Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Cryptocurrency markets are losing some gains today, as most digital assets are down between 3-15 percent during this morning’s trading sessions on May 16, 2018. The overall cryptocurrency market cap has shaved a few billion in losses since our last markets update, leading to the valuation of all 1,600 cryptocurrencies hovering around $374Bn today. During the last 24-hours Bitcoin Cash (BCH) value has dropped 10.4 percent and prices are around $1,258 per BCH. Bitcoin Core (BTC) prices have also dipped, but by only 5.6 percent with one BTC priced at $8,234 at the time of publication.

Also read: Circle Raises $110Mn With Plans to Launch USD-Backed Coin

BCH Markets Down 20% This Week

At least three-quarters of the entire cryptocurrency ecosystem has lost value today as many coins are seeing losses this Wednesday. Total 24-hour trade volume for today’s trading session is around $22.6B worth of exchanges. Bitcoin Cash markets have lost a bit of value since yesterday as the network experienced an upgrade which increased its block size to 32MB. BCH trade volume is thinner than the week prior as only $1Bn has been traded during the last day. The top five exchanges swapping the most BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and tether (USDT) BCH trading pairs have seen exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC pair is followed by tether (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
BCH/USD market action on May 16, 2018, according to Satoshi Pulse.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitfinex the price is seeing some deep triangular consolidation at the moment. The MACd is on the rise after the initial dip took place and show more improvement could be in the cards. RSI levels show the oscillator is around 38 right now, showing oversold conditions seem imminent. Looking at the two Simple Moving Averages indicates the path to resistance to the upside still looks obtainable as the short term 100 SMA rides above the longer term 200 SMA trend line. Looking at order books on the upside, BCH bulls need to muster up the strength to break past $1,330-1,355 in order to make headway northbound. On the flipside, if the dips continue there are some solid foundations between the current vantage point and $1,210.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
Bitfinex — BCH/USD May 16, 2018, at 10 am EDT.

A Brief Glimpse at Overall Cryptocurrency Market Action

The entire cryptocurrency ecosystem is seeing pretty decent losses today even though there’s been loads of good news coming from the industry this week. The number one cryptocurrency market cap held by Bitcoin Core (BTC) is wavering just below the $8,400 region with $7Bn in trade volume over the past 24-hours. Ethereum (ETH) markets has seen some dippage as well, as prices have lost 4 percent today. One ETH is hovering just above $700 USD at the time of publication. Ripple (XRP) markets are seeing heavier losses around 6.3 percent as one XRP is $0.69 cents today. Lastly, the fifth highest capitalization has been a contested position for a while now as many coins have been filling this area over the past year. EOS has held the number five spot for a few weeks now but its markets are down 11.7 percent today as one EOS is averaging $12 per coin.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
The top ten cryptocurrencies today according to Satoshi Pulse.

The Verdict: Mid-May Market Action is Lackluster but Positivity Remains

So far, the mid-May bull run lots of enthusiasts were hoping for has been nothing but a fizzle this week. Many believed cryptocurrencies would begin to see larger gains after the Consensus conference in New York started but that forecast never came to fruition, at least not yet. The only coins that are doing well today are a few miscellaneous tokens and stablecoins like tether (USD, and TrueUSD showing traders are likely using these ‘stable’ currencies as shelter from the current storm). Optimism and positivity among traders on social media and trader groups on Telegram still seems bright, even though markets have shaved some decent gains over the past 72-hours.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments 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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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The post Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets appeared first on Bitcoin News.

Markets Update: Bears Return to Crypto Markets for Some Action

Markets Update: Bears Return to Crypto Markets for Some Action

On April 25 digital assets are seeing volatile price declines today across cryptocurrency markets worldwide. Over the past 24-hours, the entire cryptocurrency market capitalization has lost more than $30Bn since our last markets update. Bitcoin Core (BTC) market prices are averaging $8,920 right now after tumbling to the $8,700 territories earlier today. Bitcoin (BCH) market values have also dropped from their $1,550 high and currently hover around the $1,270 zone.

Also read: ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life

Bears Claw BTC Prices Below the $9K Zone

Bears have managed to claw digital asset markets as many are nurturing fresh losses today. BTC/USD prices are seeing a 24-hour decline of around 4.19 percent as prices have dipped below the $9K zone. Trade volume for BTC markets is still very steady and there’s a lot of action taking place with $11.9Bn traded over the past 24-hours. The top five exchanges swapping the most BTC include Binance, Bitfinex, Okex, Huobi, and Bitflyer. Meanwhile, the Japanese yen captures 49 percent of today’s BTC trades. This is followed by the USD (26%), tether (USDT, 14%), the euro (4%), and the South Korean won (3.3%). The euro has jumped above the won’s metrics as the currency takes the fifth global position today.

BTC/USD Technical Indicators

Charts show that BTC bulls hit some severe resistance after briefly touching $9,755 during yesterday’s trading sessions. Although there’s been a dip, the two Simple Moving Averages (SMA) on the 4-hour show, the 100 SMA is still above the longer-term 200 SMA. This indicates the downturn may be short-lived and the path to resistance will be headed towards the upside. MACd is dipping southbound while the Relative Strength (RSI) Levels have followed suit showing oversold conditions. Order books on the BTC/USD side indicate bulls need to break resistance again above the $9,200 region to get some better stride. There will also be another pitstop around the $9,700 range again, if they can make it that far. On the back side, there are strong buy walls between the current vantage point and $8,200.

