Bitcoin and Altcoins Extending Downside Correction

  • Bitcoin price corrected lower and declined below USD 6,600 and USD 6,500.
  • Ripple is under a lot of pressure as it declined by more than 15%.*
  • Ethereum and bitcoin cash are down more than 5% and moved into a bearish zone.

    Yesterday, we discussed that bitcoin price could start a downside correction below USD 6,700 in the short term. BTC/USD did move down and broke a couple of important supports like USD 6,600 and USD 6,500. Similarly, major altcoins like ethereum and bitcoin cash declined between 5% – 8%. More importantly, ripple price fell by more than 15% and moved below the USD 0.500 support level. Going forward, there could be more losses, but bitcoin price must hold the USD 6,250 support.

Bitcoin price
Bitcoin price declined below the USD 6,500 support recently and is currently down around 3.2%. BTC/USD is about to test the USD 6,400 support and it seems like it could continue to move down towards the USD 6,300 and USD 6,250 support levels.
If there is an upward move, the USD 6,500 level may act as an initial resistance. Above this, the price could test the previous support near the USD 6,600 level, which is likely to act as a resistance in the near term.

Ethereum price
Ethereum price also followed bitcoin and started a downside correction below the USD 240 level. ETH/USD may perhaps continue to move down towards the USD 200 level, which is a crucial support.
On the upside, an initial resistance is near the USD 220 level, followed by the all-important USD 235 level. Above this last, the price will most likely retest USD 250.

Bitcoin cash and ripple price
Bitcoin cash price broke the USD 460 and USD 450 support levels to move into a bearish zone. BCH/USD is currently under pressure and it could test the USD 420 support. The most important support is close to USD 400. On the upside, the USD 460 level must be breached for a push towards USD 480.
Ripple price was one of the worst performers as it declined around 18% and settled below the USD 0.500 support. The next important supports for XRP/USD are USD 0.430 and USD 0.422.

Other altcoins market today
Today, many small cap altcoins declined between 5%-15%, including AION, MONA, WAN, EOS, SNT, ONT, ADA, FUN, SC, XLM, ICX and TRX.
Overall, the current price action for bitcoin is slightly bearish below the USD 6,600 level. On the downside, the USD 6,250 support could play an important role for the next move in BTC/USD and altcoins in the near term.


Source
Author: Aayush Jindal
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Bitcoin [BTC] developer Jimmy Song on Roger Ver: He made it about people and not the idea

On 19th September, the popular Bitcoin Core developer, Jimmy Song conducted a live AMA [Ask-Me-Anything] session on YouTube. Here, he answered several questions regarding conferences, Bitcoin Cash community, governance models, among others.

In the initial minutes of the video, Song was asked about his moments at the Blockchain Cruise with Bitcoin Cash proponent Roger Ver. Here, he stated that his best moment was during the debate when Song was able to refute all claims of Bitcoin Cash being the real Bitcoin by the BCH community. He also described the worst moment with Ver at the cruise wherein Ver arrived to see Song with his camera team and almost ambushed him. Song recalled feeling highly displeased at that moment. He added:

“He [Roger Ver] was just like… How about we do a vote of who won the debate? And I’m like… Dude you have at least eight guys here and I saw at least 20 other people with Bitcoin.com or Bitch Please T-shirts. […] You have totally stacked the audience. […] Essentially, he made it about people and not the idea.”

Next, a question sought his thoughts on the Winklevoss stable coin, the Gemini Dollar [GUSD]. As per Song, stable coins are striving to achieve three things: independent monetary policy, free capital flow and a peg. He believes that one cannot achieve the three of those points at once since it is the central bank’s trilemma. Due to these reasons, Song does not hold an opinion in favor of the idea.

Later in the video, a follower named Kieran Mesquita asked about the technical developments of Bitcoin that are most awaited by Song. The developer responded by stating that submarine swaps are a subject of interest for him, which are different than atomic swaps. A submarine swap enables onchain-for-lightning and lightning-for-onchain transactions whereas atomic swaps enable crypto-to-crypto transitions. He stated:

“You can basically refill your lightning channel without necessarily going on-chain even. If you fill it with like Litecoin or something like that, that would be even crazier. But you can’t do it and that’s something that I’ve been following, trying to see how that will play out but it has got some really cool potential.”

