Day: December 10, 2018

Bitcoin Price Analysis: BTC/USD Trends of December 10–16, 2018

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Key Highlights: Traders should remain flat; bulls may take over the Bitcoin market in case there is a breakout above $3,726; break out is imminent. BTC/USD Long-term Trend: Ranging Resistance levels: $3,726, $4,426, $5,070Support levels: $3,094, $2,261, $1,500 BTC/USD is ranging on the long-term outlook; the cryptocurrency started sideways movement on November 24 within the range of $4,426 and $3,726 price level and it continues till December 5. The bears gained pressure and pushed the coin down to break the former support level of $3,726, then started consolidating again. The…

EOS Surges 16% Over the Weekend, Eyeing Extended Gains

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Despite the criticism it is receiving for being a pseudo-decentralized blockchain project, EOS is performing exceptionally well on the trading front. The EOS/USD rate during the weekend noted more than 16% surge. The upside action came in continuation of a strong bounce back from the 1.546-fiat level on Friday. The combination of Friday and weekend price actions marked a circa 40% rally for EOS, during which market cap added over $400 million in profits. There are no substantial factors that claim a role behind the ongoing EOS rally. True, the…

South Korea’s Second Largest Bank Begins Blockchain Record-Keeping to Reduce Human Error

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South Korea’s second-largest commercial bank, Shinhan Bank, has embarked on a project to implement blockchain in internal processes to decrease human error. The initiative was reported by English-language daily news outlet The Korea Times on Dec. 10. Shinhan, which has sought integration with both the blockchain and cryptocurrency spheres over the past eighteen months, also completed a staff training program to increase knowledge of blockchain for various applications. According to The Korea Times, the bank implemented interest rate swap transactions using the technology on Nov. 30 in what it called…

National Transport Insurance Partners on Blockchain for Food Safety Trial

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Australia’s National Transport Insurance (NTI) has announced it will trial a blockchain system to improve supply chain integrity for beef exports abroad, local transport industry magazine Fully Loaded ATN reports Dec. 10. NTI will reportedly be partnering with BeefLedger, an Australian “integrated provenance, blockchain security and payments platform,” which combines blockchain with Internet of Things (IoT) technology to bolster product credentials across the supply chain. NTI and Beefledger’s pilot will use the system to track the provenance and production of Australian beef exports to Shanghai, from their rearing on South…

Bitcoin Options Purchased For $1 Million Will Soon Become Obsolete

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Last year in December 2017, just a few days after Bitcoin hit its peak, Ari Paul, a cryptocurrency fund manager at BlockTower Capital purchased Bitcoin Options with a strike price of $50,000 for almost $1 million on the Ledger X’s Trading platform. According to Crain’s Chicago Business’ article published on December 6, 2018, Bitcoin needs to increase its value by 1,400 percent for the Bitcoin contracts to have any value by its expiration date on December 28, 2018. Capturing Upside While Reducing Downside Risk During the purchasing of the bitcoin…

Crypto Jobs Get Squeezed as Markets Continue to Free-fall

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Crypto traders are not the only ones to suffer when prices plummet and markets crash. The wave of startups that emerged over the past year or so to ride the crypto train has also started to feel the pinch and downsize, or close up altogether. Crypto Startups Feeling the Pinch As the crypto winter intensifies, the number of companies forced to lay off employees is growing. The impact has been so significant that even Bloomberg ran a story last week on the demise of a number of crypto startups. Companies…

Bitcoin Price Recovers Above $3500, Still Short of Major Resistance Levels, Say Analysts

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While Bitcoin recovered by 10% over the weekend, it is still facing some crucial resistance levels ahead for a short-term surge. Here’s what analysts have to say. After slipping below $3300 in the early hours of Saturday, December 8, Bitcoin has finally shown some recovery over the weekend. According to the seven-day Bitcoin chart on CoinMarketCap, Bitcoin surged over 10% over $3650 levels and is currently consolidating at above $3500 levels. At the press time, Bitcoin (BTC) is 1.5% up trading at $3555 with a market cap $61.9 billion. Also,…

Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher

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Key Points Bitcoin price recovered recently and moved above the $3,500 resistance against the US Dollar. There is a key bearish trend line in place with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price must break the $3,590 and $3,650 resistance levels to gain bullish momentum. Bitcoin price is facing a solid resistance near $3,600-3,700 against the US Dollar. BTC must move past the $3,700 pivot zone to accelerate gains towards $4,000. Bitcoin Price Analysis There was a decent support base…

Abu Dhabi National Oil Company Partners IBM to Pilot Blockchain Across its Value Chain

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Abu Dhabi National Oil Company (ADNOC) has partnered with IBM to pilot blockchain-based transaction management for its commodities right from the oil wells through to its end customers. The automated, blockchain-based, system will encompass oil and gas production management for ADNOC’s entire value chain including tracking, validating, and executing, transactions. As with many blockchain pilots, this one is also expected to increase efficiencies and provide greater stakeholder transparency.  A key differential, however, is this pilot’s application to the entire oil and gas lifecycle where other industry pilots have focused on key…

Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis

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Key Points The total crypto market cap recovered above $105.00B, but struggled near $113.00B. Stellar (XLM) price is up around 2%, but it is facing sellers near $0.1250. Bitcoin cash price is back above the $100 level and it could correct towards $115. Tron (TRX) is struggling to move past the $0.0150 resistance level. Cardano (ADA) price is consolidating above the $0.0300 support level. Bitcoin cash recovered and surpassed the BCHSV value. Stellar (XLM), Tron (TRX) and Cardano (ADA) are up around 2% with a minor bullish angle. Bitcoin Cash…