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Top 5 Crypto Performers: BTC, XEM, BSV, ETH, BNB

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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 provided by HitBTC exchange.

Altcoins led the rally this week from the lows with bitcoin (BTC) lagging behind. After a sharp up move, it was natural for traders to book profits on their quick gains. While altcoins have pulled back sharply from their recent highs, bitcoin has held up quite well. Its dominance has gradually inched from about 50% in early-April to 54.5%.

During times of crisis in the industry, investors usually take refuge in bitcoin. Following the recently reported scandal involving crypto exchange Bitfinex and stablecoin tether (USDT), traders have converted their tether into bitcoin. Though both firms have issued a joint statement denying any wrongdoing, investors are playing it safe.

Such events give an opportunity to traditional brokerages to enter the nascent space as they offer a trusted relationship to their clients. The latest to take the plunge is online trading firm E*Trade Financial Group as it reportedly readies to offer cryptocurrency trading in BTC and ether (ETH) on its platform. E*Trade had 4.9 million brokerage accounts on Dec. 31 of last year. With such a massive reach, the move would be an important one for cryptocurrency adoption.

BTC/USD

Bitcoin completed a bullish crossover this week for the first time since October 2015. This move arguably indicates a trend reversal. The bear market has seen a lot of investors lose huge sums of money. One among them was a seasoned investor, Japanese billionaire and founder of multinational conglomerate SoftBank Group, Masayoshi Son who booked a loss of about $130 million trading bitcoin.

While many consider bitcoin to be digital gold, a recent survey in Europe found that only 49% of respondents believe that BTC will be around 10 years from now. This shows that cryptocurrencies will have to evolve further to be accessible and friendly to the non-tech savvy public.

BTC

The BTC/USD pair has largely stayed above the breakout level of $4,914.11 for the past three weeks. But the bulls are struggling to push the price to the next overhead resistance of $5,900.

Currently, the 50-week SMA is acting as a resistance. If the bulls defend the $4,914.11 levels again during the next fall, it will indicate buying at lower levels and the pair might remain range bound for a few more weeks. Consolidation at these levels is a positive sign.

But if the price rebounds sharply from the current levels or from $4,914.11, the cryptocurrency could rally to $5,900. We anticipate a stiff resistance at this level.  

On the downside, if the bears sink the pair below $4,914.11, it can drop to the 20-week EMA and below it to $4,255.

The next couple of weeks are very important as it will set the stage for the next leg of the move.

XEM/USD

When all the top 20 coins are in the red, it shows that the markets are at a risk of turning down. Nem (XEM) was the second-best performer this week as it fell by about 9% in the past seven days. What is in store? Can it stage a recovery or will it continue to slide further? Let us find out.

XEM

The recovery in the XEM/USD pair hit a roadblock at the overhead resistance of $0.07790717. The price has been correcting for the past three weeks. The bulls will attempt to defend the support at $0.060 and below it $0.053. If these supports breakdown, a retest of the lows is probable.

On the other hand, if the pair rebounds from $0.060, the bulls will again try to propel it above the overhead resistance of $0.07790717. If successful, it can move up to the 50-week SMA at $0.10 and above it to $0.13. The cryptocurrency is yet to form a reversal setup. We shall wait for it to show some strength before turning positive on it.

BSV/USD

Bitcoin SV (BSV) has been in the news for the past few days as a few exchanges delisted it. After the initial plunge, prices seem to be stabilizing. The delisting put it and its creator, Craig Wright, in the limelight. Ayr United, a football team in Scotland, has signed a sponsorship that will feature the bitcoin SV logo on its shirts.

BSV

The BSV/USD pair had been trading inside a range of $102.580 and $58.072 for the past few weeks. It turned down from the top of the range three weeks back and since then has been facing strong selling due to the negative news surrounding it.

The bears broke below the support of the range at $58.072 and continued lower. Currently, the bulls are attempting to rebound from the psychological support of $50. If the bulls carry the price back into the range, we can expect the pair to consolidate between $58.072 and $102.580 for the next few weeks.

But if the bulls fail to ascend above $58.072, the bears will again try to breakdown the support at $50. If that happens, a retest of the lows at $38.528 is possible.

