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Bitcoin Cash Price Analysis: BCH/USD Correcting Lower

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Key PointsBitcoin cash price formed a new monthly high at $829 before starting a downside correction against the US Dollar. There was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair broke the $760 support area and is currently trading below the 100 hourly simple moving average.

Bitcoin cash price is correcting lower from well above $800 against the US Dollar. BCH/USD must stay above the $720 support area to avoid more declines.

Bitcoin Cash Price Resistance

There were further gains in bitcoin cash price above the $800 level against the US Dollar. The BCH/USD pair even broke the $820 resistance and traded to a new monthly high at $829. Later, it faced sellers and started a downside correction below $800. There was a substantial downside move and the price broke the 50% Fib retracement level of the last wave from the $716 low to $829 high.

During the decline, there was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair. The pair even broke a major support at $760 and settled below the 100 hourly simple moving average. At the moment, the price is trading near the 76.4% Fib retracement level of the last wave from the $716 low to $829 high. It may extend the current decline towards the last swing low of $716 or the $720 support.

Looking at the chart, the price must stay above the $716-720 support zone. It holds a lot of importance and a break below it could put a lot of pressure on buyers. On the upside, the broken support at $760 may now act as a resistance.

Looking at the technical indicators:

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Five Nations Join Efforts to Punish Transnational Bitcoin Tax Crime

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Tax enforcement authorities from five nations announced that they have created a united alliance, the Joint Chiefs of Global Tax Enforcement, known as “the J5.” The J5 said they are committed to combating transnational tax crime “through increased enforcement collaboration,” in other words: working together to gather information, share intelligence, and conduct joint operations.

The J5 include the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Dutch Fiscale Inlichtingen- en Opsporingsdienst (FIOD), the British HM Revenue and Customs (HMRC), and the American Internal Revenue Service Criminal Investigation (IRS-CI).

“We are convinced that offshore structures and financial instruments, where used to commit tax crime and money laundering, are detrimental to the economic, fiscal, and social interests of our countries,” the IRS posted in a statement on their homepage. “We will work together to investigate those who enable transnational tax crime and money laundering and those who benefit from it. We will also collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology,” they added.

The group met for the first time last week and developed new plans to identify and pursue cybercriminals and those who enable transnational tax crimes, and who enable and assist money laundering. Further updates on J5 initiatives will be announced in late 2018.

Bitcoin has presented millions of individuals around the world with a unique opportunity to generate a massive amount of revenue through intelligent investing.

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Economist: Bitcoin Futures Killed the 2017 Bull Run

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As the fluctuations in the price and trading volume of Bitcoin continue to flummox the oracles of CNBC, a noted Japanese economist has written an article to explain what he thinks killed off the 2017 bull rally and began this 2018 bear driven roller coaster ride the cryptocurrency has been taking.

Did Futures Kill the 2017 Bitcoin Rally

Japanese economist Yukio Noguchi wrote an article last week for the Japanese periodical Diamond online that is getting a lot of attention among crypto traders. In it he links the start of the Bitcoin futures market with the end of Bitcoin’s meteoric price increases in December 2017.

The CBoE began trading Bitcoin futures on December 10, 2017, that day the price of Bitcoin stumbled, dropping about $3,000 in a day. It rallied from there gaining new heights as it hovered at the threshold of $20,000 for a few days before bouncing up and down, gaining and losing thousands every other day. By January 6 it fell off a cliff and has never got back up over $10,000 in 2018.

In Noguchi’s own words, translated from the original Japanese, “Because it’s now possible to trade on bitcoin futures, you’ll never see a rapid surge again,”

Apparently, Noguchi is not alone in this opinion that the creation of the Bitcoin futures market was key to ending the 2017 bull run. According to Forbes, nearly the same argument was made in May by economists at the Federal Reserve Bank in San Francisco in a paper titled, “How Futures Trading Changed Bitcoin Prices.” The paper reads in part:

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Ethereum Classic Price Analysis: ETC/USD Could Break $18

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Key HighlightsEthereum classic price traded higher and broke the $16.00 and $16.40 resistances against the US dollar. There was a break above a key bearish trend line with resistance at $16.05 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is now placed nicely above the $16.40 support and it could accelerate gains towards $18.00.

Ethereum classic price is placed in a bullish zone against the US Dollar and Bitcoin. ETC/USD is likely to move further higher towards the $18.00 and $18.50 levels.

