KODAKCoin’s backers are calling a crypto exchange’s ICO launch claims “fraudulent.”
Archives for May 3, 2018
Asian Cryptocurrency Trading Update: Nano Lifted on Binance Giveaway
As we end the week crypto markets are still looking bullish and most coins are on the way up. Total market capitalization is now over $450 billion and Bitcoin has made more gains overnight. Currently trading at $9,600 BTC is up 3.8% on the day and is approaching key resistance near the $10k level. Altcoins are a mixed bunch during Asian trading, some are performing well while others have retracted a little from weekly highs. The coin out in front at the moment is Nano.
According to Coinmarketcap Nano is trading 21% higher on the day. It is the only altcoin in the top 25 with double digit gains at the moment. Currently trading at $10.2 Nano has made gains from $8.45 where it was this time yesterday. Over the week this altcoin has made gains of 40% from $7.28 this time last Friday. Nano has been a solid performer over the past month almost doubling in price from $5.2 this time last month. Against Bitcoin Nano has made a 16% gain on the day to 105500 satoshis from 91000 sats this time yesterday. Weekly gains on BTC have been an impressive 33% from 79000 satoshis this time last week.
The rebranded RaiBlocks has had a rough ride with the BitGrail saga but seems to have shaken off any doubts and has recovered well. A Binance giveaway of 15,000 tokens has boosted Nano over the past 24 hours and prizes for Nano traders on the exchange have been an incentive to load up;
#NANO Competition – 15,000 $NANO To Giveawayhttps://t.co/FfWxqn0RX8 pic.twitter.com/3w22IGQm0R
— Binance (@binance) May 3, 2018
Unsurprisingly Binance leads the way with Nano trade taking almost 95% of the total volume. That trade volume has jumped from around $24 million to over $125 million in 24 hours and continues to climb at the time of writing. Nano has found its way back into the top 25 and currently sits at 23rd with a $1.35 billion market cap.
Total crypto market capitalization has climbed again today by 2.7% to $452 billion. Trade volume has also climbed from $23 billion this time yesterday to $31 billion at the moment. Other altcoins with strong gains during the morning’s Asian trading session include Ethereum, Iota, and Bytecoin.
More on Nano can be found here: https://nano.org/en
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
The post Asian Cryptocurrency Trading Update: Nano Lifted on Binance Giveaway appeared first on NewsBTC.
Ethereum Price Technical Analysis – ETH/USD Skyrockets above $780
Key Highlights ETH price jumped higher sharply and moved above the $780 resistance level against the US Dollar. There is an ascending channel forming with support at $760 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains in a solid uptrend, and any downsides are likely to find support around $756 and $746.
Ethereum price surged higher against the US Dollar and Bitcoin. ETH/USD moved above the $780 level and it looks set to extend gains in the near term.
Ethereum Price Support
There was a solid increase in buying interest as ETH price moved above the $750 resistance level against the US Dollar. Yesterday, we discussed that the price could move above the $725 level. It not only broke the $725 level, but moved higher by more than $50. During the upside, it broke the $765 and $780 resistance levels, and traded as high as $789.17. At the moment, the price is correcting lower from $789.17, but remains well supported.
ETH price recently traded below the 23.6% Fib retracement level of the last wave from the $714 low to $789 high. However, there are many supports on the downside around the $755 level. More importantly, there is an ascending channel forming with support at $760 on the hourly chart of ETH/USD. Below the channel support, the 38.2% Fib retracement level of the last wave from the $714 low to $789 high may perhaps act as a support around $756. Below the stated $756 support, the price could test the next fib support level at $746.
Looking at the chart, any further declines below $746 could be limited. On the upside, the price is facing a tiny resistance around the $788-790 levels. However, the main hurdle for buyers is close to the $800 level.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently correcting lower from the 70 level.
Major Support Level – $756
Major Resistance Level – $790
The post Ethereum Price Technical Analysis – ETH/USD Skyrockets above $780 appeared first on NewsBTC.
Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom
Bitcoin Price Key Highlights
Bitcoin price appears to be gaining traction on its climb as it approaches a key resistance. A break past the $10,000 barrier could complete the creation of a double bottom reversal pattern. Rallying past the neckline of the formation could lead to an uptrend of the same height.
Bitcoin price is forming a double bottom on its daily time frame to signal that a longer-term uptrend is due.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff could still resume from here, possibly leading to another test of the bottoms at $6,000.
The 100 SMA appears to be holding as dynamic support, though, and a move past the 200 SMA dynamic inflection point could draw more buyers in.
Stochastic looks ready to turn lower from the overbought region to signal a pickup in selling pressure as well. But if buyers stay in control, a mov past the $12,000 area of interest and neckline could lead to a climb of around $6,000 or a rally up to the record highs.
Market Factors
Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a bitcoin trading operation. Execs also noted that bitcoin is not a fraud, contrary to CEO Blankfein’s statement on how it is in a bubble earlier on.