Today, under the many recent developments of Bitcoin Core, the developer community was able to bring an updated version of the protocol. Here, the developers fixed a potentially hazardous bug that was posing the possibility of a DoS attack.


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Author: Priyamvada Singh
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Bitcoin Cash Can Scale Exponentially and Support the Global Economy

For well over a year now the Bitcoin Cash (BCH) protocol has shown quite a bit of capability as far as on-chain scaling is concerned. The creator of Bitcoin knew that the technology had to expand in scale quite vastly in order to accept the magnitude of global commerce and businesses on the blockchain. In the early days, Satoshi told people that the technology would follow alongside Moore’s Law with high-performance computing, and the past year has shown the BCH chain can scale to fulfill the needs of the global economy.

Even Before Satoshi Nakamoto Launched the Bitcoin Network, the creator knew blockchain technology could scale

For a while now there’s been a lot of confusion and purposeful manipulation spread by people who have said that Satoshi Nakamoto’s creation cannot scale. Since August 1, 2017, the Bitcoin Cash chain has consistently performed despite all the naysayers. In fact, like the rise in merchant adoption, the Bitcoin Cash protocol itself has recorded many scaling milestones this year. The size of the blockchain and block propagation speed has always been some of the excuses people like to use when they object to on-chain scaling. However, on November 2, 2008, Satoshi wrote about the growth of the chain and believed the technology would not only rely heavily on the Simplified Payment Verification model, but also follow right alongside Moore’s Law.

“Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day,” Nakamoto emphasized

That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the internet would probably not seem like a big deal.

Society Now Has 7nm Semiconductors, New Phones That Can Process 5 Trillion Operations a Second, and 14TB Storage Drives for Only a Few Hundred Dollars

Gordon Moore the founder of Intel had a very good observation back in 1975 that has been fairly accurate when it comes to society’s technological advancements. Gordon’s original prediction started in 1965 when he said the number of transistors added to an integrated circuit would double every twelve months. But in 1975 he changed his forecast to the component cost of a semiconductor doubling every two years. Moore’s Law has been very accurate and many businesses and individuals base the speed and growth of computational scaling using his observation. Moreover, Moore’s law shows a fairly accurate assessment of not only how our technology is blooming but also how the BCH protocol itself can expand global scaling and maintain protocol affordability.

However, blockchain storage has been used a primary excuse to stall scaling in the past even though semiconductor technology is improving vastly, central processing units and ram continues to grow more affordable, and storage space has been following the same path. One could even attribute the mining of cryptocurrencies towards the improvement of semiconductors. Moore’s law is still alive and well and it may be a hair behind the observation’s timeline of increased performance every two years, but it is still growing at an exponential rate.

Apple’s new A12 7nm chip can process 5 trillion operations per second proving our computer devices continue to be faster with each new development.

We can see this proof with 10nm and 7nm chips that are making their way into our computational lives. 45 years ago Intel’s first microprocessor could only process 90,000 operations per second, but now the latest A12 Bionic 7nm chip for the new iPhones can process 5 trillion operations per second. Small mobile devices we keep in our pockets show how fast technology is growing while laptops, and other types of computers are no different. This means there is absolutely no reason to slow down scaling efforts, because of Moore’s Law and its theoretical limitations. That’s like saying we should toss in the towel in because future quantum computers could ‘maybe’ crack Bitcoin’s elliptic curve cryptography.

Another fallacy individuals like to use is block propagation delay or latency issues. This is the amount of time it takes for computer networks like the Bitcoin protocol to propagate blocks. However, latency is a really easy fix for any computer network by making adjustments to both the software and hardware specifications. The argument may apply to non-mining nodes using 56K modems, but with concepts like Fiber optical cables latency is really a non-issue.

Miners the ones who truly depend on speed, and propagation time will scale linearly with the world’s fastest connections. Further ideas like bloom filters and Graphene are just a few examples of how scaling past latency can be dealt with easily going forward. Graphene is just one example of how block propagation bloat can be solved and there are many other ideas.

