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Showing posts from May, 2018

Cryptocurrency Market on a Continuous Decline, No Major Movements on the Upside

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In the latest news, over the past hour, the bitcoin price has increased by 1.4 percent, from $7,410 to $7,550, after recording a sudden spike in buy volume, as shown below in the 30-minute chart of bitcoin below.
Cryptocurrency market has also moved up slightly but has struggled to record any major movement. Bitcoin to $6,000 While several bulls including Wall Street firm Fundstrat founder Tom Lee and John McAfee have expressed their optimistic in regards to the short-term growth of bitcoin, it is highly likely that the bitcoin price drops to the lower end of $6,000, as suggested by cryptocurrency researcher Willy Woo.   “I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess,” said Woo.

Read: $1.5 Million: Cryptocurrency Trading Platform Taylor Suffers 2,500 ETH Hack
Based on the overly strong downward trend of bitcoin, high…

$1.5 Million: Cryptocurrency Trading Platform Taylor Suffers 2,500 ETH Hack

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Taylor, a company that recently launched an initial coin offering (ICO) to raise funds to help develop a smart cryptocurrency trading assistant, has recently been hacked for 2,578 ETH (about $1.5 million) as well as some of its TAY tokens. 

According to a Medium blog post the company published, what truly happened isn’t yet clear, although several indicators point them towards a group of hackers that hacked another project dubbed CypheriumChain for more than 17,000 ETH (about $9.8 million). 
The hacker(s), according to Taylor, collected its funds from multiple sources in a single wallet, before transferring them to a larger one, in which CypheriumChain’s funds ended up. At press time, said wallet has 48,440 ETH in it, worth over $28 million. 
After the theft, the organization’s team managed to identify an attempt to dump its TAY tokens on decentralized cryptocurrency exchange IDEX. The post reads: 
“After that we noticed an attempt to dump the stolen tokens on IDEX, then we asked the IDEX…

Blockchain Must Adapt to Build Trust in the Internet of Things

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The edge is messy. And the edge, where billions of interacting devices that will make up the Internet of Things will reside, is where IoT data is generated and acted upon. 
There are often no secure physical perimeters where the raw sensing of the physical world takes place: on rooftops and space stations, inside mines and aircraft engines, on container ships and solar panels.  Even edge counterparts that aggregate, filter, normalize, and increasingly interpret data, or send it to a cloud for additional analysis, are often mobile, have intermittent connectivity, and are subject to shock, vibration, or extreme temperatures. 
As Things increase their connectivity and intelligence, so too will our demand for them to autonomously form networks, exchange information, and coordinate action on our behalves. When we order an article of clothing online, for example, we indirectly call on, among others, a fashion designer, raw goods suppliers, logistics companies, customs, a distributor, an impo…

Bitcoin Faces Close Below Long-Term Support In First Since 2015

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Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over two-and-a-half years. With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611.  More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended.

As of writing, bitcoin is changing hands at $7,449 on Bitfinex, having dropped below the 50-week MA on May 23.

As seen on the chart above, the long-term moving average had acted as a strong support in the first quarter. BTC found strong bids in mid April following the repeated failure (marked by a circle) on the part of the bears to penetrate the 50-week MA.

Subsequently, the rally from the 50-week MA to $9,990 (May 5 high) reinforced the moving average as a strong…

Bitcoin Price Too Volatile for Merchants, Claims PayPal CFO

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The bitcoin price is too volatile to make it a useful payment tool for merchants, PayPal CFO John Rainey claimed in a recent interview.  Bitcoin Price Too Volatile for Merchants  Rainey made this claim during a recent episode of “Mad Money,” explaining that merchant margins are too thin to make bitcoin a viable payment medium. 
You have a “10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,” he said. 
Admittedly, itcoin and cryptocurrency prices are a lot more volatile than their fiat counterparts. 
A 1% or 2% swing in forex is considered a major move, whereas a 15% bitcoin price movement is not extraordinary, although it has swung upwards just as quickly in recent years. 
Rainey did go on to suggest that if merchant demand increased in the future, they would look at their bitcoin policy again. 
When talking about the possibility of accepting crypto in the future, Rainey went o…

Cryptocurrencies still have a 'big deal' problem with exchange rates, Fed's Bullard says

