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Binance Hack Rumors Refuted, Can Bitcoin Price Secure Momentum Again?

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Cryptocurrency enthusiasts will have noticed the Bitcoin price has taken another stumble. This latest downtrend comes at a rather surprising time. Worrisome news originating from Japan and the Binance rumors are not helping matters much. As is usually the case, this market will bounce back eventually.

Japanese Exchange Concerns

Perhaps the biggest Bitcoin price ‘scare’ originates from Japan. More specifically, the local Financial Services Authority has continued to scrutinize cryptocurrency companies. The results are relatively worrisome, although there is no reason to be overly concerned from a long-term perspective. FSHO and Bitstation are temporarily shut down by the FSA. Neither of these exchanges are “major trading platforms”, but the decision sets a rather worrisome precedent.

A total of four exchanges have been penalized, including Zaif. That exchange allowed users to buy Bitcoin for $0 due to a system glitch. GMO, Bicrements, and Mr. Exchange are also penalized. BitExpress and one unidentified exchange have their license withdrawn due to “irregularities”. Coincheck, which lost over $450m in customer funds, can’t reimburse users until further audits are completed. It is unclear how long this process will take exactly.

None of these developments are negative for cryptocurrency as a whole. Companies not adhering to guidelines need to be punished in one way or another. Japan is not banning cryptocurrency but rather creating an optimal ecosystem for all parties involved. In the long run, these developments will create a more robust ecosystem, which is a positive development.  All of these companies will come out stronger because of the “intervention” by the FSA in this regard.

Binance and the Bitcoin Price

As one would expect, all of this news has crippled the Bitcoin price a bit. With the value dropping quite quickly, the Bitcoin price even dropped below $10,000 at one point. This trend is compounded further by rumors regarding Binance being hacked. So far, the company stated all customer funds are safe. They did experience some “irregular trading” but it seems those problems have been rectified already.

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Ethereum & Bitcoin Price Expected to See Triple-Digit Gains in 2018

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Worried about yesterday’s flash crash? Don’t be. The future is bright for cryptocurrency’s big players — particularly Bitcoin and Ethereum.

Good Times Ahead

Despite the sometimes dramatic dips which have occurred so far in 2018, investors should be looking towards a positive future for both Bitcoin and Ethereum. According to a market survey, however, Ethereum is set to see a more dramatic increase in market capitalization in 2018 than the current market leader, Bitcoin.

As reported by the South China Morning Post, Finder — a consumer product and services comparison website — asked nine blockchain industry participants for their opinions in regards to the top 12 cryptocurrency’s predicted price trend.

The study suggests that Ethereum will lead the charge with a 212 percent increase, followed by the gold-standard of cryptocurrency, Bitcoin, at 194 percent. Bitcoin Cash, by comparison, is expected to increase 123 percent.

Ethereum, however, will still only have the third largest price tag per token, with each ETH expected to cost $2,550. Bitcoin is forecasted to trade at $29,533 a piece — which may seem like a conservative estimation to those who claim we’re looking more towards a price tag between $50,000-100,000. Bcash, meanwhile, is expected to trade at $2,721.

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Multi-Million Dollar Grants to Ethereum Projects Issued, Focus on Scalability

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The Ethereum Foundation is always looking to make a positive impact. They are actively looking into supporting applications, smart contracts, and other innovative projects. Earlier this week, the Ethereum Foundation announced their first grants to help bolster this ecosystem.

The Ethereum Foundation Grants

With a grant issued by the foundation, developers can keep working on their projects. There is a lot of research and development that goes into every single project. Empowering these innovative developers in any way possible is what the Ethereum Foundation aims to achieve first and foremost. Collaboration is critical in the way of blockchain technology and any feature derived from it.

For the community, these grants also play a big role. The “decisions” made by the Ethereum Foundation highlight projects worth keeping an eye on. No ecosystem is complete without looking at the technological implications from all different sides.Several key aspects of the Ethereum network need more support. With these grants, it becomes a bit easier to address those areas and support the people who attempt to improve the network as a result.

Especially in terms of scalability, usability, and security, there is still room for improvements. The Ethereum Foundation will continue to issue grants to solidify all of these different aspects moving forward. It is important to note support projects have no ICOs, token sales, or anything along those lines. These are all projects designed to make Ethereum better and stronger.

