Markets Update: A Narrowing Range of Consolidation and Lower Trade Volumes

Markets Update: A Narrowing Range of Consolidation and Digital Asset Trade Volumes

Not a lot has changed since our last markets update four days ago as cryptocurrency markets continue moving sideways in a consolidated pattern. The top five digital assets have seen modest northbound gains this week, with increases between 1-5% over the last seven days. This Sunday, Oct. 21, the entire cryptocurrency economy of over 2,000 digital tokens is valued at $214.4 billion.

Also read: New Qart Wallet Gives Bitcoin Cash QR Codes a Personal Touch

Boring Market Action Often Leads to Something Unexpected

It’s been a lackluster week for cryptocurrency traders as not much has been happening, except for a few stablecoins having some interesting breakouts a few days ago. Since then most of the stablecoins, funnily enough, have seen less volatility and actually remained ‘stable.’ Top performing digital assets like bitcoin cash (BCH), ethereum (ETH), and bitcoin core (BTC) dropped a hair in value last week as traditional finance investments plummeted. However, these digital assets have regained the very small losses that took place on Oct. 19, and most of the top coins are up over the last seven days. This weekend, bulls seem to be strengthening their positions for another attempt to intensify a bearish-to-bullish trend change.

Markets Update: A Narrowing Range of Consolidation and Digital Asset Trade Volumes

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is currently trading at $452 per coin this Sunday, with a market valuation of about $7.85 billion. Much like BTC and the rest of the top cryptocurrency markets, bitcoin cash trade volumes have been waning. Four days ago, BCH daily trade volumes were above $300 million, but have since dropped to $281.3 million. The top exchanges trading the most BCH today include Lbank, Hitbtc, Binance, Okex, and Bithumb. The dominant five trading pairs swapped for bitcoin cash this weekend are BTC (43%), USDT (29%), ETH (10.9%), KRW (8.6%), and USD (3.1%). The US dollar pair has dropped considerably against BCH, and the Korean won has jumped a good percentage upwards when it comes to global fiat volumes. Bitcoin cash this weekend is the sixth most traded cryptocurrency among the entire crypto-economy.

Markets Update: A Narrowing Range of Consolidation and Digital Asset Trade Volumes

BCH/USD Technical Indicators

Looking at charts over the last few days is similar to looking at the ocean’s horizon or a straight line. The four-hour and daily charts for BCH/USD show bulls look as though they are attempting to breakout upwards again in the near term. However, the two simple moving averages (SMA) have crossed hairs, indicating a trend change could be imminent. The 200 SMA is now just above the 100 SMA, showing the path towards the least resistance is likely the downside at the moment.

Markets Update: A Narrowing Range of Consolidation and Digital Asset Trade Volumes

Relative strength index (RSI) levels are meandering in the middle (-54.47), showing traders may be indecisive. The MACd shows a similar readout, indicating there could be room for improvement or a break toward the downside. Order books show bears will be stopped short in the $420 region and see another pitstop around $385 as well. BCH bulls need to press past the current vantage point and surpass a large sum of orders between the $460 through $500 range. After that, BCH bulls still need to defeat big walls above the $520 range and higher to keep momentum going strong.

Markets Update: A Narrowing Range of Consolidation and Digital Asset Trade Volumes

The Verdict: Positive News Hasn’t Erased Market Skepticism  

Overall there’s been a lot of news concerning institutional investment coming into the space and many crypto proponents are pleased to see these new entries. For instance, Fidelity Investments recently announced launching a trading desk, and Caspian’s multi-exchange trading platform came out of beta. Bitgo raised $57.5 million and Genesis Global Trading reports that institutional traders have borrowed $553 million worth of digital assets since March 2018. Meanwhile, Bitcoin Cash fans have seen an exponential increase in adoption and development over the last seven days. The outlook is surely positive for the future of cryptocurrencies, but markets don’t seem to be reflecting the optimism. The verdict this week is still skeptical as far as short-term market prices are concerned. This is due to weak cryptocurrency market volumes, a narrowing range of consolidation, and the previous and very interesting stablecoin fluctuations that occurred earlier this week.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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$50 Million Bitcoin Mining Farm Opens in Armenia

$50 Million Bitcoin Mining Farm Opened in Armenia

A new cryptocurrency mining facility opened in Armenia on Oct. 18. The $50 million farm will extract bitcoin and ethereum using 3,000 machines, according to local media reports. Around 120,000 more miners are to be added in the months to come.

Also read: Marks Jewelers Now Accepts Bitcoin Cash For Payments

Multi Group and Omnia Establish Landmark Armenian Mining Facility

The mining project, spearheaded by Armenian real estate investment company Multi Group Concern and Malta-registered Omnia Tech International Company, was officially launched in the Armenian capital of Yerevan on Thursday. The country’s Prime Minister Nikol Pashinyan, businessmen and entrepreneurs from China, South Korea and the United Arab Emirates attended the ceremony, Arka News Agency reported.

