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It’s been weeks since ether has seen a new high or a new low and the market has found itself range-bound. At the moment, we are seeing signs of distribution as large rounds of selling have remained present during key support tests:
Figure 1: ETHUSD, 4 Hour Candles, Trading Range
Hong Kong-based crypto exchange Bitfinex has published an update regarding its temporary pause on fiat deposits that was implemented last week, clarifying that all withdrawals are currency functioning without interference. The report came early this morning, shortly after Bitcoin (BTC) began trading at as much as a 10% premium and investors started to dump their Tether (USDT) […]
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Bitcoin, along with the wider cryptocurrency market took a tumble as the Dow, S&P 500, and Nasdaq take a beating for the second day in a row.
Bitcoin (BTC) 00 finally decided to make its move after the 50/50 market we’ve had for the past two weeks. The weak volume is a big indication that the market was very indecisive about which way it wanted to move, and also makes the market very high risk. Big orders can cause very big price swings.
Life in Venezuela is anything but.
Last year, the South American nation of 32 million led the world with 652% inflation and this year the economic turmoil is even worse. As of September 2018, the annual inflation was estimated at 200,000% and International Monetary Fund (IMF) said it could spike to a mindboggling 1,000,000% by December. At that rate, it’d be a waste of time counting your cash.
Venezuelans are seeking refuge in cryptocurrencies by making payments in Bitcoin (BTC), Dash (DASH) and other coins, and by converting whatever purchasing power their bolivars have left into tokenized assets. It’s a desperate situation: Grocery shelves are empty resulting in painful stomachs and those bolivars won’t buy anything at the fuel pump.
Chart for XRP/BTC (1W)
Ripple (XRP) has defended its 5 Week EMA. This is a clear message to all the critics out there calling Ripple (XRP)’s rally a pump and dump. RSI for the above weekly chart for XRP/BTC does seem to have neared the overbought range. However, there is no sign of a slowdown yet and something bigger is brewing on the bigger picture. The accumulation to distribution ratio on the above chart shows something very interesting. From the beginning of 2018 till mid September we saw a steady decline in accumulation against distribution. However, towards the end of September, we witnessed a trend reversal. Accumulation rose against distribution till it hit resistance and retraced. Currently, the Accumulation/Distribution ratio is in a very good position for another rally.
Coinfloor, the oldest bitcoin exchange in the U.K., will lay of most of its 40 employees, according to two sources interviewed by the Financial News. The layoffs at the London-based exchange are in response to “significant” change in market volume, according to Obi Nwosu, Coinfloor’s chief executive, and are seen as a setback for the
The post London Cryptocurrency Exchange Coinfloor Announces Layoffs amid Prolonged Bear Market appeared first on CCN
Li Xiaolai, the billionaire founder of cryptocurrency venture capital firm BitFund, has reportedly left the industry as the regulatory pressure in China intensifies. In a recent post on Chinese microblogging website Weibo, Xiaolai declared that he is done investing in the cryptocurrency industry. “From this day on, I, Li Xiaolai, will personally not invest in […]
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Stellar (XLM) has been on a roll these past few days. Its stellar gains are only second next to that of Ripple (XRP). The above 4H chart for XLM/USD shows that there is still plenty of room for further price boosts. However, after its previous rally towards $ 0.30, we have seen Stellar (XLM) retrace towards the 61.8% Fibonacci. Fortunately for Stellar (XLM) investors, this level has held strongly for now as the price has already closed one 4H candle above it and has now formed another green candle which is also likely to close above the 61.8% Fibonacci level.
Cryptocurrency exchange DigiFinex on Friday replaced Tether (CRYPTO: USDT) with TrustToken’s stablecoin called TrueUSD (CRYPTO: TUSD). DigiFinex said on its website that it had concerns about the existence of U.S. dollar reserves that are supposed to fully back Tether, the eighth largest cryptocurrency in terms of market capitalization ($ 2.76 billion).
The Singapore-based exchange has daily trading volume of nearly $ 120 million.
Tether has remained controversial because of lack of conclusive audits that attest to the full backing of 2.75 billion USDT coins in circulation.
Continue reading Tether Replaced Amid Dollar-Reserve Concerns: DigiFinex at Crypto Daily™.
Many altcoins have posted significant losses in recent days, with ETH currently testing price levels not seen in over 12 months after losing 40% in roughly one week. The declining value of altcoins has also driven BTC to continue to establish new highs for market dominance during 2018.
Also Read: Chinese Report Finds 9 in 10 Altcoins to Have Stolen 80% of Their Code
The heavy losses sustained by many leading altcoin markets have led BTC to continue to further its market dominance over other cryptocurrencies. As of this writing, BTC has a market dominance of 57.6% and is trading for roughly $ 6,300 USD.