The BCH Unspent Output Set Size is More Efficient Than BTC’s Set Size Today and Can be Improved Easily

To add to this excuse, another horrible reason people fight against on-chain scaling is because of so-called ‘uncontrollable’ UTXO set size growth. Individuals think the data from the unspent output (UTXOs) from bitcoin transactions could cause the UTXO set size to grow exponentially too large. However, BCH proponents are not worried about UTXO bloat as the UTXO set could easily be sharded, and right now the Bitcoin Cash protocol is consolidating unspent outputs in a more efficient fashion than the BTC network. This can be seen by quickly observing the UTXO set for BTC in comparison to the BCH set. Fortunately for BCH developers, there are more efficient methods of UTXO selection and there are plenty of concepts to test and determine which process works best.

The Bitcoin Cash Chain Is Proving on-Chain Scaling Can Work, While Other Blockchains Depend Heavily on the Concept of a New Network That Could Be Riddled With Security Vulnerabilities and Centralization

All of the theoretical limitations of blockchain scaling can be solved, and some of us know — Things do not get solved by doing nothing. Both Moore’s Law and Nielsen’s Law of internet bandwidth are still growing and there’s no need to think it’s going to stop any time soon. Low-latency fiber-optical cables and other ideas are improving global bandwidth speeds drastically. Semiconductors are faster than ever before and terabytes of hard drive space are super affordable compared to ten years ago. The Bitcoin Cash chain has also proven that hard forks are safe and the block size can be increased easily. The community can now see in real-time and on mainnet when miners process big blocks what needs to be done to fix mempool bottleneck and other software issues.

With the data provided by Moore’s observation, Nielsen’s Law, new improvements in network latency, our perspective of current software and hardware limits, and the recent large blocks mined, shows the Bitcoin Cash community that the protocol can scale easily. We know Satoshi Nakamoto’s technology works, and it’s not very intelligent nor conservative to push people towards a second layer that’s not even close to being as secure as the original proof-of-work model.

For close to a decade now we know that Nakamoto consensus is very secure. Bitcoin Cash proponents plan to keep the security layer pure and scale the protocol so it can sustain the global economy. Processing 2.2M transactions in one day at a rate of 26 transactions per second within multiple large blocks (23MB block) mined shows true performance. While at the same time the network has managed to keep BCH network’s transaction fees around $0.001 per transaction. The past 13 months of Bitcoin Cash upgrades and stress tests are merely the baby steps towards massive on-chain scaling.


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Author: Jamie Redman
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Bitcoin Price Facing Uphill Task Near USD 7,400

auBitcoin traded further higher during the past three sessions and broke the USD 7,350 resistance. BTC/USD tested the next important resistance at USD 7,400 and it is currently consolidating gains. To the topside, the USD 7,400 and USD 7,500 levels are crucial hurdles for buyers. Therefore, the next move depends whether buyers are able to push the price above these levels. On the other hand, there was a minor downward move in major altcoins like ethereum, bitcoin cash and ripple, but they all are still trading above key supports.

Total market capitalization:

Bitcoin
Bitcoin price gained more than 1% recently and tested the USD 7,400 resistance. BTC/USD is currently (UTC 08:20 AM) trading with bullish moves above the previous resistance (now support) at USD 7,350. However, buyers need to push the price above the USD 7,400 barrier and then USD 7,500. Both are important resistances for a move towards the USD 8,000 handle.
If buyers fail, there could be a downside correction towards the USD 7,250 and USD 7,050 support levels in the near term.

Ethereum
Ethereum price could not settle above the USD 290 resistance and it slowly declined. ETH/USD is down around 1%, but it is still trading above the USD 275 support, which is a positive sign.
Buyers need to gain momentum above the USD 290 resistance for more upsides towards USD 300 and USD 310 in the short term.

Bitcoin cash and ripple
Bitcoin cash price remained confined in a tiny range above the USD 620 support. BCH/USD needs to break the USD 640 and USD 650 resistances to start a fresh upward move. On the other hand, a break below the USD 620 range support could ignite bearish moves in the near term towards USD 600 and USD 580.
Ripple price seems to be struggling to gain buying interest and it is currently down more than 1.2% to USD 0.328. XRP/USD could continue to move down towards the next supports at USD 0.325 and USD 0.323.

