Elitium (EUM) Debuts on BitMart —— 37,500 EUM Giveaway!

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of Elitium (EUM). EUM/BTC and EUM/ETH trading pairs will be available starting on February 20th and withdrawal feature will be available on February 21st. Elitium is a global

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Global Cryptocurrency Derivatives Exchange Bybit Releases Ethereum Perpetual Contract

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. Bitcoin Press Release: Derivatives Exchange Bybit has officially released its second product, an Ethereum perpetual contract. February 18th 2019, Singapore – Singapore-based global derivatives exchange Bybit has announced the official release of its new 100x leverage Ethereum perpetual contract. Two months after its official launch, the

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Binance Coin Controversy: Love it or Hate it BNB Keeps Climbing

As expected when a two day rally occurs on crypto markets there is the inevitable correction. Total market capitalization and daily volume has fallen back as day traders take profits and top performing crypto assets start to cool off and fall back. There are a couple however that are defying this much repeated market movement and continuing to climb at the moment.

Binance Coin Crushing the Competition

The crypto asset holding above the rest and continuing to surge at the time of writing is Binance Coin. In less than a week BNB has made and held an epic 30% climbing from less than $8.50 last week to $11 before dropping a little to today’s price just below it. On the day BNB is up 13.5% as it outshines every other altcoin in the top fifty.

Daily volume has surged from $80 million to over $134 million, most of that over the past 12 hours. With Binance being the top exchange it stands to reason that BNB would possibly act like a stablecoin when traders are taking profits. If their trades are taken in BNB pairs, its volume and price will increase when they’re pulling out of other coins, which is what has been happening over the past few hours. Some have tried to decipher the controversy surrounding BNB with lengthy tweets;

Not all are convinced about Binance Coin though with some observers calling it a ‘manipulated Ponzi scheme controlled by one man’ on twitter. Others are equally critical of BNB labeling it as a centralized security token;

Either way Binance Coin is one of today’s top performers and since the beginning of the year has made a staggering 83% gain.

Stellar Flips Tron Showing Small Gains

Stellar has been losing momentum for quite a while now as it slipped down the market cap charts. Today however it has regained a place, flipping Tron for eighth spot at the time of writing.

With a further 5% gained on the day XLM has reached $0.088 with a market cap of around $1.68 billion, enough to pass TRX which is currently on $1.65 billion as it loses 1.5% in the correction. Tron has enjoyed a lot of momentum recently and has been one of the top performing altcoins this year with a gain of over 30% since January first. Stellar on the other had has been in decline, losing 22% in the same period. Stellar has a strong dev team with a lot of project updates so the lack of momentum recently is a little perplexing.

Maker is the other crypto asset that has shown impressive gains in recent weeks, climbing a further 10% on the day and 23% since the same time last week.

Image from Shutterstock

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Elon Musk: Bitcoin is ‘Brilliant, Far Better’ than Paper Money; Tesla Isn’t Jumping in Just Yet

Nearly everywhere Elon Musk goes, people want to talk about Tesla. On Tuesday, however, the media magnet went along with a change in focus by discussing his views about cryptocurrencies. His opinions come within months of a Bitcoin-related tweet that landed him in hot water with the social media platform. He ended up getting his account suspended by Twitter. Musk discussed this and more in a very lighthearted interview with Ark Invest. We had @elonmusk on the latest episode of @ARKInvest's podcast! He had a few things to say about Bitcoin. "Paper money is going away and cryptocurrency is a

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Mastercard, Visa Greed Could be the Catalyst For Merchants Accepting Bitcoin

Visa and Mastercard are reportedly on the cusp of hiking fees they charge merchants who accept credit and debit cards. They could hike the fees they charge merchants as early as April, according to the Wall Street Journal. While the behemoth credit card payment processors anticipate the move will help them further line their financial coffers, merchants could be chased away. In the wings waiting for them is the crypto space, where Bitcoin payments are a lot cheaper to process. A few observers of the happenings told CCN about how merchants stand to gain from these looming higher fees. Unrelenting

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Crypto Market Wrap: A Few Survivors As Markets Correct

Market Wrap

Crypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.

Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.

Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.

Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.

In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.

Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.

Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.

Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

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Russia Sets New Crypto Law Deadline

Source: iStock/ANGHI Russian parliament has finally set a timeline for the second reading of its much-anticipated package of cryptocurrency, crowdfunding and blockchain-related bills. Per Interfax, the State Duma’s financial markets committee chairman Anatoly Aksakov has confirmed that the bills wi

Market Cap: A Flawed Ranking System for Valuing Crypto

Market Cap: A Flawed Ranking System for the Valuation of Crypto

Market cap is often used as a metric of importance in the crypto industry. Communities will react jubilantly as their preferred coin moves up the rankings. People will often invest in the top X coins based solely on their market cap as they think it is representative of a diversified portfolio. However, is market cap the right metric to focus on?

Also read: Coinbase Acquires Cryptocurrency Surveillance Company Neutrino

In this post I will explore the fallacy of market capitalization. I will look at the methods with which market cap is often determined and why it could be considered flawed for a number of reasons. I will also touch on other potential metrics which could be more representative of “value.”

But first, let’s start with some basics…

Recap on Market Cap

Market capitalization is a concept that has been borrowed from the traditional equity markets. In the context of a publicly traded company, it is supposed to give a measure of how much the outstanding free float of shares are worth on the market. It is merely calculated by taking the price of the shares and multiplying it by the outstanding free float of shares.

Capitalization is often used as a metric of size, value and importance in the equity markets because all the shareholder information can be publicly verified and the shares are often traded on one exchange.

There is no disagreement as to the market cap of Coca Cola because analysts can easily replicate it themselves. They can pull the shareholder records from their databases and grab the latest price from the NYSE ticker information. However, the same cannot really be said for the cryptocurrency markets.

Market Cap in Crypto

When cryptocurrencies first started gaining the public’s attention a few years ago, numerous websites wanted to find a quick and easy way to compare all of the different coins on the market. They needed a simple ranking number that people could use as a rough benchmark.

Market cap was one of the most applicable metrics that they could use. It was also relatively easy to understand for those who were new to the cryptocurrency markets. It was understood to imply the total value of all coins in circulation.

