Category Archives: News

Bitcoin Price Analysis: Here’s Why BTC’s Recovery Won’t Be Easy

  • Bitcoin price declined recently and settled below the $3,700 support area against the US Dollar.
  • There was a break below a crucial contracting triangle with support at $3,780 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The price tested the next important support at $3,480 and it is currently consolidating losses.

Bitcoin price is struggling to gain bullish momentum above $3,700 against the US Dollar. BTC must stay above $3,480 to avoid a downside break towards $3,200 in the near term.

Bitcoin Price Analysis

After trading as high as $4,117, bitcoin price faced a fresh round of selling against the US Dollar. The BTC/USD pair started a sharp downward move and broke the $4,000, $3,800 and $3,750 support levels. There was even a close below the $3,700 level and the 55 simple moving average (4-hours). It opened the doors for more losses and the price traded below the $3,600 support.

More importantly, there was a break below a crucial contracting triangle with support at $3,780 on the 4-hours chart of the BTC/USD pair. The pair even spiked below the $3,500 support before buyers took a stand near the $3,480 support area. Later, the price started consolidating losses and corrected above the $3,600 level. Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $4,117 high to $3,478 low. However, the $3,700 pivot level acted as a strong resistance and prevented an upside break. Besides, there is a connecting bearish trend line in place with resistance at $3,640 on the same chart.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price must gain strength above the trend line and the $3,700 resistance to move into a positive zone. The next hurdle is near $3,800 and the 50% Fib retracement level of the last decline from the $4,117 high to $3,478 low. Alternatively, a downside break below $3,480 may push the price towards $3,330 or $3,220.

Technical indicators

4-hour MACD – The MACD for BTC/USD is placed in the bearish zone, with hardly any positive sign.

4-hour RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Key Support Level – $3,480

Key Resistance Level – $3,700

The post Bitcoin Price Analysis: Here’s Why BTC’s Recovery Won’t Be Easy appeared first on Live Bitcoin News.

Source: Bitcoin News

3 Cryptocurrency Trends in 2019 from 3 Industry Experts

Three industry experts have recently provided their take on what the trends in the cryptocurrency field will be in 2019. Let’s have a look at three recent predictions regarding the market and the trends to follow from popular industry experts. 

Equity Capital Raising in ICO Projects

Paul Veradittakit, a partner at prominent cryptocurrency investment fund Pantera Capital, observes an emerging trend amid blockchain-related companies – they are raising funds by selling shares instead of issuing more digital tokens.

A bunch of companies that raised capital using the initial-coin-offering structure either have managed their treasury poorly or realized that they haven’t found a strong use case for their token — they are in need of more capital and to raise an equity round. – He said.

It’s worth noting that Pantera Capital’s CEO – Dan Morehead, said back in August 2018 that Bitcoin’s price would be “much higher a year from now.” In other words, we have about five months to see whether his prediction will come true.

2019 Will See the End of the Bottoming Process

According to Fred Wilson, co-founder of Union Square Ventures, 2019 will be the year where we’ll see the bottoming process end and enter a new bull run.

I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows. […] I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto. – Said Wilson.

However, he’s also predicted that we’ll see a bear market in stocks, dislocations in the leadership of the US, a number of global economic issues, and a weakening economy. Wilson said that cryptocurrencies won’t manage to become a safe haven for any of the above.

Crypto Hedge Funds Will “Suffer”

Popular proponent and notable crypto Twitter personality Anthony “Pomp” Pompliano, founding partner at Morgan Creek Digital, said towards the end of last year that a lot of cryptocurrency hedge funds might start to shut down.

The reasons for this are the incentive fees structure as well as the prolonged bear market in 2018.

According to him, fund managers only receive a performance fee if the net value of the fund is higher than in any previous investment period.

He also added that:

We have seen 50-80% decreases in net asset values in some funds since then. […] This means these fund managers will not receive a performance fee in 2018, which drastically reduces the income of the individual manager.

What do you think of these industry predictions? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

The post 3 Cryptocurrency Trends in 2019 from 3 Industry Experts appeared first on Live Bitcoin News.

Source: Bitcoin News

Cryptocurrency Exchange Cryptopia Hacked, Reports Significant Losses

New Zealand-based cryptocurrency exchange Cryptopia has been hacked. The team confirmed the attack while revealing that the losses are ‘significant’. 

Cryptopia Hacked

A few days ago, on January 13th, the cryptocurrency exchange Cryptopia went into unscheduled maintenance. At the time, the platform’s team tweeted:

“We are currently experiencing unscheduled maintenance, we are working to resume services as soon as possible. We will keep you updated.”

Today, however, the exchange has come up with an official announcement that its security has been breached, resulting in ‘significant losses’.

“Yesterday 14th January 2019, the Cryptopia Exchange suffered a security breach which resulted in significant losses. Once identified by staff, the exchange was put into maintenance while we assessed damages.”

