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Bitcoin Takes a Dip as SEC Demands Exchanges to Register

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In the ongoing saga of how U.S. regulators will ultimately handle cryptocurrency the SEC yesterday said it will require digital asset exchanges to register causing Bitcoin to dip below $10,000.

Cryptocurrency  Defined as Securities

The SEC released a statement that said online platforms trading in digital assets are considered securities under existing guidelines and therefore must register with the agency.

The SEC statement reads as follows

“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”

“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

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Ethereum Price Technical Analysis – ETH/USD Could Decline Further

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Key HighlightsETH price faced a lot of selling pressure and declined below the $760 support against the US Dollar. There is a crucial bearish trend line forming with resistance at $821 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair recently broke a bullish trend line at $838 and horizontal support at $775 to move into the bearish zone.

Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD is now in the bearish zone and it could decline further below $715.

Ethereum Price Trend

There was a bearish trend initiated this week from well above $840 in ETH price against the US Dollar. The price started a downside move and traded below the $830 support. There was also a break below a bullish trend line at $838 and horizontal support at $775. It opened the doors for more losses and the price closed below the $775 level and the 100 hourly simple moving average.

A low was formed at $714 recently from where the price started an upside correction. It tested the 23.6% Fib retracement level of the last decline from the $856 high to $714 low. However, it seems like the price is struggling to move above the $750-760 resistance zone. On the upside, there is a major resistance near $775. The stated level was a support earlier and now it may act as a resistance. The stated $775 level is also near the 50% Fib retracement level of the last decline from the $856 high to $714 low.

Furthermore, there is a crucial bearish trend line forming with resistance at $821 on the hourly chart of ETH/USD. Overall, the pair is in a bearish trend and it may even break the recent low of $714 low.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

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Binance (BNB/BTC) Technical Analysis for 03/08/2018 – Opposing Forces

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Binance is consolidating inside a falling wedge pattern on its 4-hour time frame and is currently testing support. A bounce could take it back up to the resistance around 0.00092.

However, the 100 SMA is 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 from here. Support could be broken soon or the resistance could keep gains in check, especially since it lines up with the 100 SMA dynamic inflection point.

Stochastic is pointing down to indicate a return in selling pressure. RSI is also heading lower without even reaching overbought levels, which suggests that sellers are eager to hop back in. A break below the wedge support could send it lower by the same height as the wedge formation.

On the longer-term time frame, it can be seen that Binance is still finding support around the Fib levels and 100 SMA. On the daily chart, the 100 SMA is above the longer-term 200 SMA to show that the uptrend has a shot at resuming. Also, the gap between the moving averages is widening to reflect stronger bullish momentum.

Price could find support at the 61.8% Fib or the area of interest or former support closer to 0.0006. This is also near the 200 SMA dynamic inflection point.

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New Study Looks at the Cost to Mine BTC Across the Globe

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Just recently the firm Crescent Electric Supply Company conducted a study that showed the cost of mining one single bitcoin in each state in the U.S. Since then the company’s subsidiary business Elite Fixtures took the research further by charting the cost to mine a single bitcoin in each country across the world.

The Cost to Mine a Single BTC Throughout 115 Different Countries

Many people are very interested in how cryptocurrency networks function, and a lot of people are especially curious about bitcoin mining as far as cost and where concentrations of miners reside. So the company Elitefixtures.com decided to conduct a study which mapped the cost to mine one single BTC throughout a vast majority of countries located within the globe. Elite looked at data across 115 different countries based on average electricity rates found in government data.

Elite then used the statistics from the Bitmain produced Antminer S7, the S9, and Canaan Creative’s Avalon 6. Then the firm calculated the number of days it would take to mine a single coin based on BTC difficulty throughout January of 2018. The Elite research team measured the cost of electricity and amount of power needed to produce one coin. According to the firm’s study, a single Antminer S9 consuming 17,773.344 kilowatts would need to mine for 548 days at peak performance to mine a single BTC. Canaan’s Avalon 6 would take 2194 days to produce one coin Elite details.

South Korea and Other Regions Show Mining BTC is Unsustainable

The company’s research reveals some interesting statistics on the most expensive and cheapest nation states to mine BTC. South Korea is the most expensive according to Elite’s figures as one single coin would cost $26,170 using the country’s power rates. Other areas in the world where it is really too expensive to mine bitcoins includes Solomon Island, Niue, Bahrain, and the Cook Islands. 