A problem that is unique to cryptocurrencies though is the fact that this “circulating supply” is often defined subjectively by the coin ranking websites. For example, if we were to take a look at the definition of “circulating supply” on Coinmarketcap (CMC) it states the following.

Market Cap: A Flawed Ranking System for Valuing Crypto
How circulating supply is calculated on CMC. Image via Coinmarketcap.

While this seems like a pretty thorough examination of the circulating supply of a project, a great deal of it will come down to the judgement of the folks at CMC. You will have to trust their assessment of what is freely circulating based on information that is provided to them by project teams.

As many Bitcoin proponents know, “Don’t trust, verify.”

Potential Manipulation of Numbers

Something specific that CMC does is exclude the pre-mined coins from the circulating supply of a particular project. While the intentions behind this may be right, there are some negative externalities that come with this.

For example, when a project has pre-mined a large proportion of their coins, every time they release these funds, their circulating supply will go up. If these coins are not sold immediately (which impacts price) then the market cap of the coins is also likely to increase.

There have been many projects that have been accused of this tactic. While some of them may not have been intentionally seeking to impact price, it is disconcerting that such an important metric can move at the whim of the developers.

This is of course only the circulating supply number that we are talking about. We are well aware of how crypto whales are able to impact price in relatively illiquid markets. Through wash trading and limited external demand, nefarious actors can pump the price and hence impact market cap.

What Can Be Done?

In a sense, the coin ranking websites are in a bind when it comes to market capitalization. They are using it precisely because it is well known, easy to understand, comparable and seemingly applicable. They are trying to provide an objective view of the coin’s total value and the more they try to tweak the formula, the more they can be accused of being subjective.

Another coin ranking site, Coingecko, has taken a slightly more transparent and innovative approach to their rankings. For example, when it comes to listing their circulating supply they do not exclude pre-mined coins. They do this more for consistency because technically tokens issued on smart contract platforms are all pre-mined. Similarly, pre-mined coins could potentially already be traded on exchanges because they are not locked.

They also give the user more information on how circulated supply is calculated for each coin that they have listed. For example, in the below image you can see the supply numbers for the 0x (ZRX) project.

Market Cap: A Flawed Ranking System for Valuing Crypto
Circulating supply breakdown for ZRX. Image via Coingecko.

Indeed, determining the “value” of a cryptocurrency project is itself such an involved discipline. If someone really wanted to analyze this then they would need to look at factors such as on-chain metrics, developer activity, community interest and so forth.

In fact, exchanges such as Binance have even started to roll out their “gold standard” metric which awards projects based on their “communication.” Although this is not an endorsement by Binance, projects that regularly communicate with their community could be a valuable metric.

Of course, one can’t really look at these other metrics in isolation and compare them to another coin. They have to be broken down and analyzed piece by piece and adjusted for particular technicalities of the coins in question.

None of these metrics can be viewed as a potential replacement for the quick-and-dirty measure that comes with a coin’s market cap. They can only be used as a complement to it by the analyst should they decide to delve deeper into the relative “value” of a project.

Don’t Get Bitconnect Rekt

Market capitalization is a useful metric. It allows us to get a rough sense of the general market value of particular coins that are on the market. However, that is where its usefulness should stop.

It should not be used as some sort of a metric of importance, value or market support for the project in question. It is a simple metric which, although useful, can and has been manipulated.

While circulating supply numbers can be tweaked to better reflect market dynamics, market cap should be a singular factor in a much more thorough due diligence process. Development, user numbers, scaling and communication should all be thrown into the “DYOR” soup.

Let us not forget that Bitconnect was at one time in the top 10 of CMC. If you had invested solely based on this fact, you would have been utterly Bitconnect rekt.

Do you think crypto market capitalization is inherently flawed? How useful is market capitalization for determining the crypto market’s total valuation?


Images courtesy of Shutterstock, Coinmarketcap, and Coingecko.


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


This article was written by Nic Puckrin. He is an ex Investment Banker and blockchain enthusiast. He has founded several online businesses and fell down the crypto rabbit hole in 2016. When he’s not sitting behind six screens trading Bitcoin, Nic is maintaining his numerous mining rigs.

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Ethereum (ETH) Price Analysis: Pullback Before Further Increase

Ethereum price started a downside correction from the $154.00 zone. ETH/USD declined below $150.00, but it is likely to find support near $138.50 for a fresh upward move.

  • Ethereum price is slowly correcting lower towards the $142.25 and $138.50 supports.
  • ETH/USD is following a short term declining channel with resistance at $146.50 on the 30-minute chart.
  • The price is likely to find a strong buying interest near the $138.50-140.00 area.

Ethereum ETH Price

Ethereum Price Analysis

After a strong bullish wave, Ethereum price faced sellers near the $154.00-155.00 resistance zone. ETH/USD started a downside correction and traded below the $150.00 and $148.00 support levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed a short term top at $153.76 and later dipped below the $150.00 support. There was a break below the $148.00 support and the 25 simple moving average (30-min).

The price broke the 50% Fib retracement level of the recent wave from the $138.69 low to $153.76 high. Moreover, there was a break below a key bullish trend line with support at $150.50 on the same chart.

It opened the doors for more losses below the $148.00 level and the price tested the $145.00 support. At the moment, the price is trading near the 61.8% Fib retracement level of the recent wave from the $138.69 low to $153.76 high.

More importantly, it is following a short term declining channel with resistance at $146.50. It seems like there are chances of more declines towards the $140.25 or $138.50 support levels in the near term.

However, the $138.50 support area could act as a strong barrier for buyers. If there are more losses, the next stop might be $135.10 and the 1.236 Fib extension level of the recent wave from the $138.69 low to $153.76 high.

On the other hand, if the $138.50 support holds the current decline, Ethereum price could bounce back above $144.00 and $145.00. However, ETH/USD must settle above the $150.00 resistance area to surge above $154.00 and $155.00 in the coming sessions.

The market data is provided by TradingView, Bitfinex.

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Ripple (XRP) Price Analysis: Uptrend Intact Above $0.3140

Ripple price rallied recently above the $0.3500 resistance before it corrected lower. XRP is under pressure, but it is likely to find support near the $0.3200 or $0.3140 support zone.

