Bitcoin drops below $6,200 for first time in three months

The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.

Bitcoin plunged 20 per cent to a three-month low today, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling.

The virtual currency fell to $6,190 for the first time since mid-November, according to Bloomberg News, and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.

Today's collapse comes just six weeks after bitcoin hit a record high of $19,511, fuelled by a flood of speculators looking to make a quick buck, with warnings it could fall another 50 per cent.

Since those heady days the cryptomarket — which includes dozens of other units — has been pounded by news of crackdowns by governments including in China, Russia and South Korea, one of the biggest markets for the sector.

On Thursday, India said it would "take all measures to eliminate" cryptocurrencies' use as part of a payment system and in funding illegitimate activities, while Japanese authorities raided a virtual currency exchange after it lost $530 million to hackers.

Central bank in Europe, Japan and the United States have also flagged concerns about the unit and this week saw several commercial lenders say they would stop allowing their customers to buy bitcoin through their credit cards owing to debt concerns.

Stephen Innes, head of trading for Asia Pacific at Oanda, said "the dynamics behind the moves are regulatory clampdowns and investors losing confidence in crypto".

The sell-off on Tuesday was exacerbated by crushing losses on world stock markets, with the Dow on Wall Street suffering its biggest one-day points loss and wiping out all its 2018 gains.

The global rout comes as panicked investors fret over rising US borrowing costs, leading them to cash in profits after a stellar couple of months that have seen many indexes hit record or all-time highs.

Equities have enjoyed months of surges fuelled by optimism over the US economy, corporate earnings and the global outlook.

But while traders have been piling into equities, pushing many global indexes to record or multi-year highs, there has been growing concern on trading floors about elevated US Treasury bond yields — at four-year highs — and the likelihood of fresh Federal Reserve interest rate hikes.

"The risk-off tone is hitting Bitcoin almost as hard as a global regulator and bank scrutiny," said Greg McKenna, chief market strategist at AxiTrader. "The latest dent to the Cryptospace has been banks saying they are shutting down the ability of clients to buy bitcoin with their cards."

"This could end up a full round trip back into the $1,850/$2,966 region.

Source: Feb 06, 2018 10:39 AM IST | Source: PTI

Posted by David Ogden Entrepreneur

David Ogden Cryptocurrency entrepreneur

David

Bitcoin Not Giving a Big Enough Hit as âGateway Drug’

Bitcoin Not Giving a Big Enough Hit as ‘Gateway Drug’

Interest in Bitcoin hit its high point leading up to its own high of $20,000 in the middle of December last year. Interest peaked, not only in investing circles, but also in the mainstream as Bitcoin became the buzzword on everyone's lips.

This adoption was championed by Bitcoin as it welcomed millions of users to the cryptocurrency community, as expressed in Coinbase’s figures alone. However, in this fast paced ecosystem, Bitcoin is not enough to hold the attention of this vastly diverse community. So, while it may be the ideal coin to get people hooked on cryptocurrencies, once they are in and settled, there is time to seek out a multitude of other coins that are better suited to their needs or beliefs.

The draw of big growth

Bitcoin’s biggest draw was the incredible returns it was offering as it rallied from 2,000 percent in 12 months. This phenomenal growth continued to increase interest in the currency, and that sparked even further growth in this massive hype cycle. It has been correlated before that searches for on Google for Bitcoin are closely related to its growth – a phenomenon known as the ‘Satoshi Cycle’. In the lead up to December’s high, the Satoshi Cycle was in full effect as Google trends showed some interesting figures.

Nicholas Colas, a pioneering Bitcoin analyst in the world of traditional investments, has taken this correlation very seriously and states that it plays a big part in his predictions. "Going into December, [searches] skyrocketed," Colas said on CNBC’s Fast Money. He added that the total number of Bitcoin Google searches worldwide tripled that month:

"You saw that correlates to the total increased number of wallet growth, which doubled in December from approximately 5 percent to 10 percent as Bitcoin rallied.”

