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Bitcoin (BTC) Price Analysis: Can Bulls Sustain This Upside Move?

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Bitcoin was previously consolidating inside a symmetrical triangle pattern on its short-term time frames. Price broke above the triangle resistance, which happens to be the mid-channel area of interest on the longer-term charts.

The descending trend channel on the 4-hour time frame is still intact and bitcoin looks ready for a test of the resistance around $6,800. A break above this could confirm that bullish momentum is building up and that a reversal from the downtrend is taking place.

However, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This signals that the selloff is more likely to resume than to reverse. Also, the 100 SMA lines up with the top of the channel, adding to its strength as resistance.

RSI is on the way up but has dipped into overbought territory to signal weakening bullish pressure. Turning lower could draw sellers back in while buyers take a break. Stochastic has a bit more room to climb so buyers could stay in control until the resistance is tested. A break past this could lead to a test of the 200 SMA dynamic inflection point around $7,200.

The recent jump is being attributed to the approval of New York’s Department of Financial Services to Square’s “Cash” mobile payments app. This allows clients to trade the cryptocurrency in the state and has 7 million monthly active users.

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Supposed Bitcoin ‘Millionaire’ Fined for Taunting Cops and Firefighters

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Do you agree with the fine handed to Darren Murray? Do you know any crypto millionaires? Let us know in the comments below.

A man in the UK was fined by the court for mocking firefighters as they fought a hotel fire and cops while proclaiming himself a Bitcoin “millionaire.”

There are times when it’s warranted to be assertive and aggressive, such as arguing a case in front of a jury or trying to broker a financial deal worth millions. However, it’s not a good time to act in such a manner when firefighters are working to battle a hotel fire and they tell you to get out of the way.

Harassing Firefighters and Police

The man in question, Darren Murray, got into trouble when he accosted firefighters working to tackle a fire at the Atlantic Hotel in Newquay. The 46-year-old man tried to push his way past the firefighters, all the while demanding that he be allowed to go to his room.

Needless to say, the firefighters were not having any of it. Murray, smelling of alcohol and noticeably disheveled, then started yelling at the firefighters, saying:

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Bank for International Settlements Explains Why Cryptos Are Not Globally Adopted

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The Bank for International Settlements published yesterday a report entitled “Cryptocurrencies: looking beyond the hype.” In it, they provide an overview of the cryptocurrencies world enumerating the pros and cons of their adoption.

As shown in the title, the analysis seeks to go beyond the excitement that many might expect; however, it also highlights some advantages of cryptocurrency over traditional FIAT money.

The Bank for International Settlements is an institution that provides financial services to Central Banks. Currently, 60 Central Banks are members of this institution, attesting to the prestige and importance of the BIS in the world’s financial and macroeconomic sphere.

The Report shows an overview that serves as an answer to the question of why cryptocurrencies the world does not use cryptos as a mainstream means of payments.

According to the Bank for International Settlements, even though cryptocurrencies have a lot of potentials, they do not yet have the maturity level required to disrupt the international monetary system:

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UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform

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Who is the richest person in the world? Who said, “It costs a lot of money to look this cheap?” Where do they drink the most alcohol per capita? Ireland, Scotland, Russia or France? Readers who immediately answered just might be perfect guests on Dominic Frisby’s Financial Game Show, launching in the United Kingdom. Prizes include standard fiat payouts, but the show is also offering prizes in bitcoin cash (BCH) and even silver bullion.

A recent announcement blogged by famed UK financial guru, Dominic Frisby, explained he “is host and quizmaster in [a] classic gameshow full of fascinating financial facts. Contestants from the audience (willing volunteers only) can win big prizes including £500 in cash – there is £500 to be won every show – solid silver and bitcoin cash. Games range from higher-lower for house prices to to high-pressure quiz questions with the £500 jackpot at stake. Exciting, informative, amusing.”

Dominic Frisby is a well known author on things financial, including Bitcoin: the Future of Money? (praised by no less than Sir Richard Branson). He’s also something of a television star, hosting very popular shows on financial literacy such as Let’s Talk About Tax, blending both finance and humor. Indeed, he bills himself as “the world’s only financial expert and comedian.”

