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Bitcoin (BTC) Still Stable After the Bithumb Hack

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Many crypto-traders and enthusiasts woke up to news of a hack on popular South Korean Exchange, Bithumb. The financial enormity of the hack has been estimated at $30 Million in coins stolen by the hackers. The exchange made the announcement via twitter and said the following:

The exchange would also halt all deposits and withdrawals on the exchange and also convey the same via twitter.

Normal operations are yet to be announce by the exchange as it is requesting users not to deposit any funds to any of the Bithumb wallet addresses.

Observing the time the hack happened and checking the price of Bitcoin (BTC) during the event, we find that the King of Crypto was valued at $6,,700 levels. BTC would then drop to the levels of $6,612 due to the hack. This is a decline of only 1.3%. The King of Crypto is currently trading at $6,671 at the moment of writing this.

This indicates that the hack on Bithumb has not had any adverse effects on Bitcoin. This then translates that the entire crypto market has held steady amidst news of this hack. Checking the total market capitalization, we find that the value currently stands at $285.5 Billion.

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Blockchain Startup Power Ledger Brings Electricity Sharing to Silicon Valley

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Australian based peer to peer energy trading platform Power Ledger will collaborate with Silicon Valley Power to track the renewable energy use of electric vehicles.

First Carbon Credit Project

Perth startup Power Ledger has been pioneering blockchain based peer to peer renewable energy projects in countries around the world. Now the company has announced its first carbon credit project as it partners with Silicon Valley Power in Santa Clara, California and the Clean Energy Block Chain Network to create a digital record of Low Carbon Fuel Standard (LCFS) transactions. With its aim being to reduce both the processing time and cost of LCFS credits.

The project has two main goals, using Power Ledger’s cutting edge blockchain technology which tracks energy production, storage, and use in a transparent, auditable record. To be used in order to manage the consumption of low-carbon energy from Santa Clara solar and batteries at one of California’s largest public electric vehicle charging facilities. While also cutting the time and cost of processing LCFS credits by digitizing the management system that tracks low-carbon electricity as a fuel path.

The platform aims to cut out the need for additional software, hardware or engineers to connect the city-owned PV and SVP electric power grid by utilizing API data from pre-existing meters.

Power Ledger Managing Director and Co-Founder David Martin was quoted about the project,

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Cardano Price Analysis: ADA/USD Struggling Near Key Support

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Key HighlightsADA price failed to move above the $0.1700 level and declined sharply against the US Dollar (tethered). There is a major contracting triangle in place with support near $0.1560 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is at a risk of more losses below the $0.1560 and $0.1540 levels in the near term.

Cardano price is struggling to hold important supports against the US Dollar and Bitcoin. ADA/USD must stay above $0.1560 to recover above $0.1600.

Cardano Price Analysis

Recently, ADA price managed to move above the $0.1600 level against the US Dollar. The ADA/USD pair traded towards the $0.1700 level where it faced a strong selling interest. As a result, there was a downside reaction and the price declined back below the $0.1620 support. There was also a close below the 100 hourly simple moving average and the $0.1600 support.

The price almost tested the last swing low of $0.1560 and is currently struggling to hold the stated support. It seems like there is a major contracting triangle in place with support near $0.1560 on the hourly chart of the ADA/USD pair. Should the pair fails to hold the $0.1560 support, there could be a downside break towards $0.1540 and $0.1520. However, the most important support sits near the $0.1505 level. On the other hand, if the price recovers from the current levels and moves past $0.1600, it could face sellers near the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last decline from the $0.1705 high to $0.1569 low at $0.1640 is the next hurdle.

The chart indicates the price is at a risk of more losses if sellers push ADA below $0.1560. On the upside, $0.1600, $0.1620 and $0.1640 levels are important resistances.

Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.

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Why China Will Drive The Next Crypto Bull Run

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News out of China usually has a negative impact on cryptocurrency markets. The government has made its stance on cryptos very clear: it doesn’t like them and will not tolerate them. The people however, and there are a lot of them, are hungry for crypto and Chinese investors could spark the next big bull run.

Experts are predicting that cryptocurrencies are poised to continue higher in the fourth quarter of this year as investors shake off the collapses and sentiment of the first six months. These were the words of Sun Zeyu of Hong Kong based investment firm Genesis Capital in an interview with Tencent Technology according to Hacked.

Industry experts in the region have a strong belief that Chinese investors will have a big role in the ‘fifth wave’ of the market uptrend. This would result in a “crypto bull market may be far beyond our imagination” according to Gao Kangdi of Metropolis VC. All of this bullish sentiment comes despite the constant crackdowns by China’s draconian ruling party.

The reason could be massive inflows of capital from blockchain and crypto ecosystems already in place in friendlier nations like Singapore. The city state is now home to thousands of token investment fund foundations setup by Chinese nationals. Singapore has emerged as one of the more favourable nations for ICOs and regulators have lowered the requirements to setup blockchain based exchanges in the country.