The exchange gave no further information regarding the loss of funds.

However, it also said that all the appropriate authorities, including the NZ Police and High Tech Crimes Unit have already been informed and are working on a joint investigation.

Immediate Community Reaction

The reaction of the crypto community was also timely. Popular twitter personality WhalePanda (@WhalePanda), was quick to note that the timing of the event was interesting.

It’s also worth noting that a certain outgoing ETH transaction took place 45 hours ago where 19,390 ETH have been transferred from Cryptopia’s tagged wallet to an unknown address. The ETH is worth almost $2,5 million.

What do you think of Cryptopia being hacked? Don’t hesitate to let us know in the comments below!

Images courtesy of Pixabay

The post Cryptocurrency Exchange Cryptopia Hacked, Reports Significant Losses appeared first on Live Bitcoin News.

Source: Bitcoin News

Ethereum Price Analysis: ETH Rally Approaching Significant Barrier

  • Ethereum price corrected higher after testing the $113.114 support area against the US Dollar.
  • ETH is heading towards a major bearish trend line with resistance at $135 on the 4-hours chart (data feed from Coinbase).
  • The price may struggle to surpass the $132, $135 and $138 resistance levels in the near term.

Ethereum price gained traction above the $120 barrier and rallied above $126 against the US Dollar. However, ETH is likely to fail near the $135-138 resistance zone.

Ethereum Price Analysis

This past week, we saw a significant decline in Ethereum price from the $159.40 swing high against the US Dollar. The ETH/USD pair declined heavily and broke the $150.00, $142.00 and $124.00 support levels. There was even a close below the $136 pivot and the 55 simple moving average (4-hours). Sellers gained traction and pushed the price below the $120.00 support area. A new monthly low was formed at $113.67 and later the price formed a support base.

It seems like $113-114 zone acted as a solid support, resulting in a sharp upside correction. The price moved above the 23.6% Fib retracement level of the last decline from the $159 swing high to $113 swing low. It spiked above the $130 level and moved into a positive zone. At the moment, the price is consolidating below $130, with a few bearish signs. On the upside, there is a strong resistance near $135-138. There is also a major bearish trend line in place with resistance at $135 on the same chart. Besides, the 50% Fib retracement level of the last decline from the $159 swing high to $113 swing low is at $136.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly facing a solid resistance near the $135 and $136 levels. A clear break above the $136 level and the 55 simple moving average (4-hours) is needed for more gains. On the downside, the main supports are at $124 and $120.

Technical indicators

4-hours MACD – The MACD for ETH/USD moved back nicely in the bullish zone, with a positive bias.

4-hours RSI (Relative Strength Index) – The RSI for ETH/USD jumped back sharply above the 50 level.

Key Support Level – $124

Key Resistance Level – $136

The post Ethereum Price Analysis: ETH Rally Approaching Significant Barrier appeared first on Live Bitcoin News.

Source: Bitcoin News

Kyle Samani: Dominance of Ethereum Among Blockchain Developers Will Be Challenged, But How?

Kyle Samani, the co-founder of the $75 million cryptocurrency fund Multicoin Capital, has said that Ethereum will eventually challenge Bitcoin’s dominance over the market. 

A Shift to Decentralized Exchanges

The founder of the Austin-based multi-million dollar cryptocurrency fund Multicoin Capital, Kyle Samani, has shared his take on the current stage of the cryptocurrency market.

He holds that it hasn’t all been doom and gloom despite the tumultuous 2018. According to the expert, one of the hottest trends on the block will be decentralized exchanges.

He believes that Binance’s plan to introduce a decentralized exchange will cause a massive shift in the cryptocurrency space.

Binance realizes that the greatest disruptive threat to their business is decentralized exchanges. […] On a long enough time scale, they believe it is likely to become a dominant form of exchange. As such, they’re aiming to disrupt themselves by pioneering here. I expect that they will create incentives to encourage customers to trade on the decentralized exchange instead of the centralized one, and will actively bridge liquidity pools. – He said.

In addition, he also said that other platforms might follow in the footsteps as Binance, as soon as it brings its decentralized trading platform to light.

Ethereum to Be Challenged Fiercely

Ethereum’s dominance as a platform providing an underlying infrastructure for the development of decentralized applications will be challenged fiercely going into the short to medium-term future, according to Samani.

He holds that a group of very well-funded projects will be able to pose a threat to Ethereum as the leading smart contract platform.

All of the new blockchains are aiming to challenge Ethereum. […] I expect by the end of the year the percentage of total developers building on Ethereum will be lower than it’s right now, simply because of the competition. […] At the end of 2019, I still expect Ethereum to be the market leader among smart contract platforms. But there is a real probability that by the end of 2020, this is no longer the case. – Said Samani.