Already hooked

However, taking this metric into consideration, it could be argued that the new wave of adopters are now starting to disperse and find their way to other coins that are more suited to their individual needs. It makes sense that as people become educated and learn more about options in the crypto community that they begin to diversify and pick out their favourite coins to invest in. This often leads to money moving away from Bitcoin and into Altcoins.

Bitcoin, being the dominant, most adopted and scene-leading coin, will continue to be the ‘gateway drug’ of the community, but it is finding it harder to hang on to total support and dominance.

These sentiments are expressed by Colas, who adds:

"Bitcoin is considered the gateway drug to all cryptos and it has acted exactly that way. Right now [the Google search data] is telling me there's not really that next leg up in Bitcoin because there's not that interest that leads to wallet growth that leads to price appreciation."

Proof?

Colas tries to justify this position by explaining how Ethereum has been the only coin that has fared relatively well in the top echelons of the CoinMarket Cap:

“Some of the movement in Ethereum, which has traded much better [in January], is just money which is being pulled out of Bitcoin."

However, it is important to note that Bitcoin’s price fluctuations and movements are still heavily linked to all other coins. The saying that: ‘the tide moves all boats’ is still true in the cryptocurrency market with Bitcoin essentially being the tide. When Bitcoin is up, most coins follow, and when it is down, the same red graphs appear to follow suit across the board.

Author Darryn Pollock

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Cryptocurrency Markets Move Back Into Green After Substantial Selloff

Cryptocurrency markets are rebounding today, Feb. 3, following yesterday’s multi-month low in Bitcoin's price. Most of the top 50 coins are in green, with 24 hour gains over 20 percent.

In part due to pressure from misleading reporting on regulations in India, the overall cryptocurrency market took a massive nosedive starting Thursday, Feb.1, shedding more than $100 billion in market cap in the 24 hours following the news.

However, after the substantial selloff, the market has spent today bouncing back, with Bitcoin rising back above the $9,000 level. At press time, Bitcoin was trading at an average of $9,095, up 3.54 percent on the day.

Following Bitcoin’s lead, other coins have also rallied substantially. With the except of three coins, every top 50 cryptocurrency has seen gains, with Litecoin (LTC) and Cardano (ADA), and Verge (XVG) leading the pack with gains between 15 and 20 percent.

A quick glance at the Coin360 market snapshot indicates a clear positive turn after the substantial negatives of the week.

Despite the market lows this week, figures such as Litecoin founder Charlie Lee and CNBC’s Cryptotrader host Ran Neuner have made bullish statements recently about Bitcoin. In an interview with Cointelegraph, Lee in particular offered some level-headed perspective on volatility in crypto markets, often lacking in a market crowded with fearful newcomers.

News of the first Canadian Blockchain ETF approval may well have played into today’s rally.

Bitcoin hit a record high of 20,000 in late December, only to crash, along with the rest of the market, just a few days later, Dec. 22, when Bitcoin and altcoins lost 20-30 percent.

Since then, the leading cryptocurrency has yet to fully recover, hovering roughly between $10-$15,000 per coin, until this yesterday’s multi-month lows under $8000.

The entire month of January saw a market sell off, in part due to increased regulatory news from South Korea – and misleading reporting on it – that left many investors fearful.

Author Jon Buck

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Bitcoin is bottoming, expect a 70 percent surge â Trader

Bitcoin is bottoming, expect a 70 percent surge – Trader

The old saying goes, "buy when there's blood in the streets," and that's what I'm doing with the recent bitcoin price action.

Bitcoin traded to a low of $7,700, this level is a loss of 25 percent on the week and 40 percent on the year. That $7,700 low is ironic because it is the same level that it broke above and began a parabolic ascent in mid-November.

I am watching a key level at $8,650 and a continued close above that could signal immediate upside potential. The next level of resistance is $10,000, and a break back above that should bring further buying to the table, suggesting near-term upside to $14,500, a 70 percent jump from its current price.

On the other side of the coin, I believe we are witnessing a market-cap rebalancing. Many disregard bitcoin but most do not disregard blockchain technology.