Markets Update: Bears Return to Crypto Markets for Some Action
BTC/USD prices hover around $8,920.

Bitcoin Cash Markets Daily Gains Drop 13% But Still Gained 49% Over the Past Week

The bear market action has also affected BCH markets over the past 24 hours, as well. At the moment, BCH markets are down today 13.6 percent but are still up 49 percent over the past seven days. Bitcoin cash volume is still pretty good with close to $2Bn in daily trade volumes. The top five exchanges trading the most bitcoin cash today include Okex, Bitfinex, Huobi, Upbit, and GDAX. The top currency swapped with BCH today is BTC by 33.1 percent. This is followed by the USD (30%), tether (USDT, 20%), the South Korean won (10.5%), and the euro (2%). Ethereum pairs with BCH account for 1.2 percent of today’s trading action.

Markets Update: Bears Return to Crypto Markets for Some Action

BCH/USD Technical Indicators

BCH/USD charts show that bitcoin cash bulls also hit hard resistance but hours before BTC did. Both BCH and BTC markets have been showing some uncorrelated activities between both markets. Still, just like BTC charts, the 4-hour BCH/USD SMAs have a nice gap between the 100 and 200 SMA trendlines. This indicates the path to resistance should also continue towards the upside, unless BCH bulls get too exhausted. MACd and RSI levels are also heading southbound showing market look oversold and will likely see some improvements. Order books show BCH bulls have some tough resistance to get past the $1,300 region all the way to the $1,375 territory. On the backside, if bears manage to keep relentlessly clawing back, the price foundations between $1,250 and $1,150 are solid.

Markets Update: Bears Return to Crypto Markets for Some Action
BCH/USD prices hover around $1,270.

The Verdict: Optimism Still Remains

The bear market could very well be a ‘bear trap’ where investors are lured into selling at lower prices because they panic. Most traders across social forums on Telegram and Reddit are optimistic about the past two weeks of bullish upswings. So far, sentiment remains positive even during the past 24-hour downturn. Some coins are still up, well over 40-50 percent, looking at the past thirty days, and the quick dip was to be expected.

Where do you see the price of BCH, BTC, and other digital assets headed from here? Let us know in the comments 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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ASIC Resistance Increasingly Hot Topic in Crypto as Monero Forks

ASIC Resistance Increasingly Hot Topic in Crypto as Monero Forks

Monero, a leading privacy-centric cryptocurrency, has undergone a hard fork in recent days – producing a new Monero chain in addition to the now renamed ‘Monero Classic’. The fork was initiated to protect Monero against mining centralization, as Bitmain had developed ASIC units purpose-built for mining XMR tokens.

Also Read: “Private Digital Money” Better than State-Issued, Swiss Central Banker Says

Monero Announces Network Upgrade

ASIC Resistance Increasingly Hot Topic in Crypto as Monero ForksOn the 28th of March, Monero announced that it had scheduled a major upgrade for April 6th – which would see network undergo a hard fork.

The official announcement gave two primary outcomes that it intended to achieve through the fork. “First, a PoW tweak to curb any potential threat of ASIC and preserved ASIC resistance, and “Second, the minimum ring size is bumped to 7.” Monero’s expansion in minimum ring size was executed in order to strengthen the privacy afforded by XMR.

It was revealed last month that Bitmain had developed a new ASIC product specifically developed to mine Monero, creating a perceived urgency to fork among developers.

ASIC Resistance Long-Running Concern Among Monero Developers

ASIC Resistance Increasingly Hot Topic in Crypto as Monero ForksIn February, Monero published a document outlining its position regarding maintaining ASIC resistance for the cryptocurrency. The post set out Monero’s then “somewhat formal stance” regarding ASIC – stating the developers’ “intention to maintain ASIC resistance by swiftly reacting to any potential threat from ASICs and considering slightly modifying the PoW at every hard fork” due to “any newly developed ASIC […] obtain[ing] a significant majority of the network hashrate and introduc[ing] centralization.”

Resisting mining centralization is described as a core value of the Monero project, with Monero stating that XMR “was forked from the Cryptonote reference implementation” that sought to “create a more egalitarian mining network and foster decentralization.” Monero’s developers “concede that ASIC may be inevitable,” however “feel that any transition to an ASIC-dominated network needs to be as egalitarian as possible in order to foster decentralization”.

Monero states that its proof-of-work system “intends to close the gap between CPU and GPU, FPGA, and ASIC mining by using a proof-of-work system that is memory bound over a moderate amount of memory.” Monero argues that this has three major benefits: “First, if mining is decentralized […] it will be very difficult to pressure miners into […] act[ing] as a censor to the Monero blockchain. Second, it will lessen the pressure toward centralization of mining in large data centers,” and “Third, it is quite difficult for government to regulate companies selling general-purpose hardware (as opposed to companies selling specialized hardware).”