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Instability in exchange rates remains the biggest obstacle toward more widespread cryptocurrency acceptance, St. Louis Fed President James Bullard said Monday. 
Bitcoin and its growing legion of competitors have been on a highly volatile ride, particularly over the past year and a half or so.  At one point in 2017, one bitcoin was going for nearly $20,000, and is now trading for less than half that. 
Such a lack of uniformity has kept speculators heavily active in crypto trading. However, Bullard said it likely also will drive away consumers and businesses. 
"The exchange rate problem is a big deal, because you don't know how they're going to trade against each other," he told CNBC's Seema Mody from the sidelines of the Consensus conference in New York. 
"That happens even with big-time currencies like the yen and the dollar." 
Many of those major nation-state currencies haven't experienced anything close to what's happened with cryptos. 
However, some…

Alibaba’s Jack Ma Joins the Bitcoin Bashing Brigade but Backs Blockchain

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In the latest news on crypto, a report has it that Jack Ma has joined the bitcoin bashing brigade, although he remains keen on blockchain. 
Ma, chairman of Alibaba and considered China’s richest man, said during the second World Smart Conference in Tianjin that bitcoin is a bubble, according to a local industry report.  In the past, he has said he does not understand bitcoin but had not previously gone as far as calling it a bubble. 
Read: Bitcoin rally this week fails to materialize as New York conference brings more hype than substance
Like many other bitcoin bashers, Ma remains positive regarding blockchain technology. In his recent remarks, he said that blockchain is not a bubble, although he worries about all the people buying and selling blockchains. 
High On Blockchain  Blockchain is not a big gold mine, he said, but a solution for solving data and privacy and security issues. 
The true value of blockchain is its ability to provide guarantees, not to make money. 
He said people should …

Bitcoin rally this week fails to materialize as New York conference brings more hype than substance

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Despite calls that bitcoin would rally throughout New York City's "Blockchain Week," the cryptocurrency's price has dropped about 10 percent since the festivities kicked off. 
Bitcoin fell below $8,000 as the conferences wrapped up Friday, hitting a low of $7,931.43 after trading above $8,800 Monday, according to CNBC.  "Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," said Fundstrat digital currency analyst Alex Kern. 
In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus. 
Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.
Read: Bill Gates: Trump asked me the difference between HIV and HPV
In a note to clients published ahead of this year's event, Fudstrat predicted a bump "likely greater&q…

Bitcoin will surge again this year. But here's what needs to happen first, says CoinShares chairman

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Bitcoin will rally this year and reach its previous highs, CoinShares Chairman Danny Masters predicted. 
But here's what needs to happen first: Better structures and a life cycle post initial coin offerings (ICOs) — the fundraising process that helps launch new cryptocurrencies. 
"We need to see this [cryptocurrency] structure continue to build," Master said on "Fast Money" Wednesday.
"We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we're talking about and measure our performance." 
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"We need to do more mature work around the ICOs, so that post ICO we have a token life cycle," he continued. 
"And just give investors more clarity, better expectations, more transparency." Bitcoin was priced around $8,300 Wednesday evening, 5:30 p.m. ET. 
While the coin has recovered from lows earlie…

Cryptocurrency investor names his favorite — and least favorite — digital currencies

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Cryptocurrency news: You'll agree with me that with so many digital coin options out there, it can be difficult for investors to know how to navigate the cryptocurrency universe. 
Ran Neu-Ner, founder of Onchain Capital and host of CNBC Africa's "Crypto Trader," offered a few tips to "Fast Money" traders on Thursday. Here are some of his favorite and least favorite digital currencies.  Bitcoin  Neu-Ner is an early investor of the large-cap coin. But he still said to sell. "I like bitcoin," he said, but pointed out that it's, "priced too low." 
Read: Boat Insurance
The coin, valued as high as $19,500 late last year, was trading around $8,100 on Thursday evening. "It's going to continue to go up, slowly and in a stable way," he said. "But there are more exciting cryptocurrencies out there."  Bitcoin cash  One of them might be bitcoin cash. The coin, priced around $1,200 Thursday evening, was down by about $100 from …

Major Hedge Fund: Cryptocurrency Market Surge Imminent, Build Positions

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Cryptocurrency is an intriguing yet confusing industry. Every time positive momentum takes place, something negative happens to counter it. 
Despite this volatile nature of Bitcoin and altcoins, Linxus Management CEO Mark Harrington remains bullish.
In a recent interview, the multi-million dollar hedge fund manager stated how now is the time to lock in one’s cryptocurrency investments. 
The Volatile Nature of Bitcoin and Altcoins  Most people know all too well how price fluctuations work. It is the inherent nature of any financial product or service. Price stability is an alien concept that is very hard to come by. Even the so-called ‘stablecoins’ tend to fluctuate ever so slightly.