While I expect bitcoin to recover from this low, I believe that there are cheaper and better technologies within the complex that are positioned for stronger gains. The five that I am focused on are ethereum, NEO, ripple, stellar and last but surely not least, VeChain. The crytpocurrency market cap reached a height above $800 billion, a number that is now cut in half. Bitcoin's piece of the this market cap has slowly shrunk and is now only one third.

As buyers step back in I believe this trend will continue and I'm watching for these five to gain further ground.

Author: Bill Baruch

Posted by David Ogden Entrepreneur
David Ogden cryptocurrency entrepreneur

David

Is Bitcoins Reign as King of Cryptocurrency in Danger

Is Bitcoin’s Reign as King of Cryptocurrency in Danger?

Regardless of where your allegiances lie in the crypto community, homage should be paid to the original Blockchain solution – Bitcoin. However, it has been 10 long years now since Bitcoin came into being (an eternity in the cryptocurrency space) and things are starting to get away from the King.

Bitcoin’s path was forever changed in August 2017 when a new challenger stepped up to the plate amid the rapidly escalating scaling debate. Bitcoin Cash appeared with its backers claiming it to be the one true ruler. Not long after this came Segwit 2x's failure to launch, which essentially confirmed Bitcoin’s status as digital gold. As a digital gold, it may have no rivals, but in the world of cryptocurrency it may have played its last move.

Scaling is a constant topic for evolving cryptocurrencies, and if Bitcoin cannot scale properly soon, it could be abandoned by investors for a more forward thinking cryptocurrency.

An aging King

After bringing in millions of users to the cryptocurrency space, Bitcoin has hit a log jam on its network as available blocks fill up with transactions quicker than they can be mined. This backlog has led to higher transaction fees and longer waiting times.

These factors all end up being counterproductive to the principles underpinning cryptocurrency which are to eliminate the power that banks have over money. Banking fees and centralised waiting times are part and parcel of the irritation that comes from another entity being in control of one's money. Bitcoin is increasingly picking up these bad habits, leaving its users with a feeling of déjà vu harking back to the days when banks held a monopoly over monetary services.

Waiting in the wings

Bitcoin’s move towards digital gold was a communal decision, and therefore blame cannot really be laid purely on the currency’s shoulders. But in that short time, frustrations amongst investors have grown with regards to the scaling issues.

There are other currencies waiting to try and take the mantle away from Bitcoin, and already this has been demonstrated as Bitcoin suffers a 50 percent drop in market dominance since November. Currently, market share for Bitcoin is just over 33 percent, having not too long ago been at over 60.

Bitcoin Cash is the most direct competitor to Bitcoin, trying to replace it as a ‘peer-to-peer electronic cash system’, as outlined in its white paper. However Bitcoinc has more than just its potential replacements to worry about, as the adoption rate of the currency is reversing. Bitcoin once held sway over a number of large companies who had adopted it as a form of electronic payment, but have since reneged on their adoption. Steam, formerly a strong supporter, no longer accepts Bitcoin, while Microsoft caused confusion when they looked to stop accepting only to rebut this and state:

“Microsoft has restored Bitcoin as a payment option after working with our provider to ensure lower Bitcoin amounts would be redeemable by customers.”

As companies turn away from Bitcoin, even some of the more established names in cryptocurrency join the march for the door. Civic CEO Vinny Lingham, who is well respected for his opinions in the crypto community said:

“When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.”

Where to for Bitcoin?

There are currently plans underway for the oldest and most well-known digital coin to try and overcome this scaling issue. Some of the solutions being considered include the Lightning Network, or major upgrades to the network like changing block sizes.

Lightning Network, a technology which is being tested slowly but surely on the Bitcoin network, involves taking the transactions off-chain and opening payment channels. With these transactions taking place off chain, the result is an almost instantaneous transaction, at a much cheaper rate. This kind of upgrade will require a lot of consensus, and will need to undergo a lot more testing and proof before it becomes entrenched and usable on a large scale, which is another issue that Bitcoin has.

