude of projects can live in relative harmony, due to this innovation’s ground-breaking potential.
Allaire isn’t the only industry insider to have appeared on CNBC to laud cryptocurrencies and their potential for the long haul. As reported by NewsBTC previously, Michael Bucella, a Goldman Sachs executive turned BlockTower Capital partner, made it clear that as the “smartest money is moving into” this industry, long-term legs upward are likely. Expanding on what he meant by “smartest money,” Bucella drew attention to the interest that MIT, Harvard, Stanford, and Yale have endowed onto cryptocurrencies and the firms maintain this ecosystem.
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ICOs Continue To Liquidate Ethereum (ETH) War Chests Amid “Crypto Winter”

Since 2018’s cryptocurrency “winter” came into existence, tokens generated via initial coin offerings (ICOs) have severely underperformed their macro cap counterparts, namely Bitcoin (BTC) and Ethereum (ETH). This has led a multitude of projects, who formerly relied upon their ICO-funded war chests, to take drastic measures in a bid to stay afloat.
ICO-funded Projects Sell 416,000 Ethereum (ETH) In Past 30 Days
According to data gathered by Santiment, relayed through TrustNodes, ICO-funded projects have spent (sold) a jaw-dropping 416,000 ETH in the past 30 days. At the current price of $87, such an amount of Ether amounts to $36.19 million in U.S. dollars — not a small sum, to say the least. This recent influx of liquidation orders is purportedly the most notable since the Summer.
Per Santiment, a leading cryptocurrency analytics provider, SingularDTV has been the largest spender of Ether in the past month, reducing its ETH balance to 165,000 after utilizing 60,370. Aragon and Kyber Network followed closed behind SingularDTV, both liquidating 50,000 Ether in the aforementioned time frame. It is important to note, however, that Ethereum-centric projects still have millions of Ether in their still-stocked war chests.
Regardless, this recent move underscores the fact that a number of projects have been subject to bear market-induced pressure.
Hasn’t Been Easy To Stay Afloat In A Crypto Bear Market
Interestingly, Ethereum-centric chat application Status, which has been a high-rolling ETH spender in the past month, recently divulged that it would be cutting 25% of its staff (~25 employees). In an address to Status’ recent townhall, Jarrad Hope, the co-founder of the upstart, claimed that as his firm’s war chest has been reduced drastically, it was logical to layoff “non-essential” staffers. Hope even asked employees to take a pay cut, in an apparent bid to extend Status’ runway, and to survive the tumult that cryptocurrencies have found themselves in.
Although such a business decision is evidently tough, some would argue that Status has had it easy. Steemit, the private company behind a decentralized media platform that shares its name, also had to undergo a shift in business in recent weeks. As reported by NewsBTC previously, Steemit CEO Ned Scott took to his personal Youtube channel to layoff “close to 70% of the team.” Ethereum development studio ConsenSys followed suit, claiming that it had purged 13% of its employees, as it had become apparent that the distributed startup had overextended its funding.
Related Reading: Crypto Jobs Get Squeezed as Markets Continue to Free-fall
While ConsenSys, Steemit, and Status are evidently reeling in pain, metaphorically speaking, some startups have been wiped off the face of Earth entirely. ETCDEV, a key development consortium in the Ethereum Classic ecosystem, folded just two weeks back, with the firm’s CTO citing financial restraints as the catalyst behind the group’s collapse. This revelation comes just days after Artamonov, the firm’s CTO, released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team.
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The post ICOs Continue To Liquidate Ethereum (ETH) War Chests Amid “Crypto Winter” appeared first on NewsBTC.

BitcoinNews.com

A Look at Some of 2018’s Most Popular Cryptocurrency Traders

Cryptocurrency trading is a popular pursuit, as the fluctuation of digital assets provides plenty of profit-taking opportunities. The volatility gives expert traders enough room to pull in daily profits by carefully predicting price movements. Digital currency fans follow a slew of sophisticated traders online because they frequently publish technical analysis (TA) or short-term outlooks for the crypto markets.
Also Read: Despite 2018 Bear Market, Top Crypto Markets Have Outperformed FANG Stocks Since 2017
Despite the Dips, Cryptocurrency Intra-Day and Swing Traders Made a Lot of Money in 2018
Here’s a look at the top cryptocurrency traders on Twitter and the TA publishing website Tradingview. The digital asset traders mentioned below have thousands of followers, and often publish their ideas so others can get a glimpse at their trading positions. There’s a lot of money to be made trading cryptocurrencies and there are many people who exchange digital assets for a living. Lots of intra-day and swing traders play the markets for profits every day and any type of movement can make them money. The 2017 digital currency bull run made crypto traders a bunch of capital, with the best even using the 2018 cryptocurrency bear market to make further profits.
Philakone