ETH/USD

The co-founder of Ethereum has proposed increasing Ether staking rewards once the protocol switches to Proof of Stake (PoS). Meanwhile, Ethereum developers this week announced that they had raised the required funding for a third-party audit of the ProgPoW code.

In other news, reports recently surfaced that Samsung plans to develop a public-private blockchain based on Ethereum. The token is likely to be named Samsung Coin.

Societe Generale SFH — a subsidiary of Societe Generale Group — issued a 100 million euro bond on the Ethereum blockchain.

In a negative development, a hacker managed to siphon off about 45,000 ether by successfully guessing weak private keys.

ETH

The ETH/USD pair has slipped back below the breakout level of $167.32, which is a negative sign. It invalidates the bullish breakout of the ascending triangle pattern. The next support on the downside is $144.78. If this also breaks, the drop could extend to the trendline of the ascending triangle.

However, if the pair rebounds off the support at $144.78, the bulls will again try to scale above $167.32. If successful, the next overhead resistance is $187.98. If this level is crossed, the pair is likely to pick up momentum and quickly rally to its target objective of $251.64. As it has formed a reversal pattern at the bottom, this target price might even be crossed.

BNB/USD

Binance’s token sale platform Launchpad successfully completed the sale of Matic Network (MATIC) tokens through its new lottery system. About 58.38% of the applicants benefitted from the lottery. Binance completed the launch of its decentralized trading platform (DEX) just a week after launching its own blockchain, Binance Chain.

Binance also launched its much-awaited exchange in Singapore, where it initially plans to offer bitcoin trading using Singapore dollars. Binance coin (BNB) is still holding out close to its lifetime highs. What is its next likely direction? Let’s take a look.

BNB

The BNB/USD pair came within a whisker of breaking out to new highs but failed to do so. The pair is facing selling at the resistance line of the wedge pattern. However, the positive point is that the pullback has been shallow. This shows that the buyers are keen to step in even on a minor dip.

If the pair stays above the uptrend line of the wedge, it might enter into a consolidation for a couple of weeks, after which we expect another attempt by the bulls to make a new high. A new high is likely to attract more buyers and the cryptocurrency might surprise on the upside.

Our bullish view will be invalidated if the bears sink the pair below the uptrend line of the wedge. A breakdown of the wedge is a bearish pattern that can result in a quick drop to the 20-week EMA.  

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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Take Two: Ethereum Is Getting Ready for the Constantinople Hard Fork Redo

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If to start with you don’t be triumphant, take a look at take a look at once more.

Such are the phrases of knowledge which were taken to center by way of ethereum core builders ever since a vulnerability within the community’s code was discovered simply 48 hours ahead of the code used to be set to be deployed.

The community improve dubbed Constantinople would have presented a chain of backward-incompatible adjustments – often referred to as a troublesome fork – to the arena’s 2nd biggest cryptocurrency by way of marketplace capitalization. Yet the worm came upon resulted in a extend, adopted by way of a plan to try once again in past due February.

With the code anticipated to turn on someday throughout the remaining week of February – in particular, at block quantity 7,280,000 – ethereum core builders are assured that Constantinople received’t fail this time round.

“I suspect it will go as planned. The block number has been set and [the upgrade] is hard coded in the clients now so it’s going along fine,” Hudson Jameson, who handles developer family members for the Ethereum Foundation, advised CoinDesk.

Adding that “valuable lessons” are discovered from each arduous fork, Jameson stated that one of the vital essential takeaways from remaining January’s arduous fork try used to be “better communication with miners to let them know about the upgrade.”

While the problem within the code wouldn’t have impacted miners without delay, miners and different customers who run whole copies of the ethereum blockchain known as nodes had to be impulsively notified concerning the cancellation of Constantinople to stay it from in fact being deployed and developing imaginable disruptions.

On this entrance, the sensible contract safety audit company ChainSecurity, which came upon the vulnerability, advised CoinDesk the group of ethereum builders used to be already rather spectacular.

“I was just impressed by how quickly everyone reacted and how well organized everyone reacted,” stated CTO Hubert Ritzdorf. “Many people had to update so they had to know what to update to. On many different levels it became clear even though there is no central command, the [ethereum] community collaborates very efficiently.”