Monero Resists Mining Centralization

ASIC Resistance Increasingly Hot Topic in Crypto as Monero ForksMonero argues that “Specialized [mining] hardware will, most likely, only be designed by a few companies,” quoting Peter Todd as stating “There’s only a tiny number of companies in the world that are capable of building performance/cost competitive ASIC, basically the likes of Intel, ASMC, Globalfoundries, etc.” XMR’s developers assert that such “Creates a single point of failure [… that] has the potential to destroy the whole network.” The developers also argue that “Mining, in general, is also prone to the rich-get-richer effect, which ultimately leads to centralization.” ASICs, Monero adds, “accelerate[s] the rich-get-richer effect, because ASIC miners have no competition from” miners with less powerful hardware.

Monero’s developers concluded that they were willing to “perform an emergency hard fork to curb any potential threat from ASIC if needed” upon discovering that Bitmain had developed ASIC technology for XMR mining. In order to deter the development of future XMR-targeted ASICs units, the developers also proposed modifying Monero’s underlying “PoW hash every scheduled fork, twice a year.”

Monero Classic emerges

Despite the official announcement describing the fork as “a scheduled and consensual network upgrade” and “Thus […] a new coin won’t be created,” the fork saw the emergence of Monero Classic alongside the new Monero chain.

An official statement from Moneroclassic.org has criticized XMR’s decision to pursue ASIC-resistance, arguing that such “creates an alternative and more harmful form of centralization,” as the Monero “developers are saying that they can and will change the consensus rules whenever it suits them.” Monero Classic has pledged “to maintain the original software which follows the original rules.”

ASIC-Resistance Increasingly Becoming Major Debate in Crypto

ASIC Resistance Increasingly Hot Topic in Crypto as Monero ForksThe debate surrounding Monero’s decision to pursue ASIC-resistance has become prominent among many other cryptocurrency projects. Last week, Ethereum developer, Piper Merriam, posted an Ethereum Improvement Proposal advocating that the ETH community consider the implementation of a hard fork that would “Modify block mining to be ASIC resistant.”

Mr. Merriam stated “According to ‘the internet'[,] there is an ASIC[-]based Ethereum miner on the horizon,” prompting him to ask “Should [Ethereum] hard fork to make ASIC mining harder and to demonstrate a willingness to hard fork any future ASIC[-]based Ethereum mining,” and “What […] changes [should Ethereum] make to implement this increased ASIC resistance.”

Indeed ‘the internet’ was telling the truth, with Bitmain revealing the launch of it’s Antminer E3 for mining Ethereum on the 3rd of April. Despite the existence of the ASIC ETH miner, Vitalik Buterin has opposed Mr. Merriam’s proposed fork, stating “Getting everybody to upgrade is likely to be fairly chaotic and detract from more important things. So, at this point I personally lean quite significantly towards no action […] If the community truly wants this to happen and has a good enough reason we can definitely do that, but for right now it sounds like consensus of the core devs to not do anything at this time.”

New Crypto Projects Seek to Resist ASICs

A growing number of new cryptocurrency projects are also seeking to ensure ASIC resistance, with Overstock CEO, Patrick Byrne recently discussing a fledgling cryptocurrency project Ravencoin that seeks to ensure ASIC resistance.

ASIC Resistance Increasingly Hot Topic in Crypto as Monero ForksRavencoin’s “X16R whitepaper“, which was authored by Overstock-owned Medici Ventures’ Tron Black and Joel Weight, claims to boast ASIC-resistance through the adopting of an “X16R hashing algorithm” that “consists of 16 hashing algorithms operating in chain.” Ravencoin’s whitepaper claims to achieve ASICs resistance through ”constantly disrupting the ordering of the hashing algorithms,” adding that “This reordering does not make an ASIC impossible to build, but it does require that the ASIC adapts to additional input, which is more easily accomplished by a CPU or GPU.” The whitepaper for Ravencoin, authored by Tron Black and Bitcoin Foundation board member, Bruce Fenton, states that the X16R algorithm is “intended to prevent immediate dominance by mining pools, and future dominance by ASIC mining equipment.”

Mr. Byrne claimed “Overstock” has put millions of dollars into teams […] contributing to [Ravencoin]” in a February interview with Business Insider. During Overstock’s Q4 2017 earnings call on the 15th of March 2018, Mr. Byrne also stated that Overstock holds “over 60 million” RVN tokens. With Coinmarketcap currently estimating Ravencoin’s circulating supply to be nearly 800,000,000, it would appear that Overstock currently holds at least 7.5% of the Raven’s total supply – suggesting that projects purporting to be ASIC resistant and the product of a fair launch are not immune to centralizing forces themselves.

Do you think that more cryptocurrencies will initiate forks in order in order to resist ASIC miners? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Ravencoin


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Markets Update: Cryptocurrencies Lose Over 20 Percent This Week

Markets Update: Cryptocurrencies Lose Over 20 Percent This Week

The market value of all cryptocurrencies within the digital asset economy has dropped significantly over the past few days. Since the last year’s all-time high, most cryptocurrencies have lost between 60-70% of those gains. While lots of coins are following suit in relative unison with BTC/USD market losses, some digital currencies have received more severe cuts in value.

