Day: October 19, 2018

Is a Gradual Decline to $3,500 in Play For Bitcoin?

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Bitcoin so far has been able to find support above the so-called bottom area below $6,000. But it is not enough to beat the long-term bearish bias, according to a famous cryptocurrency analyst. Crypto Thoreau, in one of its latest tweets, predicted that Bitcoin price is in for a drop towards $3,500. The analyst backed his prediction by a historical price action between early-2014 and mid-2015 in which Bitcoin price can be seen dropping 83.39 percent after forming 626 bars on the daily chart.  The pattern, which looks identical to the…

Tether ‘Didn’t Do a Great Job on Transparency,’ Claims Investor Mike Novogratz

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Stablecoin Tether (USDT) should create more “transparency” about its operations, cryptocurrency investor and entrepreneur Michael Novogratz told Bloomberg Oct. 18. Speaking in an interview, Novogratz, whose Galaxy Digital investment company is active in the cryptocurrency space, said he favored alternative stablecoins pegged to the U.S. dollar with known U.S. banking connections. “I think Tether didn’t do a great job in terms of creating transparency,” he told the publication discussing Tether’s offshore activities. “The concept of stablecoins makes sense,” Novogratz nonetheless countered, singling out the Winklevoss twins’ Gemini Dollar, which launched…

Here’s what to expect after reports of waning cryptocurrency fever

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The cryptocurrency market has been quite volatile over the last few months and it seems traders are tired of holding on ‘false’ hope of an upcoming bull run. Like last year, traders had expected a massive bull run toward the end of 2018, but it seems there are no signs for the same. However, despite the waning cryptocurrency fever, here’s what to expect in the future. Price Analysis Currently, Bitcoin and all major cryptocurrencies are in the red, losing from 1% to 5% on a day-on-day basis. Bitcoin’s price is…

Bitcoin Price Watch: BTC/USD Remains Vulnerable Below $6,450

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Key Points Bitcoin price extended losses and declined below the $6,450 support level against the US Dollar. Yesterday’s highlighted key bullish trend line was broken with support at $6,435 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price declined below the $6,400 support and the 100 hourly simple moving average. Bitcoin price is back to square one below $6,450 against the US Dollar. BTC/USD is now at a risk of more losses towards the $6,285 support. Bitcoin Price Analysis After three failed attempts to break…

Crypto Exchange Huobi Now Lets Users Swap Between 4 Different Stablecoins

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Huobi, the Singapore-based cryptocurrency exchange, has just launched a new solution that enables users to switch between different types of fiat currency-pegged cryptocurrencies, or stablecoins, in event of market fluctuations. Announcing the solution, called HUSD, at a press conference on Friday, the firm said Paxos’ PAX, TrustToken’s TUSD, Circle’s USDC and the Gemini exchange’s GUSD tokens are being supported initially. Previously, users that deposited, say, GUSD, were limited to taking out GUSD or converting it to a non-pegged cryptocurrency such as bitcoin. Using HUSD, though, they can deposit one of…

The SEC strategic Hub for financial technologies has just released a guide for crypto startups

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Blockchain Startups to receive more guidance with SEC strategy The U.S. Securities and Exchange Commission (SEC) has recently launched a Strategic Hub for the Innovation which included the Financial Technology (FinHub). This is a newer divsion that has goals of making it much simpler for fintech and Blockchain startups, this was in order to navigate the legality and implications of their services.   The Finhub will act as a central point for securities regulation, this was according to an announcement that was made on Thursday October 18, this was in order to interact with entrepreneurs…

Saudi Arabia’s STC and ConsenSys Launch Blockchain Sandbox Framework

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Saudi Arabia’s STC and ConsenSys Launch Blockchain Sandbox Framework October 19, 2018 by Akshay Makadiya Saudi Telecom Company, STC, in collaboration with Ethereum-focused development studio ConsenSys have launched a blockchain sandbox framework on STC’s cloud marketplace. The newly-launched framework will foster public and private enterprises developing decentralized applications. Also see: Coinbase Opens Dublin Office, Continues Global Expansion Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts STC Accelerating Blockchain Adoption Keeping in line with Saudi Vision 2030, (reducing the Kingdom’s dependence on oil revenue and diversifying its economy),…

Cardano Price Analysis: ADA/USD Could Extend Slides To $0.0720

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Key Highlights ADA price failed to gain momentum above $0.0800 and declined recently against the US Dollar (tethered). There is a key bearish trend line formed with resistance at $0.0790 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to extend the current decline towards the $0.0735 or $0.0720 levels. Cardano price moved into a short term bearish zone against the US Dollar and Bitcoin. ADA/USD could drop to $0.0720 before buyers take a stand. Cardano Price Analysis There were a couple of…

Ripple Price Analysis: XRP/USD Could Correct Lower To $0.4350

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Key Highlights Ripple price failed to stay above the $0.4600 support and declined recently against the US dollar. There was a break below an ascending triangle pattern with support at $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently under pressure and it seems like it could test the $0.4400 or $0.4350 support levels. Ripple price moved lower from range highs against the US Dollar and Bitcoin. XRP/USD may continue to move down towards the $0.4350 support in the near term. Ripple…

The Difference Between Pegging, Collateralization, and Redeemability

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Stablecoins have been making the headlines in recent months, attracting big investors, tempted by the allure of a on ‘non-volatile’ cryptocurrency. At first, we usually pay attention to the backing connection, in other words, to the coin’s  stabilizing mechanism. Broadly speaking, this is broken down into 3 categories: asset-backed (including fiat), crypto-backed, and non-backed stablecoins (including algorithms and the Seigniorage shares’ approach). This is a great way of introducing the concept of stablecoins and a good basis for providing an overview, but it doesn’t paint a full picture in terms of…