Day: February 17, 2019

The $232 Million ICO Debacle Continues as Tezos Community Opposes Class Action Lawsuit

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Tim Draper-endorsed blockchain Tezos is the subject of a consolidated class action lawsuit brought by unsavory individuals. A group of Tezos community members believes the lawsuit is depressing the Tezos price and that the named lead plaintiff, Arman Anvari, does not adequately represent the Tezos community. Anvari has publicly agreed with this sentiment. Arman Anvari Backs Out As Lead Plaintiff The list of problems with Anvari as the chief plaintiff in any class action suit against Tezos is long. For one thing, he made multiple death threats against Tezos co-founder…

E-Commerce Giant Rakuten’s New Payment App Appears to Support Crypto

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Japanese e-commerce firm Rakuten announced that a major update of its Rakuten Pay mobile app will be released on March 18, according to the firm’s 2018 earnings release, published on Feb. 12. The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat. According to the company’s presentation material for the fourth quarter and the full year of 2018, the new version of the app will feature “all payment solutions embedded into one platform.” As Cointelegraph reported in January, and the recent materials confirm,…

Coinbase Wallet Users Can Now Back Up Their Private Keys on Google Drive and iCloud. How Safe Is It?

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On Feb. 12, San Francisco-based cryptocurrency exchange Coinbase announced that users of its Coinbase Wallet can now back up their private keys on cloud storage, namely on Google Drive and iCloud. The move has received mixed reaction from crypto community and cybersecurity experts, some of whom seem skeptical about the idea of storing private keys on centralized servers. Others are confident about the new feature, stressing that it entails encryption. A brief introduction to Coinbase Wallet, formerly known as Toshi Coinbase Wallet differs from the main app, Coinbase (or Coinbase.com).…

$150 Million Scandal of Canada’s Biggest Crypto Exchange Sees New Twist in Dead CEO’s 2014 Interview

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The recent scandal of QuadrigaCX in which Canada’s biggest cryptocurrency exchange lost $150 million worth of crypto shocked the financial space. It deteriorated the public image of the cryptocurrency sector overnight as analysts condemned the loss of hundreds of millions of dollars following the alleged death of CEO Gerald Cotten who had sole control over the company’s holdings and user funds. On February 16, Bloomberg reported that in 2014, Cotten emphasized the risk of storing Bitcoin private keys on a podcast and explicitly described the method utilized by the exchange…

Mayer Multiples: The Metric That Helps Call Bitcoin Bubbles and Bottoms

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Calling precise market tops and bottoms is next to impossible in the volatile cryptocurrency markets. That said, some traders believe identifying speculative bubbles and moments of bearish exhaustion can be made possible through the use of a fairly new metric known as the Mayer Multiple. Created by noted investor and podcast host Trace Mayer, the Mayer Multiple is defined as “the multiple of the current bitcoin price over the 200-day moving average.” Mayer Multiple Formula: Bitcoin market price / 200 day MA value = Mayer Multiple In technical analysis, it’s generally…

Bitcoin Price Weekly Analysis: BTC Signaling Bullish Continuation, $4K Incoming?

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Bitcoin price started a downside correction after a sharp move towards $3,750 against the US Dollar. The price corrected lower and tested the $3,540-3,530 support area, where buyers emerged. Later, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is placed nicely in a positive zone and it could continue to move higher towards $3,650 and $3,800. Bitcoin price is slowly gaining bullish momentum against the US Dollar. BTC/USD remains in a…

Ripple Price Weekly Analysis: XRP At Risk of Sharp Bearish Reaction

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Ripple price is struggling to clear the $0.3000 and $0.3100 resistance levels against the US dollar. There is a crucial bearish trend line formed with resistance at $0.3000 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair must gain momentum above $0.3000 and the 100 simple moving average (4-hours) for more gains. On the downside, a break below the $0.2940 support could trigger bearish moves in the near term. Ripple price corrected lower after a decent upward move against the US Dollar and bitcoin. XRP/USD…

Ethereum Price Weekly Analysis: ETH Primed To Rise Further Above $125

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ETH price started a major consolidation after a nasty upward move above $120 against the US Dollar. There is a contracting triangle in place with resistance at $124 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to accelerate higher once it breaks the $124 and $125 resistance levels in the near term. On the other hand, a break below $119 might call for more declines towards the $114 or $110 level. Ethereum price is placed nicely in a positive zone versus the US Dollar…

Brian Kelly: BTC Could Go Sub-$3,000, But Bitcoin Remains Undervalued

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Bitcoin Could Fall Under $3,000 As calls claiming that Bitcoin could rally into 2020’s block reward reduction have ramped, some have remained wary of BTC’s short-term prospects. In fact, an array of analysts and industry commentators claim that the bottom is far from in. Echoing calls from Anthony Pompliano of Morgan Creek Digital, Brian Kelly, a crypto-centric CNBC contributor, recently told CoinTelegraph at Switzerland’s Crypto Finance Conference that he is expecting that lower lows for BTC are in the cards. In fact, he remarked that a sub-$3,000 Bitcoin is more…

Ethereum (ETH) Founder Vitalik Buterin Denies Attack Vector

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Ethereum (ETH)–Co-founder of Ethereum and cryptocurrency figurehead Vitalik Buterin has denied rumors that a proposed feature in the upcoming Constantinople hard fork will allow for an attack vector on the ETH currency. Buterin, speaking in an Ethereum core developer call held on Feb. 15 dismissed allegations and industry chatter that a smart contract creation feature, originally proposed by Buterin himself, would put the security of Ethereum’s blockchain at risk. Other core developers also vouched their support for Buterin and denounced the feature would outright hamper ETH functionality. Create2, the improvement…