Also read: Bitkan CEO Discusses China, Bitcoin Cash, and the ‘K Site’

Bull Traps, Bear Runs, and Falling Knives

The digital currency bear market is still in full swing this week even though many cryptocurrency enthusiasts are begging for the storm to end. Meanwhile, other proponents are using the lower prices to get some cheaper cryptocurrencies as they believe the bull market will return soon. At the moment BTC/USD markets are kicking back into gear after reaching a low of $6,590 a few hours back and now bulls have breached past $7K once again. Market volume has not changed over the past few market updates and still rests at around $5.9Bn in 24-hour trade volume. Top exchanges processing the most volume this evening are Bitfinex, Binance, Okex, Huobi, and Bitflyer. Over the past seven days, BTC/USD markets have lost 19 percent in value but markets are up over the past 24 hours.

Markets Update: Cryptocurrencies Lose Over 20 Percent This Week
Tether USDT holds the second largest trade volume.

The Japanese yen is still dominating the pack of currencies traded against BTC as the fiat currency captures 54 percent at the time of publication. This is followed by the USD (23%), tether (USDT 12.5%), the euro (4%), and South Korean won (2.8%). Of course during the dumps tether volume is seeing demand as it’s the only currency that’s been in the green all week long. Another interesting thing to notice is USDT is occupying the second highest volume just under BTC and above ethereum (ETH). The biggest trade on Shapeshift this evening is trading BTC for ETH as 44 percent of Shapeshifters are trading BTC for another currency.

Markets Update: Cryptocurrencies Lose Over 20 Percent This Week
During the early morning hours (EDT) bulls have managed to break the $7K resistance.

Technical Indicators

Looking at the 4-hour window showed some earlier retractions and a bearish MACd and RSI. The 100 Simple Moving Average (SMA) is well below the long-term 200 SMA which indicates the path to resistance may continue to the downside. Projections today pushed well below the 78.6 Fibonacci Retracement level as BTC/USD prices touched $6,590. A crucial low below $5,900 would mean a double bottom or lower than prices that scarred markets just a few weeks ago. Looking at order books, if bulls manage to gather some momentum then the resistance past $7,500 and $8K might not be that bad to manage. However on the backside, order book foundations are far more solid around $6,400 than they are now.

Markets Update: Cryptocurrencies Lose Over 20 Percent This Week
BTC/USD prices touch $7,120 per coin but continue to struggle from that vantage point.

The Top Digital Asset Markets

Most cryptocurrencies are up right now, but over the past seven days they have all suffered immensely. The second highest market capitalization held by ethereum is down 23 percent as one ETH is around $411 per token. Ripple (XRP) lost 20 percent this week and XRP prices are $0.52 cents right now. Moving on to the fourth highest market valuation, bitcoin cash (BCH) is down 28 percent over the past seven days. BCH market values are around $727 per coin this evening. Lastly, litecoin (LTC) markets are still resting in the fifth position but LTC values are down 26 percent this week as prices are around $122.

Markets Update: Cryptocurrencies Lose Over 20 Percent This Week
The top ten digital asset markets on March 31, 2018.

When Will the ‘Crypto-Winter’ End?

Traders are either having fun surfing the shorts all the way down or they don’t know what to think as it’s been a tumultuous trading season this year. So far most of the market action in 2018 has been downward prices and a long bear market. Short contracts on Bitmex are stacked more than longs and traders in forums are calling for a double bottom. Some of them are repositioning their musical chairs either trying to catch a falling knife or profit from a bullish reversal.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments 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.”


Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrencies Lose Over 20 Percent This Week appeared first on Bitcoin News.

BCH Markets & Infrastructure Roundup: Optimism in the Air

BCH Markets & Infrastructure Roundup: Optimism in the Air

This week bitcoin cash (BCH) prices touched a low of $850 per coin, after following suit with the majority of other digital assets taking losses over the past five days. The price started to reverse yesterday evening and has climbed 11 percent in value touching $992 during the March 19 afternoon trading sessions (EDT).

Also Read: Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018

Bitcoin Cash Markets Show Some Recovery

Bitcoin cash markets are looking better on Monday, March 19, as the price has lifted from its $850 dip back towards the $1K zone. BCH global trade volume has increased since the weekend, as it commands $449Mn in global trade volume over the past 24-hours. Bitcoin cash markets also hold the sixth highest trade volumes today just under litecoin and ripple. The top exchanges trading the most BCH include Okex, Huobi, Lbank, Hitbtc, and Bitfinex. Looking at the statistical data for BCH volume-by-currency the most traded currency with bitcoin cash right now is BTC. BTC/BCH swaps represent 38 percent of the market, and this is followed by tether (USDT 26%), USD (22%), the South Korean won (8.9%), and ethereum (ETH 2.1%).

BCH Markets & Infrastructure Roundup: Optimism in the Air
Bitcoin Cash (BCH) Volume by Currency

The BCH chain is over 7800 blocks ahead of the core network, but the BTC chain is still 28.5 GB larger. The bitcoin cash difficulty is operating at 10.8 percent of the core chain’s difficulty, and BCH is 4.2 percent more profitable to mine at the time of publication. There are roughly 13 mining pools processing BCH blocks including Antpool, SBI Crypto, Coingeek, Bitcoin.com, Viabtc, BTC.top, Bitclub, BTC.com, and roughly three unknown mining pools. BTC.top has the largest slice of the BCH network hashrate capturing 25 percent today.