Apart from that, South Korea’s lawmakers are working on a bill to legalize ICO launches, also helping to add legitimacy to the industry. Japan has already created its regulatory body for ICOs, which means that the top markets for bitcoin are making good progress.
Dollar demand is also sinking leading up to the release of the NFP report as traders are wary that weak results could reinforce the less hawkish stance shared by the FOMC in their latest statement. Weaker than expected data could lead to even more dollar selling and bitcoin price could take advantage.
The post Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom appeared first on NewsBTC.
Coinbase Says Its an $8 Billion, ‘Self-Sustaining’ Company
Coinbase, the cryptocurrency exchange giant, reports that it is operating as a profitable business, valuing itself at about $8 billion USD.
Coinbase Is Paying for its Expansion in Crypto Assets
Coinbase continues full steam ahead with its strategy of business expansion by hiring and acquiring start-ups. In April 2018, Coinbase acquired Earn.com for about $100 million.
It was during the negotiations for this acquisition deal that San Francisco-based exchange valued itself at about $8 Billion USD. This amount includes Coinbase common shares, according to Recode.
An official valuation of the company will not become available until it receives a new fair market valuation of the company’s common stock or 409a valuation.
However, according to Recode’s undisclosed sources, brokers have been approaching Coinbase investors to buy existing shares, and they have been estimating values within the $4.5 billion to $6 billion range.
Recode also reports that Coinbase is paying in part for Earn.com in crypto assets.
Hiring and Expanding into New Crypto Businesses
Coinbase relentlessly continues to ramp up its services. According to Business Insider, Coinbase is now heading into the over-the-counter (OTC) cryptocurrency block trading business.
Moreover, by purchasing Earn.com, Coinbase expanded into the business of Bitcoin apps. Earn.com users get paid in the cryptocurrency to respond to email. The company’s website explains:
Earn.com allows senders to pay users in digital currency for replying to emails and completing tasks. Relative to the status quo, the introduction of payments benefits both normal email users and large-scale senders of commercial emails.
Coinbase operates with more than 1,000 employees, including contractors, distributed in different parts of the world. The company asserts that it has doubled the size of its full-time engineering team in the past year. Now, it is trying to attract talent in the crypto trading field.
We’re hiring! Know anyone who wants to build index funds for cryptocurrencies?https://t.co/DAw0JHqMiVhttps://t.co/cmJPe6jsJA
— Reuben Bramanathan (@bramanathan) March 19, 2018
In this connection, as part of the acquisition deal, Balaji Srinivasa, the co-founder and CEO of Earn.com, is joining the company as its first Chief Technological Officer (CTO). Srinivasa is a former Andreessen Horowitz general partner and brings tremendous crypto and Wall Street-related knowledge.
The exchange’s latest acquisitions indicate that it is profitable and remains optimistic about the future of the crypto business. Coinbase declared in a letter to the New York General Attorney:
Although we consider ourselves a growth-stage company, Coinbase today operates as a profitable and self-sustaining business.
Do you agree with the $8 billion valuation? Let us know in the comments below!
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Images courtesy of CNBC, Twitter/@coinbase, Earn.com
The post Coinbase Says Its an $8 Billion, ‘Self-Sustaining’ Company appeared first on Bitcoinist.com.
These ICO Investors Are Getting Their Money Back – And It’s Not Clear Why
Seattle-based Dragonchain appears to be catching up with the rest of the blockchain industry as it pivots to cautiousness over U.S. regulation.
California City’s Blockchain Token Is Definitely Maybe Happening
The “labyrinth” of city politics defies easy interpretation, but it seems that Berkeley is actually on its way to issue on a bond on the blockchain.
‘Pixie Dust’: Anti-Crypto ‘Expert’ Tells British Govt. Blockchain Is Just a Fad
On Tuesday, a director of a leading think tank stood before the British Parliament’s Treasury Select Committee and called out blockchain technology as “magic wand, pixie-dust things” that is a “fad” and “a distraction from looking at getting some of the basics rights” in the banking industry. Martin Walker, the director for the non-profit Center for
The post ‘Pixie Dust’: Anti-Crypto ‘Expert’ Tells British Govt. Blockchain Is Just a Fad appeared first on CCN
Raiden, Lightning and Plasma not the only contenders in crypto speed battle
Transaction completion speeds are one of the most buzz-worthy topics in cryptocurrency and for good reason. In a myriad of ways, many cryptocurrency projects have made the major technological advancements necessary to put cryptocurrency ahead of fiat currency in this category. Yet, there are many challenges that remain.
New Ethereum Project Aims to Tokenize Video Game Items
The ability to create decentralized applications (DApps) is widely considered to be one of the most promising use cases for blockchain technology. Palm, a new Ethereum-based project, aims to provide developers with the ability to tokenize in-game assets in conventional video games as well. Using Palm, developers can direct popular game development tool Unreal Engine
The post New Ethereum Project Aims to Tokenize Video Game Items appeared first on CCN
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