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Bitcoin, Ethereum, AltCoin and ICO News

Ether Temporarily Going Down

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Ether volatility was no wonder for the cryptocurrency market, as this is a perfectly explicable reaction to the news. As cryptocurrency market is very new and is just starting to get really strong, traders will need time to analyze the information and understand how to take it.

Then news on Facebook banning any ads that promote cryptocurrencies and ICO caused a selloff throughout the whole crypto market. This is because Facebook target audience is really huge, and many potential clients and leads for ICO’s and cryptocurrencies came from this social media. Facebook officials stated in the comments that the decision was based on many cases of scam and advertising methods that were not always transparent.

Another piece of negative news came from South Korea, where the authorities imposed mandatory verification on all local traders that use a bank account. The government is thus trying to raise transparency of cryptocurrency trading and avoid money laundering and other fraudulent activities to the maximum extent possible. Most likely, such verification measures is just the first step towards further regulatory tightening. Once the authorities get access to the traders’ bank accounts related to cryptocurrency trading, any suspicious transaction may lead to complete suspension  until the circumstances are clarified.

According to some sources, same tightening is going to occur in all other locations where cryptocurrency trading is allowed. This does not mean the cryptocurrency market is kaput; instead, just like any other market, it is moving on to the text level.

Unlike Bitcoin and other digital currencies, Ether did not fall too much in the light of the news mentioned above, as it is still supported by Weiss rating. Ether got B mark, which is ‘good’, and is better than Bitcoin, while no existing cryptocurrency got A.

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Fork Fail: US Government Institute Claims Bitcoin Cash Is ‘Original’ Bitcoin

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A US government institute has claimed Bitcoin Cash (BCH) is the "original" Bitcoin while Bitcoin itself (BTC) is a "fork" in a surprising official research into cryptocurrency. In a document titled "Blockchain Technology Overview" from the National Institute of Standards and Technology under the US Department of Commerce, authors Dylan Yaga, Peter ...
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Bitcoin as Part of Your IRA?

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As Bitcoin and other cryptocurrencies gain credibility as legitimate investments, the investment world is working to make changes. One interesting change has been the acceptance of Bitcoin as a legitimate investment as part of an IRA account in the US.

First, most 401K and IRA accounts have provisions that only allow for traditional investments such as stocks, bonds, and mutual funds. In recent years, the Internal Revenue Service in the US has put forth rules that allow for less traditional type investments in what is termed a “self-directed” IRA. Any potential investment account that allows for the trading of cryptocurrency demands further discussion, especially in light what has transpired in the cryptocurrency market over the past year or so.

By definition, a self-directed Individual Retirement Account is “an Individual Retirement Account (IRA), provided by some financial institutions in the United States, which allows alternative investments for retirement savings. Some examples of these alternative investments are real estate, private mortgages, private company stock, oil and gas limited partnerships, precious metals, horses, and intellectual property.” In other words, some financial institutions have been permitted to offer IRAs, which investors can use to make riskier investments if they so choose. Not all of these specialized custodians allow for Bitcoin trading as of yet, but the trend is heading in that direction.

In this day and age, this makes perfect sense. Thanks in large part to the Internet, today’s average American is much more investment savvy than say the average American of 20 years ago. This has prompted the IRS to view taxpayers as more fiscally responsible, which gives the tax collection agency a willingness to allow IRA investors more leeway related to their investments. This is an important distinction because IRA investments are made from pre-taxed earnings and remain tax-exempt until the individual begins drawing down funds later in life.

As a long-term investment, Bitcoin and other cryptocurrencies hold great promise. Setting aside outrageous claims of tremendous Bitcoin growth in the next couple of years, the time is fast-approaching when Bitcoin is going to be accepted as a viable form of payment for goods and services being provided throughout the world. To some extent, this transformation is already underway. Assuming that it becomes reality, Bitcoin’s pricing should stabilize, making it a terrific long-term investment option.

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A Bitcoin Crash? –Much Ado About Nothing

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The line has been drawn in the sand. As Bitcoin continues to show its volatility, as should be expected from any new investment option, many people are in the process of assigning themselves to one of two positions.

The pro-Bitcoin faction consists primarily of Bitcoin and other crypto-currency investors. It’s reasonable to assume another larger group of investors are sitting on the sidelines, waiting for the right opportunity to join in the fray. These folks live with the belief that Bitcoin is here to stay. Its future is bright, not only as a scarce commodity but also as a potential worldwide form of currency.