$50 Million Bitcoin Mining Farm Opened in ArmeniaGagik Tsarukyan, an Armenian businessman and politician who is also founder and head of Multi Group, said the company spent $50 million creating the facility, including the installation of industrial level cooling systems. The farm’s first floor is designed for an information technology business center that runs around the clock, he explained.

According to an earlier statement by Multi Group chief executive Sedrak Arustamyan, the farm will be operated by Omnia Tech, a mining entity that offers lifetime contracts and daily payouts. Omnia Tech has said to be in partnership with Genesis Mining, a leading cryptocurrency hashpower supplier.

“We will also help Omnia Tech with the establishment of the Financial Technology Park and the data exchange center in Armenia,” Arustamyan said in April. Robert Velghe, Omnia Tech founder, indicated at the time that the two companies were planning to invest more than $2 billion in mining projects in Armenia. “We intend to create here a blockchain-based center for the development of new information projects, which will turn Armenia into a high-tech platform,” he said.

 Global Cryptocurrency Mining Operations Rise

$50 Million Bitcoin Mining Farm Opened in ArmeniaArmenia is aiming to create its own Silicon Valley by establishing a free economic zone that will host a state-of-the-art technology center, officials have said. The new mining facility, the country’s first, comes at a time when a number of countries are implementing and expanding blockchain technologies. Georgia, Armenia’s neighbor, set up its first bitcoin mining farm two years ago.

In August, Russian company Kriptoyunivers announced it had transformed a former fertilizer laboratory into a cryptocurrency mining operation. The center, which supports the mining of bitcoin and litecoin, was built over 4,000 square meters of land in the town of Kirshi near St. Petersburg, with an investment of 500 million rubles ($7.4 million). Although Moscow has cracked the whip on illegal attempts at cryptocurrency mining, Russia is still the third largest cryptocurrency producer in the world after China and the United States.

What do you think about the new mining facility in Armenia? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

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Decentralization Gains Traction: Go-Ethereum Fifth Most Active on Github

Go Ethereum Github

Bear markets refine industries. Overall sentiment becomes negative from all angles, and naysayers proclaim that crypto is “dead.”

Underneath all the fear, uncertainty and doubt, though, developers are still building.

Case in point, Go-Ethereum (or geth), a command-line interface for running an Ethereum node using the Go programming language, is now the fifth fastest growing open-source project in GitHub

https://octoverse.github.com/projects#repositories

. The other projects above go-ethereum on the list are azure-docs from Microsoft Azure, pytorch from Facebook, godot from the GoDot Gaming Engine and nuxt.js, a Javascript framework.

For the uninitiated, geth is the official Go implementation of the Ethereum protocol. At the time of writing, go-ethereum has over 10,000 commits on GitHub as well as over 21,000 stars, indicating the amount of developer interest for the project in this iteration is high.

Why Geth Over Eth and Pyethapp?

Go, commonly referred to as Golang, was developed by Google engineers Robert Griesemer, Rob Pike and Ken Thompson. Per the golang.org website, “Go was born out of frustration with existing languages and environments for the work we were doing at Google.”

The language enables higher productivity than languages in an era of complex processors and large computer networks. Consequently, it has been adopted by developers around the world.

Go-ethereum is by far the most active project in the Ethereum ecosystem, but there are several important projects that are not far behind. There are other client languages including eth, a C++ client and pyethapp, a python-friendly client.

“Aleth,” Ethereum’s official C++ client, and “EIPs,” the official Ethereum Improvement Proposal repository, are two of the most active repositories behind go-ethereum when looking at indicators like commits, forks, stars and contributors. Solidity, Ethereum’s smart contract programming language, is also highly active. Activity can be difficult to measure sometimes, so it is important to understand what these indicators mean.

Commits are defined as a moment when a developer saves their work at a specific point. Therefore, it can be misleading when a project is showing lots of commits, as it may just mean someone has been tediously saving their work every step of the way.

Forks, in GitHub, are copies of code made so that a developer can freely make edits to the code without affecting the original implementation. They are generally used for implementing future changes that will be proposed to the original code.

Stars can be viewed as a “favorite” button, used simply as a means of keeping tabs with a certain project as it develops, and contributors are a measure of how many individual GitHub accounts have, well, contributed in any way.

Go-ethereum currently has 10,200 commits, 7,332 forks, 21,229 stars and 345 contributors.