Called Ethereum Improvement Proposals (EIPs), 4 out of 5 EIPs will in fact be activated at the major community, or mainnet. And for all technical functions, the improve might be deployed in two portions – concurrently.

Say hi to ‘Petersberg’

Developers proposed throughout a gathering late January to desk the EIP briefly and continue with the remainder of Constantinople as deliberate, figuring out {that a} repair to the buggy EIP – EIP 1283 – would extend activation of ethereum’s deliberate arduous fork for too lengthy.

However, for the reason that a number of check networks on ethereum together with Ropsten already activated Constantinople in its complete glory ahead of the protection vulnerability used to be discovered, ethereum core builders additionally agreed {that a} 2nd arduous fork safely eliminating the EIP used to be wanted.

Thus, “Petersberg” used to be born.

Already released on Ropsten, Petersberg is the casual title of the arduous fork in particular designed to take away EIP 1283 from a are living ethereum-like community. Later this month, the unique Constantinople code might be activated on mainnet at the side of Petersberg.

“For all practical means for any developer out there on the mainnet, there will not have been Constantinople really, just Petersberg … Technically in the code, you have two conditions,” ChainSecurity COO Matthias Egli defined. “One says Constantinople gets active at block number [7,280,000] and at the same block number Petersberg gets activated, which takes precedence over Constantinople and immediate supersedes it.”

And relating to what’s left to be executed for Petersberg release on mainnet, Jameson stated that the entire trying out for its unlock has been finished and main tool shoppers together with Geth and Parity are able to deploy at the agreed-upon block quantity.

Now, as emphasised by way of ethereum safety lead Martin Holst Swende, customers of ethereum will have to pay attention to essential adjustments to the ethereum community on account of Constantinople plus Petersberg.

The new ‘corner case’

Tweeting out a questionnaire for customers remaining Thursday, Swende famous that once Constantinople, sensible contracts on ethereum regarded as to be nearly immutable will be capable of exchange code underneath positive prerequisites over the process more than one transactions.

The new characteristic presented thru EIP 1014 – known as “Skinny CREATE2” – is meant to higher facilitate off-chain transactions on ethereum by way of permitting what Ritzdorf describes as “deterministic deployment.”

“When you deploy a new smart contract on ethereum, what happens is that it computes the address to where the contract will be deployed. You know this ahead of time but it depends on a lot of variables,” Ritzdorf advised CoinDesk. “CREATE2 makes it easier to say, ‘We will deploy in the future a contract to this particular address.”

As a results of this, Ritzdorf explains sensible contract builders may just technically deploy contracts for “the second time” to the similar cope with, noting:

“[After Constantinople] you can change code because you can first deploy to that address, destruct the code and then deploy again.”

Egli highlighted that that is “not a security bug” however reasonably “a corner case” that builders on ethereum will have to be cautious of as soon as the adjustments are going are living. He added that persisted schooling from auditors upfront of February’s arduous fork is wanted concerning the different 4 EIPs at the beginning set for inclusion in Constantinople out of doors of EIP 1283.

Users expecting the release of Constantinople can both move to forkmon.ethdevops.io or Ethernodes to observe the discharge in actual time. A lot of other sites also are to be had for are living metrics together with mining hashrate and marketplace costs.

According to 1 arduous fork countdown timer created by way of Afri Schoedon, unlock supervisor for the Parity Ethereum consumer, Constantinople plus Petersberg is estimated as of press time to head live to tell the tale Thursday, February 28.

Cinema clapper image by way of Shutterstock

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Coinbase Now Lets Merchants Accept Payments in the USDC Stablecoin

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Coinbase Commerce, the cryptocurrency exchange’s merchants payments offering, has added support for the dollar-pegged stablecoin USD Coin (USDC).

The development means businesses can now receive payments in USDC from customers “in minutes with zero transaction fees” and no chargebacks, Coinbase announced in a blog post on Monday.

“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account,” the firm said.

Coinbase Commerce was launched in February 2018 and offers support for bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC) payments alongside the new USDC.

Initially integrated with e-commerce platform Shopify, Coinbase Commerce later rolled out a plugin for WooCommerce too. At the time, Coinbase said that WooCommerce provides the payments infrastructure for more than 28 percent of all web stores.