Other altcoins market today
The market sentiment was mostly positive for small cap altcoins like dropil, STRAT and bytecoin, PIVX, MOAC, NPXS, GAS, MCO and PAY. Out of these dropil climbed around 17% and STRAT gained roughly 12%.
To sum up, bitcoin price remains in an uptrend above the USD 7,250 support. However, buyers are likely to face a lot of selling interest near the USD 7,400 and USD 7,500 resistance levels. Should there be a close above USD 7,500, there could be solid gains in BTC and altcoins in the coming days.


Source
Author: Aayush Jindal
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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 02/09/18

Bitcoin Cash makes a move to leave the majors in its wake, in what’s been a testy start to the day following Saturday’s rally.

Peoples TokenBitcoin Cash Hits $600

Bitcoin Cash rallied by 14.1% on Saturday, following Friday’s 0.61% gain, to end the day at $618.9.

Bitcoin Cash steered clear of the day’s first major support level at $534.03, with a start of a day intraday low $541.2, as a broad based market rally kicked in, with Bitcoin Cash breaking through the day’s first major resistance level at $549.13 and the second major resistance level at $556.37 to a late morning high $572.

An early afternoon move saw Bitcoin Cash break through the day’s third major resistance level at $571.47 to an intraday high $633.3 before easing back, Bitcoin Cash hitting $600 levels for the first time since 18th August.

At the time of writing, Bitcoin Cash was 5.51% to $653, with Bitcoin Cash managing to recover from a start of a day dip to a morning low $603, breaking through the day’s first major resistance level a $654.4 with a morning high $656.

For the day ahead, holding above the day’s first major resistance level at $654.4 would support a continued run that would bring the day’s second major resistance level at $689.9 into play, the crypto bulls eyeing $700 levels, though we can expect some profit taking before the weekend is out, with investors wary of possible negative news hitting the wires at the start of the week.

Failure to hold above $654.4 through the morning could see Bitcoin Cash take a hit later in the day, though we would expect sub-$600 support levels to be left untested, barring materially negative news hitting the wires.

{alt}Litecoin Steadies

Litecoin gained 6.95% on Saturday, following on from Friday’s 3.1% rise, to end the day at $66.45, its highest close since 7th August.

Tracking the broader market, Litecoin moved from a start of a day intraday low $62.12 to a morning high $64.87, breaking through the day’s first major resistance level at $63.44 and second major resistance level at $64.74, with day’s first major support level at $60.19 left untested.

An early afternoon breakout saw Litecoin hit the day’s third major resistance level at $67.99, with an intraday high $67.96, before easing back in the final hours.

TIPAt the time of writing, Litecoin was down 0.26% to $66.30, with Litecoin sliding to an early morning low $64.52 before finding support, the day’s first major support level at $63.06 left untested early on.

For the day ahead, a move through a start of a day morning high $66.47 would support a run at $67 levels to bring the day’s first major resistance level at $68.9 into play, with Litecoin needing to hold on to $66 levels through the morning to support second half of a day rally.

Failure to hold on to $66 levels could see Litecoin slide back through $65.5 to bring the sub-$65 levels and the day’s first major support level at $63.06 into play. Holding above $65.5 through the early afternoon would be key to Litecoin avoiding a reversal of Saturday’s gains.

{alt}Ripple Makes a Splash

Ripple’s XRP gained 3.59% on Saturday, following Friday’s 0.09% rise, to end the day at $0.34703.

Bucking the trend across the broader market, Ripple’s XRP had a choppy morning, moving through the day’s first major resistance level at $0.3417 to a morning high $0.34406 before pulling back to $0.33 levels.

Tracking the broader market through the afternoon, Ripple’s XRP broke back through the first major resistance level and the second major resistance level at $0.3483 to an intraday high $0.354 before pulling back to $0.34 levels in the final part of the day.

At the time of writing, Ripple’s XRP was down 0.77% to $0.34455, with Ripple’s XRP sliding to a start of a day morning low $0.3377 before recovering, the morning low holding above the day’s first major support level at $0.3365.

