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
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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.
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.
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.
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
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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
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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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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.
Featured Image from Shutterstock
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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.
Featured Image from Shutterstock
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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.”
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