  • Ripple price declined sharply after trading as high as $0.3549.
  • This week’s followed bullish trend line was breached with support at $0.3400 on the 30-minute chart.
  • XRP tested the $0.3220 support and it is currently under pressure below the $0.3400 level.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we saw the start of a solid upward move above the $0.3220 and $0.3380 resistance levels in ripple price. XRP/USD gained momentum and broke the $0.3400 and $0.3460 resistance levels. It traded as high as $0.3549 and later started a downside correction.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair gained momentum after it broke the $0.3375 resistance. The price traded towards the $0.3550 level and topped at $0.3549.

Later, sellers took control and pushed the price below the $0.3460 support and the 25 simple moving average (30-minute). It opened the doors for more declines and the price cleared the 50% Fib retracement level of the last wave from the $0.3017 low to $0.3549 high.

However, buyers appeared near the $0.3250 and $0.3220 support levels. The price is currently consolidating above $0.3250 and the 61.8% Fib retracement level of the last wave from the $0.3017 low to $0.3549 high.

The current price action is slightly bearish, suggesting more losses below the $0.3220 support. The next key support is near the $0.3140 level, which is likely to act as a strong buy zone.

On the upside, there is a key resistance formed near $0.3350, the 25 simple moving average (30-minute), and a bearish trend line on the same chart. Therefore, a clear break above the trend line and $0.3400 is must for the price to move back in a positive zone.

To sum up, there could be more bearish moves in ripple below the $0.3220 level, but as long as XRP is trading above the $0.3140 support, it could start a new upward move in the near term.

The market data is provided by TradingView, Bitfinex.

The post Ripple (XRP) Price Analysis: Uptrend Intact Above $0.3140 appeared first on Blockonomi.

TOKEX: Crypto Exchange Platform for Selling Tokens Immediately after ICO

TOKEX is a platform for cryptocurrency sales that aims to deliver the best rates for selling tokens which haven’t yet been listed on other centralized exchanges. They also allow ICOs to list their tokens so people can begin trading them right away.

Tokex

TOKEX aims to overcome the pricing problem that those selling tokens tend to have. Specifically, the platform wants to resolve the issue that in order to trade tokens, you need to find a crypto exchange that lists them. This is additionally problematic since the price will always be similar across exchanges and remain low. To overcome the issue, TOKEX lets you sell tokens at the highest price on the market.

Additionally, TOKEX aims to address the problem that an ICO token sale has to finish before tokens can be listed on an exchange. Even worse, the time between the end of the ICO and the listing be as long as 90 days.

By contrast, TOKEX can list tokens within a very short time after it goes live, giving you easy access to selling tokens.

TOKEX also addresses the concern that most centralized exchanges fail to give users full control of their funds or anonymity. This can lead to privacy risks, particularly in the case of hacker attacks.

Another issue is that centralized exchanges have a strong influence on the market price of tokens. In many cases, the price is lowered significantly due to larger volumes for sale on the exchange, as well as fees.

TOKEX avoids this by offering the best token price on the market and letting you sell tokens anonymously.

How Do You Sell Tokens on TOKEX?

The process of selling tokens on TOKEX is simple and quick. Start by making an order by choosing the token and amount. The system will show you the sale price. Then, send the tokens to the exchange’s wallet. When TOKEX receives the tokens, the system automatically transfers your chosen cryptocurrency in the agreed-upon quantity to your TOKEX balance. Right away, you can withdraw crypto from your TOKEX balance instantly or sell the tokens for Bitcoin.

Sell Tokens

How Do You Exchange Tokens on TOKEX?

TOKEX has an internal exchange system that lets you make exchanges between various cryptocurrencies as part of your TOKEX balance. The commissions for these exchanges are the lowest you will find on the market. The exchanges are instant and very straightforward.

Start by choosing the currency you want to exchange and the one you want to receive. From there, enter how much of the crypto you want to change. You will see how much of your target cryptocurrency you will receive. To confirm the operation, just click “Exchange” for an instant transaction.

Exchange Tokens

How Can Investors Use TOKEX?

Investors who want to use TOKEX to invest should start by making an account. The registration process is quick and straightforward. Once you are registered, you can make an investment in any of the most popular cryptocurrencies. When you make a profit, you can take advantage of instant withdraws on TOKEX.

With TOKEX, investors can earn money without having to sell their tokens. The investment offers an alternative that lets you make money via cryptocurrency. The minimum investment on TOKEX is just 0.005 BTC or its equivalent in another accepted cryptocurrency.

What Investment Plans Does TOKEX Offer?

You can view the investment plans on the relevant page of the TOKEX website to stay up to date with any changes. At the time of writing, there are four investment plans to choose from.

The first of these is a fixed 7 percent after 10 days of investment, with all seven days of the week serving as payment days. The total return is 107 percent (including the principal), and the investment limits are from 0.005 BTC to 1.25 BTC.

The next option is a daily 5 percent for 30 business days. This has weekdays as the payment days and delivers a total return of 150 percent (including the principal). The investment limits are from 0.025 BTC to 7.5 BTC.

Investing

For an even greater return, you can opt for a weekly 30 percent for eight weeks. Payment days are all seven days of the week for a total return of 240 percent (including the principal). The investment limits are from 0.125 BTC to 12.5 BTC.

Finally, those who want a longer-term investment with greater profits or have more to invest can do a monthly 133 percent for three months. This has payment days as all seven days of the week and investment limits of 0.25 BTC to 25 BTC. The total return is 399 percent (including principal).

Business Model

When you see guaranteed returns on investment, this is worrying as this is how ponzi schemes work so we reached out to Tokex about this. Apparently they have large fiat reserves in place from the last bull run so they are using this at the moment to pay the investment returns. The investment part of the site is limited and they will only accept so many customers for this.

Their main business is to buy tokens from people, hoping to profit from them on the next bull run.

What Cryptocurrencies Can You Invest with TOKEX?

At the time of writing, TOKEX accepts investments in Bitcoin, Ripple, Litecoin, DASH, Ethereum, Bitcoin Gold, Bitcoin Cash, BinanceCoin, DogeCoin, DigiByte, Electroneum, TrueUSD, TRON, Waves, VertCoin, Verge, Zcash, and Monero. The main cryptocurrency on the platform is Bitcoin. This means that you view all cryptocurrency amounts in terms of their BTC rate.

How Do You Withdraw from TOKEX?