For the day ahead, a move through $0.3453 would support a run at a start of a day morning high $0.34721 to bring $0.35 levels and the day’s first major resistance level at $0.3558 into play, a reversal of the morning’s slide providing the crypto bulls with some hope of a second half of a day recovery, while some profit taking off the back of 2-consecutive days of gains may limit the upside later in the day.

Failure to move through and hold above $0.3453 could see Ripple’s XRP pullback through the morning low $0.3377 later in the day, with the day’s first major support level at $0.3365 and sub-$0.33 levels in play should the broader market fail to track Bitcoin Cash into positive territory.

{alt}


IZXHere at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Bob Mason
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AVATARA

Bitcoin Holds Key Supports, Altcoins Consolidate

Bitcoin price is holding a few key supports above the USD 6,250 level.
Ethereum, ripple, eos and bitcoin cash are consolidating above weekly lows.
THETA and CMT rose sharply today by 51% and 38% respectively.


TIP
Bitcoin stayed above the USD 6,250 support despite massive negative sentiment after yesterday’s US Securities and Exchange Commission (SEC) rejection news. BTC/USD declined, but it stayed above the USD 6,250 support and is currently correcting higher above the USD 6,400 level. Similarly, there was a decent support base formed for major altcoins like ethereum, ripple, EOS and bitcoin cash. If bitcoin price continues to hold the USD 6,400 and USD 6,250 supports, it could stage a solid rise in the coming days.

Bitcoin
Bitcoin price stayed above the USD 6,250 support level and is currently (UTC 08:30 AM) rebounding. BTC/USD has already moved above the USD 6.400 resistance, which is a positive sign. Going forward, a break and close above the USD 6,600 level is likely to clear the path for more gains in the near term.

Above USD 6,600, the price may perhaps surge above the 6,800 level. On the downside, the USD 6,250 support holds a lot of significance, below which, the price might test USD 6,050.

Ethereum
Ethereum price tested the USD 260 level and is currently correcting higher above the USD 270 level. If ETH/USD moves above the USD 280 – USD 285 zone, there could be a solid rise towards USD 300 and USD 310.

On the downside, an initial support is near the USD 260 level, below which, the price may well test the USD 250 low in the near term.
LIONBIT
Bitcoin cash and ripple
Bitcoin cash price is currently consolidating above the USD 520 level and it seems to be preparing for an upside move. BCH/USD has to move above the USD 540 and USD 550 resistance levels to climb further higher towards the USD 580 level. Supports are seen near USD 520 and USD 500.

Ripple price is slightly struggling and is currently trading near the USD 0.3220 level. A break above the USD 0.3350 level is needed for buyers to gain momentum above the USD 0.35 level.

Other altcoins market today
Two small cap altcoins, THETA and CMT rallied today by 51% and 38%. Moreover, other coins like BCD, EMC, nano, PIVX and AION also gained more than 10%.
Overall, the current market sentiment is positive for bitcoin above the USD 6,250 support area. If the price continues to move higher above USD 6,600, there could be solid bullish moves in BTC and altcoins in the coming days.



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Bitcoin Cash Bug Reminds About An Ever-Present Danger for Crypto

Some companies don’t actually respond to security disclosures brought to their attention.
Bugs will continue turning up in the short and medium term, at least until the crypto-market stabilizes.LIONBIT

Safety, safety, safety. Most traditional investors are obsessed by the safety of cryptocurrencies as an investment. They obsess over whether it’s safe to invest USD 1.000 in Bitcoin or Ethereum, as if it were entirely safe to invest the same amount in Facebook, Microsoft or eBay, who also suffered a double digit drop.

Yet as much as journalists and traditional economists wring their hands over the unpredictability of the crypto-market, there is another safety issue that affects the cryptocurrency industry at least as much.

As the recent discovery of a SIGHASH_BUG in Bitcoin Cash revealed, this issue is the ever-present danger of code vulnerabilities. And given that the crypto-industry is expanding very rapidly, it’s likely that developers and users alike will have to be on their guard for as long the industry remains in its bubble-esque infancy.

