There are growing concerns in the People’s Republic about the effect Bitcoin mining has on power consumption. So much so that the government has outlined proposals this week to restrict mining operations. The move has spurred a digital exodus as mining conglomerates seek friendlier lands. China’s crackdown on cryptocurrencies has widened to miners, according to… View Article
Archives for January 6, 2018
Key Highlights ETH price is moving nicely above the $1,000 level and it heading higher against the US Dollar. There are two major bullish trend lines forming with support at $990 and $770 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair might continue to move higher and the next target for… View Article
- ETH price is moving nicely above the $1,000 level and it heading higher against the US Dollar.
- There are two major bullish trend lines forming with support at $990 and $770 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and the next target for buyers is around $1105.
Ethereum price is making a nice move against the US Dollar and Bitcoin. ETH/USD is likely to accelerate higher and it could test the $1105 level.
Ethereum Price Uptrend
There were nasty gains in ETH price this past week as it moved above the $900 and $1000 resistance levels against the US Dollar. There were a couple of swing moves from the $1000 level, but at the last, the price was able to settle above $1000. At the moment, the price is trading nicely above the $1000 level. The best part is the fact that the price has breached the 1.236 extension of the last drop from the $864 high to $475 low.
It has opened the doors for more gains above $1000. On the downside, there are two major bullish trend lines forming with support at $990 and $770 on the 4-hours chart of ETH/USD. The first trend line is the current trend support around $1000. However, the second one is more important around the $770 level since it is close to the 100 simple moving average. The current price action is positive and it seems like more gains are possible above $1000.
The next target could be the 1.618 extension of the last drop from the $864 high to $475 low near $1105. Above $1105, there could be limited gains before there is a correction back toward $1000 or $920.
4-hours MACD – The MACD is solidly placed in the bullish zone.
4-hours RSI – The RSI is moving higher in the overbought levels.
Major Support Level – $990
Major Resistance Level – $1105
Charts courtesy – SimpleFX
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Key Points Bitcoin cash price is struggling to move above the $2600 and $2700 resistance levels against the US Dollar. There is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD (data feed from Kraken). The pair has to move above the $2600 and $2700 levels to gain… View Article
- Bitcoin cash price is struggling to move above the $2600 and $2700 resistance levels against the US Dollar.
- There is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair has to move above the $2600 and $2700 levels to gain traction in the near term.
Bitcoin cash price is finding bids above the $2200 level against the US Dollar. BCH/USD must close above $2700 to move back in the bullish zone.
Bitcoin Cash Price Upside Hurdle
After a sharp downside move toward $2000, bitcoin cash price found support against the US Dollar. The price started a recovery and managed to settle above $2200. There were a couple of upside attempts, but it struggled to move above $2800 and then at $2700. It seems like there is a crucial bearish trend line forming with resistance at $2600 on the 4-hours chart of BCH/USD.
The mentioned trend line is acting as a major upside hurdle and prevented gains above $2700. The trend line at $2600-2700 is also around the 100 simple moving average on the same chart. Therefore, a break above $2700 and the 100 SMA won’t be easy. The pair is currently above the 50% Fib retracement level of the last drop from the $2880 high to $2281 low.
However, it has to move above $2700 and the 61.8% Fib retracement level of the last drop from the $2880 high to $2281 low to gain upside momentum. Once there is a close above the $2700 resistance and the 100 SMA, the price could accelerate toward $3000 and then $3200. On the downside, the $2200 and $2000 levels are important supports.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is mostly flat and is showing signs of a range.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Level – $2200
Major Resistance Level – $2700
Charts courtesy – Trading View, Kraken
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There has been much talk of how blockchain technology can improve mainstream financial markets. That cuts both ways. In particular, blockchain purports to fix post-trade, yet the crypto market itself fails miserably at it.