“I am very excited to be going to the Edinburgh Festival this August,” he posted. “My show is called Dominic Frisby’s Financial Gameshow. It’s at 5pm at the Gilded Balloon.” It’s a triumphant return of sorts, and mostly because it follows his “widely-acclaimed show, Let’s Talk About Tax.” As “the world’s only financial expert and comedian, Dominic Frisby has devised a new game show that mixes The Price Is Right with Mastermind. It’s all about money, finance, economics – you know, boffin stuff but made exciting,” Broadway World Scotland detailed.

Reviews have been positive. The Times described the new show as, “Very witty… entertaining and educational… impressive,” while The Spectator mused it was “Funny, absorbing… full of historical insights.” Mr. Frisby notes the show has “some great prizes for the winners: silver bullion kindly donated by Ross Norman at Sharps Pixley; Moneyweek subscriptions (thank you Merryn); bitcoin cash; and a £500 jackpot each show, donated by a mystery sponsor whose name is yet to be announced.”

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Cryptocurrency Volume Drops To A Two-Month Low, Should You Be Worried?

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Cryptocurrency volumes have dipped to a two-month low, with levels resembling those seen earlier this year during April’s downtrend. But what does this mean for the market in general?

Is Volume An Viable Indicator?

As of June 18th, exchange volume has collectively dropped under $10 billion dollars, with these levels being seen in early April. 

The collective exchange volume is currently down over 80% since the large influx seen in early January, which topped out at a staggering $68 Billion in 24 hours. Tom Lee called this absurd amount of volume an “abnormal” figure, believing that January’s volume should be of no comparison to today’s volume.

Nevertheless, trading volume present with a specific asset, or asset-class, has long been held as a significant indicator of the market’s interest in an asset.

With some critics keeping this ideology in mind, they have suggested that investors are losing interest in the industry, and quick too. Despite these fears, cryptocurrency and blockchain development is still at all-time highs, with countless institutions piling on to the cryptocurrency bandwagon.

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The Central Banks’ Bank (BIS) Hates Bitcoin — Which is Reassuring

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The Bank for International Settlements (BIS), a global “bank for central banks” based in Basel, Switzerland, has once more declared that cryptocurrencies are not only “not ready for prime time,” but could also “bring the Internet to a halt.”

BIS: Bitcoin, You Scary

On Sunday, BIS released a new 24-page document outlining why it believes cryptocurrencies like Bitcoin cannot become a bona fide financial instrument for the global economy.

The latest report cites a “range of shortcoming,” including the usual concerns over high volatility and electricity consumption, as well as inability to scale. The BIS extrapolates that if Bitcoin was to process all global payments in its current state, the decentralized network would overload everything from mobile devices to servers around the globe and effectively break the internet. The report notes:

The associated communication volumes could bring the internet to a halt, as millions of users exchanged files on the order of magnitude of a terabyte.

The environmental impact would also be significant, according to the report, which estimates that the total electricity consumption of Bitcoin mining equals to that of mid-sized economies like Switzerland.

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Benjamin Katz Painting Sells for 150 Bitcoins ($1.25 Million)

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Do you think we’ll see cryptocurrency being used to buy more works of art or become increasingly entrenched in the art world? Let us know in the comments below.

Bitcoin and other cryptocurrencies are making their way into the art world. The latest example is that of a Benjamin Katz painting that just sold for 150 bitcoins, worth around $1.25 million.

On the surface, one would think that cryptocurrency and art have little in common. One is a financial system while the other is an expression of creation. Yet there is a connection in that both systems actively push against centralization and champion individual action. As such, it makes perfect sense that Bitcoin and other virtual currencies are making inroads into the art world.

Massive Sale

This increasing acceptance was put on display yet again with the news of a huge deal. A painting by Benjamin Katz, a mixed media artist based in New York, just sold for the staggering sum of 150 bitcoins, which is worth roughly $1.25 million at the time of purchase.

The painting was sold by Ato Gallery, an online gallery, and the entire deal was carried out through modern messaging apps, such as Instagram, Signal, and Postmates.

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Litecoin Price Analysis: LTC/USD Remains At Risk

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Litecoin price failed to move above the $100 barrier against the US Dollar. LTC/USD is currently well below $98 and is at a risk of more declines in the near term.