On August 9, Bitcoin Core developer Cory Fields published a blog, in which he detailed his April discovery of a potentially chain-splitting flaw in the Bitcoin Cash protocol.
Contained in a new implementation of Bitcoin Cash’s software, this bug arose from the removal of a piece of code that performs a specific check on the signatures used to validate transactions.

As Fields explained in his blog, this removal “would have allowed a specially crafted transaction to split the Bitcoin Cash blockchain into two incompatible chains,” since nodes following the new software implementation would end up disagreeing with those nodes still running on the previous, signature-checking software.

Given this disagreement, an accidental hard fork could have been caused, although Fields anonymously disclosed the flaw to Bitcoin Cash developers, who went on to discreetly introduce a patch.

TIP

But even with the happy ending, this episode should be a concern to any with a stake in the crypto industry, since as Fields notes, “much work is still required to reach the sophisticated level of engineering that cryptocurrencies require.”

Indeed, there is ample evidence that this level hasn’t quite been reached in many quarters. In March, researchers published a paper detailing an alarming Ethereum bug that would have enabled hackers to seize control of a node’s computing power, thereby opening the door for the theft of funds. In June, a critical transfer bug was also found buried in ICON’s code, giving malicious actors the ability to disable transactions to specified wallet addresses.

In May, Bytecoin was affected by a potentially network-splitting bug of its own, which ended up causing transaction delays before being resolved by users and miners upgrading to the latest software. And in June again, the Lisk blockchain temporarily went down while its development team combated an invalid transaction bug.

Needless to say, these kinds of bug are manifold in crypto (ask EOS, or Augur), and for several fundamental reasons.
As explained to Cryptonews.com by Bitcoin developer Bryan Bishop, cryptocurrencies have the unique property of being splittable if newer software versions have a ‘bug’ preceding versions don’t.
“Crypto bugs are everywhere,” he says. “One of the reasons of this is that if one of two implementations have a bug and the other one doesn’t, then the system falls out of consensus. This is the type of bug that Cory Fields identified in Bitcoin Cash. To prevent and identify these bugs requires a lot of experience with consensus-critical systems.”

According to Neha Narula of MIT’s Digital Currency Initiative, the problem is made even more worse by the ‘trustless’ nature of crypto-platforms and the egotistical incentives that drive them. “A cryptocurrency’s resiliency comes from a design that tolerates people in the system acting in their own self-interest,” she wrote recently. “Put that way, the flaw in the current system is clear: Disclosure is the least lucrative of all options.”

Not only is disclosure the least profitable option in certain cases, but it’s made less likely by the unresponsive and closed-off culture prevalent at some crypto foundations and startups. “The problem is that some companies don’t actually respond to security disclosures brought to their attention,” explains Bishop. “As a consequence, software and users remain vulnerable.”And when you add these unique conditions to the bubble of money being pumped into crypto (in a way that enables people to launch blockchain-based platforms on the basis of weak ideas and inadequate coding/cryptographic experience), it’s all-too predictable that bugs are turning up left, right and centre.

And this means they’ll continue turning up in the short and medium term, at least until the crypto-market stabilises and a few dominant cryptocurrencies emerge.



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U.K. Exchange Crypto Facilities Launches Bitcoin Cash Futures

Bitcoin cash, the fourth-largest cryptocurrency, took another step into the big leagues on Friday when a European derivatives trading platform launched the first regulated, USD-denominated bitcoin cash futures.

LIONBIT

This product, which began trading on the U.K.-based Crypto Facilities on Friday at 4 p.m. local time, allows investors to bet on the future price movements of bitcoin cash, as well as hedge risk in their overall cryptocurrency portfolios.

“We are pleased to be expanding our cryptocurrency derivatives offering with the launch of Bitcoin Cash futures,” said Crypto Facilities CEO Timo Schlaefer in a statement. “BCH is a top five coin with a market capitalisation of around $10 billion and we expect our new contracts to spur the evolution of the crypto markets by bringing greater liquidity and transparency to the digital asset class.”

“This is another example of how Bitcoin Cash is proving itself to be one of the most innovative and useful cryptocurrencies in the world,” added BCH evangelist Roger Ver.

Tokyo-based trading and investment firm Profluent Japan says that it will make markets in the new bitcoin cash futures markets.

