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Crypto Miners Embrace Cheap Power in Europe’s Poorest Country

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In Kosovo, Europe’s poorest country, there are few job opportunities for a population of which 50% are under 25 and most adults in the country wish to go abroad to work away from rampant corruption and cronyism. There is at least one positive asset though, cheap electricity. For a select few tech-savvy English speaking entrepreneurs who can pool together enough to invest in a rig, mining cryptocurrency has become a reliable source of income.

EU’s Poorest Country Ideal for Crypto Mining

Cryptocurrency miners are rewarded for the investment of equipment and energy used to contribute to processing the networks blockchain with a digital token, Bitcoin being the most well known. This processing though is energy intensive and is most effectively done by large mining facilities set up in cold climates where electricity is also cheap.

China, Iceland, Russia and Canada have all been profitable regions to mine in the past. But as regulations limiting the legality of mining in China and concerns over excessive electricity consumption in Canada and Iceland have emerged, miners in Kosovo find themselves well placed to turn a profit in crypto. Though the price of Bitcoin is less than half today of what it was in late 2017 it is still possible to double the investment it takes to mine one Bitcoin in Sarajevo.

Possibly because the cost of electricity in Kosovo is the third cheapest in Europe at just 7 Euro cents per kilowatt hour compared to 19 in Britain. Although the cost of the graphics processing units (GPUs) needed to mine coins has gone up sharply, it is still possible to make a comfortable living in the country’s depressed economy.

Serb Miners Refuse to Pay for Electric

One miner who spoke with Reuters news service said that he had partnered with three others in the capital city of Pristina to invest about 60,000 Euros to build a rig of 480 GPUs in a shipping container. The generates about 14,000 Euros monthly, minus electricity costs of around 5,000 and payments against the initial investment, his share is still better than what he was making previously as a software developer.

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World’s Smallest States Attracting Biggest Players in Blockchain

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Blockchain technology, which is the backbone to everything crypto and the key to decentralization, has the potential to be implemented in almost every existing industry to enhance security, information sharing, and transparency. Innovators in the tech sector predict its effects will be as far reaching as the development of the internet itself, yet the countries that would seem the obvious choices to embrace and develop the technology, US, UK, Japan, Korea are hindering its progress with regulatory red tape leaving some of the world’s smallest, autonomous regions open to welcome cutting-edge tech companies.

Blockchain Companies Flocking to the World’s Smallest States

City-states with small populations and limited industries see tech companies with major financial backing as a path to future economic growth. While the tech companies get the kind of access to legislators and regulators that would be impossible to reach in countries like the US or Japan.

For instance, the tiny, mountainous micro-state of San Marino has gone into business with Estonian backed Polybius to create a ground-up ecosystem for blockchain innovation. In exchange for the company’s financial investment, the government has given them complete support. Sergio Mottola, executive chairman of San Marino Innovation, was quoted in the BanklessTimes saying,

“The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favor the growing blockchain infrastructure.”

Gibraltar, which already has links to two industries expected to be substantially affected by blockchain, financial services, and online gaming, is well suited for fintech companies to move in. The country is already home to multiple financial institutions familiar with anti-money laundering (AML) and know your customer (KYC) requirements that are becoming de rigor in the cryptocurrency space.

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Litecoin Price Analysis: Can LTC/USD Trade Higher?

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Litecoin price started an upside move from the $92 support against the US Dollar. LTC/USD is still below the $100 barrier and it lacks momentum for more gains.

Key Talking Points

Litecoin price climbed higher recently and tested the $100 resistance level (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted important bearish trend line was breached with resistance at $95 on the hourly chart of the LTC/USD pair. The pair is currently correcting lower and is finding it hard to break the $100 barrier.

Yesterday, there was a solid support base formed around the $92 level in litecoin price against the US dollar. The LTC/USD pair started an upside move and traded above the $95 resistance level.

Looking at the chart, the price succeeded in clearing the 23.6% Fib retracement level of the last decline from the $102.96 high to $92.83 low. Later, yesterday’s highlighted important bearish trend line was breached with resistance at $95 on the hourly chart of the LTC/USD pair.

The pair even moved above the $98 resistance level, but the upside move was prevented by the $100 barrier. The price failed to stay above the $100 level, resulting in a downside move.

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Cryptocurrencies Could Make Banks Obsolete, Says Malta Bankers Association Head

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Do you think cryptocurrencies are a threat to traditional banking services? Should banks embrace and adopt cryptocurrencies more fervently to survive?

