Connect with us

Bitcoin News

Price Analysis Dec 25: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, TRX

Published

on

As the year comes to an end, the focus will shift to the major events that are expected to influence crypto prices next year. China’s launch of a digital yuan is one such event that can influence crypto prices. The People’s Bank of China’s deputy director Mu Changchun said that the digital form of yuan would not have any room to speculate on its value as it would be different from Bitcoin and stablecoins.

Though China has been against cryptocurrencies, it has been making major strides in supporting blockchain technology. The Central Bank of China has used blockchain technology to issue 20 billion Chinese yuan ($2.8 billion) of special bonds. These bonds will fund a small portion of the bank’s loan portfolio issued to small businesses.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

The Shenzhen Stock Exchange has launched an index that will track the performance of stocks of 50 companies involved with the blockchain industry. Lu Lei, deputy head of the State Administration of Foreign Exchange said that the government “will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”

While China is getting heavily involved with blockchain technology, Japanese companies are attempting to boost crypto adoption. Japanese retail giant Rakuten will allow its customers to convert their Rakuten Group loyalty points to three different cryptocurrencies, Bitcoin, Ether and Bitcoin Cash.

With the fundamentals likely to improve next year, should the investors buy at current levels or do the technicals project a deeper correction? Let’s find out.

BTC/USD

Bitcoin (BTC) turned down from the overhead resistance at $7,856.76 on Dec. 23. This shows that bears are aggressively defending the resistance levels. The immediate support on the downside is $7,000. If this level cracks, a drop to $6,435 is possible. We expect the bulls to defend this support but if it gives way, the sentiment will turn extremely negative.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

The 20-day EMA is flat and the RSI is just below 50, which points to a range-bound action for the next few days. If the BTC/USD pair bounces off $7,000, it will be a positive sign as it will indicate that bulls are not waiting for a deeper correction to buy. If the pair consolidates between $7,000 and $7,856.76, it will increase the probability of a breakout out of this tight range.

We anticipate a change in trend after the bulls breakout and close (UTC time) the price above $7,856.76. Therefore, we retain the buy proposed in our previous analysis.

ETH/USD

Ether (ETH) turned down from the 20-day EMA and broke below the immediate support at $125. Both moving averages are sloping down and the RSI is close to oversold territory, which suggests that bears are in command.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

The next stop is likely to be $117.09. If this level also cracks, the downtrend will resume. The next target to watch on the downside is $100.

Conversely, if the bulls defend the support at $117.09, a few days of range-bound action is likely. We will wait for the ETH/USD pair to break out of the 20-day EMA before turning positive.

XRP/USD

The failure of the bulls to push XRP above $0.20041 has attracted profit booking. The bears will now attempt to sink the price to the recent low of $0.17468. A breakdown of this support will be a huge negative as it will resume the downtrend.

XRP USD daily chart. Source: Tradingview

XRP USD daily chart. Source: Tradingview

With both moving averages sloping down and RSI in the negative territory, the advantage is with the bears.

Nonetheless, if the bulls defend the support at $0.17468, the XRP/USD pair might remain range-bound for a few days. The first sign of strength will be a breakout and close (UTC time) above the overhead resistance at $0.20041. Until then, we suggest traders remain on the sidelines.

BCH/USD

Bitcoin Cash (BCH) turned down from the 20-day EMA on Dec. 23. The bears are attempting to sink the price below the immediate support at $183.40. If successful, a retest of $169.62 is possible. Both moving averages are sloping down and the RSI is in the negative zone, which indicates that bears have the upper hand. 

BCH USD daily chart. Source: Tradingview

BCH USD daily chart. Source: Tradingview

However, if the bulls defend the support at $183.40, the BCH/USD pair will make another attempt to break out of the channel and the overhead resistance at $203.36. Above this level, a move to $227.01 is possible. We will turn positive above $203.36. Until then, we suggest traders remain on the sidelines.

LTC/USD

Litecoin (LTC) turned down from the resistance line of the descending channel on Dec. 23. There is a minor support at $39.252. If this support holds, the bulls will make another attempt to scale above the channel and the overhead resistance at $42.0599.

If successful, a rally to $50 is possible. Hence, we retain the buy recommendation given in the previous analysis. 