Miners Thrive in Areas Like Venezuela and China  

Venezuela is the cheapest country to mine a BTC ($531 USD per coin) alongside countries with a lot of government subsidization for electricity resources. China is the 17th cheapest nation-state as it only costs 3,172 USD to mine a single bitcoin there. Other countries where the cost is super low for bitcoin miners to produce coins include Ukraine, Myanmar, Tobago, Uzbekistan, and Trinidad. Russian mining is cheap according to Elite’s data as it costs $4,675 to mine a single coin in Russia. Just a hair above that is the U.S. the 41st cheapest region to mine BTC with an average of $4,758 per coin. But some states in the U.S. are much cheaper to mine BTC like the cheapest state Louisiana which costs $3,224. However, in Hawaii its $9,483 per coin to mine BTC on the island.

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Coinbase Launches Index Fund for Digital Currencies

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Cryptocurrency exchange Coinbase has announced that it is launching an index fund for digital currencies.

In a blog announcement, the San Francisco-based exchange explained that the Coinbase Index Fund would give accredited investors, with a minimum $10,000 investment, exposure to all digital assets listed on Coinbase’s exchange, GDAX. It will be weighted by market capitalisation. At present, it’s only available to U.S. residents due to the U.S. Securities and Exchange Commission’s regulatory oversight.

It reads:

“Index funds have changed the way that many people think about investing. By providing diversified exposure to a broad range of assets, index funds enable investors to track the performance of an entire asset class, rather than having to select individual assets.”

Speaking on CNBC’s ‘Fast Money’ yesterday, Asiff Hirji, Coinbase President and COO, said that the index fund would be ‘very simple to use.’

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One in Three Cryptocurrencies Is Currently Unspendable

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Cryptocurrencies are speculative instruments, their price predicated upon future prospects rather than current reality. As a consequence, many of them don’t qualify as outright currencies – at least not yet. While the likes of bitcoin, bitcoin cash, and ethereum can be freely spent on desktop and mobile, dozens more are barely usable outside of crypto exchanges, and in some cases have been that way for years.

Spendable Cryptocurrency: Coming Soon

As everyone knows, cryptocurrencies are traded speculatively. When you buy monero on an exchange, you’re paying a price that is based less on its usefulness today, and more on what it could be worth in the future, should mass adoption of cryptocurrency occur and privacy coins prosper. There’s nothing wrong with that: most assets are subject to a prolonged period of price discovery before the market settles on a value. That’s why dot coms that have yet to turn a profit can be valued in the billions. As Eric Wall put it in his recent trading column:

The investment information you are looking for is not anywhere to be found in the charts. Rather, it’s in one’s ability to understand and visualize the future of [the cryptocurrency] market.

Cryptocurrency speculation is natural. In fact, such behavior is healthy, as it drives eventual adoption. But sooner or later, you might want to do something with the cryptos you deem as keepers, like move them off an exchange, spend them, or gift them to friends. And that’s where you start to run into problems. To gain an insight into the spendability of cryptocurrencies, news.Bitcoin.com set out to answer a simple question: How many of the top 100 cryptocurrencies can be sent to friends and family?

Mom rocks an iPhone, little bro has an Android, and dad, for some strange reason, only uses a desktop. To pass this test, a cryptocurrency must be capable of being sent and received on all three devices.

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US Federal Judge: Bitcoin and Cryptocurrency Are Commodities

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For the first time, a federal judge has upheld that Bitcoin and other cryptocurrencies are commodities and thus subject to regulation by the U.S. Commodity Futures Trading Commission (CFTC).

Bitcoin & Cryptocurrencies Are Commodities

U.S. Federal Judge from the Eastern District of New York, Jack Weinstein, ruled on Tuesday that cryptocurrencies should be treated as commodities, reports CNBC.

The ruling is a landmark as this is the first time that a court upheld the CFTC’s jurisdictional assertion over cryptocurrencies like Bitcoin. Previously, the CFTC had stated that cryptocurrencies should come under the scope of the commodities regulator.

“CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act,” the agency said in a statement back in September 2015.

Now, the ruling adds some much-needed clarity to cryptocurrency, as well as its related futures and derivatives markets, which launched at the end of last year.