As Malta cements its position as major cryptocurrency hub in the global landscape Marcel Cassar, the new Malta Bankers Association (MBA) Chairperson weighs in with his views on the sector.

Cassar points to new technologies presenting opportunities in his interview with The Malta Independent, noting that Malta faces important tests including the first International Monetary Fund (IMF) Financial Sector Assessment Programme for Malta since 2003. Malta’s financial services industry and supervisory framework are under increased scrutiny by EU and international institutions and governments.

It is not surprising that Malta finds itself in the spotlight. Prime Minister Joseph Muscat is encouraging the growth of the blockchain and cryptocurrency sector. The Maltese government passed bills in April 2018 which provide a clear-cut regulatory framework and the country is now home to Binance, one of the largest cryptocurrency exchanges in the world. It also boasts the largest cryptocurrency trading volume in the world, according to Morgan Stanley.

A Banker’s Dream

So what does the new MBA chair have to say about blockchain?

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Ethereum Classic Price Analysis: ETC/USD Gaining Momentum

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Key HighlightsEthereum classic price is slowly moving higher and is currently above $14.50 against the US dollar. There is a major bullish trend line formed with support near $14.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is in an uptrend and it may perhaps continue to move above the $15.60 and $15.80 resistances.

Ethereum classic price is placed in a bullish zone against the US Dollar and Bitcoin. ETC/USD may soon break the $15.60 resistance for more gains in the near term.

There was a decent upward move initiated from the $12.50 swing low in ETC price against the US dollar. The ETC/USD pair moved higher and traded above the $13.50 and $14.00 resistance levels. There was also a break above the $14.50 barrier and the 100 hourly simple moving average. More importantly, there was a break above the 50% Fib retracement level of the last drop from the $16.50 high to $13.05 low.

The price is now placed nicely above the $15.00 level and the 100 hourly SMA. On the upside, there is a major barrier awaits near $15.60. A break above the stated barrier could push the price towards the next key resistance at $16.20-30. An intermediate resistance is at $16.00. At the moment, the price is correcting lower from the $15.50 high. It tested the 38.2% Fib retracement level of the last wave from the $14.01 low to $15.50 high. There is also a major bullish trend line formed with support near $14.40 on the hourly chart of the ETC/USD pair.

The chart suggests that the price remains well supported above the $14.50 level. On the upside, a break above $15.60 is needed for more gains in the near term.

Hourly MACD – The MACD for ETC/USD is still in the bullish zone.

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Ripple Price Analysis: XRP/USD Poised to Extend Gains

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Key HighlightsRipple price formed a major low near the $0.5100 level and bounced back against the US dollar. Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair tested the $0.5500 resistance zone and is currently correcting lower.

Ripple price is back with positive moves against the US Dollar and Bitcoin. XRP/USD is now well supported above the $0.5300 level and the 100 hourly SMA.

Ripple Price Trend

There was a key support formed around the $0.5100 level in Ripple price against the US Dollar. The price formed a low at $0.5100 and started a nice upside move. It jumped above the $0.5200 resistance and cleared a few sell zones. During the upside move, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5650 swing high to $0.5100 low.

Moreover, yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5400 level and the 100 hourly simple moving average. There was a test of the $0.5500 resistance zone where sellers appeared. A high was formed at $0.5523 before the price started a downside correction. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high. On the downside, there are many supports near the $0.5300 level and the 100 hourly SMA.

Looking at the chart, the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high at $0.5311 is a decent support. Therefore, if the price continues to move down, it is likely to find bids near the $0.5300 level.

Looking at the technical indicators:

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Cryptocurrency Market Update: Ontology (ONT) Price Profits from New Partnership

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Current performing altcoins are Ontology, Tron, Ethereum Classic, and Icon.

The bears were caught napping and a small, but possibly short-lived, bounce occurred in the crypto markets a few hours ago. In what appears to be a single whale transaction, Bitcoin shot up $300 in a matter of minutes at 23.30 UTC. The short pump has resulted in a 4% gain on the day for Bitcoin which is currently trading at $6,730. As usual the other cryptos will benefit from this and Ethereum also clawed its way back over $500, up 4% on the day to $517. Most of the altcoins are in the green at the moment following days of downward motion from bearish selling pressure. Ontology and Tron are posting the highest gains in the top 25 at the time of writing.

