Month: June 2018

Things I Did… Bitcoin Braces for Bear Market With Feel-Good Tweets

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The price of bitcoin (BTC) may be up slightly Wednesday, but that hasn’t exactly raised the spirits of the asset’s most avid investors. Rather, with the market now down roughly 70 percent from 2017’s highs, many HOLDers, the bitcoin faithful who have vowed never to sell, are becoming convinced they might have seen the last big rally before another long-time bear market (as happened in 2014). In crypto lingo, it’s time to put on some gloves for another “crypto winter.” Put more simply, investors now think they’ll face a long…

The EOS Blockchain Is Now Officially Live

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The EOS blockchain is now live. At press time, the blockchain has received more than the 150 million votes needed to determine the individuals or entities that will maintain the distributed network, the world’s fifth largest by total value, thus ending a weeks-long process that had been among the most complex the evolving cryptocurrency market has perhaps ever seen. As such, the news effectively ensures that the software for which a company called Block.one raised more than $4 billion during an almost year-long initial coin offering (ICO) will now be…

Ethereum Price Watch | ETH/USD Crashes Below $500, Tough Climb

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Key Highlights: Ethereum continued its decline on Thursday, crashing below the pivotal $500 level to a one-month low. ETH/USD is currently on a downward trend testing a major support level at $460. A major resistance level has been established at $490. ETH/USD Facing Tough Climb Following a sharp decline in the cryptocurrency market this past weekend, Ethereum continued its decline on Thursday morning, crashing below the pivotal $500 price level and hitting a one-month low of $459. The digital currency is currently trading at close to $466 and trapped between…

Steve Bannon May be Eyeing a Move into the ICO Space

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Not content with disrupting U.S. politics, Steve Bannon now wants to disrupt the financial system with a move into the crypto space, according to a new interview. In a Bloomberg article published Thursday, Bannon – who was previously chief strategist for President Donald Trump and executive chairman of Breitbart News – told the news source that he has had meetings with investors and hedge funds about initial coin offerings (ICOs) in relation to his investment firm Bannon & Company. However, he wouldn’t discuss details of any plans over fears his controversial reputation could mar future…

ItBit Exchange Adds 4 New Cryptos for Investors

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Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptos to its trading and custody services. In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter (OTC) trading services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM), with platform exchange trading to follow, according to a press release. As the very first company to be granted a charter under the New York Banking Law by the NYDFS as a licensed cryptocurrency…

Bitcoin Prices Stabilize Above $6K – But Will They Stay?

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Bitcoin (BTC) has made a 6 percent recovery from the 90-day low hit on Wednesday, neutralizing the immediate bearish outlook. The leading cryptocurrency fell to $6,108 at around 16:30 UTC yesterday on Bitfinex – its lowest level since February 6 – bolstering the already oversold conditions shown by the daily relative strength index (RSI) yesterday. Hence, the subsequent recovery to $6,500 levels currently is hardly surprising and indicates that bitcoin may have found a temporary bottom around $6,100. However, long-run technical setup remains bearish and the battered bulls will want to…

Thailand’s SEC Expects to Approve 5 ICOs This Month

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Thailand’s securities regulator is reportedly expecting to approve five initial coin offerings (ICOs) later this month. According to the Bangkok Post on Wednesday, the Thailand Securities and Exchange Commission (SEC) has said that, while 50 ICOs in the country are currently applying for regulatory approval, five of them are already in a position to move ahead. However, the token sales will have to wait until later in June, when a royal decree on cryptocurrency, finalized last month, formally comes into law. While it remains unclear why these ICO projects are likely…

Bitcoin Bounces From $6,100 to $6,500, Market Buys Breathing Room

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The bitcoin price has demonstrated a short-term corrective rally from $6,100, rebounding to $6,500 over the past 24 hours, rising by around 6.5 percent. Small cryptocurrencies and tokens followed the price movement of bitcoin on the upside. Strong Oversold Condition The latest corrective rally of BTC and its swift recovery from $6,100 to $6,500 can be mainly attributed to the extremely low Relative Strength Index (RSI) of BTC, which was at 28 on June 13. An asset is considered oversold if its RSI drops to 30. Yesterday, the RSI of…

Sell-Off Over? Bitcoin’s RSI Just Hit Its Lowest Level Since 2016

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Signs are beginning to emerge that bitcoin’s sell-off today may be overextended. After hitting a 70-day low of $6,133 on CoinDesk’s Bitcoin Price Index (BPI), bitcoin’s relative strength index (RSI) hit a level (26.4) last seen in August of 2016, according to data from the Bitfinex exchange. The relative strength index, or RSI, is used for identifying overbought and oversold conditions of an asset by “comparing the magnitude of recent gains and losses over a specified time period to measure speed and change of price.” When such levels are hit, the indicator…

Bitcoin Cash Price Watch | Bitcoin Cash Price Falls to 3-Month Low

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Key Highlights: Bitcoin Cash declined further on Wednesday, falling to a three-month low of $800. BCH/USD has since bounced back to the $820-$830 price range. The cryptocurrency is on a major bearish run, establishing a major support at $820. Bitcoin Cash Sinks Further, Reaches Three-Month Low On Wednesday, Bitcoin Cash continued its decline from earlier this week, even hitting a three-month low of $800 for a brief moment. BCH/USD has since bounced back, now trading in the $820-$830 price range. The cryptocurrency market is strongly bearish right now, and selling…