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Legendary Investor Predicts Everyone Using Crypto in Five Years

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Tim Draper who has been investing in future technology since the earliest days of the web said that in five years no one will be trading with fiat currency. The legendary investor and prognosticator of where technology is taking us sat down with CNBC’s Fast Money to talk about the future of Bitcoin and blockchain technology.

Greatest Technological Change

Draper said the shift that is happening in technology today is bigger than the iron or bronze age. When asked how he compared the opportunities now to when he was investing in web 1.0 and 2.0 he talked about how the web transformed information. But now blockchain technology has the potential to change almost every industry including the way government works.

He sees individual governments breaking down in the future to become a group of international entities that will compete by supplying their services to citizens.

When asked to compare where blockchain development is now as compared to the way the internet was developed, he put the timeline at the early eighties for investor potential, saying “it is all just getting started.” “This is the most excited I’ve ever been as an investor, and I was right there at the beginning of the internet,” he added.

Talking about the future of currency Draper stated that in five years fiat currency will be a thing of the past. There will be no more currencies linked to specific countries.

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Bitcoin Private a Triple Fork: Fork of a Fork of a Fork

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The world of cryptocurrency has seen many intriguing changes. Currencies are created out of thin air, whereas some of them are effective “forks” of others. In the case of Bitcoin Private, it is safe to say this is a fork of a forked currency that was also forked from Bitcoin. Not necessarily something that makes a lot of sense to people.

Too Much Forking Action

On paper, there is nothing wrong with forking existing cryptocurrencies. In most cases, this is done due to technical disagreements or a completely different vision. Bitcoin has seen its fair share of forks, although only one of them has effectively succeeded so far. Bitcoin Cash is, by far, the most stable forked off Bitcoin on the market. However, this trend of forking Bitcoin goes back for quite some time.

People who keep a close eye on privacy-oriented currencies will know about ZCash. This privacy-oriented coin has made some great headlines over the past 18 months. It is not an anonymous currency, though, as it lacks all necessary traits to achieve that goal. Few people are aware of how ZCash was effectively created. It is a Bitcoin fork at its core, with different features added on top of it. As such, it derives from the original Bitcoin “path” right away.

ZCash has seen its own forked currency, known as ZClassic. It removes some aspects of ZCash and replaces them with other solutions. As such, ZClassic is – in theory – based on Bitcoin, but it is even further removed from the original currency than its own predecessor ZCash. Hence, a fork of a fork is created, which is already confusing to most novice cryptocurrency enthusiasts.

What About Bitcoin Private?

Here is where things get really interesting. Bitcoin Private is a so-called Bitcoin fork, yet it does not derive from that code base directly. Instead, it is a fork of ZClassic. This means we are now dealing with a fork of a forked currency, which also forked from Bitcoin. It is quite confusing, as it seems Bitcoin Private has even less to do with Bitcoin than either ZCash or ZClassic do right now. Even so, the developers choose to use the term “Bitcoin” as part of their brand.

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Ripple-Powered Mobile App to Provide On-Demand Payments in Japan

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The Japan Consortium is set to launch a revolutionary smartphone app called “MoneyTap,” which will allow customers to settle transactions instantaneously, 24/7. The app is powered by Ripple’s blockchain technology.

Instant Domestic Transfers for 80% of Japan

According to an announcement on Ripple’s official website, this is the first time in Japan a mobile transaction settlement app has been developed which will be utilized by multiple banks throughout the country. SBI Net Sumishin Bank, Suruga Bank, and Resona Bank start using the app in Fall 2018, after which various other banks will see a staggered release.

The Japan Consortium itself is comprised of 61 banks, which accounts for more than 80% of all banking assets in the country. It is also led by SBI Ripple Asia. Thus, MoneyTap effectively puts instantaneous banking in the hands of the vast majority of Japan’s population — who are primarily limited to business day transactions between the working hours of 8:30 am and 3:30 pm.

Just Tap It In

To use MoneyTap for instant domestic payments, customers need only a bank account, phone number, or QR code. Additionally, fees will be significantly reduced from the traditional banking and ATM fees, since the blockchain-powered transactions will be both faster and cheaper. Said SBI Ripple Asia’s CEO, Takashi Okita:

We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan. Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.

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