USDC was launched late last year by crypto finance startup Circle and Coinbase. Earlier this month, Coinbase expanded crypto-to-crypto trading in the stablecoin to 85 countries.

“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation,” it said at the time.

Checkout image via Shutterstock 

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Twitter CEO Dorsey: Square Crypto Begins ‘Inevitable’ Bitcoin Mass Adoption

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By CCN: Square, the $32.7 billion mobile payment company founded by Twitter’s Jack Dorsey, is one step closer to launching its long-awaited crypto project. The company claimed last night that bitcoin mass adoption is “inevitable” and it is close to making its first hire.

Everything we know about Square Crypto so far

In March 2019, Square CEO Jack Dorsey announced his company would hire three or four developers and a designer to work on the open-source Bitcoin ecosystem.

Many Bitcoin developers are volunteers, but Dorsey wants to fund the growth of Bitcoin directly through Square Crypto.

Square already has a stake in the cryptocurrency world. Its Cash App allows users to buy and sell bitcoin, a feature that pulled in $65 million revenue for the company last year. Square is the first and only publicly traded company to support bitcoin purchases.

Square Crypto will focus on what’s best for the crypto community

Dorsey claims the Square Crypto initiative is not a commercial pursuit, but an attempt to give back to the bitcoin community. 

“Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.”

Dorsey began meeting with potential developers in April after ‘Crypto Twitter’ threw out suggestions. Among the candidates suggested were various Bitcoin Core developers and members of the BTCPayServer. Although the new recruits will report directly to Dorsey, he maintains that their purpose is to improve the bitcoin ecosystem, not make money for Square.

“These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.”

Lightning Network integration?

The bitcoin community has speculated that Square Crypto will work on integrating the Lightning Network, a second-layer protocol designed for instantaneous bitcoin payments.

Dorsey invested $2.5 million in Lightning Labs, a startup developing on the Lightning Network. He also took part in the Lightning Network “torch” experiment, passing a micro-amount of bitcoin to Lightning Labs co-founder Elizabeth Stark. 

Better design and user experience for bitcoin?

Exact details of the Square Crypto project have been closely guarded, but one common theme is accelerating design and UX. Dorsey will hire one full-time designer to focus on UX and the official Square Crypto Twitter account said that “mass adoption is impossible without great design.”

Dorsey himself said that design is an underfunded part of the crypto ecosystem, and crucial introducing people to the technology.

Dorsey going all-in on bitcoin?

In the last year, Dorsey has ramped up his engagement with bitcoin and cryptocurrencies. He appeared on the Joe Rogan podcast saying that he’s a huge fan of bitcoin.

“The internet deserves a native currency; it will have a native currency. I don’t know if it will be Bitcoin or not. Hope it will be.”

Since then he revealed he was maxing out the Cash App bitcoin buying limit, effectively spending $10,000 a week on cryptocurrency. As for Square Crypto, the project’s Twitter account has reminded everyone to dial down their expectations. Big things are coming, it says, but it will take time.

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‘Fortnite’ Maker Teams Up With Crypto’s Steam Competitor to Boost Game Development

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A gaming platform built on crypto is teaming up with the creator of “Fortnite.”

As revealed exclusively to CoinDesk, game developers using Epic Games’ Unreal Engine will receive better business terms if they deploy their titles on The Abyss. The Abyss, a Steam competitor funded by an initial coin offering (ICO) in 2018, rewards game devs for purchases made on the platform.

Mike Gamble, head of games licensing for Epic Games, said in a statement:

“We’re delighted that The Abyss has chosen to provide additional resources to Unreal Engine developers and publishers on its platform. Unreal Engine 4 scales to hundreds of millions of players, and access to premier support and connections with the global community can be critical to success of large-scale games with live operations.”

The precise details of the arrangement are unclear, with both firms citing non-disclosure agreements.

Nevertheless, The Abyss founder Konstantin Boyko-Romanovsky told CoinDesk in an email that conditions between Epic Games and developers will be “better than standard ones and will not be confined to the premium support.”

Additionally, developers using Unreal will not need to sign a separate agreement with Epic Games. “All transactions are done through The Abyss,” he wrote.