At the time of writing, aleth has 32,939 commits, 2,109 forks, 3,404 stars and 138 contributors. EIPs has 1,302 commits, 1,125 forks, 3,858 stars and 149 contributors. Solidity has 11,635 commits, 1,641 forks, 6,130 stars and 276 contributors.


This article originally appeared on Bitcoin Magazine.

Infamous Hacker George Hotz Calls Bitcoin Cash the ‘Real Bitcoin’

Infamous Hacker George Hotz Calls Bitcoin Cash the "Real Bitcoin"

Well-known American hacker George Hotz, also known as Geohot, has been talking extensively about cryptocurrencies lately, and more specifically about bitcoin cash. On Wednesday, Oct. 17, Hotz published a cryptocurrency programming video using bitcoin cash and showed people how to send a BCH transaction from scratch using the Python programming language.

Also read: BCH Devcon Streamlines Bitcoin Innovation in San Francisco

Geohot Hacks With Bitcoin Cash

Infamous Hacker George Hotz Calls Bitcoin Cash the “Real Bitcoin”
George Hotz aka ‘Geohot.’

Popular entrepreneur and hacker George Hotz, aka Geohot, has a reputation for being the first person to unlock the Iphone and jailbreak the iOS software back in 2007. The programmer is also known for his relationship with Elon Musk, which he claims Musk offered him millions to create a better autonomous vehicle system than the current Tesla Mobileye solution. Recently, he attended the BCH Devcon in San Francisco and was interviewed by BCH Youtuber Hayden Otto. Following the event, on Wednesday, Hotz showed people how to generate a BCH private key from scratch using Python.

While most of the five-hour video shows Hotz coding and explaining what he was doing, the programmer emphasized how he would not be talking much about cryptocurrency politics.

“I know we’re doing crypto things today but we’re not going to talk about the politics of crypto — Because politics is for losers,” Hotz explained to the viewers. Before getting started, he also explained how he learned a few things at the BCH Devcon the prior week. “Transaction fees are super low on bitcoin cash,” the hacker detailed before starting the key generation process.

Hotz continued:

[I’m] Using bitcoin cash because it’s the real bitcoin.

Infamous Hacker George Hotz Calls Bitcoin Cash the “Real Bitcoin”

“Lightning Network Too Complicated in a ‘Won’t Work’ Kind of Way”

During his interview at the BCH Devcon, Hotz also talked about the Lightning Network and the Ethereum network’s dapp projects. The programmer said he likes cryptocurrency technology and reads Ethereum code for pleasure. However, Hotz detailed that the Ethereum network is a “bug bounty” because he believes smart contracts open the doors to malicious hackers getting paid without breaking laws.

Hotz further stated that he was irritated with paying high network fees on the BTC network last year. As far as the Lightning Network is concerned, he explained the system is too complicated in a fashion that probably “won’t work.” Bitcoin Cash proponents on forums and social media enjoyed learning Hotz’s opinion about the Bitcoin scaling debate and his informative Python lesson using the protocol’s code.

What do you think of George Hotz (Geohot) and his opinion about the Bitcoin Cash protocol and the Lightning Network? Let us know what you think about this subject in the comments section below.


Images via Pixabay and Youtube.


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Ethereum (ETH): Ethereum Foundation Hands Out Over $3 Million in Awards

Ethereum (ETH)

The Ethereum (ETH) Foundation has just announced its fourth set of grants given out to 20 individuals and groups working on the Ethereum blockchain.

[Blog] Ethereum Foundation Grants Update – Wave IV #ethereum #grants https://t.co/Xw39mmIX93 pic.twitter.com/gu0csjFlNk

— Ethereum (@ethereum) October 15, 2018

Ethereum (ETH) Grants

According to the official press release, the total amount of the fourth round of awards was just over $3 million USD.

>> TRON (TRX) ‘Partnership’ with Baidu has Nothing to Do with Blockchain

In the announcement, the Ethereum Foundation expresses its ...

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Blockchain media startup Civil is issuing full refunds to all buyers of its cryptocurrency

Many doubted The Civil Media Company‘s ambitious plan to sell $8 million worth of its cryptocurrency, called CVL. 

The skeptics, as it turns out, were right. Civil’s initial coin offering, meant to fund the company’s effort to create a new economy for journalism using the blockchain, failed to attract sufficient interest. The company announced today that it would provide refunds to all CVL token buyers by October 29.

Civil’s goal was to sell 34 million CVL tokens for between $8 million and $24 million. The sale began on September 18 and concluded yesterday. Ultimately, 1,012 buyers purchased $1,435,491 worth of CVL tokens. A spokesperson for Civil told TechCrunch an additional 1,738 buyers successfully registered for the sale, but never completed their transaction.