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

Conversely, if bears sink the LTC/USD pair below $39.252, a retest of the recent low at $35.8582 is possible. If this support also cracks, a drop to the support line of the channel at $33 is likely. A break below the channel will be a huge negative.

EOS/USD

EOS failed to rise and close (UTC time) above $2.5804 for the past two days. However, we like that the price has not given up much ground, which is a positive sign. The bulls are likely to attempt a breakout of $2.5804 within the next few days.

EOS USD daily chart. Source: Tradingview

EOS USD daily chart. Source: Tradingview

If the bulls can sustain the price above $2.5804, a rally to $2.8695 is likely. The 50-day SMA is placed just below $2.8695, hence, we anticipate the bears to defend this level aggressively. The short-term traders can participate in this move by initiating long positions as suggested in our previous analysis.

Contrary to our assumption, if the bears sink the price below $2.4001, a retest of $2.1624 will be on the cards.

BNB/USD

The bulls could not extend the relief rally above the $13.88 to $14.2555 overhead resistance zone. This is a negative sign as it shows that the bulls are in no hurry to accumulate Binance Coin (BNB) at higher levels.

BNB USD daily chart. Source: Tradingview

BNB USD daily chart. Source: Tradingview

If the bulls can keep the price above $12.9624 it will indicate strength and increase the possibility of a break above $14.2555. Above this level, a rally to $16.50 is likely. The short-term traders can ride this up move as recommended in our previous analysis.

However, if the BNB/USD pair slips and sustains below $12.9624, a retest of the recent low at $12.1111 is possible. A breakdown of this support will be a huge negative.

BSV/USD

Though Bitcoin SV (BSV) scaled above the downtrend line, the bulls could not build on the strength and push the price above the overhead resistance at $92.693. This shows that buying dries up at higher levels.

BSV USD daily chart. Source: Tradingview

BSV USD daily chart. Source: Tradingview

The price might now consolidate between $78.506 and $92.693 for a few more days. A break below this range can sink the BSV/USD pair to $66.666.

Conversely, if the bulls can propel the price above $92.693, a move to $113.96 is possible. Therefore, we retain the buy suggested in our previous analysis.

XTZ/USD

The intraday range has been shrinking for the past few days. Usually, such tightening of the range is followed by range expansion. If Tezos (XTZ) moves up sharply, supported by higher volume, a rally to $1.65 is possible. Such a move will indicate a resumption of buying by the bulls.

XTZ USD daily chart. Source: Tradingview

XTZ USD daily chart. Source: Tradingview

Conversely, if the range expands to the downside and breaks below the 50-day SMA, a retest of $1.18 will be on the cards. A break below this level can drag the price to $1.10 and below it to $0.829651.

The 20-day EMA has flattened out and the RSI is close to the center, which points to a range formation in the near term. Though we are positive on the XTZ/USD pair, we will wait for the bulls to assert their supremacy before proposing a trade in it.

TRX/USD

TRON (TRX) has again slipped back below the 20-day EMA, which is a negative sign. It shows that bears are active at higher levels. They will now attempt to sink the price to the recent low of $0.0120843, below which a retest of the critical level at $0.01124 is possible. If the bears sink the price below $0.01124, it will be a huge negative.

TRX USD daily chart. Source: Tradingview

TRX USD daily chart. Source: Tradingview

However, if the TRX/USD pair turns around from the current level, the bulls will again attempt to push the price above the descending channel pattern. If successful, the up move might again hit a barrier at the 50-day SMA and above it at $0.0163957.

A breakout of $0.0163957 will indicate a probable change in trend that can carry the price to $0.020 and above $0.02340. We will turn positive on a breakout above $0.0163957.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Bitcoin News

Crypto exchange BTCNEXT seeking Japan license

Published

on

BTCNEXT, an Asian based cryptocurrency exchange, earlier this month announced it received notification from the Japan Financial Services Agency (FSA) that it must suspend services for Japanese residents.

As part of Noah Ark Technologies Ltd., BTCNEXT operates with a Virtual Currency Exchange license issued by the Cagayan special economic zone and Freeport Philippines.