The “Lucky Winners” of the First Grants

Quite a few projects successfully received a grant. We see multiple projects focus on hackternship, which tackle Geth, Solidity, and Deterministic WebAssembly. Scalability is also a major area of work right now. L4 Research, Prysmatic Labs, Barcelona Supercomputing Center,  Turbo Geth, and Plasma Taiwan Dev all received grants of various sizes. These projects focus on sharding, state channels, Plasma, and so forth. All of these improvements will be quite positive for Ethereum once they go live on the network.

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Japan Suspends Trading on Two Cryptocurrency Exchanges

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Japanese government regulators shuttered two cryptocurrency exchanges in the long-awaited aftermath of the massive Coincheck hack when hundreds of millions of dollars in digital currency were lost.

FSA Suspends Two Exchanges

Japanese Financial Security Agency (FSA) released a statement outlining regulatory steps it was taking against cryptocurrency exchanges earlier today. Most prevalent is the order that both FSHO and Bit Station temporarily suspend their business for a month starting today March 8.

The statement alleges that FSHO “does not have a proper system to monitor trading and has not given training to its employees,” and that an employee at Bit Station has used customer funds for his own trading purposes.

In addition, five other exchanges, including Coincheck were ordered to improve their business practices. These steps have been months in the coming and were prompted by the massive Coincheck hack that resulted in the loss of 530 million worth of NEM cryptocurrency.

The hack was ruled in part to have been a result of lax security practices at the company where customer coins were held in online wallets making them easily accessible to cyber-criminals.

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Ripple Price Analysis: Can XRP/USD Recover Above $0.88?

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Ripple price nosedived recently and traded below the $0.7900 level against the US Dollar. XRP/USD is currently correcting higher, but it may face sellers near $0.8800.

Key Talking Points

Ripple price was under a lot of pressure and it tumbled below the $0.7900 level against the US Dollar before starting a recovery. The XRP/USD pair is currently attempting a break above a key bearish trend line with resistance at $0.0.8590 on the 2-hours chart (Data feed via Bitstamp). The pair may move further higher, but it could face sellers near a major hurdle at $0.8800.

There was an increase in downside pressure on Ripple price after it broke the $0.9400 support against the US Dollar. The XRP/USD pair tumbled and broke the $0.8000 and $0.7900 support levels to set the pace for more declines.

It traded as low as $0.7851 and is currently trading well below the 100 simple moving average (2-hours). An upside correction is underway and the price has moved above the 23.6% Fib retracement level of the last downside move from the $0.9797 high to $0.7851 low.

Moreover, the XRP/USD pair is currently attempting a break above a key bearish trend line with resistance at $0.0.8590 on the 2-hours chart. If the pair succeeds in closing above the trend line at $0.8590, there could be more gains.

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Experts Claim Ripple Could be the Next Bitcoin

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Analysts, traders, and investors are constantly looking for the next big thing. While Bitcoin is far from fading, other cryptocurrencies may emerge to replace it as the standard for digital financial transfers. One company that has made a lot of partnerships and gained a lot of attention recently is Ripple.

According to reports, a number of industry experts predict that Ripple’s XRP could be the next big thing as large gains from a sub-dollar asset would be far more likely than one that is already trading at $10K per coin.

Ripple to Mainstream Crypto

Craig Cole of CryptoMaps is one expert that thinks Ripple and XRP could help catalyze cryptocurrency becoming mainstream. He offers:

Its faster transaction speeds and lower fees make it easier for financial systems to embrace the virtual currency, which is partly why Ripple’s value has increased dramatically just this year. Ripple is helping financial institutions save money and it is only expected to become even more prevalent in payment flows. The virtual currency is certainly on the rise and has the potential to be the first token to truly disrupt an industry, and if it does, expect XRP to reach Bitcoin-like levels of ubiquity in the near future.

Associate Director ITRC at Long Island University, John-Paul McCaffrey, is in agreement, especially if there are more platforms to exchange XRP for fiat, which will inevitably boost the altcoin. Roman Guelfi-Gibbs, CEO and Lead Systems Designer for Pinnacle Brilliance Systems Inc., claims that it will take another year for Ripple to gain market dominance, saying:

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Ethereum Classic Price Technical Analysis – ETC/USD to Break $20?

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Key HighlightsEthereum classic price was under a lot of pressure and it broke the $25.00 support against the US dollar. There is a major bearish trend line forming with resistance at $22.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair remains at a risk of more declines as long as the price is below $25.00.

Ethereum classic price fell further against the US Dollar and Bitcoin. ETC/USD is now well below the $25.00 level and it eyes more declines in the near term.