However, they maintain their pegged value most of the time without any real problems. In the world of Bitcoin and altcoins, the situation is very different. Price volatility occurs every single day.

Money can be earned and lost in the blink of an eye. One of the golden rules in cryptocurrency trading is how not …

U.S. Mutual Fund VP Says Blockchain Will Help ‘Drive This Next Industrial Revolution’

Steve Chiavarone, a VP at financial services company Federated Investors, made bullish comments on blockchain technology as an “economic growth driver” in an interview on CNBC Friday, May 11. 

Responding to whether blockchain will be a driver of economic growth, Chiavarone noted the potential for automatization and increased efficiency blockchain offers, saying:
“When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification [...] that will allow cost to be cut and that savings [sic] to be passed along.” 

Chiavarone ranked blockchain in the top five “key technologies” that will “drive this next industrial revolution,” along with automation, robotics, AI and the Internet of things (IoT).

When asked how investors can “play” the potential of the blockchain, Chiavarone points to companies like Nvidia and Intel that “enable blockchain verification”, evi…

Irish University Study Calls For Government Action To Promote Blockchain In The Country

The authors of a study at the National University of Ireland (NUI) Galway on the adoption of blockchain in Ireland, called on the government to promote the technology more broadly in the country, The Irish Times reported May 11. 
The study proposes recommendations to increase blockchain awareness and adoption, that can reportedly have a positive impact on economic growth and establish a basis for how the government and Irish organizations carry out business. 
Dr. Trevor Clohessy at NUI Galway, who led the research, called for government action to promote blockchain in Ireland through the development of a national initiative: 
“...Beyond business, other beneficial uses of this technology would be in voting machines and ballot boxes to address electoral fraud and potentially looking at a blockchain enabled technology-controlled border identification system that could provide a possible solution to the current North/South Brexit border challenges.”
The study entitled “The adoption of Blockch…

Amazon & Microsoft’s Move to Blockchain: Centralized Companies Into Decentralized Ecosystem

Bitcoin, and the idea of digital cash has taken hold of the banking sector as banks and financial institutions start to experiment internally with blockchains and cryptocurrencies in order to be at the forefront of these technologies. 
This, coupled with the fact that government organisations and even global leadership bodies such as the G20 are looking to regulate cryptocurrencies, again give more legitimacy and longevity to the industry. 
The latest wave of adoption is now coming from corporations who, traditionally have come to be successful thanks to their centralized domination over different aspects of the market. 
Microsoft, in the world of computing, are legendary in driving the world to be digital; then there is Amazon, the pioneers of e-commerce. These companies are in some manner getting forced towards blockchain technology as it has become apparent that this is the future, and even though it goes against their centralized values, they simply cannot miss out.

Microsoft’s entry 

Zimbabwe’s Central Bank Bans Financial Institutions From All Crypto Dealings

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Zimbabwe’s central bank has recently banned domestic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12. 
According to the report, the Reserve Bank of Zimbabwe’s (RBZ) director and registrar of banking institutions Norman Mataruka issued a circular Friday ordering all financial institutions to terminate servicing cryptocurrency exchanges within 60 days and begin to liquidate existing crypto-related accounts.  Financial institutions have been ordered to “ensure that they do not use, trade, hold and/or transact in any way in virtual currencies,” a move which applies to both businesses and individuals. 
Explaining the decision, Mataruka highlighted the interconnectedness of cryptocurrency and the traditional fiat financial system, stating that the RBZ has an “obligation to safeguard the integrity of payment systems”, which the central bank is not prepared to provide for crypto. 
NewsDay reports that the RBZ’s governor John Mangudya war…

Consensus 2018 Will be the Next Big Catalyst for Bitcoin, Analyst Says

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Blockchain Week New York City, the annual conference also known as Consensus 2018, kicked off yesterday. 

Based on the market reaction in the previous three events, analysts expect the prices of Bitcoin and altcoins to move upward.  Fundstrat’s technician Robert Sluymer says Bitcoin has bottomed with an upside seen from here. 
Blockchain Week New York to Trigger Next Bullish Momentum, Says Fundstrat Analyst 
The most important annual conference for the cryptocurrency ecosystem is taking place in New York while Bitcoin sits just above the 50-day moving average. 
While the blockchain industry gets together to move the technology forward, digital currency investors wait on the sidelines and hope for the best.

According to Robert Sluymer, managing director and head of technical research at Fundstrat Global Advisors, a lot of people are looking for clarity on projects as uncertainty around regulation still looms.

He added that it should all become clearer as ‘we move around Consensus.’ With regar…

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