The first analyst on our list is the Canadian cryptocurrency trader Philakone (@Philakonecrypto). He’s been tweeting his analysis of various digital currency markets for quite some time and has amassed over 107,000 followers on Twitter. The trader habitually talks about bitcoin trading on a regular basis and explains how he is playing his current position. Philakone says he’s “married to the Elliot Wave Theory,” a form of technical analysis that uses investor psychology, optimistic and pessimistic trends, and price swings that produce market impulses and waves. The method created by Ralph Nelson Elliott is a popular technique used by many cryptocurrency traders. Crypto trader Philakone live streams his technical analysis for coins like BTC, XRP, and BCH.
Philakone tweets frequently about cryptocurrency movements and how to forecast swings.
Nick Core
Another trader people follow is Nick Core (@Crypto_core), a day trader and statistician who routinely explains his bitcoin market outlook on Twitter, Youtube, and Tradingview. Core’s analysis gives an overview of digital asset price action and other indicators throughout various videos and the trader also discusses technical positions on the Discord platform. The trader has 33,000 followers on Twitter and almost 7,000 following his Tradingview outlooks. An examination of Core’s published ideas shows the trader will use exchanges like Bitfinex and Bitstamp, with most of his analysis on coins like BTC, XRP, and LTC.
Nick Core’s TA videos on Tradingview are quite popular and Core tweets about cryptocurrency markets regularly on Twitter.
Mr. Jozza
Mr. Jozza (@Mrjozza) is a well-known bitcoin trader who posts a lot about the market trends taking place nearly every day. For instance, on Friday, Dec. 14, speaking about current BTC/USD trends, Mr. Jozza explains his “Bitcoin scribble of destiny — Looking for a stop-run below $3k, even with this tapered off sell volume” while sharing a chart that shows his short-term forecast. The trader has more than 16,000 followers on Twitter and his posts mostly touch upon BTC/USD market trends.
Mr. Jozza is a long-time bitcoiner and trader who frequently gives his analysis of BTC and other cryptocurrency price movements.
Magic Poop Cannon
One interesting and popular strategist on the website Tradingview has over 44,000 followers and goes by the name Magic Poop Cannon. The trader’s 500+ written ideas concerning the price of BTC and other market trends have received close to 1 million views to date. Magic Poop Cannon’s TA is filled with descriptions and indicators that show what he thinks will happen with the value of bitcoin over short-term periods. The trader believes he is “the master of the charts” and he posts his TA nearly every day. Magic Poop Cannon is big on writing about BTC, LTC, BNC, and even stocks tied to the blockchain industry like Nvidia.
Magic Poop Cannon is one of the most popular BTC/USD analysts on the platform Tradingview.
Excavo
Another well-known trader on Tradingview is an analyst who calls himself Excavo. The analyst is Tradingview’s most read BTC/USD strategist and has close to 70,000 followers on the platform. Excavo has written 1,227 technical analysis reports which have captured over 850,000 views. The cryptocurrency trader uses indicators like ‘long’ and ‘short’ positions on Bitfinex and other market trends to figure out whether or not the price of BTC is going up or down. Excavo also has his own trading Telegram channel and he discusses other markets besides cryptocurrencies as well. His last post on “The Unofficial Start of the Financial Crisis” gives a TA reading of the Dow Jones Industrial Average on the brink of a market slump.
Excavo is Tradingview’s most popular analyst on the entire site according to all-time records.
Cryptobull