There was a solid support formed around the $15.50 level in ETC price against the US dollar. The ETC/USD pair remained well above the $15.00 pivot level and the 100 hourly simple moving average. The price consolidated for a few sessions above the $15.50 support before starting the next move. It climbed higher and broke the $16.00 and $16.20 resistance levels.

More importantly, there was a break above a key bearish trend line with resistance at $16.05 on the hourly chart of the ETC/USD pair. The pair spiked above the $17.00 level and a high was formed at $17.13. At the moment, the price is consolidating gains above the $16.50 level. It tested the 23.6% Fib retracement level of the last wave from the $15.58 low to $17.13 high. However, downsides were limited and it seems like the price is preparing for more gains above $17.00. There is an expanding triangle formed with resistance at $17.15. A break above this could open the doors for more gains towards the $18.00 level.

The chart suggests that the price is in a bullish zone above the $16.50 level. As long as ETC is above the $16.50 and $16.00 supports, it could continue to move higher towards $18.00 and $18.50.

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

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Ripple (XRP) and Bill Gates Foundation Partnership Continues Support for the Unbanked

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Ripple with its unique market strategy has reached a strong level of expansion. As explained by its xSpring Managing Director Daniel Aranda, why the team chose to concentrate on developing better payment solutions, it has signed down more than 150 partnerships around the world. One of them is with the Foundation of Bill Gates in 2017.

“As we were thinking about different use cases… around payments… the highest friction and pain point that we found was around cross-border. So, if you think about here in the UK, you have services like the Faster Payments Service, CHAPS, and BACS, RTGS from the Bank of England, you have great payment systems that already exist on a domestic or regional level… so there is SEPA in the EU as well… but because there is no global central bank, you don’t really have a global consolidated payments system… you have layers that maybe simulate that, things like Visa and MasterCard or even SWIFT as a messaging service… And we thought that a decentralized architecture, blockchain technology, and these public ledgers could really help kind of interoperate a lot of these different systems. So, with that thesis in mind, we just started looking at markets [to see] who would be the first users, who is the right first customer to focus work.” – Daniel Aranda

Ripple (XRP) & Foundation of Bill Gates

The Bill Gates Foundation is a project for the sole reason of making living standards for people in various countries better. In this road for the better, the Foundation teamed up with Ripple to use their tech and release a software named Mojaloop.

Based on information released by the world bank, there are over 2 billion people who are trapped in poverty, many of whom solely because they do not have access to a bank account or other basic financial services.

Mojaloop – is an open-source software which banks can adapt and find their own use of it very easily with low cost and effort. During its development, the project was funded by the Gates Foundation and created by fintech companies while including Ripple.

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Binance (BNB/BTC) Technical Analysis for 07/03/2018 – Major Pullback Taking Place

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Either way, much of bitcoin’s moves could hinge on market sentiment moving forward, as the cryptocurrency appears to be taking the share of risk-on flows while investors hesitate to buy stocks and commodities. After all, trade war tensions are still high and these traditional assets could be more vulnerable to losses if the situation escalates.

Binance continues to trend higher as the rising trend line on the daily time frame remains intact. However, price might need a correction in order to draw more buying pressure to sustain the climb.

Applying the Fibonacci retracement tool on the latest swing low and high shows that the 50% level lines up with this rising support level around 0.00205. A larger pullback could last until the 61.8% Fib at 0.00190. For now, Binance is testing support at the 38.2% Fib or 0.00220.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the rally is more likely to resume than to reverse. In addition, the 100 SMA lines up with the trend line to add to its strength as a floor.

RSI is pointing down to signal that sellers still have the upper hand, likely keeping the correction in play for a bit longer. Stochastic is also moving south so Binance might follow suit, although the oscillator is also nearing oversold conditions. Turning back up could bring buyers back in and allow the climb to resume back to the swing high and beyond.

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Bitcoin Market ‘Still in a Growth Phase,’ Says Bullish Trading Expert

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Octagon Strategy trader Ryan Rabaglia reminds investors to look at the bigger picture for Bitcoin, while claiming increased regulation will eventually drive prices higher.‘The Markets are Still in a Growth Phase’

A trending belief in the cryptocurrency space over recent months is that increased regulatory clarity will drive the price of Bitcoin 00 higher and help it break out of a half-year-long bearish trend. Octagon Strategy trader Ryan Rabaglia is one expert who shares this belief.

Rabaglia told CNBC that, despite the intense selling pressure throughout 2018, the macro picture for Bitcoin is still overwhelmingly positive. He explained:

I think it’s more interesting to sort of remember where we came from in this market. Year-over-year we are up well over a hundred percent still and the markets are still in a growth phase, which I know a lot of people have been saying and have said and will probably continue to say — you have to be reminded that the industry is still only eight years old.

