Month: July 2018

Bitcoin Drops to $7,800 But Rebounds Instantly to $8,150, Tokens Suffer

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On July 31, the price of bitcoin fell by 4 percent, from $8,150 to $7,800, as both major cryptocurrencies and small market cap tokens plummeted in value. Within hours after its 4 percent drop, the price of bitcoin rebounded from $7,800 to $8,150, demonstrating an instantaneous recovery from its relatively large drop. However, other major digital assets and tokens failed to recover, falling by large margins against both bitcoin and the USD. Bitcoin’s Recovery On July 30, CCN noted in its report that the value of bitcoin is likely to…

Australian Government Awards Grant to Blockchain Project for Sustainable Sugar

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The Australian government has granted A$2.25 million ($1.7 million) to the Sustainable Sugar Project, Foodnavigator-Asia reports July 30. The Sustainable Sugar Project, led by the Queensland Cane Growers Organization, will use blockchain technology to track the provenance of sugar supplies to Australia. The initiative known as the Smart Cane Best Management Practice (BMP) is part of a sugar industry push for better sustainability and traceability.  Blockchain technology will purportedly allow buyers to clearly see where sugarcane comes from and prove the provenance and sustainability of the farm. Canegrowers told Foodnavigator-Asia:…

Washington Utility Stops Accepting Applications for Crypto Mining

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A customer-owned utilities company in rural Washington has stopped accepting applications for electricity from crypto mining and similar blockchain operations, the Seattle Times reported July 30. The Franklin Public Utility District commissioners (PUD) have approved a moratorium that will allow time for staff to investigate the impact of cryptocurrency mining on the electrical system before accepting applications. The PUD staff will also consider a new rate structure. While initially drawn to rural Washington and New York by cheap electricity, miners are increasingly falling under the scrutiny of local regulators and…

Bitcoin Cash Price Analysis: Can BCH/USD Break Above 100 SMA?

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Key Points Bitcoin cash price is slowly declining and is currently well below $830 against the US Dollar. Yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair must clear the $825-830 resistance and the 100 hourly simple moving average to gain pace. Bitcoin cash price is currently bearish below $830 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to move into a bullish zone. Bitcoin Cash Price Upside Hurdle…

Stellar Lumens (XLMUSD) Price Watch: Major Correction Underway?

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Stellar Lumens Price Key Highlights Stellar Lumens is currently retreating from its highs but may be waiting for more bullish pressure to kick in. Price is currently testing the 38.2% Fibonacci retracement level, with the area of interest still a bit lower. Technical indicators seem to be supporting a continuation of the bullish run. Stellar Lumens is in correction mode and may find more bullish energy waiting right at the Fib retracement levels. Technical Indicators Signals The 100 SMA is safely above the longer-term 200 SMA to confirm that the…

Bitcoin (BTC) Price Watch: Bullish Correction Needed?

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Bitcoin Price Key Highlights Bitcoin price continues to tread sideways in tight consolidation, and bulls might need to gather more energy on a correction. Applying the Fibonacci retracement tool shows the potential support zones where more buyers might be waiting. The flag or pennant still seems intact even with the recent dip, so there’s still chance for consolidation. Bitcoin price is still stuck in consolidation as bulls wait for more buying pressure or the next round of catalysts. Technical Indicators Signals The 100 SMA is still above the longer-term 200…

Ethereum (ETH) Technical Analysis: ETH Bulls Shaky

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The Ethereum (ETH) blockchain has different user case application and undoubtedly, that what generates value. It’s a proven platform that is secure and investors stand to reap big. At current prices, Ethereum (ETH) is stable, decoupling from BTC influence and likely to sink if at all bulls cannot overcome sellers aiming to reverse July 24 gains. From the News The Commonwealth Bank of Australia used the Ethereum blockchain for their international shipping and logistics. For demonstrations, they successfully exported and tracked 17 tons of Almonds from Australia to Hamburg, Germany.…

EOS, Tron (TRX), Litecoin, Stellar, IOTA Technical Analysis

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The crypto market is back in loss making territory and as Tron (TRX) and EOS lead the loss with a cumulative drawn down of eight percent in the last day, Bitcoin dominance is up three percent to 48 percent. Both ways, judging from the chart, it seems like it is a disappointment for Tron (TRX) investors. As such, it’s highly likely that sellers shall set in and drive prices down. Let’s have a look at these charts: EOS Technical Analysis From the News Eva, a new ride sharing app that…

AlphaPoint Helps Launch XRP-Based Cryptocurrency Exchange

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Cryptocurrency services firm AlphaPoint is powering a new decentralized exchange, the company announced Monday. DCEX, a San Francisco-based marketplace, formally opened registration for its platform, though clients will not be able to begin trading for a few more weeks. The exchange notably uses XRP as its “base currency,” meaning many of its trading pairs are denominated in the third-largest cryptocurrency by market cap, AlphaPoint CEO Salil Donde said in a blog post. In its announcement, DCEX says it will be able to offer a total of 15 trading pairs, including XRP, bitcoin,…

Indie Game Delisted From Steam Marketplace for Alleged Cryptojacking and Scams

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Valve Corporation has removed a game from its video game marketplace Steam that allegedly hijacked users’ computers to mine cryptocurrency, Motherboard reported July 30. The Steam game store has delisted Abstractism, an indie game accused of deceptive practices and cryptojacking, and has banned its developer from the platform. Steam took action following complaints from a number of users saying that the game setup file seemed to include a Trojan virus and malware disguised as steam.exe processes and launcher. Further investigation conducted by different players found that the programs were crypto…