China’s crypto analysts believe that growing global financial instability and the possibility of US incited trade wars in the region could be the catalyst for greater crypto investment. Bitcoin and cryptocurrencies are a natural alternatives to government regulated stocks and bonds since they are decentralized.

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Coinbase CEO Tells New Employees ‘Don’t Panic’ Over Bitcoin Price

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When Brian Armstrong founded Coinbase in 2012 Bitcoin was worth around $10 and existed in relative obscurity. Those who had heard about this digital money or even the word cryptocurrency probably did so through a news brief about the dark web. Those who were trading in it already were a very select few.

Coinbase CEO Tweets Words of Wisdom to Staff

Then came a series of price bubbles which eventually rocketed the price to nearly $20,000 and saw the crypto space grow exponentially in just a few months in late 2017. That market corrected, the price fell to about a third of its all-time high value where it languishes today at about $6,600, and those who came in late are wondering if they are ever going to see their initial investment comeback, never mind a profit.

Armstrong, the CEO of Coinbase, a cryptocurrency exchange that recently self-evaluated its worth at $8 billion, had a word of advice to new employees who might be getting the jitters as the price of Bitcoin remains low. Actually, it was more than a word, it was a 10 part twitter thread giving a mini-history on the price of Bitcoin since its launch but the take away was don’t panic, I have seen this before.

When Bitcoin surged in 2017 so did Coinbase’s user numbers and trading volume which stimulated the company’s growth. They went from 250 to 500 employees, many who presumably walked away from solid jobs in the tech world to get into the volatile space of cryptocurrency and who maybe now thinking twice about that decision.

In his tweets, Armstrong strove to reassure those new to the game that he had seen bubbles before and that by focusing on doing the work they would rise above the hype. One tweet measured the space as only a crypto player would, as Armstrong wrote,

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Ripple Price Analysis: Can XRP/USD Hold This Support?

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Key HighlightsRipple price failed to move above the $0.5620 resistance area and trimmed gains against the US dollar. There is a key connecting bullish trend line in place with support at $0.5250 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair has to remain above the $0.5250 support area to avoid further losses in the near term.

Ripple price struggled to hold gains against the US Dollar and Bitcoin. XRP/USD is currently moving lower and is testing a major support area near $0.5250.

Ripple Price Support

Yesterday, we saw a nice upside move above the $0.5400 level in Ripple price against the US Dollar. The price traded above the $0.5500 and $0.5600 resistance levels. However, the price failed to hold gains above $0.5600 and formed a high near $0.5620. A fresh downside move was initiated and the price declined below the $0.5400 level. There was also a break below the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5616 high.

More importantly, the price broke the 100 hourly simple moving average to test the $0.5200 support. On the downside, there is a key connecting bullish trend line in place with support at $0.5250 on the hourly chart of the XRP/USD pair. The trend line support is close to the 61.8% Fib retracement level of the last wave from the $0.5100 low to $0.5616 high. If the price fails to hold the trend line and support at $0.5250, there may be more losses. The next support on the downside sits around the $0.5100 level.

Looking at the chart, the price must stay above the $0.5250 support. On the upside, an initial resistance is at $0.5400, above which, the price may perhaps retest the $0.5600 resistance.

Looking at the technical indicators:

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Crypto Markets Lose $10 Billion as Altcoins Predictably Plummet on Exchange Hack Story

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Markets have dopped, altcoins getting hit hardest are Iota, Dash, Qtum and Bytecoin.

What appeared to be signs of a rebound over the past day have been quashed this morning when news broke that Korea’s second largest exchange Bithumb had been hacked. Markets tumbled once again, with almost $10 billion being wiped out in half an hour. The fall as usual was led by Bitcoin which dropped $150 and settled at just over $6,600, down 1.6% on the day. Ethereum remained relatively stable and is trading at the same level as yesterday, $520. Altcoins as usual all got battered and a sea of red has now replaced the green that was there a few hours ago. Most are down 3-4% and only a couple or minor tokens are not feeling the selling pressure at the moment.

Those taking the biggest hits in the top 25 include Iota losing 4%, Dash down 5%, Monero shaving 4% off its price, Qtum losing 4.4%, and Bytecoin getting hit 7.2% over the past 24 hours. The red wave extends all the way down the market cap chart until 54 spot where Huobi Token is bucking the trend. Coinmarketcap is currently reporting a 12.7% gain for HT while all others are dropping on the news. Currently trading at $4.87 Huobi Token is up from $4.33 this time yesterday.