Rabaglia continued:

There is still a lot of growth to sort of get through and to go through. That there are going to be a lot of obstacles in something so young and immature. But yes, we are still bullish and we are still upgrading this space in a bullish manner.

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Ripple Price Analysis: XRP/USD Surging Above $0.50

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Key HighlightsRipple price jumped higher and broke the $0.4750 and $0.5000 resistance levels against the US dollar. Yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is gaining momentum above the $0.5000 resistance and eyes a test of $0.5250.

Ripple price is gaining upside momentum against the US Dollar and Bitcoin. XRP/USD is placed in a bullish trend above the $0.4750 pivot level.

Ripple Price Trend

Yesterday, there was a minor downside correction in Ripple price from the $0.4820 swing high against the US Dollar. The XRP/USD pair traded lower and tested an important support near the $0.4500 level. Moreover, the price tested the 50% Fib retracement level of the wave from the $0.4250 low to $0.4820 high. Later, the price formed a support and started a fresh upside move above $0.4600.

During the upside move, yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair. More importantly, the price was able to break a crucial resistance at $0.4750. It opened the doors for more gains and the price rocketed above the $0.5000 level. It is now placed well above the $0.5000 resistance and it looks set to break $0.5200. An immediate support is near the 23.6% Fib retracement level of the last leg from the $0.4518 low to $0.5088 high. However, the most important support on the downside is at $0.4750, which was a resistance earlier.

Looking at the chart, the price is gaining upside momentum above $0.5000. Once it clears the $0.5200 barrier, it could accelerate gains towards $0.5500. On the downside, supports are seen at $0.5000, $0.4800 and the $0.4750 pivot level.

Looking at the technical indicators:

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Litecoin Price Analysis: LTC/USD Turned Bullish

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Litecoin price traded further higher above the $82 and $84 resistances against the US Dollar. LTC/USD is now trading in a bullish zone and it could soon break $90.

Key Talking Points

Litecoin price broke a major resistance zone near the $84-85 levels (Data feed of Kraken) against the US Dollar. Yesterdays’ highlighted short-term declining channel was breached with resistance at $79.50 on the hourly chart of the LTC/USD pair. The pair is now placed nicely above the $84.00 resistance and is positioned for more gains.

Yesterday, there was a short-term downside correction initiated from the $84.00 resistance in litecoin price against the US dollar. The LTC/USD pair tested an important support area near $78.00 and recovered.

Looking at the chart, the price tested the 50% Fib retracement level of the last leg from the $72.71 low to $84.10 high. It seems like the price completed a downside correction near $78.00 and the 100 hourly simple moving average.

As a result, there was a fresh upside wave and the price jumped above the $80.00 and $82.00 resistance levels. More importantly, yesterday’s highlighted short-term declining channel was breached with resistance at $79.50 on the hourly chart of the LTC/USD pair.

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ICO Market Approaches $12B Raised as Number of Dead Coins Tops 800

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There are now more than 800 coins which are essentially dead. However, the market for Initial Coin Offerings (ICOs) continues to boom in 2018, raising almost $12 billion in the first two quarters alone.Lots of Flaws

ICOs have surely become a hot topic in the last year and a half. This alternative fundraising method saw its massive upswing of interest in 2017 when it managed to reach upwards of $3.8 billion of capital raised. Yet, the first two quarters of 2018 have dwarfed that number, raising almost $12 billion, according to Coinschedule.

Nevertheless, this fairly controversial way of raising capital. And it hasn’t been without merit. A recent study showed that at least 20% of all ICOs have turned out to be a scam, which makes them a seemingly risky investment opportunity. The massive amount of flawed projects also caused some to take this even further. BitTorrent’s creator, Bram Cohen, said that all ICOs are scam unless proven otherwise.

Others, such as Bobby Lee, co-found of BTCC cryptocurrency exchange, said that 95% of ICOs aren’t based on blockchain technology but are rather database projects.

Furthermore, 800 of the tokens issued through initial coin offerings are essentially dead, according to a website called Dead Coins. The venue lists them under a few different categories, based on the reason for their devaluation. Some are the results of scam projects or have been hacked, others have gone to prices less than 1 cent. There are also those which are nothing but a parody.

Profitable Nevertheless

Despite all of the criticism ICOs are subjected to, they remain widely profitable. The aforementioned study also came to the conclusion that if you had invested in every single visible ICO, regardless of whether it turned out to be a scam or not, you would have made 13.2 times return on the investment.

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