In the wake of a severe code vulnerability, bitcoin developers are asking if current code review processes are enough to prevent further failures.
Archives for September 24, 2018
Bitcoin Price Key Highlights
- Bitcoin price has formed higher lows and lower highs to trade inside a triangle pattern on its 4-hour time frame.
- Price got rejected on a test of resistance once more and a move to support appears to be taking place.
- Technical indicators are suggesting that further declines could be in the cards.
Bitcoin price bounced off the top of its triangle consolidation pattern and is gearing up for another test of support.
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. In other words, support is more likely to break than to hold. Price is currently testing the 100 SMA dynamic inflection point and might be due for further losses if it breaks below this level or the $6,250 triangle bottom.
Stochastic is also heading south so bitcoin price might follow suit while sellers have the upper hand. This oscillator is nearing oversold levels, though, so bears might be feeling exhausted soon. RSI is pointing down and has more room to fall before hitting oversold levels, so sellers could stay in control for a bit longer.
The chart pattern spans $6,000 to around $8,250 so a break lower could be followed by a drop of the same height. Similarly an upside break could lead to a rally that’s the same height as the triangle.
Bitcoin price has drawn support from the SEC decision to open the comment period for the proposed rule change to list the bitcoin ETF by VanEck/SolidX on an exchange. This keeps traders’ hopes up that an approval may be in the works sooner or later as it managed to avoid a quick rejection.
Meanwhile, there appears to be no major catalyst that has spurred the sharp tumble, apart from profit-taking. Some point to the BIS report that regulation has been a driving factor for bitcoin price also.
The post Bitcoin (BTC) Price Watch: Back to Support Yet Again! appeared first on NewsBTC.
- Bitcoin cash price declined further and broke the $470 and $460 support levels against the US Dollar.
- Yesterday’s highlighted contracting triangle with support at $486 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is following a bearish path and it could continue to move down towards $450 and $440.
Bitcoin cash price is under pressure below $480 against the US Dollar. BCH/USD could decline further towards the next major support at $440.
Bitcoin Cash Price Analysis
Yesterday, there was a short-term bearish reaction from the $500 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside correction and declined below the $480 support. It opened the doors for more losses and the price cleared the $470 and $460 support levels. Moreover, there was a close below the $480 level and the 100 hourly simple moving average.
The price declined below the 50% Fib retracement level of the last wave from the $407 low to $510 high. More importantly, yesterday’s highlighted contracting triangle with support at $486 was breached on the hourly chart of the BCH/USD pair. Therefore, there are chances of more downsides in the short term towards $450 and $440. An intermediate support is the 61.8% Fib retracement level of the last wave from the $407 low to $510 high at $447. The most important support on the downside is near the $440 level, which was a resistance earlier.
Looking at the chart, BCH price is placed below a bearish trend line with resistance at $470 on the same chart. A proper bounce and break above $470 and $480 is needed for a recovery. On the upside, the main resistance is at $500.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Major Support Level – $440
Major Resistance Level – $480
The post Bitcoin Cash Price Analysis: BCH/USD Extending Downside Correction appeared first on NewsBTC.
Markets are bleeding once again; XRP, Stellar, Cardano and Siacoin getting smashed.
As we have seen before the same pattern has resumed and the market rally could not be sustained. Cryptocurrencies have dumped again today wiping out all gains over the past few days. Total market capitalization has dropped back to just over $211 billion again, shedding over $15 billion in 24 hours.
Bitcoin could not hold above $6,700 and has slid back 3.3% on the day to $6,480. The decline has been steadier than previous dumps indicating that it was not just one whale responsible this time. A fall below $6,400 could result in all cryptos dropping back even further. After rallying well, Ethereum has plunged just under 9% overnight to trade at just above $220 wiping out all weekend gains.
Altcoins are predictably in the red on Asian markets this morning. There are some heavy losses in the top ten with XRP crashing 17% to $0.478. Stellar and Cardano are also hurting with 11% slides and EOS is not far behind losing 9% on the day. As before several days of gains are lost on one quick selloff as inexperienced traders panic. The top twenty is just as messy with IOTA and Tron dropping over 10% on the day. Also in a bad shape are Monero, Neo, Tezos and VeChain all losing over 7% at the moment.