Cryptobull (@Cryptobull) is a bitcoin and altcoin trader who’s very well known on Twitter, with 173,000 followers on the social media platform. On Saturday, Dec. 15, Cryptobull explained that BTC was slightly below the weekly 200 moving average (MA) and noted “Historically we don’t spend a lot of time here.” The trader is quite humorous in his daily tweets, but in between the slew of cryptocurrency-themed memes, Cryptobull gives his price movement forecasts. Besides detailing some short-term BTC trends last week on Dec. 6, Cryptobull had a survey asking his followers whether or not the “bottom was in.” More than 52% of the 6,472 people polled voted that the “bottom was not in” and BTC prices would likely go lower. Cryptobull focuses his energy on BTC trades.
Cryptobull tweets about market sentiment often.
Mr. Swing Trader
The cryptocurrency trader Eric Choe (@Cryptochoe aka Mr. Swing Trader) gives his insights on a daily basis to 142,000 Twitter followers. Choe says he makes a “few big trades” per week and claims he can turn $1K into “whatever.” The popular Mr. Swing Trade also has a Telegram channel and makes swing trade calls on a regular basis. On Friday, Choe detailed how he trades when he’s “too busy” stating that he plans trades on Sunday, scans 250 coins, identifies up and down trends, sets alerts and retrace levels, enters on pullbacks, and exits at key levels. The trader says he employs this technique for 2-5 cryptocurrency trades per week. Choe’s website and trading group statistics show the trader usually has positions in BTC, XRP, ETH, and EOS.
Eric Choe’s trading results he shares on his trading Slack channel.
Xuan Haimmoer
The cryptocurrency trader Xuan Haimmoer from Vietnam is a popular author on the Tradingview platform with over 6,000 followers. He’s been a top TA publisher on the charting website over the past few weeks and has published 571 posts on BTC, XRP, EOS, and other cryptocurrency markets. 14 hours ago, Haimmoer provided his analysis for BTC and said he wakes up every morning to look at the screen and watch the market. Haimmoer likes to note the changes that have taken place after his last analysis. The trader uses the Elliot Wave trading method as well, and at the moment his short-term target is between $2,800-3,000 per BTC. Haimmoer also runs his own trade discussion channel on Telegram for people interested in his trading reports.
Xuan Haimmoer is an up and coming Tradingview analyst from Vietnam who has garnered a bunch of attention over the past few weeks.
Trading Strategies That Are a Bit More Realistic Than Wall Street Bigwigs
There are many other traders that cryptocurrency enthusiasts follow in order to get a perspective of what may or may not happen next within the crypto-economy. Some of them are not even necessarily dedicated crypto traders, but do speak on the market from time to time, like the inventor of the Bollinger Bands technique John Bollinger (@bbands). Other individuals to follow include the Whaleclub administrator BTCVIX (@BTCVIX ), Willy Woo (@woonomic) and the semi-retired cryptocurrency trader ‘฿TF%$D!’ (@CryptoHustle).
A good portion of digital currency proponents follow traders like the ones mentioned above, because their prognosis is more realistic than that of old Wall Street farts constantly shouting that BTC’s price will be $25,000 by the year’s end. These traders have been far more down to earth and a number have successfully called short-term cryptocurrency swings. It’s not smart to follow these traders’ every move, because even experts are often wrong, but it’s always nice to get an overall glimpse of how a good portion of pro traders are feeling. Another thing to consider is that some of the so-called ‘expert’ traders on Tradingview and Twitter have been openly criticized for trading techniques, shilling, and other erroneous errors. For instance, even though some of these strategists have over a hundred thousand followers, online critics have denounced a few of the traders mentioned above.
What do you think about the traders mentioned above? Are there any traders that you follow that we missed? Let us know your thoughts about this subject in the comments section below.
Disclaimer: The traders, methods, and subjects mentioned in the editorial above are intended for informational purposes only, and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Twitter, and Tradingview.