Technical Indicators

Looking at charts show that bulls have taken charge for the time being, and BCH/USD prices have spiked considerably since yesterday. Looking at the two Simple Moving Averages both short and long-term show a gap between the 100 SMA and 200 SMA on the 4-hour chart. The longer-term 200 SMA is above the short-term 100 trendline indicating the path upwards towards resistance will be difficult. At press time bulls are attempting to break the $1K price per BCH marker.

BCH Markets & Infrastructure Roundup: Optimism in the Air
BCH/USD chart 30-min. Bitstamp 1:30 pm EDT

MACd is on heading southbound as bulls are being pressed backward at the moment by resistance. Relative Strength Index (RSI) levels have bottomed out temporarily, and the indicator looks to be poised for another upswing.

BCH Markets & Infrastructure Roundup: Optimism in the Air
BCH/USD RSI 4-hour. Bitfinex 1:30 pm EDT

Order books looking northbound have stiff resistance from the $1K zone all the way to the $1,050 before opposition starts to taper. On the back side there’s a strong foundation all the way back to the $930 zone through the $850 region.

BCH Markets & Infrastructure Roundup: Optimism in the Air
BCH/USD chart 4-hour. Bitfinex 1:30 pm EDT, MACd, and BBands.

Infrastructure and Support

This week saw some new bitcoin cash infrastructure and support for the nascent cryptocurrency. For instance, a point-of-sale bitcoin cash payment processor called Mini-POS announced its pre-order phase for brick n’ mortar terminals. A popular Japanese app producer Mikan announced the beta launch of ‘Yenom’ a BCH-centric mobile wallet. The Bittorrent application Joystream announced it would go live on the bitcoin cash mainnet and revealed yesterday the protocol would launch this Monday.

BCH Markets & Infrastructure Roundup: Optimism in the Air
Cointext launches private beta trials enabling bitcoin cash sends over SMS texts.

Another announcement came from the project Cointext, an application that allows BCH payments across SMS. The texting application has started beta testing, and BCH supporters seem very pleased with the trials. Cointext’s protocol enables basic commands like “send, withdraw, deposit, and balance” and transactions are settled on-chain. One native from South Africa was thrilled about the SMS texting options as he’s been able to receive BCH without an internet connection.  

“Bitcoin cash goes live in south Africa through Cointext,” he explains.

Finally, we can send and receive BCH in Africa without internet and with any type of mobile phone, Hurray!! This is a big win for the crypto universe. BCH and Cointext just broke a record in history.

The Verdict: Optimism is in the Air

The BCH community was also pleased with the recent 0-confirmation test against the firm Cryptonize.it. According to the company, an unknown person lost $2,000 when buying a $1,000 gift card in a failed ‘double spend’ attack. The test created by Cryptonize has solidified the argument that 0-confirmations are safe, a firm belief held by on-chain scaling supporters. Cryptonize says they plan to launch other challenges soon as well so people can attempt to double spend on the BCH chain.

Overall the bitcoin cash community seems confident and positive about the future. Markets look more favorable for the week ahead, and there have been lots of new BCH announcements over the past seven days.

Where do you see the price of bitcoin cash heading from here? Let us know in the comments 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.”


Images via Shutterstock, Bitstamp, Trading View, Cointext, and Cryptocompare.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post BCH Markets & Infrastructure Roundup: Optimism in the Air appeared first on Bitcoin News.

Markets Update: Crypto Assets Spike But Traders Are Skeptical

Markets Update: Crypto Assets Spike But Traders Are Skeptical

Most of the top crypto assets are seeing gains today as many cryptocurrencies suffered losses over the past week. BTC/USD markets reached a weighted average of $9,892 across global exchanges during the overnight trading sessions. This rise follows BTC/USD prices touching a low of $8,366 on March 9 and many other digital assets reaching lows as well. After most crypto-assets spiked during this morning’s early trading sessions, this afternoon a significant amount of them are seeing losses once again. 

Also Read: Japan’s SBI Holdings Claims 40% Stake in Hardware Wallet Company

Monday’s Early Morning Spike Doesn’t Hold as Bears Claw Weaker Volumes

The overall market capitalization of all 1500+ digital assets is roughly around $394Bn after a vast majority of cryptocurrencies shaved billions off their valuations over the past six days. During Sunday’s trading sessions on March 11, BTC/USD markets and many other cryptos started seeing some relief. Currently, BTC volume is decent as there’s been roughly $6Bn worth traded over the past 24 hours against various crypto pairs and fiat currencies. The top five exchanges swapping the most BTC today are Bitfinex, Okex, Binance, Bitflyer, and Upbit. The Japanese yen continues to command the top fiat currency position as the yen is 52 percent of current BTC trades. The yen is followed by the USD (23%), tether (USDT 13%), the euro (3.92%) and the Korean won (3.9%).

Markets Update: Crypto Assets Spike But Traders Are Skeptical
Bitcoin Wisdom, Monday, March 12 at 11:45 am EDT. BTC/USD Prices have been between $9,300-9,500 after reaching a high of $9,892 earlier this morning.