The BTCNEXT team says that its legal department is currently working with the FSA in regards to getting a Japanese license and will take necessary steps to ensure full compliance with all FSA requests.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

NEO Price Prediction: Long-term (NEO) Value Forecast – June 2

Published

on

  • The long-term outlook is in a bullish trend.
  • The 1.618 in the fibs at $19.17 is the bulls target in the long-term.

NEO/USD Long-term Trend: Bullish

Supply zone: $20.00, $30.00, $40.00
Demand zone: $2.00, $1.00, $0.50

NEO continues in the uptrend in its long-term outlook. The strong pressure on the cryptocurrency by the bulls’ comeback at the 61.8 on 18th May has kept price up with new high each week. $12.59 and $15.04 in the supply area were the highs on 20th and 30th May respectively.

The new week is started on a bullish note with today’s opening candle at $13.72 higher than last week opening price at $11.45, an indication that the bulls are more in the market.

Price is above the two EMAs that are fanned apart which suggest strength in the trend and in this case the uptrend.

The journey to 1.618 of the fib extension with price at $19.17 in the supply area is the bulls target in the long-term as the bullish momentum increase and more bullish candle open and closed above the two EMAS.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Why Bitcoin’s ‘Culture War’ Matters

Published

on

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.


Let’s talk about bitcoin, toxicity and inclusiveness.

(Boy, my Twitter feed is going to have fun over the next few days.)

To start with, let me take a position: I stand with those people, especially women, who’ve lately been calling out maltreatment from members of the bitcoin community and citing rude and abusive behavior as proof of that community’s lack of inclusiveness. These are people who believe in cryptocurrency technology’s potential but feel discouraged to believe that they belong to the community’s dominant white-male subculture. If this technology is to fulfill its global potential, the community associated with it must confront this problem.

But the real point of this column is not to just defend these critics. It’s to debunk one of the more common positions adopted by those who take issue with their complaints, particularly on Twitter. In doing so, I hope to emphasize just how important the concepts of “community” and “culture” are to the healthy development of crypto technology and the ecosystem growing around it.

Hammer culture?

The line that’s most often thrown back at those calling out incivility is that bitcoin is nothing more than a technology, a tool, and that it’s meaningless to attach to it value judgments relating to human behavior. Bitcoin is amoral, apolitical and a-cultural, the argument goes, and like any technology it is used by good and bad people alike.

These pundits, warning of a political correctness-based threat to free speech, will then advise the injured party to take issue directly with the bad actors but refrain from agitating for community-wide change.

A perfect example of the genre came from outspoken lawyer Preston Byrne.

Clever, yes. But it’s extremely unhelpful, because the examples given do not share equivalent terms of reference.

Byrne’s “hammer” refers solely to the steel implement that tradesmen use. By contrast, people complaining about “bitcoin” are clearly using the word in a much wider context than in merely a reference to the code, to the ones and zeros that comprise the bitcoin protocol. They are inherently talking about the wider ecosystem and community gathered around the idea of bitcoin.

So, let’s equalize the terms, shall we? We can turn each of these nouns into a modifier of the word “community.”

While it might sound silly to talk about a “hammer community,” there may well be groups of hammer-obsessed souls who debate questions of design and ease of use at meetups and in chat rooms. If so, I’m going to guess that that community would probably also be predominantly male.

But the real issue is that such a hammer community is going to be far less important to the future design and evolution of hammer technology than bitcoin’s community is to its. I’m no expert, but I don’t see a great deal of change in hammer technology having occurred over the centuries and I’m not sure people expect much in the future. As such, we don’t see much jockeying among users to ensure that proposals for hammer upgrades are implemented and standardized to their preferred design.

By contrast, the open-source technology behind bitcoin is in a constant state of evolution. It is, by definition, under development, which is why we talk about the engineers who work on it as “developers,” not “custodians.” As such, there is a constant battle of interests over who gets to modify the code. Exhibit A: the block-size debate.

Counter-arguing that those who don’t like the process can just fork the code, as the large-blockers did, and set up their own new community, doesn’t cut it for me. Bitcoin is the brand that matters. Any newcomer will struggle to achieve the same network effects. Secession just isn’t viable for anyone who likes its current design but doesn’t like how its future is being defined.