It is straightforward to withdraw from TOKEX, as you just fill out the withdrawal form. There are specific minimum withdrawal amounts that vary by cryptocurrency. You can view the specific minimums for each token on the TOKEX FAQ page. A few examples of minimums include 0.0002 BTC, 0.03 LTC, 28 XRP, 0.006 BCH, 0.07 BTG, 0.005 DASH, and 0.006 ETH.

The amount of confirmations required to complete the transaction also varies slightly by cryptocurrency and is listed on the TOKEX FAQ page. Most tokens require three confirmations, but there are exceptions. For example, XRP requires 30, while BNB, DGB, TRX, and TUSD require 10. ETN and XVG require five, and WAVES requires four.

Withdrawal

Affiliate Program

TOKEX offers an affiliate program that lets you make money via client referrals. There is no need to invest to take advantage of this program. All you have to do is register, start promoting, and earn. TOKEX provides you with promotional materials, including banners in varying sizes and styles.

There are three levels of the affiliate program, letting you earn as much as 6 percent from each referral. The other levels let you earn 3 percent and 1 percent. All of your referrals are at the 6 percent level, with second-level referrals at 3 percent and third-level referrals at 1 percent. The bonuses apply to the deposit amounts. There is also a representative program that lets you become a regional representative for higher rewards. Specifically, level-one referrals for those with representative status get 10 percent.

Conclusion

TOKEX is a cryptocurrency sale platform that lets you sell your tokens for the best price available on the market. It overcomes the challenges associated with centralized cryptocurrency exchanges, such as hidden fees, poor rates, and lack of anonymity.

TOKEX additionally includes an exchange at great rates with incredibly low commissions. The platform even has an investment option that lets you earn more cryptocurrency without risking your tokens or selling them. The last of these is unique since few platforms offer something similar for crypto. TOKEX also makes it easy to withdraw funds instantly.

Useful Links

The post TOKEX: Crypto Exchange Platform for Selling Tokens Immediately after ICO appeared first on Blockonomi.

Bitcoin Price Watch: Pullback In BTC Before Fresh Increase

  • Bitcoin price extended gains above $3,900 and traded close to the $4,000 resistance against the US Dollar.
  • The price traded as high as $3,973 and later started a downside correction.
  • There is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct further lower towards the $3,830 or $3,800 support levels before fresh increase.

Bitcoin price failed to surpass the $4,000 resistance and corrected lower against the US Dollar. BTC could tested the $3,800 support area before a new upward move towards $4,000.

Bitcoin Price Analysis

Yesterday, we saw a strong rally above the $3,750 resistance in bitcoin price against the US Dollar. The BTC/USD pair spiked towards the $3,950 level and later corrected lower. However, the $3,830 support prevented losses and the price bounced back. It broke the last swing high and traded close to the $4,000 resistance. A new weekly high was formed at $3,973, but the price failed to test the $4,000 barrier. As a result, there was a fresh downside correction and the price declined below $3,950 and $3,920.

There was a break below the 23.6% Fib retracement level of the last wave from the $3,684 low to $3,973 high. However, the current decline is finding bids near yesterday’s highlighted bullish trend line with support at $3,880. More importantly, it seems like there is a short term breakout pattern in place with support at $3,875 on the hourly chart of the BTC/USD pair. If there is a downside break, the pair could test the next key support at $3,830. It coincides with the 50% Fib retracement level of the last wave from the $3,684 low to $3,973 high.

If the price fails to hold the $3,830 support, it could test the main $3,800 support area in the near term. On the upside, the price must break the $3,925 and $3,950 resistance levels to revisit $3,975. The main resistance for buyers is near the $4,000 level, above which there are chances of further gains.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be setting up for the next break either above $3,925 or below $3,875. In the short term, there could be a few bearish moves, but the $3,800 support is likely to hold losses. Below $3,800, the price could drop towards the $3,720 support.

Technical indicators

Hourly MACD – The MACD is currently in the bearish zone, with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.

Major Support Level – $3,830 followed by $3,800.

Major Resistance Level – $3,925. $3,950 and 4,000.

The post Bitcoin Price Watch: Pullback In BTC Before Fresh Increase appeared first on NewsBTC.

Crypto Market Eyes Additional Gains: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis

  • The total crypto market cap traded towards the $132.5B level and later corrected lower.
  • EOS price traded above the $3.50 resistance and it is currently consolidating gains.
  • Binance Coin (BNB) rallied more than 10% and broke the $10.00 resistance area.
  • Bitcoin cash price is placed nicely above the $140 support, with a bullish bias.
  • Tron (TRX) price failed to stay above the $0.0250 support and later declined.

The crypto market started a downside correction, but it remains supported. Dips in bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to find buyers.

Bitcoin Cash Price Analysis

Bitcoin cash price gained traction recently and broke the $135 and $140 resistances against the US Dollar. The BCH/USD pair even traded above the $145 level and later started a downside correction. On the downside, the key supports are near $142 and $140, below which the price might test the $135 support.

On the upside, an initial resistance is near the $145 level, above which the next hurdle for buyers is at $148 and $150. In the short term, there could be range moves, but the price is likely to gain further above $145.

EOS, Tron (TRX) and BNB Price Analysis

EOS price gained a strong bullish momentum above the $3.00 resistance area. It broke the $3.25 and $3.50 resistance levels to register heavy gains. At the moment, the price is consolidating above the $3.50 support, with resistances near the $3.62 and $3.70 levels.

Tron price moved above the $0.0250 resistance level, but it failed to hold gains. TRX price topped below the $0.0255 resistance and later declined below the $0.0250 support. The price is down more than 2% and it seems like it could retest the $0.0245 support area in the near term.

Binance coin (BNB) rallied recently above the $9.50 and $10.00 resistance levels. BNB price gained more than 10% and even surpassed the $10.50 resistance. The next major hurdle for buyers is near the $11.00 level, above which the price might eye a test of the $12.00 level.

Crypto Market BNB EOS bitcoin cash TRX

Looking at the total cryptocurrency market cap hourly chart, there was a strong upward move above the $120.0B and $125.0B resistance levels. The market cap even broke the $130.0B resistance level and tested the $132.5B level, where it faced resistance. Later, it started a downside correction and declined below $130.0B. However, there are many supports near $126.0B, $125.0B, and a bullish trend line on the same chart. Therefore, as long as the market cap is above $125.0B, dips in bitcoin, ETH, tron, litecoin, EOS, ripple, ADA, stellar, BNB, BCH, XMR and other altcoins remain supported in the coming sessions.