Looking at the top one hundred Aurora is one of only two altcoins in the green at the moment with an 18% climb on the day. Steem is the other making 7% and the rest are stablecoins. Getting severely beat up after XRP is Siacoin which has lost all gains from yesterday’s pump, falling 14%. Japan’s Monacoin is also in a bad shape with an equal 14% decline on the day and XLM and ADA are not far behind.
Total crypto market capitalization has fallen by $15 billion on the day resulting in a 6.5% slide to just over $212 billion at the time of writing. Trade volume is currently around $14 billion which is higher than previous weeks. On the bright side markets are 9% higher than their levels this time last week when they were hovering just above the 2018 low.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the Asian trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Cryptocurrency Market Update: $15 Billion Dumped in 24 Hours appeared first on NewsBTC.
Ethereum prices are slowing down. At the back of last week’s eight percent gains, prices are ranging in lower time frames. Even though yesterday was bearish, we expect prices to pick up and sync in line with last week’s gains. However, for activation of long term bulls, prices must close above $300 or week ending Sep 9.
Latest Ethereum News
No doubt Ethereum is a market leader when it comes to smart contracting and dApp development. Thanks to its pioneer advantage, the platform is a go-to platform for developers and start-ups looking to raise funds. Their preference seems to be because the network is time-tested and secure. Besides, the Ethereum foundation has been on the forefront working on scalability proposals as plasma and network Shards.
Theoretically, these solutions, Vitalik Says, can scale the network enabling it to process billions of transactions per second usurping that of Tron. All things constant, Ethereum must work towards making this a possibility in days to come or else contend with never-ending jabs from Justin Sun, the founder of Tron. Tron is Ethereum’s rival but employs different consensus algorithm making it scalable, fast and its Tron Virtual Machine is compatible with that of Ethereum.
In other news, the largest brokerage firm in Brazil, Grupo XP plans on entering the crypto space. While there are no specific dates for exchange launch, the exchange XDEX shall list ETH. For expediency, it shall employ 40 crypto specialists. Overly this is a boost for ETH. Even if “Grupo XP” is obligated to launch the exchange, it comes at a time when regulators have a regulatory framework in place. The framework lists applicable tax laws for fund managers investing in Ether and similar cryptocurrencies.
Ethereum Price Analysis
Most notable, ETH prices are up eight percent in the last week but are still trending inside week ending Sep 9 bear candlestick. If anything, recent revivals-despite high volume backings-are but perfect opportunities for sellers to add to their positions. More so if this week fails to close above $250 or $300. From previous Ethereum trade plans, prices are technically on a down trend. Though on course, it will take a while before there are solid reversals closing above key resistance levels. In this case, $300 or week ending Sep 9 highs are important should there be trend reversal. Because of this, we recommend taking a neutral position going forward.
Like in the weekly chart, ETH bulls are facing resistance. However, since the market is rejuvenated, aggressive traders can load at spot prices as long as prices are trading inside Sep 21 high lows. The reason behind this projection is that Sep 21 did break above $230 triggering small position longs shortly after Sep 17 losses threatened to drive prices below $200.
But, this projection is valid only as long as Ethereum prices are trending inside a tight range between $230 and $250. Any dip below that can as well signal a trend back to $200 nullifying last week’s gains. Anyhow, considering our previous trade plan, we suggest patience for conservative traders until after there are gains above $300. Thereafter, traders can begin ramping up longs on dips as aforementioned before.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Ethereum Price Analysis: ETH Dips Perfect for Bulls Aiming at $300 appeared first on NewsBTC.
New research has found that, despite the popular idea that cryptocurrencies operate generally outside the reach of national regulators, regulatory actions still have a huge impact on crypto markets. The research is presented in a report by the Bank for International Settlements (BIS), an organisation owned by 60 of the world’s central banks from countries
The post Cryptocurrency Prices Highly Correlated to Regulatory Action: Central Bank Report appeared first on CCN
Aside from fundamentals, altcoin prices are retracing. But, as history shows, this is normal. Overly, we retain a bullish preview thanks to last week’s revival. Needless to say, risk off traders can ramp up at spot prices with targets at immediate resistance.
Let’s have a look at these charts
EOS Price Analysis
Bancor, the DEX exchange, aims to be the first cross-chain liquidity provider. By expanding and launching BancorX at the fast, scalable and free EOSIO blockchain, investors can from now trade EOS and ETH between the two platforms seamlessly.