Also, is there a “hammer ecosystem?” Maybe. But beyond producers of nails, and perhaps steel and rubber or wood suppliers, you can hardly call it a complex ecosystem.

Bitcoin, by contrast, which purports to reinvent the global system of money, has attracted an inherently vast array of different technology providers, all of whom have competing interests in how it is designed, managed and marketed to the world. I’m not just talking about businesses applications built on top of it, but also the developers of related encryption, payment channel, smart contract and other vitally important technologies, all of which are themselves in a constant state of flux.

(I’m guessing that the exhibition halls at hammer conventions don’t have quite the same spread of offerings as cryptocurrency events such as Consensus.)

Saying that bitcoin is nothing but a tool, is like saying that music is nothing but a system for ordering different audible tones.

Money = community

When Paul Vigna and I wrote The Age of Cryptocurrency, we spent a lot of time chronicling the emergence of the community that had formed around bitcoin, which we saw as fundamental to its success. It struck us that the notion of a bitcoin community was so prominent — the “c” word was always being bandied about — because bitcoin embodied a profound and sweeping social idea. It offered nothing less than a reinvention of money, a revolution in the entire system for coordinating human value exchange.

Money only works to the extent that there is widespread belief in it, that people buy into its core myth. Money, Felix Martin says, is a social technology, by which he means that its functionality and usability depend far less on the physical qualities of the token that represents it than on the collective agreement among large communities of people that their token captures, represents and communicates transferable value. This is true whether we’re talking about gold, dollar bills, entries in a bank account, or cryptocurrency.

By extension, then, for any form of money to succeed, it must sustain a vibrant, growing community.

Communities = culture

The thing about communities is that they inevitably develop cultures. In self-defining their boundaries of belonging, they develop shared ways of seeing and language — akin to a kind of social protocol – that regulate (in a very unofficial, and quite subconscious way) their members’ behavior.

As they evolve, cultures can become more or less open, more or less inclusive, more or less abrasive in their treatment of outsiders. And inevitably, these cultural features will either encourage or impede the growth of the community.

All this should hardly be a revelation. Anthropology, the study of culture, is a globally widespread and influential field (one that is now appropriately turning its attention to cryptocurrency communities.)

Studies of U.S. culture, from Alexis de Tocqueville down, have rightly pointed to the inclusiveness of the founding fathers’ ideas as a key driver of its economic expansion. In fact, American culture is arguably its most important ingredient for success, a social manifestation of Joseph Nye’s notion of the United States’ “soft power.”

So, yes, bitcoin culture really, really matters. If the compelling ideas behind permissionless, peer-to-peer exchange and censorship-resistant money that attract people of all stripes to it are to retain those people’s interest and grow in influence, the bitcoin community needs to evolve a more inclusive culture.

The only way to do that is to spur the kind of open debates that have always driven the progress of human culture — those which shifted norms and mores to the point that it became unacceptable to own slaves, to spit in public, or to jump a queue.

So, listen up, bitcoin. It’s time to confront your toxicity.

Hazard drums image via Shutterstock

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Holiday Spending up 14.6% as E-Commerce Beats Brick-and-Mortar

Published

on

E-commerce sales hit record highs this year as Americans continue to move their holiday shopping online.

According to Mastercard’s SpendingPulse report, online retail grew 18.8% over last year’s holiday season. That’s enough to make online sales a record 14.6% of holiday shoppers total spend, the report says.

Online consumers this year spent 17% more on apparel, 8.8% more on jewelry, 10.7% more on electronics, and 6.9% more at department stores. 

Overall, holiday spending jumped 3.4% compared to 2018.

The strong numbers came in spite of 2019’s unusually short holiday season, commonly defined as the period between Thanksgiving and Christmas. Shoppers had six days fewer than they had in 2018.

Steve Sadove, an advisor for MasterCard, said in a press release that retailers adapted to the shortened season. 

“Due to a later than usual Thanksgiving holiday, we saw retailers offering omnichannel sales earlier in the season, meeting consumers’ demand for the best deals across all channels and devices.”