What do you think of Kyle Samani’s take on the current state of the cryptocurrency field? Don’t hesitate to let us know in the comments below!

Images courtesy of BizJournals

The post Kyle Samani: Dominance of Ethereum Among Blockchain Developers Will Be Challenged, But How? appeared first on Live Bitcoin News.

Source: Bitcoin News

Unauthorized Crypto Exchanges in Malaysia Will Carry a Jail Sentence

Malaysia will officially regulate initial coin offerings (ICOs) and the overall trade of cryptocurrencies. The law which introduces the regulations will come into force on Tuesday, January 15th. 

Malaysia Regulates ICOs and Cryptocurrency Trade

According to a Reuters report, Malaysia will regulate ICOs and the trade of cryptocurrencies.

Citing the country’s Finance Minister, the report outlines that digital currencies and digital tokens will be classified as securities, putting them under the regulatory purview of the Securities Commission of Malaysia.

In turn, the commission is expected to introduce a regulatory framework by the end of Q1 2019. It needs to define the requirements for the issuance of ICOs, as well as the process of trading digital currencies on cryptocurrency exchanges in the country.

Back in November, Live Bitcoin News reported that the country was supposed to regulate ICOs in the first quarter of 2019.

Speaking on the matter, the Finance Minister of Malaysia said:

In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternative asset class for investors.

Increased Regulatory Scrutiny

While the framework is yet to be put in place, after the law on digital currencies and digital tokens come into effect on January 15th, the industry will have to consider the increased scrutiny of the country’s Securities Commission.

According to a local media TheStar, failing to comply with the new regulations can result in a 10-year jail sentence and a fine of up to RM 10 million.

The law on digital currencies and digital tokens will come into effect on Tuesday and any person operating unauthorized initial coin offerings (ICOs) or digital asset exchange faces a 10-year jail and RM10mil fine. – reads the report.

What do you think about the new regulations introduced in Malaysia? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock; 

The post Unauthorized Crypto Exchanges in Malaysia Will Carry a Jail Sentence appeared first on Live Bitcoin News.

Source: Bitcoin News

Ripple Price Analysis: XRP Trading Near Make-or-Break Levels

  • Ripple price declined recently and broke an important support at $0.3400 against the US dollar.
  • There was a break below a crucial contracting triangle with support at $0.3620 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
  • The pair tested the key $0.3185 support, below which it could test the $0.2975 support.

Ripple price moved into a bearish zone below $0.3400 against the US Dollar. XRP must hold $0.3185 or it might decline towards $0.2975 and $0.2920 in the near term.

Ripple Price Analysis

In the last analysis, we discussed a possible upside break if ripple price clear the $0.3900 resistance against the US Dollar. However, the XRP/USD pair struggled to gain momentum above the $0.3900 and $0.3920 levels. As a result, there was a bearish reaction and the price declined below the $0.3800 and $0.3600 support levels. The decline was strong as the price broke the key support near $0.3620 and the 55 simple moving average (4-hours).

More importantly, there was a break below a crucial contracting triangle with support at $0.3620 on the 4-hours chart of the XRP/USD pair. The price even broke the $0.3200 level and tested the next main support at $0.3185. A low was formed near $0.3185 and the price later started an upside correction. An initial resistance is near the $0.3360 level. It coincides with the 23.6% Fib retracement level of the recent downside move from the $0.3917 high to $0.3185 low. However, the main resistance is near the $0.3550 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent downside move from the $0.3917 high to $0.3185 low is also positioned near $0.3550.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading above the key $0.3185 support. It could correct higher in the short term, but buyers are likely to struggle near $0.3550. On the downside, if there is a break below $0.3185, the next important support is at $0.3000 and $0.2975.

Technical indicators

4-hours MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Key Support Level – $0.3185

Key Resistance Level – $0.3550

The post Ripple Price Analysis: XRP Trading Near Make-or-Break Levels appeared first on Live Bitcoin News.

Source: Bitcoin News

Tron (TRX) Rally Unwinds, But Buyers Still In Control

  • Tron price rallied recently and traded above the $0.0275 and $0.0340 resistances against the US Dollar.
  • There is a major bullish trend line in place with support at $0.0240 on the 4-hours chart (data feed via Bitfinex).
  • The price remains supported near $0.0240 and $0.0220 and it could soon bounce back above $0.0280.

Tron price blasted higher this week above $0.0300 and later trimmed most gains against the US Dollar and Bitcoin. TRX still remains supported and it may soon climb higher again.

Tron Price Analysis

This week, there was a sharp upward move from the $0.0220 support in tron price against the US Dollar. The TRX/USD pair gained traction and broke the $0.0275 and $0.0340 resistance levels. The price traded close to the $0.0360 level and a high was formed at $0.0357. Later, bitcoin, Ethereum and ripple declined heavily and dragged tron into a bearish zone. It broke the $0.0320 and $0.0300 support levels. Moreover, there was a break below the 50% Fibonacci retracement level of the last wave from the $0.0191 low to $0.0357 high.

