Day: August 23, 2018

Ripple Price Analysis: XRP/USD At Risk of Break Below $0.3100

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Key Highlights Ripple price was not able to stay above the $0.3500 support zone and declined against the US dollar. There is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently at risk of a downside break below the $0.3100 support level in the near term. Ripple price is under pressure below key supports against the US Dollar and Bitcoin. XRP/USD could decline sharply if there is a break below the…

Ethereum Price Analysis: ETH/USD Trimmed Gains, Bearish Below $284

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Key Highlights ETH price fell sharply and trimmed most of its gains above the $290 level against the US Dollar. There is an important bearish trend line with resistance at $273 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently recovering and it is currently trading above the $271 pivot level. Ethereum price is trading with an increase in selling pressure against the US Dollar and bitcoin. ETH/USD could recover, but it may perhaps find hurdles near $280-284. Ethereum Price Resistances After a sharp upside…

China Seeks to Block Access to 124 Foreign Crypto Exchanges

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Chinese regulators are moving to block more than 100 overseas crypto exchanges offering trading services to domestic investors. Shanghai Securities Times, a mouthpiece of the Chinese financial authorities, reported on Thursday that the China National Fintech Risk Rectification Office has so far identified 124 trading platforms with overseas IP addresses but that are still available in the country. The office now plans to step up its efforts in monitoring the space and to block internet access to these trading platforms, the report said. Authorized in 2016 by China’s State Council, the National Fintech…

US Federal Trade Commission Issues Warning on Bitcoin Blackmail Scam ‘Targeting Men’

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The Division of Consumer and Business Education of the U.S. Federal Trade Commission (FTC) published an article August 21 titled “How to avoid a Bitcoin blackmail scam.” The FTC’s letter focuses on consumer protection, in what it calls a “new scam targeting men,” warning about blackmailing scams demanding payments in Bitcoin (BTC). The brief letter states: “Here’s how it works. Scammers have been sending letters to men, demanding payments using [B]itcoin in exchange for keeping quiet about alleged affairs. The letter also explains how to use [B]itcoin to make the…

Tron (TRX) Price Watch: Major Correction Taking Place

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Tron Price Key Highlights Tron has tumbled to the bottom of its descending channel on the 4-hour time frame but support is still holding. A pullback could take Tron price up to the channel resistance again and the inflection points might keep gains in check. Technical indicators are showing that bearish pressure is still in play. Tron price is finding some support at the bottom of its channel, but this might just be a pullback before more sellers return. Technical Indicators Signals The 100 SMA is still below the longer-term…

Bitcoin Cash Price Analysis: BCH/USD Reverses Sharply Below $540

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Key Points Bitcoin cash price failed to hold gains above $540 and declined sharply against the US Dollar. There was a break below a major bullish trend line with support at $530 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair declined heavily and retested the $500 and $510 support levels where buyers emerged. Bitcoin cash price formed a top near the $575 level and declined against the US Dollar. BCH/USD is holding the $500 support, but it remains at risk of more losses. Bitcoin…

Bitcoin (BTC) Price Watch: Testing Uptrend Channel Support

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Bitcoin Price Key Highlights Bitcoin price sold off after the SEC rejection of ETF applications but is finding support at the channel. Price is still trading inside an ascending channel and is currently testing the very bottom. A bounce could take it up to the next upside targets marked by the Fibonacci extension tool. Bitcoin price is pulling back after its recent surge and is deciding whether to make a bounce or a break from the channel support. Technical Indicators Signals The 100 SMA is still above the longer-term 200…

Japan’s Financial Regulator Wants Crypto Industry to ‘Grow Under Appropriate Regulation’

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The commissioner of Japan’s financial regulator the Financial Services Agency (FSA) said that the agency wants the cryptocurrency industry to “grow under appropriate regulation,” in an interview with Reuters August 22. Toshihide Endo, commissioner of Japan’s FSA, told Reuters he sees the agency’s goal for developing the crypto industry as finding a “balance” between consumer protection and technological innovation. The commissioner added: “We have no intention to curb [the crypto industry] excessively. We would like to see it grow under appropriate regulation.” In July, the FSA had been considering changing…

Bitcoin Cash (BCH) Price Technical Analysis: Sellers Reversing 2017 Gains

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On a weekly basis, Bitcoin Cash is stable shedding less than one percent all due to higher highs attempts by end of last week. Though there were expectations of a price follow through, it appears as if sellers are having the upper hand. Bears are likely to reverse those gains and edge towards $300 regardless of the technical developments and scheduled hard fork of Nov 15. From the News 97 days after forking in May 15, Bitcoin ABC, the development team behind Bitcoin Cash “peer to peer electronic payment system”…

SEC Rejects 9 Bitcoin ETF Applications from ProShares, Direxion and GraniteShares

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The U.S. Securities and Exchange Commission (SEC) has rejected a total of nine applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs) from three different applicants, according to a three separate orders published by the SEC today, August 22. The disapprovals come one day ahead of the anticipated deadline, August 23, stipulated for a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca. The SEC has now rejected a further seven proposed ETFs alongside…