The post Crypto Market Eyes Additional Gains: BNB, EOS, Bitcoin Cash, Tron (TRX) Analysis appeared first on NewsBTC.

Ripple Price Analysis: XRP Rally Unwinds But Not Likely Over

  • Ripple price gained traction and broke the $0.3400 resistance area before sellers appeared against the US dollar.
  • The price topped near the $0.3460 level and later started a sharp downside correction.
  • Yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.

Ripple price rallied sharply before trimming most of its gains against the US Dollar and bitcoin. XRP/USD remains supported on the downside above $0.3100 and it could bounce back soon.

Ripple Price Analysis

Yesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area.

However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average.

Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start a fresh upward move above $0.3300.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but it is still below the 50 level.

Major Support Level – $0.3100

Major Resistance Level – $0.3350

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Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions

Bitcoin Cash Merchant Acceptance Is Thriving Within These Three Regions

Bitcoin Cash supporters are all about spreading adoption, and many enthusiasts are relentlessly trying to get people to try BCH and merchants to accept the cryptocurrency for payments. Right now, there are three regions in the world with a significant number of BCH merchants: Slovenia, North Queensland, and Japan, areas which continue to add a slew of new brick n’ mortar stores every day.

Also read: Regulations Have Ruined the Physical Bitcoin Industry

Three Regions With Lots of Bitcoin Cash Accepting Merchants

Bitcoin cash merchant acceptance is growing. According to Marco Coino, there’s close to 1,000 retailers willing to accept BCH as a means of payment for goods and services. These merchants can be located all around the world and each country displays the number of retailers who accept BCH in the region. As BCH merchant adoption continues to grow, there are three specific regions in the world that have dense populations of retailers accepting the decentralized cryptocurrency.

Slovenia

At the moment, the Republic of Slovenia has the most merchants that accept bitcoin cash. According to geo-mapping application Marco Coino, the sovereign state located in southern Central Europe has 207 active BCH retailers who accept the cryptocurrency for payments. Slovenia has always been known for doing business as the country is in the middle of important European cultural and trade routes.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Slovenia has 207 merchants according to Marco Coino.

The country has always been crypto friendly as well and most of the BCH merchants can be found in in the capital of Ljubljana, home to an area that is known as ‘Bitcoin City.’ BCH accepting merchants in Slovenia include the Asan Chill & Lounge Room, the Malibu Bar, AHZ Design, Venera Shop, the Blackout Bar, Potokar, Hot Horse, Soba’Room promenade bar, and Blockmaster.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
‘Bitcoin City’, Slovenia.

North Queensland

Many bitcoin cash fans are probably familiar with the name North Queensland because residents have posted so many many stories about the region’s BCH acceptance, it’s hard not to notice them. At the time of writing, this northern region of Australia is home to 56 BCH accepting merchants. North Queensland has a large Bitcoin Cash meetup, and the area also hosted the country’s first BCH-only automated teller machine.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
North Queensland has 56 merchants according to Marco Coino.

Right now BCH supporters can purchase meals, get their car fixed, and even get work done on their home by paying for the services in BCH. Merchants accepting BCH in the northern part of the Australian state include Bel Paese Pizzaria, Elements Studio, RJ’s Mechanical, Dawson Moving & Storage, FNQ Computers, and Toasted Bean Coffee. A denser area of North Queensland BCH-accepting retailers is located in the middle of Condon, Kelso, and the Townsville Conservation Park.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
North Queensland BCH supporters are extremely passionate about spreading bitcoin cash adoption.

Japan

Ever since Japan legalized cryptocurrency payments, the region has become a digital currency hub. Japan also has a ton of BCH merchants that accept the cryptocurrency for goods and services. According to the Marco Coino application, there are roughly 56 BCH accepting merchants in Japan.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Japan has 56 merchants according to Marco Coino.

Retailers accepting the cryptocurrency here include the Village Hostel Namba, Hikari Clinic, Ruins Minakami, Good Heavens, Rakan, Yakitori Wine Bar, Ginza Secret, Organic Hair Salon, So Law Office, Cafe de Perle, Soul Food House and Two Dogs Taproom. The Tokyo BCH meetup is extremely large as well, as the group currently has 1,253 members. One member of the Japanese BCH community is Akane Yokoo, a passionate supporter who is responsible for spreading a lot of merchant adoption throughout Tokyo.

Bitcoin Cash Merchant Acceptance Is Thriving in These 3 Regions
Akane Yokoo is responsible for kickstarting a lot of merchant adoption throughout Tokyo

Spend & Replace: Kickstarting the Peer-to-Peer Electronic Cash Evolution

Other global runners up that are densely populated with BCH-accepting retailers include the U.S., Colombia, Barcelona, Belarus, and London. Bitcoin cash merchant adoption continues to thrive and the many retailers listed on Marco Coino does not include the vast array of merchants using Bitpay and Coinbase merchant services. Many BCH supporters believe in the idea of “spend and replace” when it comes to using the decentralized cryptocurrencies. Supporters believe a deflationary currency can still be spent and replaced over time in order to kickstart its evolution as a solid means of exchange. At the moment Slovenia, Japan and North Queensland BCH supporters are taking the lead by continuously spreading more adoption and merchant acceptance.

What do you think about Slovenia, North Queensland, and Japan having the most BCH merchants today? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Marco Coino, Twitter, and r/btc.


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Ethereum Price Analysis: ETH Remains Buy On Dips, 100 SMA Holds Key

  • ETH price started a downside correction after testing the $149-150 resistance area against the US Dollar.
  • There was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD (data feed via Kraken).
  • There was an increase in selling pressure and the price tested the $139-140 support area.
  • A few important supports are in place near the $141, $140 and $136 levels.

Ethereum price started a short term correction against the US Dollar and bitcoin. ETH/USD must stay above $136 and the 100 hourly simple moving average to bounce back.