Epic offers fairly generous licensing terms to developers using the Unreal Engine. It only requires developers to make a quarterly payment of 5 percent of returns over $3,000, according to its end-user licensing agreement. Developers can also negotiate an upfront price if that’s preferable.

The Unreal Engine is a game development platform that first launched in 1998. It has been used to build instances of the “Mass Effect,” “Batman” and “Medal of Honor” franchises, according to Wikipedia.

As part of the new partnership, developers on The Abyss will get access to the Unreal Developers Network. They will also get marketing services from The Abyss.

The Abyss ran an ICO in early 2018 using a model devised by Vitalik Buterin in which token holders could vote on whether the development team should get more funds as the project progressed. The Abyss raised slightly over $15 million, according to Boyko-Romanovsky.

The Abyss launched in March 2019, serving players of massively multiplayer online games. Developers using The Abyss earn income from referrals they make to the platform, even if the people who follow those referrals don’t end up purchasing the developer’s game.

“We’re delighted to welcome new Unreal Engine benefits to our platform,” Boyko-Romanovsky said in a statement.

Six games are currently live on The Abyss, compared to 30,000 on Steam.

Fortnite esports tournament image via Shutterstock

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Institutional Investors are Already Turning to Crypto: Should You Fear Missing Out?

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Two public pensions from Fairfax County, Virginia’s Police Officer’s Retirement System and Employees’ Retirement System, have invested in Morgan Creek’s new $40 million crypto fund.

Anthony Pompliano, a Morgan Creek basic spouse, stated that it’s the first case through which public pensions have invested within the cryptocurrency marketplace.

Apart from the 2 pensions, the fund is claimed to be financed by way of a school endowment, a medical institution, an insurance coverage corporate, and a personal basis. It raised a complete of $40 million.

Fairfax County Police Officer’s Retirement System leader funding officer Katherine Molnar stated:

“Blockchain technology is being applied in unique and compelling ways across multiple industries. We feel it is important to be opportunistic and are excited to participate in this emerging opportunity, due to the attractive asymmetric return profile that it represents.”

Crucial First Step Towards Institutionalization of Crypto

The vast majority of the crypto neighborhood has spoke back undoubtedly to the high-profile deal secured by way of Morgan Creek.

But some traders have puzzled the $40 million determine and anticipated the fund to be better given the involvement of public pensions.

However, the volume of capital concerned within the huge deal of Morgan Creek is of much less significance.

The deal resulted in the doorway of the primary workforce of public pensions into the cryptocurrency sector.

Public pensions are known for his or her conservative and wary way in making an investment. Due to the loss of correctly regulated funding automobiles and relied on custodians within the cryptocurrency area, establishments were reluctant in opposition to making an investment within the asset elegance prior to now a number of years.

The Morgan Creek deal has proven that institutional traders are opening as much as the cryptocurrency sector and are starting to turn into extra happy with the asset elegance.

Pompliano stated:

“The belief is this gives them great exposure to what we believe are some of the best risk-mitigated opportunities in a nascent industry. You can take a small amount of capital, you can put it in a nascent industry, you can manage your risk correctly but also get exposure to true innovation.”

Since past due 2018, probably the most biggest monetary establishments within the U.S. marketplace within the likes of Fidelity, ICE, and Nasdaq have persevered to toughen the infrastructure supporting cryptocurrencies as an asset elegance.

The lively involvement of well known establishments within the crypto area can have fueled the boldness of different institutional traders within the conventional monetary sector.

Could it Lead to an Influx of Institutions?

In mid-2018, Mike Novogratz, a billionaire investor and a former Goldman Sachs spouse, stated that after a number of institutional traders are dedicated to the cryptocurrency sector, extra establishments will FOMO (concern of lacking out) into the marketplace.

“It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors],” Novogratz said.

In the long term, the newly established cryptocurrency fund of Morgan Creek may just set the root that can toughen the following wave of institutional traders within the cryptocurrency marketplace.

The deal comes 14 months within the worst undergo marketplace within the 10-year historical past of the cryptocurrency marketplace, which has proved that establishments aren’t eager about the cost of virtual belongings however quite at the state of infrastructure that may care for an influx of enormous capital into the marketplace.

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