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The post A Look at Some of 2018’s Most Popular Cryptocurrency Traders appeared first on Bitcoin News.

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Lawyers to Help the Russian Crypto Industry Deal With Inadequate Laws

In the absence of a comprehensive regulatory framework for cryptocurrencies in Russia, lawyers have taken matters into their own hands. A new advisory body of legal experts will look into cases where the current legislation does not reflect the specifics of the growing digital economy and propose solutions.
Also read: CEO of Romanian Exchange Coinflux Arrested on US Warrant
Legal Commission to Solve Problems Stemming From the Lack of Proper Rules
During a round table discussion on these issues, the Russian Lawyers Association and an educational organization called Blockchain Lawyers have agreed to establish a specialized commission that will address the legal challenges in the crypto industry. It will also work with companies in other related sectors such as blockchain development, artificial intelligence, quantum technologies and the internet of things.
The commission’s main task will be to provide answers to outstanding questions and solve problems arising from the lack of proper crypto regulations, the Russian outlet Bitcrypto News reported. The participants in the round table expressed confidence that the new body will be able to give legal definitions to many new economic and technological phenomena in the digital space.
The members of the commission will help projects and organizations in the industry to overcome specific challenges. Some of them are related to accounting and taxation, for example. The Russian government currently treats cryptocurrencies as “other property.” In the case of ICO tokens, however, the digital coins can also represent property rights. The problem is that the Russian tax code applies different rates to these two categories.

According to Mikhail Uspenskiy, partner at the law firm Taxology, keeping accounting records competently will be extremely difficult until Russian lawmakers finally adopt new laws to clearly define the legal nature of cryptocurrencies and tokens. However, the lower house of Russia’s parliament, the State Duma, has postponed the adoption of the legislation that was filed this past spring.
Russian Authorities Favor Conservative Approach to Crypto Regulation
After introducing a number of changes to the original texts, Russian deputies eventually dropped several key terms such as “cryptocurrency” and “mining” from the main bill, the law “On Digital Financial Assets.” Representatives of the crypto industry protested against its latest version and even proposed their own, alternative bill that grants cryptocurrencies a “special status.”
In a recent statement, Russia’s deputy prime minister Maxim Akimov defended the conservative regulatory approach. Commenting on the recent market slump that decreased the capitalization of most decentralized cryptocurrencies, he also said that authorities in Moscow do not plan to introduce any more significant amendments to the draft legal framework.
During the round table, the legal experts discussed a number of other related topics such as the need to regulate law enforcement in the crypto industry and provide protection for the rights of cryptocurrency holders. The new commission is expected to deal with these issues as well. The body will operate within the Moscow regional branch of the Russian Lawyers Association.
What do you think of the idea to create a legal commission to support the growing Russian crypto industry? Share your thoughts on the subject in the comments section below.

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Bitcoin Development Not Controlled by Anyone Says Crypto Veteran

No one controls the focal point for Bitcoin development, said Jameson Lopp in his latest blogpost.
The Bitcoin veteran, who has been a crucial part of crypto developments since the beginning, opened recently about how developers run the world’s biggest decentralized financial network without fragiling it. He also attempted to answer individuals and groups that criticize bitcoin core, a large group of software veterans, programmers and even newbies, for controlling the network’s present and future developments by taking unilateral decisions.
How Bitcoin Development Works
The central point throughout the Lopp’s post remained how Bitcoin Core reaches a consensus whether or not it would merge new code proposals into their GitHub repository. Lopp explained that while the core has “maintainer” accounts that have the ability to merge code into the master branch, their duty is more janitorial than authoritative. That said, the core picks maintainer for their provable contributions over a period of time.
Each maintainer holds a unique PGP key and only these encrypted jargons could commit merge codes to the current framework, he added. A malicious actor, in this case, could still use its administrative privileges to inject code into the GitHub repository without maintainer’s consent – through a Pull Request feature.
“While these keys are tied to known identities, it’s still not safe to assume that it will always be the case — a key could be compromised and we wouldn’t know unless the original key owner notified the other maintainers,” Lopp wrote. “As such, the commit keys do not provide perfect security either, they just make it more difficult for an attacker to inject arbitrary code.”
The code that has been verified using the PGP keys into the Bitcoin mainframe is prone to auditing. Developers, for instance, can run an integrity check, dubbed as verify-commits, on their machines.
“If the script completes successfully, it tells us that every line of code that has been changed since that point has passed through the Bitcoin Core development process and been “signed off” by someone with a maintainer key,” Lopp asserted.
Nevertheless, the cypherpunk recognized that the solution was not entirely a cure but a strong prevention tactic to keep the villains out of the core.
“Constant Vigilance,” he recommended while hoping that more developers reviewing bitcoin code could ensure its growth as any other open source project.
Testing Code Coverage
Bitcoin Core includes a specific integration test suite that runs against every pull request, coupled with an extended test suite that runs every night on master. Available to every developer on GitHub, the code, according to Lopp, can be tested openly by cloning the core’s GitHub repository. The same code coverage, meanwhile, can also be viewed at Marco Falke’s page.
That said, each developer can purposely break the code to test whether or not it is committable to the original framework.
“Ultimately, each node operator governs themselves by ensuring that no one else on the network is breaking the rules to which they agree,” said Lopp. “This security model is the foundation for Bitcoin’s bottom-up governance.”
The post Bitcoin Development Not Controlled by Anyone Says Crypto Veteran appeared first on NewsBTC.