— Bancor (@Bancor) September 20, 2018
This is on top of converting EOS tokens to ETH or EOS thanks to the in-built smart contracting capabilities availed by the platform. At the moment, Bancor claims to have processed over $1.5 billion worth of token conversions from the more than 120 Ethereum tokens since launch.
Expectedly, from our previous EOS trade plans, we anticipated pull backs to former resistance support at $5.5. Not only did $5.5 act as bull ceiling when prices dipped on Sep 17 but the failure of Sep 13 bulls to build on it means this level is important in our analysis. All things constant, ideal buy entries—complementing last week’s bulls, is anywhere between $5 and $5.5. Depending on where buy triggers are hit, safe stops should be at $5. First targets remain constant at $9.
Litecoin Price Analysis
From the daily chart, Litecoin prices are down seven percent in the last day. Though prices are technically on an uptrend, these pullbacks should in theory be perfect buy entry points. And they are. Notice that despite the decline and Sep 13 inverted hammer, lower lows are accompanied by light volumes. Furthermore, yesterday had a long lower wick signaling rejection of further depreciation in lower time frames.
In any case, expected supports lie anywhere between $50 on the lower side and $55 on the upper side. Depending on where buyers find support—visible in lower time frames—perfect stops should be $50. This is an important support line in our Litecoin trade plan. On the other hand, conservatives should ramp up buys only when there are strong breakouts above Sep 2018 highs at $70.
Stellar Lumens Price Analysis
A combination of market boosting news as Circle Invest listing, acceptance by UNICEF France and formation of Interstellar are definitely buoying Stellar Lumens prices.
EOS, 0x, Stellar, and Qtum are now available on Circle Invest! https://t.co/AyfUVPno3v
— Circle Invest (@circleinvest) September 20, 2018
Nonetheless, it’s the remote similarities between Ripple and Stellar that presents a buying opportunity for sector specific traders. Jed McCaleb is the founder of Stellar and one of Ripple core founders. He owns XRP though he did liquidate large chunks in Q2 2018.
A six percent loss in the last 24 hours did prime buyers keen on buying dips. After yesterday, Stellar Lumens sellers retraced towards former resistance now support at 25 cents before snapping back to trend. If anything, we recommend buying at spot prices with stops anywhere between 23 cents—in line with our previous Stellar Lumens price analysis—and 25 cents.
From a top-down approach, perfect entries for conservative traders is around the 30 cents—35 cents level. At those prices, bulls would be trending above the main resistance trend line in the weekly chart. Thereafter, first targets should be at 50 cents in line with our last XLM price forecasts.
Tron Price Analysis
Justin Sun’s marketing skills are exemplary. This time he is urging Ethereum developers to deploy their dApps on the Tron Virtual Machine.
Yes! Please stop deploying d-apps to Ethereum and migrate to #TRON network immediately! We are 100x faster than #ETH and fully compatible with #ethereum. We 100% guarantee better user experience! #TRX $TRX https://t.co/gRCtOC0rIS
— Justin Sun (@justinsuntron) September 24, 2018
Tron, he says, is 100X faster than Ethereum and compatible with its Virtual Machine. That’s aside from TVM and Tron guaranteeing a 100 percent user experience.
Despite the controversy around Tron and TRX, the coin is bullish after printing 14 percent last week. Like the rest of the crypto market, the coin did slow down. But, as long as TRX prices are oscillating within Sep 21 high lows, we shall consider this bullish.
It’s easy to see why. Often in an effort versus result scenario best exemplified by Sep 21 surges and consequent losses, sellers are backed by low volumes. As visible from the chart, the last three days bear soldiers did slide with light bear volumes.
Besides, bears are yet to clear 2 cents. Because of this, we recommend buying at spot prices as projected in previous trade plans with first targets at 3 cents and later 4 cents.
Cardano Price Analysis
Losses have been deep in Cardano. Fact is, before Sep 18 bottoms, ADA prices were down 96 percent from 2017 peaks forcing Weiss Ratings to tweet about several trading opportunities set up by these retracements. Prices have since recovered and thanks to the across the board revival, ADA is rising with the waves.
Even if prices are down five percent in the last day, our bullish projection is valid. Going forward, we recommend loading up at spot rates or on every dip in lower time frames with safe stops at 8 cents.
However, considering the proximity to 12 cents, conservative traders would only load up once there are satisfactory break out or rejection at this resistance level. If there is a rejection, we suggest trading as laid out in our last Cardano trade plan.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Litecoin Price Analysis: After +90% Correction, Altcoin Bounce Back Is Inevitable appeared first on NewsBTC.
