Day: November 7, 2018

Price Above $6500 Resistance post US Midterm Elections

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Twitter Facebook LinkedIn Bitcoin on Wednesday challenged new highs as price against the US Dollar surged 1.42 percent within a few hours. CHART FROM TUESDAY NOVEMBER 7, 2018 | SOURCE: TRADINGVIEW.COM The BTC/USD pair built upon the near-term bullish scenario after breaking above the interim resistance explained in our previous analysis. A breakout action above 6421-fiat started attracting long positions towards 6500-fiat as the primary upside target. The pair rallied and established a new intraday high towards 6515-fiat before retreating across the exchanges. It is now trading at 6507-fiat. The…

China’s Central Bank Issues Warning Against Blockchain Investment ‘Bubble’

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China’s central bank, the People’s Bank of China (PBoC), has warned of “bubbles” in blockchain-related financing and investment, Reuters reported Nov. 6. The PBoC, which is known for its anti-cryptocurrency stance, has reportedly advised that the government strengthen its supervision of “speculation, market manipulation and other irregularities,” which it claims are common in domestic blockchain investment and financing schemes. Local Chinese news outlets have revealed further details from the bank’s latest warning, which was reportedly issued in the form of PBoC working paper Nov. 6, entitled “What Can Blockchain Do…

California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’

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U.S. law enforcement consider so-called “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud, security news and investigation blog KrebsonSecurity reported Nov. 7. Speaking to the publication, Samy Tarazi, a police sergeant in Santa Barbara and a supervisor of the REACT Task Force — a group dedicated to fighting cybercrime — said the number of instances of the crime had increased dramatically. “For the amounts being stolen and the number of people being successful at taking it, the numbers are probably historic,” he said. SIM…

Platform to Help Businesses Use Blockchain

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A startup is aiming to attract social networks, gaming companies and mobile payment providers through a “full-service platform” that eliminates the headaches associated with using blockchain technology to reach customers. Aerum says its offering is geared towards entrepreneurs and businesses that create DApps (decentralized apps) based on the Ethereum protocol. According to the company, its infrastructure tackles the high transaction costs, lack of scalability and long processing times which have made blockchain an impractical choice for many firms – hampering its progress to become a mainstream force in the global…

Post-Trade Financial Services Giant, 15 Major Banks Test DLT Project for Credit Derivatives

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Global post-trade market infrastructure giant The Depository Trust & Clearing Corporation (DTCC) is entering the testing phase of its replatformed Trade Information Warehouse (TIW) based on distributed ledger technology (DLT), according to a press release published Nov. 6. DTCC’s warehouse provides event processing services for around 98 percent of all credit derivatives transactions in the global marketplace. The infrastructure provider is now reportedly working with fifteen of the world’s leading banks to test its new DLT-based restructuring of the warehouse. While participant banks in DTCC’s 2016 proof-of-concept (PoC) included Bank…

Ripple on Coinbase Rumours Swell as XRP Chases Ethereum’s Second Spot

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One of the world’s leading cryptocurrency exchanges may list Ripple’s XRP on its trading platform. While the rumor stands unconfirmed, its impact is already visible on the XRP’s market cap, which has come close to surpassing that of Ethereum. The token on Tuesday surged as much as 26 percent from its November 4 low at $0.449, forming intraday peak towards $0.569 on the BitFinex exchange. The rally saw aggressive buying action with traders entering long positions on higher high formations. A downside correction ensued during the early European trading session.…

Up $100: Bitcoin Price Indicators Grow Increasingly Bullish

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Bitcoin (BTC) looks likely to inch higher toward $6,800 in the near-term, as the technical indicators have grown increasingly bullish in the last 24 hours. Notably, the 14-day relative strength index (RSI), which measures the speed and change of price movements, has jumped to 59.04 – the highest level since Sept. 4. A reading above 50 indicates that bullish forces are acting on the asset. So, it seems safe to say that the leading cryptocurrency is looking its most bullish for two months. At press time, BTC is changing hands at…

It’s Hard to Short Crypto – And That’s Propping Up Prices, Study Finds

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The contentious nature of the ecosystem around cryptocurrencies is partly what gives them value – academics call it “belief heterogenity.” But discord and personal sentiment alone isn’t enough to keep prices above zero, according to research from Wang Chun Wei, Ph.D., a finance lecturer at the University of Queensland in Australia. According to Wei, if it was easier to bet against cryptocurrency prices through short positions – when someone borrows, then sells an asset with the expectation of buying it back at a lower price in an effort to make a…

Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

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Key Points Bitcoin price traded further higher and broke the $6,515 resistance area against the US Dollar. There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to accelerate gains above the $6,550 and $6,600 levels in the near term. Bitcoin price is placed nicely above the $6,480 support against the US Dollar. BTC/USD is likely to grind higher towards the $6,700 level in the near term. Bitcoin Price Analysis Yesterday,…

Early Stages of a Mega Rally

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It’s back to profitability for most altcoins as they register double digit gains. Leading the pack is XLM/USD and ADA/USD trading above important resistance levels. We expect most altcoins to keep expanding throughout this week as they reverse 2018 losses as price action form the foundation of a mega-rally. Let’s have a look at these charts: EOS/USD Price Analysis At the back of strong gains, EOS/USD is up four percent in the last day and 12 percent in the last week. The result is clear and most importantly prices are…