Technical Indicators

Looking at the 30-min, 4-hour, and daily BTC/USD charts there is clearly some significant consolidation taking place and the continued wedge formation. At the time of writing, one BTC is worth around $9,300-9,500 during the afternoon hours (EST). One positive sign is the two Simple Moving Averages (100 SMA and 200 SMA) have crossed hairs, and the short-term 100 SMA is now above the longer term 200 SMA trendline. This indicates the path to the upside will have less resistance and reinforces the short-term bullish sentiment.

Markets Update: Crypto Assets Spike But Traders Are Skeptical
BTC/USD markets hit some resistance and the price is hovering just above the $9,050-9,150 range at 12:30 pm EDT.

After touching the high of $9,892 earlier this morning (EDT), the MACd has been heading southbound, but still hovers in a relatively safer zone. RSI and Stochastic oscillators (below 50.00) are showing oversold conditions at the time of publication, but it looks like a temporary downturn. Order books on the upside show some tough resistance around the $10K region, but nothing major if bulls wished to press that region later today. Another pit stop will be around $10,600 for a short period of time. On the back side, there’s a lot of support showing for areas within the $9,100 through 8,600 zones.  

Cryptocurrency Markets In General

Overall cryptocurrencies, in general, are doing well today and seem to be in recovery mode. The second largest cryptocurrency market capitalization held by ethereum (ETH) is up 1.9 percent as one ETH is roughly $730. Ripple (XRP) has seen some smaller gains as one XRP is $0.82 cents, and markets are only up 0.76 percent. The fourth largest market valuation is bitcoin cash (BCH), and its markets are up 3.7 percent today. One BCH is averaging around $1,113 per coin. Lastly, litecoin (LTC) is also seeing some decent recovery as one LTC is about $190 during this afternoon’s trading sessions. At the moment BTC’s market valuation is dominating by 42 percent amongst 1500+ cryptocurrencies.

Markets Update: Crypto Assets Spike But Traders Are Skeptical
The top ten crypto assets besides BTC are all in the green and are seeing gains between 0.50%-7.7%. However most crypto-assets are starting to slide again. 

The Verdict: Short-Term Skeptical — Long-Term Bullish

Traders are still skeptical to where this current spike is headed or if it will be short-lived. $6Bn over the past 24 hours for BTC markets is decent, but nothing special compared to two months prior. Well known traders like Haejin Lee, crypto traders across forums like r/Bitcoinmarkets and chat groups like the Whale Club seem uncertain as well. Further, there’s been a lot of unpredictability due to governments and regulations worldwide, as many nation-states are preparing laws and rules concerning cryptocurrency activities. The last point of concern is the trustee from the Mt Gox case who has been selling millions worth of BTC and BCH. The trustee from Tokyo has a lot more to sell on the open market which concerns some skeptics.  

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments 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.”


Images via Shutterstock, Bitstamp, Bitcoin Wisdom, and Coinmarketcap.


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The post Markets Update: Crypto Assets Spike But Traders Are Skeptical appeared first on Bitcoin News.

Markets Update: Crypto Markets Continue to Spike Higher

Markets Update: Crypto Markets Continue to Spike Higher

Cryptocurrency markets are on the rise again this weekend as the total market capitalization of all 1,500 digital assets touches $465Bn. Bitcoin core (BTC) volumes are still lower than a few weeks prior but bulls have managed to press past resistance reaching a high of $11,480 during last night’s trading sessions.

Also read: Crowdfire Founders Plan to Launch Indian Bitcoin Exchange

BTC/USD Markets Eye the $12K Zone

Digital asset markets are on the rise again this weekend as most cryptocurrencies are seeing gains between 0.60 to 15 percent. BTC/USD markets are up 4.6 percent as bulls have pushed the price up past the $11K region yesterday. Global trade volume is still a touch lower than the highs in December as the 24-hour volume is roughly around $6.9Bn. The Japanese yen is still dominating the world’s BTC volume as the yen currently commands 51 percent of the global volume. This is followed by the U.S. dollar (20%), tether (USDT 16%), the Korean won (5.3%), and the euro (3.4%). The top five exchanges swapping the most BTC today include Okex, Bitfinex, Binance, Upbit, and Bithumb.

Markets Update: Crypto Markets Continue to Spike Higher

Technical Indicators

Looking at charts over the past 48-hours shows bulls are taking the lead once again as buyers pushed the price of BTC past the $11K zone to a high of $11,480. Right now the two Simple Moving Averages (SMA) both short-term (100 SMA) and long-term (200 SMA) have a small gap between the two trendlines. The 100 SMA is slightly above the longer-term 200 SMA indicating the path to resistance will be on the upside. The MACd is heading northbound with more room for improvement. Moreover, the Relative Strength Index (RSI) and Stochastic oscillators show oversold conditions but also show bulls may continue to hold the reins in the short term over the course of the day.

Markets Update: Crypto Markets Continue to Spike Higher

Order books show there will be some resistance around $11,650 and another pitstop around $11,900. After breaking the $12K zone the opposition is less and there are smoother seas ahead until the $12,800-13,000 range. On the back side, foundational support is fairly strong up until the $10,500 territory. Again if the bears managed to push the price down below the Displaced Moving Average (DMA) at $10,200 then prices could drop to sub-$10K. However, it doesn’t look like bears have the advantage right now and bull market sentiment is in the air.