Exchange based tokens usually do well when bad news hits crypto land, they provide a somewhat safe haven from the inevitable dump. Tether is the other option and volume in USDT is up around $5 billion since yesterday. Many traders will drop their altcoins into Tether when markets are dumping only to buy back their stash back at a cheaper price when markets start showing signs of recovery.

At the moment the drop seems to have leveled out and total market capitalization is at $283 billion, down one percent from the same time yesterday. The Bithumb hack announcement so far has had a minimal impact on the markets, far less than the big dump of June 10 when $15 billion left the markets in a couple of hours. Crypto traders and investors should now be used to exchange hacks, they are not the big news that they used to be, and if true $30 million is chicken feed to an exchange that regularly trades over $500 million every 24 hours.

At the time of writing Bithumb has suspended trading while they figure out exactly what just happened.

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LTCUSD Technical Analysis for 06/18/2018 – Support Break and Retest

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LTCUSD recently fell through support at the $110 level and might be due for a retest of this area of interest. Applying the Fib tool on the latest swing high and low shows that the 50% to 61.8% levels line up with this broken support.

The 100 SMA is closer to the 38.2% Fibonacci retracement level, which might be enough to keep gains in check on a shallow correction. The 200 SMA dynamic inflection point coincides with the 61.8% Fib.

The 100 SMA is also below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

RSI appears to have some room to climb before hitting overbought levels, but the oscillator is starting to point down to hint at a return in selling pressure. Stochastic is also heading lower without reaching overbought territory to signal that selling pressure is picking up. In that case, a test of the swing low or a breakdown could be underway.

Litecoin appears unable to have taken advantage of the bounce in cryptocurrencies lately, although it did manage to stem some losses. However, bearish pressure is returning as the dollar is enjoying safe-haven flows again.

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Ethereum Price Analysis: ETH/USD Approaching Support

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Key HighlightsETH price traded higher recently and tested the $545 resistance zone against the US Dollar. There is a major bullish trend line in place with support at $510 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently moving lower and is approaching the $510 support and the 100 hourly simple moving average.

Ethereum price is holding gains against the US Dollar and Bitcoin. ETH/USD is currently correcting lower and is approaching a few key supports.

Ethereum Price Support

There was a decent upside move in ETH price above the $510 and $530 levels against the US Dollar. The price traded towards the $545 and $550 resistance levels where sellers appeared. A high was formed at $549.04 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $484 low to $549 high. However, there are many supports on the downside above the $510 level.

An initial support is around the $515 and $516 levels. The 50% Fib retracement level of the last wave from the $484 low to $549 high is also near $516. More importantly, there is a major bullish trend line in place with support at $510 on the hourly chart of ETH/USD. An intermediate support is near the $512 level and the 100 hourly simple moving average. Therefore, there is a major support zone above the $510 level, which could hold declines in the near term. Below $510, the price may perhaps trade back towards the $490 level.

Looking at the chart, the price faced a strong resistance near $545. It may correct further, but there are high possibilities of $510 holding losses. On the upside, an initial resistance is at $540, followed by the $545 hurdle.

Hourly MACD – The MACD is currently in the bearish zone.

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Bitcoin More Influential in US Politics Than Ever

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US Senate candidate Austin Petersen revealed his campaign received, and promptly returned, a giant amount of bitcoin this week, as the donation ran afoul of financing laws. Leading candidate for the Libertarian Party’s national chair, Joshua Smith, has made cryptocurrency a key part of his platform heading into the convention. Candidate for congress, coder Brian Forde, former MIT Media Lab digital currency director, and one-time technology advisor to President Obama, came out strongly in favor of cryptocurrency. The community is divided about political influence generally, but if there must be politicians it’s probably a positive sign some are warming to crypto like never before.

US Senate Candidate Austin Petersen Returns $130,000 Bitcoin Donation

“To whoever tried to give us $130,276 in #Bitcoin on Saturday,” posted US Senate hopeful Austin Petersen in what had to be a tortuous Facebook message, “we had to refuse your donation. Please donate $5,400 to http://austinpetersen.com/bitcoin in order to comply with FEC regulations. Also, start a PAC or something mate!”

Mr. Petersen is a well known figure in liberty circles. His background includes producing Fox political shows, founding influential website The Libertarian Republic, along with coming third in the race for the Libertarian Party’s presidential nomination in 2016. He’s currently mounting an outsider campaign for Missouri’s Republican US Senate nomination. Should he win the nomination this August, he’ll face incumbent Senator Claire McCaskill, Democrat, in November.      

Mr. Petersen’s embrace of bitcoin is well documented, and he’s openly run on a platform embracing money’s future. It’s actually not the first time his campaign has had to return a crypto donation. Twice before he’s sent back hundreds of thousands of dollars worth. He holds the record as receiving the most legally donated bitcoin, roughly $4,500. If recent polling numbers are to be believed, Mr. Petersen is some 30% percent off the pace for the nomination.

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