A top lawyer at cryptocurrency startup Ripple has left the company, a spokesperson confirmed to CCN on Friday. Brynly Llyr, who joined the San Francisco-based blockchain company in Nov. 2016 as the firm’s general counsel and has served in that role in the nearly two years since, is no longer with the organization. Llyr’s departure
The post Ripple General Counsel Departs Cryptocurrency Firm Amid Class-Action Dispute over XRP appeared first on CCN
The cryptocurrency market has taken a hit over the last 6 hours after Goldman Sachs came out to state that it will no longer pursue launching its own Bitcoin (BTC) trading desk. The sell-off, which saw Bitcoin drop below $ 7,000, has hit major altcoins the hardest, with the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies […]
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Over the past two weeks, the government of China has effectively banned everything related to crypto trading and investment including news sites, social media accounts, events, and exchanges. Subsequent to putting an end to virtually all communication and investment channels related to the cryptocurrency market, China has said that it will continue to accelerate blockchain
The post Can China Pursue Blockchain Innovation Amid Cryptocurrency Ban? appeared first on CCN
ShapeShift is launching a new membership program that will become mandatory later this year, the company announced today on its website. The Switzerland-based cryptocurrency platform is ending its “exchange without accounts” policy that enables individuals to privately trade Bitcoins, Ethereum and other digital coins with anonymous counterparties located anywhere in the world.
But to alleviate privacy and know-your-customer (KYC) concerns from its users, the company positioned its new requirement as a “loyalty program” called ShapeShift Membership.
Continue reading ShapeShift To Require Membership Amid Regulatory Concerns at Crypto Daily™.
Dogecoin price has soared nearly 60% possibly on reports that an alpha release of Dogethereum has been made available.
The meme-spawned, inflationary-friendly cryptocurrency Dogecoin 00 has potentially benefitted from the recent release of Dogethereum, confirming previous rumors Bitcoinist reported in February.
Daily trading volume has also risen to a whopping $ 144 million from just $ 5 million days before, according to data from Coinmarketcap, an increase of 2800 percent.
The Shiba Inu-meme based cryptocurrency has reached a market cap of nearly $ 670 — or around 50% of its all-time high value, putting it number twenty overall, at press time.
Most cryptocurrencies remain in an awkward state as of right now. With the Bitcoin price still in the red, it is rather unlikely most altcoins will see any real improvements. In the case of the Monero price, however, there are a lot of improvements over the past 24 hours. A surprising turn of events, albeit one that shows cryptocurrency is about so much more than just Bitcoin and Ethereum.
Graphics chip manufacturing giant Nvidia saw huge growth in late 2017 and throughout most of 2018 as demand for its high-end Graphics Processing Units (GPUs), used for cryptocurrency mining, skyrocketed. The recent bear market has caused demand for GPUs to dwindle, leaving Nvidia to readjust its strategy.
It seems Nvidia is throwing in the towel on the development and production of its cryptocurrency mining focused graphics cards and chips.
Nvidia has seen some explosive growth over the last few years and is currently seeing a 68% increase in value in the past year alone (indicated below in yellow), although this week the stock price has slipped almost eight percent (indicated below in red).
Bitcoin (BTC) has been in a constant downtrend for the last few weeks. The price crashed especially hard during the last few days. The price did break below $ 6,000, but contrary to expectations, the price found support at what was previously a downtrend resistance as can be seen on the BTC/USD daily chart above. The fall slowed down after Bitcoin (BTC) breached $ 6,000 but Bitcoin (BTC) was still expected to test the $ 5,800 support, which it didn’t.
The Japanese cryptocurrency Spindle, known for being promoted by the Japanese popular singer, actor and talent Gakuto Oshiro (45), aka GACKT, has announced it’s withdrawing from Tokyo to relocate its headquarters in London, amidst rumors that the Tokyo Metropolitan Police is investigating unregistered sales of cryptocurrencies made by the company.
Also read: J-Pop Star GACKT Caught Between Crypto Company Spindle and Minister’s Gaffe
Long Blockchain, the former beverage company-turned-blockchain firm, was hit with a subpoena from the SEC, according to statements filed by the company on Wednesday.
Long Blockchain is cooperating with the authorities in regards to the matter, reports from Bloomberg indicate. According to the company, which formerly specialized in iced-tea drinks, the SEC filed the subpoena on July 10 in hopes of obtaining a series of documents related to the firm.
For the Nassau County-based company, this is the next in a series of woes which includes a delisting of the company’s stock by Nasdaq. Formerly named Long Island Iced Tea Corp., the company has seen its value drop roughly $ 65 million since December. This leaves the company with a market value of roughly $ 5 million.