Ethereum Price Analysis

In the past few days, ETH price climbed higher and broke the $135 and $140 resistances against the US Dollar. The ETH/USD pair even traded towards the $150 resistance zone, where sellers emerged. A top was formed just below the $150 level and later the price started a downside correction. It declined below the $146 support and the 23.6% Fib retracement level of the last leg from the $135 swing low to $150 swing high. It opened the doors for more gains and the price dropped towards the $140 support zone.

Moreover, there was a break below a key bullish trend line with support at $146 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the last leg from the $135 swing low to $150 swing high. However, there are many important supports are in place near the $141, $140 and $136 levels. The main support is near the $138 level. It coincides with the 76.4% Fib retracement level of the last leg from the $135 swing low to $150 swing high. Besides, the 100 hourly simple moving average is positioned near the $136 level to act as a strong support.

Therefore, if the price continues to decline, the $138 and $136 levels are likely to prevent losses. If there is a break and close below the 100 hourly SMA, the price might decline further towards the $130 level. On the other hand, if the price finds support near $138, it could start a fresh upward move.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price corrected lower from the $150 resistance zone. However, dips remain supported as long as the price is above the $136 pivot zone. On the upside, an initial resistance is near $145, above which the price may retest $150.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD moved back in the bearish zone, with a few bearish signs.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level, with a bearish angle.

Major Support Level – $136

Major Resistance Level – $145

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Purported Crypto Cloud Mining Ponzi Reported to Thai Police, 140 Victims Allegedly Scammed Out of $1.3 Million

Thirty people in Bangkok filed complaints with Thailand’s Technology Crime Suppression Division after they were allegedly scammed by cryptocurrency cloud mining company CryptoMining.Farm, the Bangkok Post reported. A total of 140 victims were allegedly scammed out of more than $1.3 million.

The allegations state that the investors were swindled out of 42 million Baht—about $1.34 million. These forty complaints are part of a suspected group of 140 people who fell victim to the purported scheme.

The company is believed to be operated by Lifetime Technology Co. Ltd, as stated on their website, which according to the complaint is linked to the potential owner Pimongkol Tawpibarn. CryptoMining.Farm listed an office in Bangkok, as well as another in Chiang Mai, suggesting that the service is legitimate.

One of the complaints filed, as explained by the Bangkok Post, stated that the service promised “guaranteed returns” of 70 percent per year. The terms and conditions of the service stipulated that investors could withdraw their money at any time, offering investments ranging from three months to lifetime mining contracts.

“But from August [of 2018] the owner began imposing conditions for withdrawing the money,” one victim claimed. “Then at the start of this month, the site announced it would start paying back investors in 84 installments—which would take over seven years to complete.”

Cloud mining Ponzi schemes are prevalent in the cryptocurrency ecosystem and continue to lure in victims with promises of high guaranteed returns, despite warnings from regulators and vocal crypto community members.

Earlier this month, the Texas State Securities Board (TSSB), released a report showing that it entered 16 administrative orders, involving a total of 60 individuals and entities, associated with alleged cryptocurrency scams including cloud mining schemes. The annual report also called attention to several more recent enforcement actions, warning investors of new, fraudulent “hybrid” schemes:

“Some international cryptocurrency promoters even found sales agents in the oil patch. According to a Nov. 6 emergency action taken against an Australian promoter of cryptocurrency mining contracts, the firm’s sales agents included members of the West Texas Oilfield Cloud Miners Club in Midland,” the report concluded.

The TSSB is the same organization that took down high-profile cryptocurrency Ponzi scheme, BitConnect.

Regulators have started to crack down on these scams. However, despite regulators’ best efforts, there are still many scams taking advantage of the uninformed. These scams prey on people’s greed; If it’s too good to be true, especially in the cryptocurrency world, then be on alert for fraud.

The post Purported Crypto Cloud Mining Ponzi Reported to Thai Police, 140 Victims Allegedly Scammed Out of $1.3 Million appeared first on CryptoSlate.

Video: Virginia Liberal Attempts to Justify Murder Masked as Abortion Procedure

Let’s talk about abortion. I’ve always been “pro-choice.” On a personal level, I’ve never considered abortion. I’m currently a single father of four as a result. I don’t like to make decisions for other people. If you feel you need to have an abortion, it’s a legal procedure. I’m not a fan of states that try to make it impossible through various means. I don’t let morality enter into it. If it’s not my body, it’s not my moral conundrum. I hadn’t thought much about it recently until I saw this video of Virginia lawmaker Kathy Tran, in which she

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No Internet, No Problem: How to Send Bitcoin by Amateur Radio

No Internet, No Problem: How to Send Bitcoin by Amateur Radio

In an age where governments are trigger happy at censoring or shutting down networks, it is reassuring to know that Bitcoin can operate sans internet. Network censorship, after all, is not some dystopian storyline but a power exercised by many democratic governments across the world. Thankfully, there are solutions that enable people to send and receive bitcoin even in a worst case scenario. For an advanced technology, it turns out that cryptocurrency can get surprisingly low-tech.

Also read: Bitcoin and Weak Frequency Signals: Bypassing Network Censorship With Radio

Send Bitcoin by Radio and Circumvent Network Censorship

Imagine waking up one morning to find that the internet is down. Not because the wifi’s been disconnected: instead, your government has pulled the plug . You’ve no idea when it’ll be back online, and in the meantime, you’re cut off from life as you know it, ranging from contact with loved ones abroad to paying for anything by card. Since society isn’t big on keeping cash these days, and ATMs stock up on only so much paper money at a time, chances are you’ll have to sidestep – or engage in – a few fistfights if you’re to put a meal on the table.

Since bitcoin is, itself, a form of digital currency, it takes a good amount of preplanning to set up a transaction, but in theory, it could still operate even when conventional options are forcefully removed from the equation.

While most of us will hopefully never experience a dystopian world of intermittent internet, the productivity sages remind us that a failure to plan is planning to fail. Knowing how to transact with cryptocurrency in a chaotic world is the sort of knowledge that might just come in handy one day, and in the meantime will make you the most interesting guest at the dinner party.

Depending on the political stability of your geographic location, learning how to send bitcoin without internet could be nothing more than a fun Saturday afternoon science project. Then again, it could provide the way out of a tight spot one day, whether it’s transferring funds to a buddy stuck in the middle of the ocean or bribing a zombie to feast on the coins stored in your brain wallet instead of devouring your brain.

