Day: August 1, 2018

Blockchain Platform to Allow Users to Trade Gold for Virtual Currencies

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A company is creating an ecosystem where tangible assets such as gold can be traded for virtual currencies in a digital environment. The platform, known as the Digital Gold Exchange (DGE for short,) says it has the goal of establishing a place where users can securely store their assets and trade with others “quickly, safely, and without intermediary intervention.” It is designing a blockchain-based ecosystem which it hopes will allow individuals and companies to join – trading without borders wherever they are in the world. Although gold is going to…

Cardano Price Analysis: ADA/USD Signaling More Declines

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Key Highlights ADA price is under pressure as it moved below the $0.1550 support area against the US Dollar (tethered). There is a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely decline further once sellers succeed in breaching the $0.1350 support level. Cardano price extended losses below key supports against the US Dollar and Bitcoin. ADA/USD is in a bearish zone with supports at $0.1350 and $0.1250. Cardano Price Analysis There was…

Bitcoin Drops 7% to $7,500 as Crypto Market Loses $30 Billion

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Over the past 24 hours, the Bitcoin price has dropped by more than 7.5 percent from $8,150 to $7,500, as the crypto market lost $30 billion in one of the steepest drops in the past 30 days. Expected Decline, But Extreme Since July 29, Bitcoin recorded three consecutive sell candles on its one-day chart, demonstrating the lack of volume and decline in the momentum of the dominant cryptocurrency. On July 30, recognizing the declining momentum of Bitcoin, CCN reported: “If BTC fails to maintain its volume and falls below the…

Ripple Price Analysis: XRP/USD Testing Significant Support

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Key Highlights Ripple price extended slides and traded below the $0.4300 support level against the US dollar. There is a new connecting bearish trend line formed with resistance near $0.4325 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently trading near a major support area at $0.4250, which holds a lot of importance. Ripple price tumbled further against the US Dollar and Bitcoin. XRP/USD must hold the $0.4250 support to avoid more declines towards the $0.4000 level. Ripple Price Support There was no…

Ethereum Price Analysis: ETH/USD Tumbles Below $430

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Key Highlights ETH price extended declines and broke the $440 and $426 support levels against the US Dollar. There are two key bearish trend lines formed with resistance at $429 and $442 on the hourly chart of ETH/USD (data feed via Kraken). The pair is in a major downtrend and it remains at a risk of more declines below $410 in the near term. Ethereum price declining sharply against the US Dollar and bitcoin. ETH/USD extended losses below $430 and it may even test the $400 level. Ethereum Price Resistance…

Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update

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Bitcoin Price Key Highlights Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback. The Fibonacci retracement tool shows the potential support levels where buyers could be waiting. Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an uptrend. Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary. Technical Indicators Signals The 100 SMA is safely above the longer-term 200 SMA to indicate that…

Bitcoin Cash Price Analysis: BCH/USD Extending Losses Below $750

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Key Points Bitcoin cash price tumbled sharply and broke the $800 support area against the US Dollar. There are two bearish trend lines formed with resistance at $770 and $810 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is likely to extend the current decline below the $740 support level in the near term. Bitcoin cash price is under pressure below the $800 support against the US Dollar. BCH/USD is trading below $760 and it could revisit the $720 support. Bitcoin Cash Price Decline…

Bitcoin Drifts Down as Price Breaks Below Key $7.8K Support

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Bitcoin bears may be in the midst of taking an upper-hand. At press time, BTC is changing hands at $7,536 on Bitfinex, down 6.9 percent on the day, a figure that also finds the price breaking a key support level at $7,800. The world’s largest cryptocurrency by market capitalization has been largely confined to a narrow price range of $7,673–$7,800, since it broke $8,000 yesterday. However, mounting sell volume continues to apply downward pressure, presenting a bleak outlook for bulls looking to take back the reins. As such, bulls now are looking…

Among Digital Assets, Only Digital Currencies ‘Can Really Be Used at Present’

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A PwC Switzerland executive said that among the various types of digital asset, only digital currencies are can reasonably be used at present, according to a post on the PwC website July 31. In the post, Roland Stadler, Senior Manager and Data & Analytics Specialist at PwC Switzerland, claims that while digital assets “seem similar at first glance,” on closer inspection they differ. Stadler makes a distinction between “digital assets” and “currencies,” because “only a few” can be considered currencies in the “literal sense of the word.” He then divides…

Barclays and Citi Among the Banks Trialing IBM’s ‘Blockchain App Marketplace’

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Tech giant IBM and forex settlement provider CLS are collaborating in testing a platform known as LedgerConnect that will make it possible for banks, software vendors, and fintech firms to deploy, share, and consume blockchain-based software. The platform was developed by IBM in partnership with Hyperledger. Banking giants Barclays and Citi are among two of the nine financial institutions that are taking part in the proof of concept (PoC). LedgerConnect will serve as a blockchain marketplace for the financial sector, and this is expected to speed up innovation in the…