Coinmarketcap is reporting an 8.3% gain for Ontology which makes it the leading altcoin of the moment. ONT is currently trading at $6.60 from $6.08 this time yesterday, over the past week it has regained all losses from a level of $6.67 this time last Tuesday. The monthly view shows a similar picture with ONT regaining losses from a 30 day low of $5.60 to trade at the same level it was this time last month. Against Bitcoin ONT is up 4.2% to 98360 satoshis from 94500 sats this time yesterday, on the week it has remained at a similar level trading at 97000 satoshis this time last week.

Ontology has ridden the wave initiated by the Bitcoin pump a few hours ago. A recent tweet announcing a partnership with Contentos will keep momentum going. According to the medium post the two projects will “share their respective business expertise and work on blockchain research, application development, and community building. Ontology Global Capital will invest in Contentos, helping it use blockchain to reshape the content industry and continue to tap into the value of content.”

Ontology is currently traded heavily on Binance which has around 55% of the total volume; OKEx and Huobi are also popular exchanges to trade ONT. Total volume has increased from $55 million to $97 million in the past 24 hours as traders load up on the altcoin in the dip. Market cap has just surpassed a billion dollars which ranks this coin at 19th in the charts.

Total crypto market capitalization has jumped 4% from that one spike and is currently at $287 billion. A pump like this though is not a good recovery indicator and things are likely to fall back downwards again if buying pressure cannot be sustained. Trade volume is up slightly from $10 billion to $12 billion but still way down on previous weeks. Other altcoins performing well during the morning’s Asian trading session include Tron up 7%, Ethereum Classic 6.7% higher, and Icon up 6% on the day.

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Bitcoin Cash Price Analysis: BCH/USD May Overtake $900

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Key PointsBitcoin cash price bounced back sharply from the $825 support area against the US Dollar. Yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is currently trading just below the $900-910 resistance, and it may soon break it.

Bitcoin cash price is showing positive signs above $850 against the US Dollar. BCH/USD is likely to continue higher above the $900-910 resistance.

Bitcoin Cash Price Trend

There was a test of an important support at $825 by bitcoin cash price recently against the US Dollar. The price found a strong buying interest and started an upside move above the $850 level. There was a break above the 50% Fib retracement level of the last decline from the $908 high to $825 low. It opened the doors for more gains and the price jumped further above $850.

More importantly, yesterday’s highlighted key bearish trend line with resistance at $840 was breached on the hourly chart of the BCH/USD pair. The pair also traded above the $880 level and it almost tested the $900 level. A high was formed at $898 before the price started consolidating gains. An initial support is around the 23.6% Fib retracement level of the last wave from the $826 low to $898 high. There may perhaps be more downsides in the near term, but supports such as $880 and $850 are likely to prevent losses.

Looking at the chart, the pair is placed nicely above the $850 level. Therefore, there are high chances of an upside break above the $900 and $908 resistance levels. The next hurdle above $908 is around the $950 pivot level.

Looking at the technical indicators:

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Cardano (ADA) Price Watch: Ready to Reverse from the Drop?

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Cardano Price Key Highlights

Cardano is still in its descending channel but might be gaining traction off the bounce. Applying the Fib tool shows the next potential resistance levels that could keep gains in check. Technical signals are looking mixed, with oscillators suggesting further gains in the cards.

Cardano appears to be gaining some traction after its channel support bounce and could aim for the Fibs next.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse. In addition, the 100 SMA dynamic inflection point lines up with the channel resistance to add to its strength as resistance.

The 100 SMA also coincides with the 50% Fibonacci retracement level around 0.1900 while the 200 SMA is closer to the 61.8% Fib just past the 0.2000 major psychological level. This might be the line in the sand for the downtrend as a break past this could bring more buyers in.

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Ethereum (ETH) Price Analysis: Reversal Pattern Confirmation

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Ethereum recently formed an inverse head and shoulders pattern to signal that it’s done with the downtrend, but it took several attempts to break the neckline. An upside move finally occurred recently to confirm that an uptrend is underway.

The chart pattern spans $450 to $500 so the resulting rally could be at least the same height. The 100 SMA is below the longer-term 200 SMA for now, but the gap has narrowed enough to show that a bullish crossover is imminent.

In that case, the path of least resistance would be to the upside, which means that the rally could carry on. Ethereum already moved above these dynamic inflection points to confirm that bullish momentum is in play.

In addition, price appears to be forming a tiny bullish flag, which is typically seen as a continuation pattern. However, RSI is already dipping into overbought territory and looks ready to turn south, possibly dragging ethereum back down.

Stochastic has some room to climb but is also nearing the overbought region to signal exhaustion among buyers. A quick pullback to the broken neckline around $500 could ensue to gather more bullish energy.

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