However, the decline was protected by the $0.0250 and $0.0240 support levels. There is also a major bullish trend line in place with support at $0.0240 on the 4-hours chart. The trend line coincides with the $0.0242 pivot and the 55 simple moving average (4-hours). Finally, the 61.8% Fibonacci retracement level of the last wave from the $0.0191 low to $0.0357 high is also at $0.0254. Therefore, as long as the price is above the $0.0240 and $0.0220 support levels, it could resume its bullish moves. On the upside, an initial resistance is at $0.0275 and $0.0280. A close above $0.0280 may trigger moves above $0.0300 in the near term.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is still trading above key supports near $0.0240 and 55 simple moving average (4-hours). Buyers could make another run and lead the price towards $0.0300 and $0.0320.

Technical Indicators

4-hours MACD – The MACD for TRX/USD is moving back in the bullish zone, with a positive bias.

4-hours RSI – The RSI for TRX/USD is still above the 50 level, with a flat structure.

Key Support Level – $0.0240

Key Resistance Level – $0.0280

The post Tron (TRX) Rally Unwinds, But Buyers Still In Control appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitcoin Might Replace Gold: Nick Szabo

According to popular cryptographer Nick Szabo, Central Banks might resort to cryptocurrency reserves as means of supplementing national gold reserves. The industry expert also thinks that countries with troubled economies will see an increase in cryptocurrency usage. 

Cryptocurrency Demand to Increase in Failing Economies

Attending the Israel Bitcoin Summit at the University of Tel Aviv on January 8th, Nick Szabo laid down his thoughts on cryptocurrencies and their position in traditional economies.

He holds that Bitcoin, as well as other censorship-resistant cryptocurrencies, will see increased demand in countries where economies are shaken from failing financial practices. The same will happen in countries which have been blacklisted from international trade.

It’s easy to find reason in his words, especially after the events of late.

Just a few days ago, Vladislav Ginko, a Russian university lecturer with ties to the government said that the country plans to invest in Bitcoin in order to circumvent US sanctions.

Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future). – Ginko said.

Better Than Gold

In addition, Szabo holds that Central Banks will eventually turn to cryptocurrency reserves as means of supplementing national gold reserves.

The expert thinks that this will be driven by the lack of trust between foreign governments:

There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds for example. […] One solution that’s been developed is to have the Swiss government hold it for you – that’s not a trust minimized solution. The Swiss government itself is subject to political pressures and so a more trust minimized solution is cryptocurrency.

Additionally, Szabo made another valid point, outlining that gold is technically vulnerable, while Bitcoin, for example – isn’t.

Live Bitcoin News recently reported that central bank innovation will mainly hinge on gold and Bitcoin.

What do you think of Nick Szabo’s position on cryptocurrencies? Don’t hesitate to let us know in the comments below!

The post Bitcoin Might Replace Gold: Nick Szabo appeared first on Live Bitcoin News.

Source: Bitcoin News

Bitmain Replacing CEO Jihan Wu

Bitmain – the world’s leading maker of cryptocurrency mining rigs, is set to appoint a new Chief Operating Officer. The co-founders of the company Jihan Wu and Micree Zhan Ketuan, are stepping down from day-to-day affairs. 

Abandon Ship

According to the South China Morning Post, the world’s biggest bitcoin mining rig maker has made substantial changes in its senior management.

Citing anonymous sources familiar with the matter, the outlet reports that both Wu and Zhan will quit handling day-to-day business activities at the company. Their successor is reportedly a product engineering director at a company based in Beijing – Wang Haichao.

While no formal statement has been made yet, the sources reveal that Wang has already taken duties over from both Zhan and Wu.

Prior to Bitmain, Wang was working at a semiconductor design house called Availing from 2010 to 2017. He’s a graduate from what’s considered to be China’s MIT – Tsinghua University.

Bear Market Taking its Toll

2018 has seen the entire cryptocurrency market shrink to about $127 billion from its all-time high value of more than $800 billion at the beginning of the year.

This has seemingly taken its toll on industry proponents. Bitmain has been recently reported to lay off half of its staff in 2019.

According to a spokesperson at the company, however, this represents some sort of an “adjustment”:

There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business. A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.

It’s also worth noting that Bitmain has also Twitter account Samson Mow (@Excellion) recently shared that the company has laid off the entire Copernicus team (the team responsible for developing Bitcoin Cash GO client).

What do you think of Bitmain’s current condition? Don’t hesitate to let us know in the comments below!

The post Bitmain Replacing CEO Jihan Wu appeared first on Live Bitcoin News.

Source: Bitcoin News

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