The United States Securities and Trade Commission warned investors on Thursday about their inability to help those who’ve lost money investing in digital currencies. Sec Restates Cryptocurrency Worries It’s not a secret that the SEC is very wary about Bitcoin and crypto-currencies in general, and today they restated their concerns. They’ve advised investors to exercise caution… View Article
There are quite a few issues in the world of cryptocurrency debit cards. More specifically, Visa seemingly suspended nearly all debit card providers. This includes the likes of Bitwala, Wirex, TenX, and even CoinsBan. All of these companies rely on WaveCrest as a card issuer and their partnership with Visa. It is evident, things are not looking all that great for the affected companies. Whether or not this issue can be rectified in the near future, remains highly unlikely.
Using a Bitcoin debit card has been pretty fun in Europe. It allows users to spend cryptocurrency at virtually all locations. Unfortunately, this also means none of the companies suffering from this suspension can provide proper services. It may very well be the final nail in the coffin for companies who solely focus on this business model. Thousands of users are affected by this ordeal, to much dismay of cryptocurrency enthusiasts worldwide.
Visa Terminates WaveCrest Membership
Users can still access the funds stored on the cards, though. However, they will no longer be able to use the cards themselves. Visa has forced companies to suspend all cards as of January 5th. There is no indication WaveCrest will be able to reverse this situation in the future. They are following the guidelines of Visa, which is not something to be trifled with. This is another crackdown against cryptocurrencies, by the look of things.
Surprisingly, it seems this problem affects all WaveCrest prepaid cards in circulation. While the company is cryptocurrency-friendly, they do have other clients as well. It is evident this situation is a big problem which will need to be addressed sooner or later. Visa has allegedly discovered some compliance issues when it comes to Wavecrest. As a result, their services have to be determined immediately and indefinitely.
For now, it remains unclear what triggered this decision exactly. Visa will probably have their reasons for this decision, which is not a good thing by any means. It seems an isolated incident which affects only Wavecrest and all programs in conjunction with this company. It is a very unfortunate situation which opens the doors for new players to enter the market. For now, using virtually any Bitcoin debit card in Europe is impossible/
Header image courtesy of Shutterstock
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Learn how a Russian crypto developer is heralding a pioneering local project.
Many exciting new blockchain projects are surfacing throughout the world, due to this market gaining momentum on a global scale.
Russian developer Crypto Patriot, for instance, is collecting funds to build “Patriot Mall,” a trade and entertainment mall in Tyumen.
This endeavor is especially unique because it is not purely digital, but it relates to developments in the physical work, spanning different industries such as real estate, commerce and more.
The Crypto Patriot team plans to construct the aforementioned mall with the help of investors, who would fund the project by acquiring PPMT tokens and touch dividends from the lease of shopping space or by selling their tokens on crypto exchanges.
Patriot Mall will become the first project of its kind in the Eastern Administrative District of Tyumen, which has never had a trading facility hosting shops of different sectors. For this reason, the team is confident that the project will draw a notable fraction of buyers, as well as leaseholders.
The physical space the mall will occupy amounts to 35,194.3 square meters. The project creators concluded partnerships with most potential leaseholders. The ground floor of the mall building will host a farmers’ market, and the organizers have signed an agreement with local agricultural companies. The company sponsoring the project has already invested $5 million, but to finish the construction works, it plans to issue internal tokens and use the ICO to collect 9,450 ETH tokens. The founders of the project aim for the mall to become functional a year after raising the necessary funds. As for the first dividends, investors will be able to receive them as early as three months following the inauguration of the shopping mall.
The most vital component of the Crypto Patriot initiative is the introduction of the Patriot Project Mall Tokens (PPMT). These tokens will be linked to the total leasable area of the mall: every PPMT will amount to 0.01 square meters. Token holders will retain the rights to their allotted part of the leasable area and will receive dividends from the lease.
The originators of the project assert that the investment model is hybrid, being a blend of stock investment and real estate financing).