Interestingly – or ominously – retailers who accepted crypto or managed crypto payments were slow to respond when we asked them how their holiday shopping season went. eGifter, a gift card trading service, noted that it had not yet “crunched the numbers” on holiday sales but that “We saw growth in overall crypto sales,” said Bill Egan, the site’s VP of Marketing.

“We saw more gifting with crypto in 2019, compared to buy-for-self use cases in prior years,” he said.

Payment processor BitPay found the holidays quite inspiring as well.

“We saw twice our daily averages of processed volume leading up to the holiday,” said BitPay’s CMO, Bill Zielke.

It will be interesting to see what kind of statistics surface over the next few seasons as e-commerce becomes king and crypto payments come to the fore.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Crypto Custodians Grapple With Germany’s New Rules

Published

on

Crypto firms in Germany are getting ready to exist under a new regime. 

Under a law going into effect Jan. 1 requiring digital asset custodians to be licensed, each company that currently custodies crypto and targets German clients must announce to Germany’s Financial Supervisory Authority (BaFin) its intention to get a license before April 1 and submit an application before Nov. 1.  

A clause allows current crypto custodians to keep serving German customers without being penalized if they declare their intent to apply, but those same companies are waiting on BaFin to release final regulations around the law.

“As long as the legislation is not in place, BaFin is not going to think about how to cope or how to deal with the legislation,” said BaFin press officer Norbert Pieper. The regulator declined further comment and Germany’s Federal Ministry of Finance did not respond to request for comment by press time.

Pieper added: “There is no date foreseeable [yet] by which we’ll be able to communicate the results of our assessment. We will certainly communicate that on our website.” 

While the final regulations haven’t been set yet, the new license requirement may not produce the same kind of exodus of crypto firms that New York saw after the BitLicense requirement, said Miha Grčar, head of business development at Bitstamp.

London-based Bitstamp, one of Europe’s largest crypto exchanges, plans to continue operating in Germany but declined to say whether it would apply for a license, said Grčar. Crypto firms could also use a white-labeled custody service to operate in Germany. 

Because the law is an “updated version of the existing banking regulation,” banks will likely have the most to gain from it, Grčar added. Companies that get the license will be German financial institutions, but not classified as banks.

The law also means that German regulators now see crypto as a “legitimate” industry, he said. 

Ulli Spankowski, chief digital officer and managing director of the crypto custody subsidiary of German stock exchange Boerse Stuttgart, called Blocknox, sees the license as a step forward for “the professionalism of the industry.” The subsidiary has already advised BaFin that it plans to apply.  

“There are other countries that won’t go for a full-fledged license,” he said. “If you want to get traditional, established players from the banking side, you need to give them this environment to feel safe.” 

DLC group is taking advantage of the new regulatory framework by offering consulting services for firms interested in applying, and its own white-labeled crypto custody service. 

Sven Hildebrandt, head of Distributed Ledger Consulting Group, is concerned some exchanges won’t understand the nuances of the new law.

“The law is only in German and no English translation of the law is out there,” he said. “What’s going to happen to exchanges? [Operating without a licence] is actually a felony and not a misdemeanor so that’s jail time.”

Hildebrandt predicts the costs of licensing will be similar to other German financial services licenses where firms will need two managing directors, an established German entity and 125,000 euros of starting capital. He also estimates installation will cost 250,000 to 350,000 euros and recurring yearly costs will be 350,000 euros. 

Switzerland-based Crypto Storage AG, a subsidiary of Crypto Finance AG, is opening a branch in Germany to offer crypto custody to banks and then financial technology startups. 

“Large banking houses will do custody business in the future,” Stijn Vander Straeten, CEO of Crypto Storage AG, said. “They are moving slowly, though. We’ll build it up now for a premium.” 

Berlin-based solarisBank this month opened a subsidiary called solaris Digital Assets to offer crypto custody as a service. So far, the bank has a handful of customers testing the service with more than 40 companies in the pipeline, said Alexis Hamel, managing director of solaris Digital Assets.

In addition to waiting for details from BaFin, crypto firms are also waiting to see if the law can be passported to other European Union states. 

“Germany is definitely at the forefront with the clearer regulation,” Hamel said. “We still need to see how other European countries level up.”

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Copyright © 2022 The Crypto Report