Key Talking Points

Litecoin price is struggling to recover above the $98 and $100 resistance levels (Data feed of Kraken) against the US Dollar. There is a major bearish trend line in place with resistance at $96 on the hourly chart of the LTC/USD pair. The pair may continue to move down towards the $90.80 and $90.00 support levels.

This past week, there was an upside recovery above the $95 level in litecoin price against the US dollar. The LTC/USD pair traded a few points above the $100 level before sellers appeared.

Looking at the chart, the price failed to settle above the $100 level, which ignited a downside reaction. The price declined and moved below the $100 and $98 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $88.76 low to $102.91 high.

More importantly, the price settled below the $100 level and the 100 hourly simple moving average. At the moment, the price is trading near a major support area at $94.00. The 61.8% Fib retracement level of the last wave from the $88.76 low to $102.91 high is also around $94.00.

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Are You A TRON Believer? TRON (TRX) is Recruiting TRONICS Members To Enhance Its Ecosystem

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The Tron (TRX) Foundation is currently carrying out what it calls Core TRONICS Recruitment. This is a recruitment drive to get individuals who love blockchain technology and in particular, the Tron project, to join their ever active Tronics members. Emphasis is put on the love of the project as well as belief in its future. Anyone who fits this description is invited to join the core TRONICS via the instructions below and also available online. The recruitment drive ends on the 25th of June during the Tron Independence Day.

The intention of TRONICS is to help the TRON Community develop a healthy Tron ecosystem.

Core TRONICS Candidate will carry out the following activities once selected:Translation and dissemination of the latest TRON news into the various prominent and minority global languages Collect community feedback Dedicate their time and patience Answer questions from new users Provide Tron product experience reports Organize Tron’s offline meet ups Maintain community health, ensure community participation and organize activites Use personal work experience in the field of technology to support and advice the project Anything else that might be required to enhance the Tron environmentThe Tron foundation also gives the following requirements to become a Tronics member:Be a HODLer of at least 10,000 TRX Be a faithful Tron believer and blockchain believer Have a deep understanding of blockchain technology Proficiency in a minority language is a plus (e.g Hindi etc) Posses a group with 500 active fans or experiences of building a groupThe benefits of being a TRONICS core member include:Cooperate with TRON team to get the latest news of TRON and its partnerships Participate in TRON’s offline activities as special guests Gain some TRX once in a while Receive feedback on a regular basis to better integrate into the TRON ecosystem Get TRON customized gift packages and medals of honor Participate in TRONICS offline meetings every quarterHow to register

The Tron foundation asks that you:

List your reasons of becoming a core TRONIC member e.g foreign language proficiency, understanding of blockchain, understanding of TRON Provide personal information e.g name, phone number, email, telegram username Send the above to [email protected]  Deadline for application: 25th June 2018 Original linkOriginal author: John P. Njui
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Cardano Price Analysis: ADA/USD Is In Downtrend

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Key HighlightsADA price started a fresh downside move from the $0.1750 swing high against the US Dollar (tethered). There is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may perhaps continue to move down towards the $0.1550 and $0.1505 support levels.

Cardano price failed to move higher and declined against the US Dollar and Bitcoin. ADA/USD is likely to extend the current decline towards the $0.1505 level.

Cardano Price Analysis

This past week, there was a minor upside recovery from the $0.1460 swing low in ADA price against the US Dollar. The price climbed above the $0.1500 and $0.1600 resistance levels, but it failed to hold gains. A top was formed around the $0.1740 level before the price started a downside move. It declined and broke the $0.1650 and $0.1600 support levels to settle below the 100 hourly simple moving average. There was also a break below the 50% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high.

At the moment, the price is trading well below the $0.1650 level and the 100 hourly SMA. It is testing the 61.8% Fib retracement level of the last wave from the $0.1462 low to $0.1746 high. A break below the $0.1550 support level may well call for more slides towards the $0.1505 level in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.1600 on the hourly chart of the ADA/USD pair.

The chart indicates the price could extend declines as long as it is below $0.1650 and the 100 hourly SMA. The most important support on the downside is at $0.1505 where buyers may put to test.

Hourly MACD – The MACD for ADA/USD is placed nicely in the bearish zone.

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