“Profluent Japan welcomes the opportunity to make markets in BCH derivatives on the Crypto Facilities platform. The institutional trading community was in great need of a proper BCH hedging mechanism at an FCA-registered exchange with a first class management team,” said Profluent Group CEO Bert Mouler. “Crypto Facilities is the first to provide such a service.”

TIP

In addition to BCH, Crypto Facilities has also launched futures products for bitcoin, ethereum, ripple, and litecoin. Earlier this year, Crypto Facilities CEO Tim Schlaefer told CCN that the platform has seen strong growth in 2018 despite the bear market. He said that volume had increased 84 percent between Q4 2017 and Q1 2018 and that he expected Q2 volume to double that of Q1.

Notably, Crypto Facilities is one of several cryptocurrency exchanges that provide pricing data used in Chicago-based derivatives exchange CME’s cryptocurrency reference rates. To date, CME has launched reference rates for bitcoin and ether, and the former has been used as the foundation for the platform’s bitcoin futures product. Consequently, the launch of BCH derivatives products on this platform could be the first step toward eventually seeing bitcoin cash futures listed on a major exchange.


IZX

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/08/18

It’s a relatively positive start to the morning. Holding on to key levels will be material for direction later in the day, the bears waiting in the wings.

LIONBITBitcoin Cash Finds Support Early

Bitcoin Cash fell by 1.07% on Saturday, following on from Friday’s 6.33% slide, to end the day at $563.8.

An early morning slide saw Bitcoin Cash fall through the day’s first major support level at $545.93 to an intraday low and new swing lo $536, before recovering to $550 levels, a late in the day rally seeing Bitcoin Cash hit an intraday high $583.1, the day’s high falling short of the first major resistance level at $602.93.

At the time of writing, Bitcoin Cash was up 1.38% to $570.5, recovering from an early dip to a morning low $553.9, with move through to an early morning $577.9 high before easing back, the early moves leaving the major support and resistance levels untested.

For the day ahead, a move back through to $577.9 levels would support another run at the day’s first major resistance level at $581.3, with any improved sentiment across the broader market likely to bring the day’s second major resistance level at $598.8 into play, though it’s going to need to be quite a rally for Bitcoin Cash to take a run at $600 levels.

Failure to hold above $565 levels through the early morning and move back through the early high to $580 levels could see Bitcoin Cash cough up early gains, with a pullback through the morning low $553.9 bringing the first major support level at $548.1 into play, sub-$540 support levels unlikely to be tested in the event of a sell-off.

{alt}

TIPLitecoin Looking for $60 Levels

Litecoin fell by 1.73% on Saturday, following Friday’s 6.25% slide, to end the day ate $58.11.

Tracking the broader market, Litecoin slipped through the first major support level at $57.04 to an early intraday low and new swing lo $55.13, before a late afternoon recovery led Litecoin to an intraday high $60.3.

Litecoin fell short of the day’s first major resistance level at $62.3, with resistance at $60 leaving Litecoin back at sub-$60 levels by the day’s end, the extended bearish trend firmly intact.

At the time of writing, Litecoin was up 2.65%, a weekend rally in full swing in the early hours.

Recovering from a start of a day $57.35 low, Litecoin rallied to an early morning $59.99 high before easing back, Litecoin facing plenty of resistance at $60 and the day’s first major resistance level at $60.58.

For the day ahead, a move back through to $58 levels would support another run at $60 levels, though there’s going to need to be a strong rally across the broader market for Litecoin to break out from the day’s first major resistance level at $60.58 to avoid a sub-$60 level end to the weekend.

Failure to beak back through to $58 levels could see Litecoin pullback through the morning low $57.45 to bring the day’s first major support level at $55.39 into play, the downward trend on intraday lows expected to continue should the markets reverse later in the day.

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Ripple Back into the $0.30s

Ripple’s XRP slumped by 6.49% on Saturday, following a 7.22% tumble Friday, to end the day at $0.29748.

A bearish start to the day saw Ripple’s XRP slide through the first major support level at $0.3040 to an early afternoon intraday low and new swing lo $0.28737 before recovering back through to $0.30 levels, Ripple’s XRP finding support at the day’s second major support level at $0.2887.