I had the opportunity to sit down with TechCrunch Editor-At-Large Josh Constine at TechCrunch SF. Josh has an interesting background in that he’s spent most of his career covering social media products (and earned a master’s degree on research in the field) in a time when these products are under heavy scrutiny. He’s also a
The post Interview: TechCrunch Editor-at-Large Josh Constine Talks Cryptocurrency appeared first on CCN
Andreessen Horowitz has made a major investment in a cryptocurrency project that algorithmically adjusts the supply of coins to keep their value stable. The American venture capital firm, which has invested in crypto startups like CryptoKitties and OpenBazaar in the past, purchased 6 percent of the total supply of MKR tokens through its $300 million
The post Andreessen Horowitz Invests $15 Million in MakerDAO’s Algorithmic Stablecoin appeared first on CCN
Stablecoins are becoming big business these days. In a $15 million deal, Andreessen Horowitz’s a16z crypto fund is buying 6 percent of the total MakerDAO maker (MKR) token supply. The investment will give a16z a financial and governance stake in the dai stablecoin.
A stablecoin is a token pegged to another asset, like the dollar. Stablecoins can provide a hedge in the volatile world of crypto trading, especially in exchanges that have no direct link to banking. MakerDAO has two main tokens: dai and MKR. A separate token, MKR works alongside dai to help dai maintain its 1:1 peg with the U.S. dollar.
A16z sees a world of opportunity for stablecoins. “The same volatility that is holding back crypto for payments is also limiting its use for a host of other financial services and products,” a16z partners Katie Haun and Jesse Walden said in a co-written statement.
“Today, it’s not really practical to make a long-term loan in bitcoin because you’d have to consider two independent risks: first that the loan would be repaid, and second, whether the bitcoin would be worth more or less at the time the loan came due.”
The purchase of MKR marks the first investment from a16z’s dedicated $300 million crypto fund. The move was driven by Haun, a former federal prosecutor who led the investigations into the Mt. Gox heist and Silk Road.
According to the terms of the partnership, MakerDAO, a project that runs on Ethereum smart contracts, will receive the operating capital over three years. Dai adoption and regulatory support are main priorities, says a16z. To reach those goals, Andreessen Horowitz and a16z will be offering expertise in areas ranging from sales and business development to marketing, talent and more.
A16z is not the only company to set its eyes on MakerDAO. ConsenSys, a production studio for Ethereum-based startups, has partnered with MakerDAO on two social-good projects: Bitfröst and optiMize. Blockchain money transfer company Wyre has also partnered with MakerDAO.
Ethereum creator Vitalik Buterin considers MakerDAO one of the “most interesting” projects running on Ethereum. “The way that whole construction works and how it is designed to be decentralized is fascinating,” he said in a recent interview with Bitcoin Magazine.
Still, MakerDAO faces some stiff competition. Currently, there are 29 active stablecoins in the market, all vying for a piece of the action. Tether is by far the most popular, with a $2.8 billion market cap. The difference between tether and dai, however, is how the two assets are collateralized.
Tether is supposedly backed by fiat (the company tells us this but has had no official audit to support those claims). MakerDAO, on the other hand, is collateralized with ether, the native token of the Ethereum blockchain. But because ether is a volatile asset, if you want to buy $100 worth of dai, you have to deposit $150 worth of ether.
How dai works is not inherently easy to understand either. MakerDAO uses an elaborate scheme of tokens, smart contracts and “autonomous feedback mechanisms” to maintain its peg.
To get dai, for instance, you send ether to an Ethereum smart contract. You then lock your ether into a collateralized debt position (CDP) and draw out a loan of dai against that. To redeem ether, you send dai back to the CDP, along with accrued interest that can only be paid for with MKR.
After interest is paid, MKR is burned, removing it from the total supply. The logic here is that if the adoption and demand for dai and CDPs increase, so too will the demand for MKR. In terms of its governance role, MKR will also enable a16z to vote on certain “risk parameters” of CDPs.
MKR is currently trading at $459 with a total supply of 1 million. If the demand for MKR skyrockets, that will be a boon for a16z. But first, a16z needs to convince crypto traders that dai is a better bet than tether, or fiat, for that matter.
This article originally appeared on Bitcoin Magazine.