Day: July 19, 2018

Institutional Investors Provide 56% of Capital Inflow

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The first-ever crypto investment report released July 18 by digital asset management fund Grayscale Investments reveals that the majority of capital inflow this year is coming from institutional investors. Grayscale has been overseeing investments into crypto for five years, launching a Bitcoin (BTC) Investment Trust back in September 2013 and then expanding to other single-asset funds — including Ethereum Classic (ETC), Zcash (ZEC) and Litecoin (LTC) — as well as diversified offerings, notably its Digital Large Cap Fund. According to this week’s report, institutional capital accounted for 56 percent of…

Bitcoin Prepares to Test $8K After Bull Breather

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Bitcoin’s (BTC) refresher pause has likely set the tone for the next leg higher in prices. The leading cryptocurrency has spent a better part of the last 15 hours trading the $7,240–$7,440 trading range, having clocked a 40-day high of $7,588 at 18:00 UTC yesterday. Moreover, BTC was looking overbought at multi-week highs, hence a minor correction was expected. More importantly, the price pullback and the subsequent consolidation, when viewed against the backdrop of the high volume inverse head-and-shoulders breakout, indicates that BTC has likely gathered steam for a more…

Bitcoin Miner Hut 8 Becomes ‘Largest’ by Capacity After Second Site Opening

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Toronto-based Bitcoin mining company Hut 8 has announced the completion of its second mining facility in Canada on July 16, claiming to have become the world’s “largest publicly-traded” operator by capacity. In a press release, Hut 8 revealed its Medicine Hat farm had been completed ahead of its September deadline, joining its existing operation in the city of Drumheller. Launched through a partnership with BitFury, which provided the company access to mining hardware and other necessities, Hut 8 has mined around 1,900 Bitcoin (BTC) since its original launch in December…

Crypto Market Drops Slightly After Mini Rally, Ether and Bitcoin Cash Down 5%

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After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash. Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the $7,300 region. Despite its Relative Strength Index (RSI) demonstrating overbought conditions, the price of bitcoin has not fallen by more than 1 percent since its mini bull run on July 18. Interest From Large Investors…

South Korean Administrative District Builds Blockchain-based ‘Proposal Evaluation System’

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South Korea’s Yeongdeungpo-gu district has established a “Proposal Evaluation System” based on blockchain to improve the fairness and integrity of administrative procedures, according to a July 19 governmental press release. Yeongdeungpo-gu, an administrative district in southwest Seoul, will implement a smart administration through new technologies with the blockchain-based “Proposal Evaluation System” to improve the integrity, transparency, and reliability of the evaluation proposal process. The adoption of blockchain technology for administrative procedures aims to improve existing evaluation processes including real-time result disclosure, holding proposal review meetings, and publishing results of negotiations.…

Ethereum Classic Price Analysis: ETC/USD Remains in Uptrend

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Key Highlights Ethereum classic price corrected lower after trading as high as $18.37 against the US dollar. There is a significant bullish trend line in place with support at $17.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is currently holding the trend line support at $17.10 and the 100 hourly simple moving average. Ethereum classic price is placed in a nice uptrend against the US Dollar and Bitcoin. ETC/USD is holding an important support above $17.00, which is a positive sign. Ethereum Classic…

Bitcoin Price Watch: BTC/USD Correcting Gains

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Key Points Bitcoin price started a downward correction after trading as high as $7,605 against the US Dollar. There was a break below a key ascending channel with support at $7,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The BTC/USD pair may perhaps correct further lower towards the $7,200 and $7,120 support levels. Bitcoin price struggled near the $7,580 level against the US Dollar. BTC/USD is correcting lower, but it remains supported above the $7,100 level. Bitcoin Price Analysis Bitcoin price traded a few points…

Ripple Price Analysis: XRP/USD Testing Key Support

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Key Highlights Ripple price made a nice upside move before facing sellers near $0.5245 against the US dollar. There was a break below a crucial bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently trading near a major support zone at $0.4750 and the 100 hourly simple moving average. Ripple price is correcting lower against the US Dollar and Bitcoin. XRP/USD must hold the $0.4750 support to bounce back in the near term. Ripple Price Support…

Ethereum Price Analysis: Can ETH/USD Hold 100 SMA?

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Key Highlights ETH price started a major downside correction below the $500 level against the US Dollar. This week’s highlighted key bullish trend line was breached with support at $485 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently trading near the $470 support and the 100 hourly simple moving average. Ethereum price trimmed most of its gains against the US Dollar and Bitcoin. ETH/USD must stay above the 100 hourly SMA to avoid a push to $455. Ethereum Price Support There was a decent…

Peter Gabriel, Former Genesis Frontman, Invests in Blockchain Startup for Food Transport

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British pop star Peter Gabriel has invested in blockchain startup Provenance, according to a press release July 18. The amount of his investment has not been disclosed. Gabriel jonis a group of investors led by Working Group Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play. With the new investment, U.K.-based Provenance hopes to expand their products. Provenance’s goal is to create better transparency in food transportation by applying blockchain technology. The company will use the funding from the former Genesis frontman to implement its blockchain-based application with…