On the other side sits the naysayers. These folks live with the belief Bitcoin was developed out of greed, a greed that is destined to lead to a horrific “fall from grace.” They liken this fall to the United States stock market crash of 1929 and the dot-com crash of 2001. In both cases, the proverbial bubbled did burst, but to what effect?

In just a few weeks during 1929, the US stock market crashed. More than 86% of the wealth accumulated through stock-ownership was stripped away. The crash was preceded by volatility and a buying frenzy that lasted more than a year. When the bubble went pop, economies all over the world were turned upside down. It sent the US into a depression that would last for years. The market eventually recovered, and investor confidence was reestablished. The ill-effect was temporary and led to positive changes in the market.

The dot-com crash was very similar in nature, though it focused on one primary sector. The investment bubble built until the principles of economics took over and sent the investment world a message. The market crashed by 80%, a drop felt in countries all over the world. Today, the US stock market sets new records almost every day with some of those dot-coms (Amazon, Google) leading the way.

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South Korea Government ‘Will Not Ban Or Suppress’ Cryptocurrency – Minister

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South Korea’s government has confirmed it has “no intention” of banning or “suppressing” cryptocurrency trading in fresh comments on the industry.

‘No Intention To Ban’

In comments Wednesday quoted by Reuters, finance minister Kim Dong-yeon, who earlier in January said that a shutdown was still a possibility, finally ended apprehension surrounding the future of cryptocurrency trading in the country.

Kim had faced a 200,000-strong petition demanding he be fired from his position after the comments, which along with those by justice minister Park Sang-ki, sent shock waves through cryptocurrency markets and sparked public outrage.

“There is no intention to ban or suppress cryptocurrency,” he said.

The confirmation may come as less of a surprise to some, as Seoul moves forward with regulatory improvements to the exchange sector at breakneck speed in recent weeks.

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Bitcoin Price Watch; Hedging The Decline

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Bloodbath. That’s the only way to really describe what’s happening in the bitcoin price and wider crypto space right now. Coins are down pretty much across the board, with pretty much every token or digital asset taking a hit on the back of a spate of fundamental developments.

South Korean regulations came into force, Facebook decided to ban crypto ads and sentiment is incredibly weak.

But never fear.

Corrections are just something we’ve learnt to live with in the cryptocurrency space and it’s something that many have ridden out in the past and that – almost certainly – we’ll have to ride out going forward.

And when you step back and look at the big picture, bitcoin was below $1,000 this time last year. We’re looking at close to 1000% on that pricing – not a bad return.

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Cryptocurrency Mining Altering Hardware Distribution

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Financial markets continue to be flipped upside-down by the volatility of cryptocurrency. Late 2017 saw new investors flock to budding exchanges in hopes of profiting off the latest e-fad. Anyone who pursued the unsustainable high of short-term day trading quickly felt the harsh reality of the market to start the new year. Many of the most recognizable tokens in cryptocurrency continue to plummet, headlined by the Bitcoin (BTC). Dubbed the “gateway drug” of crypto by DataTrek Research co-founder Nicholas Colas, recent faults have perplexed under-educated traders.

Two types of rookies broke into the arena last year. The first was the armchair trader. Greatly publicized in the latter half of 2017, those interested in the attractive opportunity created exchange accounts across the globe. Some had the financial privy to take a quick profit and empty any holdings they had. Others continue to hold through recent struggles in hopes of minimizing their losses. Similar to poor stock, approaches vary. Some believe in taking a loss, others advocate for holding steady, some believing in doubling down. Regardless of intent, collecting on lost value is like playing online blackjack. Anyone can believe they know how to beat the game, but control is not in his/her hands. Larger bets could quickly recoup losses with the risk of a sharper drop in value should things turn downwards.

The other persona was the digital miner. Bitcoin most famously broke into conversational circles as its high cost mining expenses had the potential to yield major profits. As the token developed those margins began to shrink. More and more coins have been using a public mining system during this same time period. The result is an escalation in price of required equipment and a loss of value for coins yielded. PC builders will know better than any other group about the cost explosion. Computer GPU’s are out of stock across the market, and when they become available prices are outlandish.

With the cost to break into the mining process rising and the earnings falling, companies are producing alternatives. South Korean super power Samsung is now involved in the crypto-market following their own developments. New hardware designed specifically for Bitcoin mining is expected to begin production next month. Samsung will work in partner with a Chinese distributor to whom they will provide the required GDDR6 DRAM chips.