The Top Cryptocurrency Market Valuations

Most of the top cryptocurrencies are in the green right now seeing 5 percent gains or more. Ethereum (ETH) markets are up 0.82 percent as one ETH is averaging $863 per token. The third highest market capitalization held by ripple (XRP) is seeing gains around 0.49 percent as one XRP is $0.90. Bitcoin cash (BCH) markets are following a strong correlation with BTC markets once again as BCH is up 2 percent today. One bitcoin cash is averaging a USD price of around $1,280 at the time of publication. Lastly, the fifth highest market valuation held by litecoin (LTC) is up 3.5 percent. One LTC is hovering around $213 per coin at the moment. Bitcoin core (BTC) markets have a much stronger dominance today amongst all the other markets as BTC dominance is averaging 41 percent during today’s trading sessions.

Markets Update: Crypto Markets Continue to Spike Higher

The Verdict: Bullish Optimism

Overall cryptocurrency proponents are optimistic and believe prices are headed towards the upside. The trend has changed quite a bit since the beginning of the year when most cryptos suffered from 60 percent losses. Many still expect new all-time highs to happen for the top cryptocurrencies this year even after the drop in value. So far things are looking positive and new ATHs are definitely achievable. So far the community seems to think things are on the up as far as value over the long term and the next ATHs are nothing compared to the end game.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments 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.”


Images via Shutterstock, Bitstamp, Bitcoin Wisdom, AP, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Crypto Markets Continue to Spike Higher appeared first on Bitcoin News.

More Infrastructure Support Joins the Bitcoin Cash Ecosystem

More Infrastructure Support Joins the Bitcoin Cash Ecosystem

This week the Bitcoin Cash network has gained more infrastructure and support from a variety of crypto-based businesses. Additionally, the digital asset has seen increased trade volume, and its price has been holding steady after the big dip that affected the entire cryptocurrency market ecosystem.

Also Read: Las Vegas Strippers Accept Bitcoin via QR Tattoos

Bitcoin Cash Markets Consolidate for the Next Move

More Infrastructure Support Joins the Bitcoin Cash Ecosystem So far the Bitcoin Cash (BCH) blockchain is 8037 blocks ahead of the core chain (BTC) since it was born on August 1, 2017. At the time of publication, the BCH chain is operating at 11.8 percent of the BTC chain’s difficulty, and it is 4.8 percent more profitable to mine BTC right now. Since the inception of BCH, the digital asset has grown exponentially in value in just a few short months, and today one BCH is averaging $1,225 per token. After this weekend the currency’s market saw a significant spike in trade volume, capturing over $400Mn each day over the past 48 hours. The currency swapped the most with BCH right now is BTC, as it represents roughly 51 percent of BCH trades on February 27. This is followed by tether USDT (20.7%), the USD (16.2%), and the Korean won (8%).

Technical Indicators

Bitcoin Cash markets have seen some gains since the February 25th rally got started, and the price has recovered quite a bit since hitting a low of $760 on February 6. The 100 Simple Moving Average (SMA) is above the longer-term 200 SMA after crossing hairs just a few hours ago. This indicates the path to resistance is on the upside and bulls have a chance to regain the $1,650 high it reached on February 18. RSI and Stochastic oscillators are heading northbound as well following tight correlated movements with BTC market indicators.

More Infrastructure Support Joins the Bitcoin Cash Ecosystem
Today on February 28 one BCH is averaging $1,225 USD per token.

Order books show big sell walls in the $1,300 region, but after those walls there seems to be smoother seas ahead. BCH will likely have pit stops in the $1,600 and the psychological $2,000 territory if market prices manage to make it past resistance. On the back side, order books show some solid foundations between $1,200-1,000. If the Displaced Moving Average is broken at $1,000, testing the $700 territory again would be likely. For now, BCH markets look like they will continue to rally northbound with the rest of the digital assets recovering from this past weekend’s losses.

New Infrastructure Support and a Telegram Tip Bot

More Infrastructure Support Joins the Bitcoin Cash Ecosystem
Three more companies announce Bitcoin Cash support. Unocoin launches its multi-currency exchange that lists BCH. Paybis now allows BCH purchases using credit cards, and the wallet provider Bread revealed this week its BCH supporting wallet is on its way.

Bitcoin cash has also gained some infrastructure support this week. For instance, the Indian company Unocoin has launched a multiple cryptocurrency asset exchange and will list BCH. Another popular wallet provider Bread (formally Bread Wallet) has announced its multi-currency client will be released soon with full BCH support.

“We have to build a fully autonomous SPV wallet, and it has to work — We can’t get away with standing up some bitcoin-ABC nodes and changing some RPC calls. That being said, it’s already done and in final testing phase. In fact, if you’d like to test, please email me,” explains a developer from Bread.

More Infrastructure Support Joins the Bitcoin Cash Ecosystem
The tipmebchbot.