Bitcoin Over Airwaves

2014 saw the earliest mentions of bitcoin being sent via the airwaves. Hamradiocoin was one of the early vanity altcoins, geared at the ham radio industry. While it wasn’t entirely clear why said niche industry needed a dedicated currency, its current $794 market cap – unchanged since May 2017 – adds to crypto’s rich historical arsenal of questionable coins.

But the idea of marrying Marconi and Satoshi was bound to lead to more useful experiments. A step in the right direction saw Finnish company Vertaisvaluutta.fi propose the creation of a P2P half-duplex CB/HAM radio cryptocurrency. Also in Finland, Kryptoradio partnered with a national broadcaster to pilot a cryptocurrency data transmission system that broadcasts bitcoin transactions, blocks, and currency exchange data via national DVB-T television networks in real time. The project failed to launch its commercial phase, with founder Joel Lehtonen explaining:

The project raised huge audience and there has been some serious commercial interest but nothing I am really interested in because they would destroy the original idea of Kryptoradio – distributing the Bitcoin ledger autonomously without internet connectivity.

Come 2018, there was a new experiment in town. Ingredients: Brooklyn-based gotenna, a mobile, long-range, off-grid consumer mesh network, and bitcoin privacy wallet Samourai Wallet. A New Zealand developer transported crypto from a distance of 12.6km away, entirely offline, using only a network-disconnected Android phone and four portable antennas. Though as his Twitter recount acknowledges, it took one heck of a prep, including setting up relay stations.

Fast forward to this year, and in perhaps the most simplistic effort yet, Coinkite founder Rodolfo Novak managed to move BTC some 600km away from Toronto, Canada to Openbazaar co-founder Sam Patterson in Michigan, USA. And in that moment, Bitcoin-by-sky went international.

Advocates for Bitcoin by Air

In 2017, computer scientist Nick Szabo and PhD researcher Elaine Ou delved into the topic at Stanford’s Scaling Bitcoin conference, introducing a research project that proposed tethering bitcoin to radio broadcast to secure consensus proofs using weak signal radio propagation. (View their talk, a copy of the presentation, and our coverage of the event for further information.)

With Novak and Patterson’s latest feat, crypto Twitter went wild. Szabo, showing that he’s still a firm proponent of taking bitcoin skyward, chimed in to congratulate the duo for a successful sendoff that not even a snowstorm could stop.

How to Send Bitcoin by Radio

As Novak and Patterson have illustrated, you don’t need to overload on gear or make space for satellite storage in your backyard to send bitcoin by air. Accompanying an SDR ham on this quest was nothing more than a 40m 7Mhz antenna and the JS8call application.

While the setup seems simple enough (Google “ham radio for beginners” for a primer), in practice this is probably not something you’ll dive into unless you’re just messing around or, in real life, shit gets real.

No Internet, No Problem: How to Send Bitcoin by Amateur Radio
Gearing up is as easy as H-A-M

In truth, there are restrictions aplenty when it comes to sending bitcoin by radio.

First off, legalities. To stay on the right side of the law, some countries require you to be a licensed ham operator, and even then you’re unable to send any encrypted messages or use the airwaves for commercial purposes unless so licensed. At this point, it’s not yet clear which governmental task force will join the SEC and co in clamping down on illegal apocalyptic bitcoin-via-radio transactions.

Since legal restriction is the mother of all invention, Novak and Patterson circumvented this by broadcasting their experimental, non-commercial wallet encryption sendoff via public cypher.

Then there’s prepping it all. For this to be a viable – albeit last resort – solution in an actual nail-bite situation, sender and receiver would have to set it all up in advance. Novak and Patterson were able to execute their experiment by communicating and collaborating in lieu of the transfer, using a brain wallet. (The brainwallet, which is simply storing your mnemonic recovery phrase in your brain, is not to be confused with the recent more nefarious version – the deathwallet popularized by CEO Gerald Cotten who took the keys to Quadriga’s crypto kingdom to his grave.)

Thus, if you’re going to use this as a backup plan for when stuff hits the fan, you’d better secure a right-hand wo/man and a fool-proof project management blueprint while things are still web-friendly. If this process seems as though it walked off the pages of a James Bond novel, yes. It’s decidedly more involved than a mere intra-wallet send-off.

However, if you’re gung-ho on testing out alternative bitcoin transports, don’t let the naysayers stop you. Yours might well be the next proof of concept the interweb is waiting for. The blog Better Off Bitcoin, for one, offers a run-through protocol tutorial.

Scalability Is a Big Bottleneck

Clearly, scaling is a non-issue here. For the foreseeable future, sending bitcoin by radio isn’t happening unless it absolutely has to.

According to Australian crypto trader Boss Cole, “As Bitcoin and other cryptocurrencies are moving into the future, it is an interesting concept to think about what would happen if we instead went into the past. It is possible and easy to transfer Bitcoin without an internet connection, but it is not convenient. There are a number of projects working on this with satellites or their own infrastructure, however at the time of this writing they are not “popular” simply because there is no real demand.” He continues:

In the case of government censorship, the infrastructure would change rapidly. If we were dealing with serious problems, the infrastructure would follow. Because it is possible. If we went into the dark ages, the main way to transfer Bitcoin would be transferring private keys between individuals. This would be simple, but not convenient.

No Internet, No Problem: How to Send Bitcoin by Amateur Radio
Not even extreme weather conditions can deter the determined from sending bitcoin via radio waves

So while it’s theoretically possible to take to the skies and send crypto wallets around the world and all the way into space, DIY bitcoin ionosphere amateurs won’t be sending satoshis to the dark side of the moon any time soon.

Why Radio Wave Transmission Might Be Necessary

We tend to associate worst-case scenarios in which the main character has nothing but a walkie talkie and an old ham lying around with Hollywood’s portrayal of doomsday.

Yet for unstable regimes like Zimbabwe and Venezuela, internet blackouts were how 2019 got its start. In reality, network censorship is an all-too-common control tool for many governments around the world.

India leads the pack with 288 shutdowns between 2012 and 2019, with 134 instances in 2018 alone. The Middle East and Africa aren’t strangers to forcing citizens into offline mode, either.