Remarkably, not even Samsung knows the potential in cryptocurrency. A Samsung rep relayed to media, “Since Samsung has just begun its cryptocurrency mining venture, it is unsure of the revenues it can generate from it.” Korean and Japanese countries are at the forefront of progressive names in crypto, but a volatile market hurts revenue streams. A mogul like the multinational conglomerate bodes well for the investors that have failed to part ways with their coins at present. Until any true contributions are made, though, all optimism is tied simply in speculation.

Original linkOriginal author: Michael Collins
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Litecoin Price Analysis: LTC/USD Extend its Slide toward $150

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Litecoin price declined further and even failed to hold the $170 support against the US Dollar. LTC/USD is currently correcting higher, but it faces many hurdles near $165-170.

Key Talking Points

Litecoin price fell sharply and traded below the $170 and $165 support levels (Data feed of Kraken) against the US Dollar. There is a bearish trend line forming with resistance at $165-170 on the hourly chart of LTC/USD pair. The pair is currently in a bearish trend and it is likely to struggle to move above $165-170.

Yesterday, we discussed that litecoin price could retest the $170 support against the US dollar. The LTC/USD pair did move down and tested the $170 support. The downside move was strong, which resulted in further declines below the $170 and $165 supports.

The pair tested the next major support at $155 and is currently trading well below the 100 hourly simple moving average. It is currently trading near the 23.6% Fib retracement level of the last decline from the $193.54 high to $155.17 low.

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South Korean Officials Discover $600m Worth of Cryptocurrency Crimes

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A lot of things are happening in South Korea as of right now. The government is doing everything they can to crack down on illegal activity. Especially activity related to cryptocurrencies such as Bitcoin. That is a lot easier said than done, for obvious reasons.

A recent report shows how close to $600m worth of illegal cryptocurrency FX trading has been discovered. This is an interesting development, although one that won’t have much of a negative impact overall. Any crimes involving cryptocurrencies need to be brought to light.

Foreign currency crimes are nothing new in the world of finance. When this activity gets linked to cryptocurrency, things are very different. The South Korean customs service discovered nearly $600m worth of foreign exchange crimes. Especially illegal trading using cryptocurrencies has proven to be rather popular.  This information came to light during the government’s crackdown on illegal trade. It is evident cryptocurrencies play a big role in this particular ‘industry’.  It is an unfortunate byproduct of the popularity that comes with Bitcoin.

For the time being, it remains to be seen how this information will be used. There is no official course of action against the “culprits” so far. It is also worth noting these are not the only cryptocurrency-related crimes the agency discovered. Illegal foreign currency trading makes up a big part of this trend, though. It is unclear what other “crimes” have been discovered regarding cryptocurrency. The customs agency did not share much information on that particular front.

With South Korea cracking down on this activity, things can only evolve in a positive manner. After all, cryptocurrency was never designed for criminal activities in the first place. This is especially true when it comes to Bitcoin. The world’s leading cryptocurrency lacks privacy and anonymity features first and foremost.  Other currencies are ‘better suited’  for this type of activity. However, these cannot be properly traced, which makes the life of government agencies a lot more difficult.

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Cardano Price Technical Analysis – ADA/USD Remains in Downtrend

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Key HighlightsADA price struggled a lot recently and it moved below the $0.5000 support area against the US Dollar (tethered). There are two bearish trend lines forming with resistance at $0.5000 and $0.52000 on the hourly chart of ADA/USD (data feed via Bittrex). The pair remains at a risk of more losses toward the $0.4500 and $0.4000 support levels in the near term.

Cardano price is currently under a lot of pressure against the US Dollar and Bitcoin. ADA/USD is struggling to move higher with a strong resistance near $0.5200.

Cardano Price Resistance

There was no major recovery in ADA price above the $0.6200 resistance against the US Dollar. The price started a fresh downside wave and broke many important supports on the way down such as $0.5500 and $0.5000. It traded as low as $0.4631 and is currently consolidating losses. It recently tested the 23.6% Fib retracement level of the last decline from the $0.6700 high to $0.4631 low.

However, the upside move was capped by the $0.5000 resistance. There are two bearish trend lines forming with resistance at $0.5000 and $0.52000 on the hourly chart of ADA/USD. These trend lines are important and a break above $0.5200 won’t be easy. Above $0.5200, the 50% Fib retracement level of the last decline from the $0.6700 high to $0.4631 low is likely to prevent upsides. Therefore, it seems like there are many hurdles forming around $0.5200 and $0.5500.

On the downside, there is a major support around $0.4500-0.4600. A break below $0.4500 could trigger further declines in the near term. The next major support for buyers is around the $0.4000. Overall, the market is bearish and ADA is at a risk of more declines toward $0.4500.

Hourly MACD – The MACD is mostly placed in the bearish zone.

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