There was no major upside move above $30.00 in ETC price recently against the US dollar. The price started declining and it broke a major support area near $25.00. It ignited further declines and the price even broke the $22.00 support. Looking at the current trend, there is a lot of pressure since the price is well below the $25.00 handle and the 100 hourly simple moving average.

The downside move was such that the price traded close to the $20.00 handle. The recent low formed was $20.27 from where an upside correction was initiated. It tested the 23.6% Fib retracement level of the last decline from the $29.55 high to $20.27 low. However, the upside move was capped and the price seems to be struggling to move above $22.30. There is also a major bearish trend line forming with resistance at $22.40 on the hourly chart of the ETC/USD pair.

The most crucial resistance on the upside is around $25.00. It is also close to the 50% Fib retracement level of the last decline from the $29.55 high to $20.27 low. On the downside, the $20.00 handle is a major support and a buy zone.

Hourly MACD – The MACD for ETC/USD is about to move back in the bearish zone.

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Altcoin Analysis: NEO, EOS, LTC, Monero and Lumens

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Relative to Lumens-whose prices are “calm”, the depreciation in LTC, NEO, Monero and EOS has been astounding.

While we expected this to be the norm especially after prices broke below the middle BB and $200 in LTC daily chart, it is NEO that is turning out to be interesting.

Over the past 2-3 days, NEO FUDs were being spread and while at it we had ONT air drop and that might have dragged down prices a little bit. At the moment, $85 remains a key support line while $4.2 is the next bear target line for EOS sellers.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for March 8, 2018

The last couple of hours have been volatile for Lumens and it continues to be especially if there is a breach of $0.30 main support-clear in the daily chart.

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Litecoin Price Analysis: LTC/USD Settled Below $200

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Litecoin price extended declines and traded towards $175 against the US Dollar. LTC/USD is now well below the $200 level and placed in the bearish zone.

Key Talking Points

Litecoin price did not correct higher and extended losses towards the $175 level (Data feed of Kraken) against the US Dollar. Yesterday’s highlighted key bearish trend line with current resistance at $188 is intact on the hourly chart of the LTC/USD pair. The pair may continue to decline and it may retest the $175 support in the near term.

The past few sessions were mostly bearish below $210 in litecoin price against the US dollar. The LTC/USD pair did not correct higher, declined further and settled below a major pivot level at $200.

The recent decline was substantial as the price even traded below the $180 support. A low was formed at $174.04 from where an upside correction was initiated. The price corrected above the 50% Fib retracement level of the last decline from the $195.41 high to $174.04 low.

However, the upside move was capped by the $188-190 resistance zone. The stated $190 level was a support earlier and now it is preventing gains. Moreover, there was a failure to break the 61.8% Fib retracement level of the last decline from the $195.41 high to $174.04 low.

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Asian Altcoin Trading Roundup: The Rout Continues

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The rout has intensified during this morning’s Asian trading session and the bears are fully in control. As was witnessed this time last month a huge selloff is occurring and all crypto currencies are falling sharply, led by Bitcoin which has lost 9% in the past day. There are no altcoins in the green in the top 25 so we can only focus on ones that have not been hit that badly.

At the moment we are not sure if the bottom will be as far down as the February 6 dip. Total market capacity has fallen below $400 billion – or 17% in just two days. It currently stands at $395 billion whereas the low last month was at $280 bn, if things continue on this steep trend it will be there by the weekend.

There have been a number of factors causing the current selloff including more regulation in the US, a huge selloff by a Bitcoin whale linked to Mt Gox funds, and FUD over a Binance hack that never happened. Markets are still very immature and very reactive to these things and it will take a long time before things settle down and crypto traders have a little more confidence rather than repeatedly panic selling.

In the top ten Stellar Lumens has been the most resistant by only dropping 5% and Cardano has taken the biggest hit losing almost 16% in 24 hours. Looking out to the top 25 Lisk has been resilient and has only lost 3% while VeChain, Icon, Qtum, and Tron have all been hammered losing over 14% since this time yesterday.

Looking for an altcoin in the green is not easy this morning, there is only one though further down the list at 29th. Waves is up 4% and is the only one in the top 100 to be showing a gain this morning. CMC reports that Russian based blockchain platform Waves has recovered within 24 hours and is trading a little higher than this time yesterday. It has been relatively flat for the past seven days, discounting the spikes in either direction, and is up 16% on the three month chart.

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