In addition to the wallet support, the BCH community now has a beta Telegram tipping-bot called the tipmebchbot. The bot allows Telegram users to tip each other BCH, but the program is in a testing stage for now. “This software is highly experimental and may lead to loss of funds. The author takes no responsibility for your money,” explains the Bot’s Github repository.

Alongside the Telegram bot, BCH fans will soon be able to purchase bitcoin cash using a debit or credit card through the company Paybis. The firm says they are thrilled to announce that customers will be able to use cards to purchase BCH almost instantly with help from its processing partner Simplex. According to Paybis, users will be able to buy $20,000 weekly and $50,000 USD monthly.

New ATMs that support Bitcoin Cash installed this week in Toronto and the UK.

BCH Community Remains Positive

Overall bitcoin cash proponents are optimistic the price will regain strength, and more infrastructure will soon follow. Additionally, there are two big conferences dedicated to focusing on the BCH ecosystem coming this spring hosted by Bitcoin Unlimited and the firm Coingeek. Further, there’s been a lot of discussions revolving around the development of ‘colored coins’ and the community has been talking about this subject with great fervor. Lastly, BCH supporters are waiting for Bitpay to implement BCH invoices soon which will open the cryptocurrency to a vast array of merchants and services that accept cryptocurrency payments.

What do you think about the BCH ecosystem growth over the past couple of weeks? Let us know your thoughts in the comments below.


Images via Bitcoin Cash, Tipmebchbot, Unocoin, Bread, and Paybis.


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The post More Infrastructure Support Joins the Bitcoin Cash Ecosystem appeared first on Bitcoin News.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

Over the past two days, BTC/USD markets dipped below the $10K price region to a low of $9,260 on February 25. The following day the price per BTC has since bounced back on Monday morning, jumping over $700 in value and touching a high of $10,400.

Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media

BTC Rides Back Above $10K

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000BTC/USD markets were sluggish over the past weekend as the currency remained just above the $9K price zone for over two days. Prior to the dip, the price of BTC reached around $11,600 gaining momentum after the recent 65 percent ‘crash’ in value. During this afternoon’s trading sessions (eastern standard time) the price per BTC is hovering around $10,150-10,300. Trade volume is roughly around $7Bn over the past 24-hours, and the Japanese yen is dominating that number. Currently, the yen represents over 51 percent of the global BTC trades after recently dropping below 30 percent. The yen is followed by the USD (22%), tether (USDT 13%), the Korean won (5%), and the euro (4.5%). At the time of publication, the top five exchanges swapping the most BTC includes Okex, Bitfinex, Binance, Upbit, and Bitflyer. The most popular trade today on Shapeshift with BTC is litecoin (LTC) with 792.898 BTC in trade volume.

Technical Indicators

Looking at the chart shows BTC/USD markets had been consolidating into a triangular pattern over the past two days. Trade volume is lackluster compared to the rally that started gaining steam on February 7. The two Simple Moving Averages (SMA) both long (200 SMA) and short-term (100 SMA) are spread apart. The 200 SMA is well above the short-term 100 SMA, indicating the path to the upside will be met with resistance. The weekly Relative Strength Index (RSI) and Stochastic also indicate oversold conditions and bulls may have a hard time gaining higher ground today. MACd reveals the same thing as the indicator is headed south back to initial support.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000
BTC/USD Markets hit $10,400 on the exchange Bitstamp on February 26, 2018.

On the backside, foundational support has increased so if the price gets tugged below sub-$10K levels there’s solid ground between $10,000 to $9,400. If bulls manage to break resistance and keep the momentum going, then they will meet some walls around $10,300-10,600. After that oppositional area, it will be smooth sailing northbound until $11,350. The price has dropped lower than the ‘neckline’ after following a classic ‘head and shoulders’ pattern. This indicates after coming close to the $11,350 range we could see a more significant sell-off if bulls can’t break through this key region.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000
Volume during Monday’s trading sessions is relatively weak compared to prior rallies. BTC/USD Market prices are hovering around $10,150-10,300.

The Top Cryptocurrency Markets

Overall most cryptocurrency markets are seeing gains today as the top ten most valued cryptocurrencies are all in green. The second largest market capitalization held by ethereum (ETH) is up 4.9 percent as each ETH is worth $871. Ripple (XRP) markets have seen gains around 3.7 percent as one XRP is around $0.95. The fourth largest market cap is bitcoin cash (BCH), and its markets are up 6.8 percent. One BCH is averaging about $1,241 per token as markets have $485Mn in global trade volume. Lastly, the fifth biggest market cap still belongs to litecoin (LTC) as its markets are up 5.6 percent with one LTC priced at $223. BTC’s market capitalization is dominating all 1521 cryptocurrencies in existence by 38 percent.

Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000

The Verdict: Short-Term Bearish — Long-Term Bullish

Overall the digital asset community is positive, and many believe cryptocurrency markets will go parabolic again this year. Some traders believe we will see another steep drop before this happens while others think we just experienced the final drop below $10K. At the moment the price is holding above the $10,000 region and seems to be chewing away at orders until the next move. There may be some tighter consolidation periods before the ‘next big move’ happens.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments 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.”


Images via Shutterstock, Bitstamp, Bitcoin Wisdom, AP, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Volume Is Weaker as BTC Prices Push Past $10,000 appeared first on Bitcoin News.