Under the Communications Act 2003 and the Civil Contingencies Act 2004, the U.K. has an internet kill switch, which could be enforced in light of a serious threat such as a significant cyber attack. The U.S. has had, for the past 85 years, the power to kill electronic communications under the Communications Act of 1934. And with talks of Russia considering a test run to decouple from the global internet, we risk taking a rude awakening if we assume the world’s 72,558 Google searches every second to be an unquestionable given.

Bitcoin for Every Situation

It might have taken a mini-library worth of code to get NASA astronauts to the moon, but sending bitcoin there won’t be nearly as hard. All you need is a radio. Okay, that and a moon rocket. But the point is, this new technology can be just as comfortable – or accessible – even when when the tech you’re using is decidely old school.

Bitcoin might have been invented on the internet for the internet, but it can straddle both the digital and analog worlds. Cryptocurrencies like bitcoin walk the line between money under the mattress and cash in the bank. As these trailblazers show, bitcoin can straddle those worlds not only functionally, but also technically. Thanks to the efforts of the pioneers profiled here, crypto has shown it can survive in even the most challenging environments.

Sending bitcoin by radio isn’t quite carrier pigeon, but in tech terms it might as well be. Which, says crypto developer John Villar, is “probably the most low end you can get before smoke-signaling a brain wallet.”

Can you envision a situation in which you might have to send bitcoin by ham radio? What other ways could you picture cryptocurrency being transferred without the internet? Let us know in the comments below.


Images courtesy of Shutterstock.


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Bitcoin Price Yet To Bottom Out, Says Crypto Hedge Fund Manager

bitcoin price bottom

Alex Sunnarborg of Tetras Capital says that Bitcoin has bottomed out yet. The hedge fund manager also believes that the cryptocurrency industry needs a comprehensive cleanup to remove ‘bad actors’ and enhance mainstream investor confidence in the fledgling market.


Bitcoin Price Yet to Bottom Out

Since falling from an all-time high of $19,700 in mid-December 2017, to $6,000 at the start of February 2018, establishing a long-term bottom for Bitcoin price continues to be a prominent topic of discussion. For Sunnarborg, BTC isn’t quite there yet.

Speaking to Forbes’ Jeff Kauflin, the Tetras Capital managing partner commented on the question of Bitcoin bottoming out, saying:

I don’t think so, and I think calling that is very difficult […] One way to think about the bottom is that it happens when all the bad news gets washed out. At that point the only thing to do is go up, and you can’t really talk about any negative catalysts anymore, because they’ve all happened.

According to Sunnarborg, BTC price is close to establishing a long-term bottom. However, the hedge fund manager says the market requires some degree of clarity, either way, to speed up the bottoming process.

During the interview, Sunnarborg identified the VanEck/SolidX Bitcoin ETF proposal as something that could have accelerated the bottoming process if it had been rejected. For Sunnarborg, there are too many variables up in the air including potential launches (Fidelity, Bakkt) and ETF approvals, which could be catalysts for the actual Bitcoin bottom.

In late January 2019, Fidelity announced that its custody platform would launch in March 2019. Bakkt is still awaiting approval from the Commodity Futures Trading Commission (CFTC) but the company says it is going ahead with all the necessary preparations.

Crypto Industry Needs a Cleanup

Commenting on the industry as a whole, Sunnaborg opined that the market needed a cleanup to become more appealing to mainstream investors and the need for trusted trading data.

Recently, Nasdaq partnered with Brave New Coin (BNC) to include Bitcoin and Ethereum price indices developed by BNC in the former’s trading index catalog. Sunnarborg says crypto data needs to become more trustworthy to combat instances of price manipulation.

Speaking on the issue of an industry-wide cleanup, Sunnaborg stated:

I would love to see the SEC come down on people really hard. One of the biggest problems in this space is there are so many bad actors, and so many were related to ICOs. The SEC just has such a massive task ahead of them.

The hedge fund manager also weighed in on the failure of many cryptocurrency projects especially those launched via ICOs. According to Sunnaborg, projects that embody the ‘Bitcoin ethos’ of creating a genesis block and mining rather than introducing phony tokens for illegal securities offerings have the potential to contribute to a value-based digital economy.

Do you think Bitcoin price has established a long-term bottom? Let us know your thoughts in the comments below.


Image courtesy of Twitter (@JeffKauflin), Shutterstock

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Elon Musk: Bitcoin Has ‘Quite Brilliant’ Structure, Paper Money is Going Away

Tesla CEO Elon Musk said that Bitcoin is “a far better way to transfer value than pieces of paper,” during an interview on the advisory services firm ARK Invest’s podcast.

Technology entrepreneur and Tesla CEO Elon Musk said that Bitcoin’s (BTC) structure is “quite brilliant” and that digital currency is “a far better way to transfer value than pieces of paper.” Musk made his remarks during an interview on advisory services firm ARK Invest’s podcast on Feb. 19.

In response to a question about whether Bitcoin becomes the only native cryptocurrency of the Internet, Musk said that “the Bitcoin structure was quite brilliant,” and that he thinks that “one of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it's very energy intensive to create the incremental Bitcoin at this point.”

On this note, Musk stressed that “it would not be a good use of Tesla resources to get involved in crypto. We’re just really trying to accelerate the advance of sustainable energy.”

Musk continued saying that cryptocurrency “bypasses currency controls [...] paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that's for sure."

Last February, Musk tweeted that he only owned 0.25 BTC. He noted in the same tweet that apart from the 0.25 BTC a friend had given to him “many years ago”, he "literally own[s] zero cryptocurrency."

Previously, major industry players also argued that Bitcoin occupies a unique place as a store of value or “digital gold.” Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, said that “Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Twitter co-founder and CEO Jack Dorsey — who is well known for his conviction that Bitcoin will become the “native currency of the Internet” — said earlier this month that “[Bitcoin] feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing [...] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”

Mike Novogratz-Backed BitGo Offers $100 Million in Crypto Insurance

BitGo, a crypto custodian backed by Goldman Sachs, is offering up to $100 million in insurance coverage for cold-wallet assets through Lloyd’s. There is no additional cost to BitGo clients. In a press release, the company said the $100 million of insurance coverage protects custodial assets held by BitGo against: Third-party hacks. Insider theft by employees of private keys. Physical loss or damage of private keys. Mike Belshe, the CEO of BitGo, touted the new service: “This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments

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