Negative sentiment across the broader market ultimately weighed, with Ripple’s XRP pulling back to sub-$0.30 levels by the day’s end, with the moves in the last week seeing Ripple’s XRP go full circle to pre-December 2017 rally levels.

At the time of writing, Ripple’s XRP was up 1.51% to $0.30301, with Ripple’s XRP recovering from a start of a day dip to a morning low $0.2938 to a morning high $0.30652 before easing back.

Moves through the early part of the day left major support and resistance levels untested, while Ripple’s XRP was able to hold on to $0.30 levels in the early hours.

For the day ahead, a hold above $0.3023 through the morning would support a run at $0.31 levels to bring the first major resistance level at $0.3172 into play, while we would expect some profit taking to pin back any breakout from $0.3172 to bring $0.33 levels and the second major resistance level at $0.3368 into play.

Failure to hold on to $0.3023 and take a run at $0.31 levels could see Ripple’s XRP pullback through the early morning low $0.2939 to bring the first major support level at $0.2826 into play, with a broad market sell-off likely to see Ripple’s XRP at $0.27 levels before any recovery.

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Bitcoin and Ethereum Trading Near Make-or-Break Levels

  • Bitcoin price recovered around 4% after testing a crucial support area near USD 6,000 – USD 6,100.
  • A close below USD 6,000 and USD 5,600 could trigger a breakdown in BTC/USD.
  • Ethereum price is also holding an important support around USD 350.

    LIONBIT

    Bitcoin found support near the USD 6,000 – USD 6,100 area and later it recovered above USD 6,400. BTC/USD gained around 4% and moved above the USD 6,500 resistance, but it failed to hold gains. Similarly, there was a tiny correction in Ethereum from the USD 350 support. Still, ETH/USD seems to be struggling to surpass the USD 365 – USD 370 zone.

    Going forward, it seems like bitcoin price is trading near significant support levels. According to Jeff deGraaf, the head of technical research at Renaissance Macro Research, a break through the key year-to-date support level (USD 5,600- USD 6,000) could be “game over” for bitcoin. Similarly, Rob Sluymer of Fundstrat Global Advisors believes that the crypto technical backdrop continues to deteriorate and a break below USD 5,300 could trigger a move towards USD 3,520, which is a key level.

    Therefore, BTC/USD is currently (UTC 08:30 AM) trading near make-or-break levels. Should buyers fail to keep the price above USD 6,000 and USD 5,600, there may possibly be a technical breakdown. On the other hand, if bitcoin price continues to hold USD 6,000, it could bounce back towards the USD 7,000 and USD 7,500 levels.

    TIP

    Bitcoin
    In the short term, bitcoin price is facing a major hurdle near the USD 6,600 level. It failed recently to surpass the stated level and is currently trading near the USD 6,400 support.

    The next support on the downside is at USD 6,250, followed by the all-important USD 6,000 – USD 6,100. On the upside, resistances are USD 6,500, USD 6,600 and USD 6,800.

    Ethereum
    Ethereum price managed to stay above the USD 350 support, but it is struggling to rebound. ETH/USD is facing a lot of hurdles near the USD 365 and USD 370 levels.
    On the downside, a break below the USD 350 support could trigger heavy losses in ethereum and the price could may even trade towards the USD 300 level.

    Bitcoin cash and ripple
    Bitcoin cash price attempted a recovery above the USD 600 level. However, BCH/USD failed to surpass the USD 620 – USD 630 resistance zone. It seems like the price is likely to decline back towards the USD 580 and USD 560 support levels.

    Ripple price recovered towards the previous support at USD 0.35, which acted as a resistance and prevented gains. It is currently down 1.2% to USD 0.335 and it remains at a risk of more declines.

    Other Altcoins Market Today
    A few altcoins gained today, including chainlink, dentacoin, stellar, BIX, NXT, komodo and dogecoin. On the other hand vechain, AE and bytecoin posted declines between 4-6%.

    Overall, traders must keep a close eye on the USD 6,000 and USD 5,600 support levels in BTC/USD. A break below these could trigger sharp losses in bitcoin in the coming days.



    Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

    Source
    Author: Aayush Jindal
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