Civil isn’t giving up. The company says “a new, much simpler token sale is in the works,” details of which will be shared soon. Once those new tokens are distributed, Civil will launch three new features: a blockchain-publishing plugin for WordPress, a community governance application called The Civil Registry and a developer tool for non-blockchain developers to build apps on Civil.

ConsenSys, a blockchain venture studio that invested $5 million in Civil last fall, has agreed to purchase $3.5 million worth of those new tokens. The purchase is not an equity; all capital from the token sale is committed to the Civil Foundation, an independent nonprofit initially funded by Civil that funds grants to the newsrooms in Civil’s network.

In a blog post today, Civil chief executive officer Matthew Iles wrote that the token sale failure was a disappointment but not a shock. Days prior, he’d authored a separate post where he admitted things weren’t looking good.

“This isn’t how we saw this going,” Iles wrote. “The numbers will show clearly enough that we are not where we wanted to be at this point in the sale when we started out. But one thing we want to say at the top is that until the clock strikes midnight on Monday, we are still working nonstop on the goal of making our soft cap of $8 million.”

A recent Wall Street Journal report claimed Civil had reached out to The New York Times, The Washington Post, Dow Jones and Axios, among others, but failed to incite interest in its token.

Separate from its token sale, Civil has inked strategic partnerships with media companies like the Associated Press and Forbes, both of which confirmed to TechCrunch today that the failed token sale doesn’t impact their partnerships with Civil. 

Forbes became the first major media brand to test Civil’s technology when it announced earlier this month that it would experiment with publishing content to the Civil platform. As for the AP, it granted the newsrooms in Civil’s network licenses to its content. 

Civil, of course, isn’t the only blockchain startup targeting journalism. Nwzer, Userfeeds, Factmata and Po.et, which was founded by Jarrod Dicker, a former vice president at The Washington Post, are all trying their hand at bringing the new technology to the content industry.

Which, if any, will actually find success in the complicated space, is the question.

Binance Opens Fiat-To-Crypto Exchange in Uganda

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda

On Oct. 15, Binance announced the launch of its fiat-to-cryptocurrency exchange in Uganda. The world’s biggest digital currency exchange said users in the East African country are now able to complete full account verification starting immediately. Deposits and withdrawals of the local fiat currency, the Ugandan shilling, start on Wednesday.

Also read: Bitcoin After Death: The Perils of Sharing One’s Fortune

Exchange to Initially Support Trades Between Ugandan Shilling and BTC, ETH Only

“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, chief financial officer at Binance, in a press statement. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”

Zhou also stated that: “This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.”

The exchange will initially support trading of the local shilling unit with bitcoin core (BTC) and ethereum (ETH), Binance said. More trading pairs are to be added in the coming months, it detailed, adding that “users are exempt from trading fees during the first month.” The Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support.

Binance is the world’s biggest digital currency exchange, with 24-hour volume of about $1.97 billion worth of BTC alone, according to data from Coinmarketcap.  The company has revealed plans to open fiat-capable exchanges in Liechtenstein, Malta and Singapore. Until now, the exchange had been optimized for crypto-to-crypto trades only.

In Uganda, cryptocurrency and blockchain adoption and development continue to see growth. That’s despite warnings by the Bank of Uganda against the use of unregulated currencies in the form of bitcoin and other digital coins. The country of 44 million people is home to various blockchain conferences, associations and communities, with support at Cabinet level.

African Investors Welcome Binance’s Ugandan Presence

Investors in Africa have cheered Binance’s move into Uganda. “This is great news!” Michael Kimani, a leading Kenyan crypto proponent, tweeted.

“(It) will spark a race across African countries on setting up [a] favorable environment for cryptocurrency trading against African currencies. Muhimu (vital) for cross border trade, intra-African trade, online payments, remittances, trading, investing…” he wrote.

Binance Opens Its First Fiat-To-Crypto Exchange in Uganda

Binance’s presence in the East African nation is expected to boost financial inclusion in a country where only 33 percent of citizens use registered financial accounts. But this is a place where bitcoin looks likely to flourish unhindered. Some shops and restaurants in Kampala – Uganda’s capital – now accept bitcoin as a means of payment.

Ugandan President Yoweri Museveni has spoken positively about blockchain technology – but not cryptocurrencies. He told the Africa Blockchain conference organised by the Blockchain Association of Uganda in Kampala in May of the need “to look for a new technology of enabling things to move faster and new systems that go with it.”

His central bank governor Emmanuel Tumusiime-Mutebile had apparently spoken to the contrary in an earlier address to the same conference. Mutebile accused blockchain technology of lacking the necessary support to sustain a currency. But Ugandans, mostly professionals, have taken a particular liking to virtual money, bitcoin especially.

What do you think about Binance’s move into Uganda? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

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