Month: July 2018

Bitcoin Price Watch: BTC/USD Likely To Consolidate Below $8,200

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Key Points Bitcoin price declined sharply and broke the $8,060 support level against the US Dollar. There is a key bearish trend line formed with resistance near $8,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to consolidate in the short term below the $8,060 and $8,200 resistances. Bitcoin price trimmed its intraday gains against the US Dollar. BTC/USD settled below $8,000 and is currently trading in a range near $7,900. Bitcoin Price Analysis Yesterday, there was a start of a downward…

Bitcoin Price Drops to $7,900 as SEC Denies Winklevoss ETF, Market Loses $11 Billion

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The bitcoin price has dropped by nearly 4 percent almost immediately after the US Securities and Exchange Commission (SEC) denied the Winklevoss bitcoin ETF on July 27. Bitcoin ETF as a Major Factor A sudden drop in the price of BTC from $8,300 to $7,900 led other major digital assets and small market cap tokens to fall substantially in both value and volume. Consequently, the crypto market lost $11 billion in valuation overnight, primarily due to the short-term decline of BTC. Apart from VeChain (VEN), which has demonstrated a 20…

Cardano Price Analysis: ADA/USD At Risk of More Declines Below $0.16

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Key Highlights ADA price declined recently and traded near a key support at $0.1600 against the US Dollar (tethered). There is a major bearish trend line in place with resistance at $0.1720 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair remains at a risk of more declines below the $0.1600 support in the near term. Cardano price declined recently against the US Dollar and Bitcoin. ADA/USD must stay above the $0.1600 support to avoid an extended decline to $0.1500. Cardano Price Analysis There were…

There’s a Bigger Scam Than Anything in Crypto, It’s Called KYC/AML

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Edan Yago has spent the last seven years engaged in payments using cryptocurrencies, first at Zynga, then as CEO of Epiphyte and now as the founder of a stealth startup developing a meta-stablecoin platform. Follow him on Twitter here. The worst-kept secret in cryptocurrency is that many projects are little better than scams: they’ve digested billions of dollars and what’s come out of the other side has been, well… use your imagination. But what about the ever-increasing, ever-complex, ever-demanding know-your-customer (KYC) and anti-money-laundering (AML) practices required of young fintech and crypto startups…

Ripple Price Analysis: XRP/USD Remains in Tiny Range

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Key Highlights Ripple price failed to break an important resistance at $0.4675 and declined against the US dollar. There was a break below a connecting bullish trend line with support at $0.4620 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is now trading well below the $0.4600 support and the 100 hourly simple moving average. Ripple price is under pressure once again against the US Dollar and Bitcoin. XRP/USD has to stay above the $0.4500 support to avoid further declines. Ripple Price Decline Yesterday,…

Tron (TRX) Price Watch: Which Way Will It Break Out?

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Tron Price Key Highlights Tron has formed lower highs and higher lows to create a symmetrical triangle pattern. Price just bounced off the top and may be due for a test of support soon. Technical indicators suggest that there’s a chance for support to break and lead to a selloff. Tron is consolidating in a symmetrical triangle pattern and might be due for a break below 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…

Ethereum Price Analysis: ETH/USD Broke Key Support and 100 SMA

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Key Highlights ETH price declined recently and broke a key support near $468 against the US Dollar. Yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now trading well below the $468 support and the 100 hourly simple moving average. Ethereum price failed to stay above major supports against the US Dollar and bitcoin. ETH/USD is trading below the $468 support with a bearish angle. Ethereum Price Resistance There were a few rejections noted…

Bitcoin (BTC) Price Watch: Can Bulls Defend This Level?

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Bitcoin Price Key Highlights Bitcoin price is testing the ascending channel support and might be due for a bounce. This is in line with a number of other inflection points that might be enough to keep losses in check. A continuation of the climb could lead to a test of the Fibonacci extension levels from here. Bitcoin price appears to be encountering support at the channel bottom and may be due for a rally continuation. Technical Indicators Signals The 100 SMA is above the longer-term 200 SMA to confirm that…

Indian State of Telangana to Sign MoUs With Blockchain Firms, Streamline Gov’t Services

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The Indian state of Telangana announced it will sign several memoranda of understanding (MoUs) with blockchain firms as to eventually implement the technology in state applications, local Indian news agency the Business Standard reports July 26. Telangana IT Secretary Jayesh Ranjan revealed that the state is planning to enter into MoUs with a number of blockchain-focused firms in order to implement the technology in “six or seven government applications.” According to the government official, the measure aims to bring more transparency and efficiency to public services provided by the state.…

Bitcoin Cash Price Analysis: BCH/USD Back in Bearish Zone

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Key Points Bitcoin cash price failed to hold gains and declined below the $825 support against the US Dollar. Yesterday’s highlighted important bullish trend line was breached with support at $840 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is now back in a bearish zone with an immediate support near the $780 level. Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD dropped below the $825 support to move into a bearish zone. Bitcoin Cash Price Decline There were…