The tokens will be dispensed one time only, through the Ethereum cryptocurrency platform, with a total of 1,5 mln tokens.
99.5% of such tokens will be distributed during the crowdfunding process, while 0.5% will serve bounty programs. A single Ethereum token will be exchangeable for 140 PPMT, with a system of bonuses related to the acquisition of tokens in place since the pre-sale, which started on December 15th, 2017.
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Satoshi Nakamoto’s Bitcoin white paper envisioned the use of an electronic money that would be “purely peer-to-peer.” This means no third parties would be involved in any way–online payments would go directly from one party to another without any interference. Though this is how Bitcoin and other cryptocurrencies were designed, for the most part, this isn’t how they’re exchanged.
This is because a large number of cryptocurrency transactions go through exchanges like Bitfinix, Bithumb, and Bittrex. Alone, these three exchanges account for over $12 billion in 24-hour trading volume. The rise in the value of many cryptocurrencies has seen a surge in trading volumes over the past couple of months, with one major drawback–exchanges are becoming increasingly more centralized and increasingly more powerful. The cryptocurrency community, of all people, should be wary of the dangers of centralization.
One project, Bitcoin Atom (BCA), is working on a network that will allow users to exchange digital assets in a truly decentralized manner.
The platform will use atomic swaps (AS) and integrated hash time-locked contracts (HTLCs) to give users freedom from any intermediaries or centralized bodies like exchanges. The BCA network allows parties to interact and transact directly–the original purpose of cryptocurrencies and decentralized blockchains.
How Do Atomic Swaps and HTLCs Work?
Atomic swaps permit two users operating on different blockchains to directly exchange cryptocurrencies through a completely trustless process. Both parties agree to the terms before the transactions–for example, fifty Litecoins for one Bitcoin–and use their private keys to sign a copy of the transaction. Once the signatures are in place, the exchange happens immediately.
Atomic swaps use hash time-locked contracts (HTLCs) that require the two entities to fulfill the trade’s requirements. HTLCs mandate that the parties independently generate cryptographic proofs of payment to confirm reception of the exchanged funds in a given amount of time. If either party can’t confirm the transaction in the stated time frame, the coins are returned to the original sender. Thus, atomic swaps and HTLCs allow users to transact directly without the need of any middlemen.
The Bitcoin Atom Network and the Benefit of Direct Peer-to-Peer Transactions
At its core, Bitcoin Atom is a SegWit enabled Bitcoin fork. Their goal is to use HTLCs to enable users to exchange cryptocurrencies via on-chain atomic swaps. The team plans to integrate cross-chain trading utilities and an atomic swap API into Bitcoin’s core software and fork it into the BCA blockchain.
The result is that BCA blockchain users can transact directly with one another without the need for a standard cryptocurrency exchange. All users have to do to initiate a transaction is open their Bitcoin Atom node and place a buy or sell order. Once an agreement with another party is made, the HTLCs will ensure that the transaction goes through quickly and securely.
By eliminating the need for third-party cryptocurrency exchanges, Bitcoin Atom will greatly lower transaction costs for both parties. Many cryptocurrency exchanges charge fees for every transaction, in addition to fees for bank deposits and withdrawals. This means more money is the pockets of exchanges and less money for individuals. The widespread use of cryptocurrency exchanges has replaced one centralized authority–banks–with another centralized authority–cryptocurrency exchanges. The end result is exactly the same.
Additionally, users don’t have to be dependent on the operational status of cryptocurrency exchanges to make exchanges. It is not uncommon for third party exchanges to have problems, especially during times of high volumes. The result is that users end up trusting these centralized parties with their money, only to have them fail in their time of need. This is the exact problem cryptocurrencies are supposed to solve.
Thankfully, with the advent of the Bitcoin Atom network, these issues can be done away with. The development team is working on integrating instant off-chain swaps, with the goal of implementing their HTLC API by January 2018. The full atomic swap network could be up and running by the end of 2018.
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