Day: June 28, 2018

Bitcoin’s Lightning Network Still Unsuitable for Large Payments, Research Suggests

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A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments. According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate. Source: Diar Diar’s research…

Bank of England Crypto Opinion

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Bank of England crypto opinion: Earlier this year financial and political institutions in the United Kingdom decided to respond to claims that the crypto industry has risks attached to it. This would not be the first time the UK spoke on this topic. On Thursday, June 28th, the Bank of England was the latest institution in the country to address crypto risks. Bank of England Crypto Opinion: Risk Warning In March of this year, the UK Central Bank discussed the topic of cryptocurrencies at a conference in Edinburgh, Scotland. The gist…

Augur Price Scales the Charts as Mainnet Launch Looms

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The augur price embarked on a double-digit percentage rally on Thursday as the project gears up for its mainnet launch in early July. Augur Price Posts Double-Digit Rally It was another day of sideways trading for the cryptocurrency markets, with the ecosystem’s total market cap adding about $400 million over the past 24 hours. Nevertheless, there were a few standouts on this otherwise-placid day, the most notable of which was augur (REP). The augur price rose more than 12 percent against the dollar for the day, bringing it to a…

Mastercard Wins Patent for Anonymous Blockchain Transactions

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Financial services giant Mastercard was awarded several new blockchain patents this week, continuing its trend of embracing distributing ledger research even as it expresses open hostility to bitcoin and other cryptocurrencies. However, one particular patent is raising eyebrows. The patent, awarded by the U.S. Patent and Trademark Office (USPTO) on Thursday, outlines a system that facilitates anonymous transactions over a blockchain network. Mastercard first applied for the patent in Dec. 2016. According to Mastercard, the transparent nature of ordinary blockchain transactions is a hindrance to this technology’s adoption for everyday…

Bitcoin Price Defends $6K as Traders Go Long

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Bitcoin’s (BTC) price charts remain biased to the bears, but market positioning on a major exchange suggests a sustained break below $6,000 may remain elusive in short-term. At press time, the leading cryptocurrency is trading at $6,100 on Bitfinex, largely unchanged on a 24-hour basis, and technically speaking, BTC remains on the defensive as discussed yesterday. Further, the cryptocurrency markets will likely remain risk averse as the sell-off in ETH/BTC – the risk barometer of the cryptocurrency markets – is seen gathering pace in the next 24 hours. So, going…

Bitcoin Price Watch: BTC/USD Remains Range Bound

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Key Points Bitcoin price is stuck in a tight range between the $6,000 and $6,300 levels against the US Dollar. There is a declining channel forming with resistance near $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the trend line, $6,200 and $6,300 resistance levels to gain upside momentum. Bitcoin price remained in a range above $6,000 against the US Dollar. BTC/USD needs to clear the $6,200-6,300 hurdle for an extended recovery in the near term. Bitcoin Price Analysis During the…

Crypto Downtrend Expected Amid Low Volume, What Can Push Bitcoin to All-Time High?

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Since June 25, for three straight days, the cryptocurrency market has remained relatively stable around the $250 billion region, struggling to initiate any movement on both the upside and downside. The volume of bitcoin remains low at $3.2 billion and as such, the market will likely not be able to sustain its current valuation in the short-term. Corrective Rally Requires Strong Volume As demonstrated in previous corrective rallies throughout May and June, a spike on the upside for both minor and major cryptocurrencies require strong volume and momentum. While the…

Ethereum Classic Price Analysis: Can ETC/USD Surpass $16?

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Key Highlights Ethereum classic price is trading nicely above the $14.25 support area against the US dollar. There is a major bearish trend line formed with resistance at $15.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair has to clear the $15.60 and $16.00 resistance levels to gain upside momentum in the near term. Ethereum classic price is slowly moving in a positive zone against the US Dollar and Bitcoin. ETC/USD could accelerate gains above $16.00 if buyers gain control. Ethereum Classic Price Resistance…

Ripple Price Analysis: XRP/USD Consolidating Losses

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Key Highlights Ripple price traded close to the $0.4750 resistance where it faced sellers against the US dollar. There is a short-term ascending channel in place with support at $0.4620 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could break the channel support and $0.4600 for a downside extension in the near term. Ripple price is currently consolidating losses against the US Dollar and Bitcoin. XRP/USD may perhaps resume its decline if it fails to move above $0.4750 and $0.4800. Ripple Price Resistances There…

Ethereum Price Analysis: ETH/USD’s Bearish Trend Intact

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Key Highlights ETH price corrected a few points higher towards the $448-450 resistance against the US Dollar. Yesterday’s highlighted key bearish trend line is in place with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken). The pair struggled to move above $450 and the 100 hourly simple moving average, which is a bearish sign. Ethereum price remains in a bearish zone against the US Dollar and Bitcoin. ETH/USD could continue to move down as long as it is below $450. Ethereum Price Upside Hurdle Yesterday,…