NewsBtc.com

Facebook Blockchain Arm Booms, Even Amid Crypto Bear Market

Just months ago, David Marcus, the former president of fintech giant Paypal, was appointed as the inaugural head of Facebook Blockchain, the social media giant’s first stab at so-called “internet 3.0” innovation. But since Marcus’ appointment, many have been puzzled, as Facebook’s blockchain division has seemingly disappeared off the face of Planet Earth. In a testament to this confusion, the Menlo Park-headquartered corporation has only fleeting referenced its newfangled branch, specifically through the incessant stream of Facebook job opportunities posted via LinkedIn.
Yet, an exclusive report from Cheddar, an up-and-coming business media outlet, has revealed that Facebook’s “small” blockchain consortium has been bolstering its defenses behind closed doors. Citing those familiar with the matter, the outlet’s Alex Heath and Tanaya Macheel explained that nearly 40 employees, which consist of blockchain developers and former members of Paypal’s top brass, now work within the walls of the little-known program. In the exposé piece from Cheddar, it was also divulged that two former key members pertinent to the Instagram project had jumped onto the blockchain bandwagon.
And the social media powerhouse doesn’t seem poised to pause its blockchain efforts, even in spite of the Bitcoin market rut. Facebook has reportedly shot representatives across the globe in a search for potential team members at crypto-centric events. Such efforts to find talent haven’t been deemed enough, however, as Facebook Blockchain’s staffing recruiters and chiefs have also reached out to leading cryptocurrency projects in an attempt to poach promising employees.
Related Reading: The Crypto Markets May be in a Rout, But the Blockchain Job Market is in Full Swing
Pomp Bets Facebook “Builds The Most Used” Crypto Product
But while Facebook evidently means business, not much is known about the blockchain spoke’s inner workings and long-term ambitions. Crypto industry commentators have speculated that Facebook could be seeking to put pertinent segments of its social media platform on (de)centralized ledger technology, while others have speculated that a digital identity platform is in development.
Still, at a private rendezvous hosted by Facebook, attendees purportedly told Cheddar that the firm has intentions to launch a “decentralized digital currency” that would be aimed at its expansive user base. And interestingly, while the latter plan sounds the most ambitious, multiple reports have nearly verified that a token could be in development at Facebook’s new department. Speaking on the matter of a cryptocurrency or digital asset backed by Facebook, explaining why such a venture is logical, Drew Hinkes of New York University told Cheddar:
“They have a massive installed user base… They probably are looking at China and seeing how popular mobile commerce has been there and wondering why we can’t do that.”
Regardless, no matter the form that Facebook’s first crypto or blockchain offering takes, many are sure that it could turn this industry right on its head. Morgan Creek Digital partner Anthony Pompliano, known across Twitter for his hate for banks, and advocacy for cryptocurrencies, recently “bet” that the American internet juggernaut will build the “most used product in crypto.”
Related Reading: Morgan Creek Digital Makes $1 Million “Buffett Bet 2.0” Crypto Wager
Although this shouldn’t be exactly surprising, especially considering Pompliano’s former role at Facebook and the firm’s global influence, his comments took many aback, as Facebook accentuates the hallmarks of centralization in the eyes of cynics.
Not The Only Corporate Player On The Blockchain Block
Facebook isn’t, by any means, the only multinational institution to further its foray into blockchain technologies. As reported by NewsBTC, Paypal, the widely-used payments network, recently begun an in-house initiative centered around company-branded crypto assets. This system, which some have jokingly dubbed “PaypalCoin,” allows employees to garner, trade, and exchanges tokens for rewards, dubbed “experiences,” that include martial arts classes with CEO of Paypal, Dan Schulman.
Although this system was likely made in good fun, the fact of the matter is that if Paypal finds value in cryptocurrencies, the firm may seriously consider rolling out products surrounding this asset class in due time.
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