Even the idea of making big changes to the network could again fail and flounder. We have already seen this with the failure of the Segwit2x potential upgrade. Bigger blocks could solve the problem, but then Bitcoin will essentially going down the same path as Bitcoin Cash, and with too many staunch supporters in the community, this is unlikely to happen.

Hard to dethrone

Bitcoin is well entrenched in the cryptocurrency space, and will likely be a leading currency for a good while more as people refer to Bitcoin first before anything else. But, as the community matures, explores, and demands more, Bitcoin could be in trouble. Changes need to happen, and while Bitcoin will not fall on its sword too soon, if it does not make changes, then the potential for failure will continue to increase.

Author Darryn Pollock

Posted By David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Bitcoin Price Looking Heavy As News Turns Negative

Bitcoin's possible upside appears capped by a recent run of negative news.

Following a hack against the exchange Coincheck last week, CoinDesk's Bitcoin Price Index (BPI) turned lower from $11,942 (Sunday high), ultimately hitting a low of $11,110 at 09:59 UTC Monday. Still, what may be more notable is not the recent price (which continues its sideways 2018 trajectory), but the changing narrative for potential buyers.

Though the Coincheck news did not impact bitcoin directly (no bitcoin was stolen), it does appear to have marked a change in a mainstream news narrative that has breathlessly provided tailwinds for the market since late last year.

For example, the 6.9 percent drop from the high of $11,492 may be due to concerns regarding the solvency of a startup called Tether, which provides a proxy cryptocurrency used by exchanges in lieu of the U.S. dollar.

While bloggers have long accused Tether of creating the asset out of thin air, news reports are now speculating doomsday scenarios following a CoinDesk report that suggests the startup has broken ties with an auditor acquired to calm market fears.

In the press, experts have been quoted as saying that bitcoin (BTC) price could crash 80 percent if it turns out Tether is fraudulent. And though that scenario doesn't appear likely, coupled with chart analysis, it does perhaps increase the odds of a break below $10,000.

As of writing, BTC is trading at $11,064 on Coinbase's GDAX exchange. The cryptocurrency has depreciated by 1 percent in the last 24 hours, says data source OnChinaFX.

Bitcoin 4-hour chart

The above chart (prices as per Coinbase) shows-

Failed bullish breakout – BTC's failure to cut through resistance at $11,690, despite the upside break of the symmetrical triangle on Friday could end up strengthening the bears.

Currently, prices are threatening to drop below the rising trendline support.

50-MA, 100-MA and 200-MA are sloping downwards in favor the bears.

View

A break below the rising trendline would open doors for $10,000 and possibly extend the drop to $9,000.

As discussed in the previous update, dips below the $10,000 mark are to be viewed with caution.

On the higher side, only a move above $11,690 could yield a sustained rally to $13,000.

Author Omkar Godbole Jan 29, 2018 at 11:45 UTC

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Masked thugs stick up investor at GUN POINT in FIRST UK cryptocurrency robbery

BITCOIN'S price is down again this morning after a report this weekend of a gunpoint robbery where a city financier was targeted at his home and forced to transfer money to armed robbers.

Bitcoin's price is down $480 to $11,217 at the time of press as the crypto community responds to the deluge of regulatory threats coming from Davos last week, and a gunpoint robbery in a picturesque Oxfordshire village on Monday, revealed in the Sunday papers.

Last Monday, in the quaint village of Moulsford in South Oxfordshire, four armed robbers forced their way into the home of a City of London finance chief and forced him to transfer an unknown quantity of bitcoin, worth around $10,000 at the time.

Wearing balaclavas, the Mail on Sunday reported that the men kicked down the front door and forced their way into the home of Danny Aston, 30.

The armed men reportedly tied up a woman and kept a baby outside in a pram while forcing Mr Aston to transfer the bitcoin.

A woman said: "I saw four young men in black tracksuits with the hoods pulled up, crossing the road to the property where it took place."

She added: "They were aged 18 to 25, dark-skinned and super-fit. They jumped over the fence on the other side of the road. I didn’t see any gun, but that’s what people locally are saying – and that the men wore balaclavas which I didn’t see either, just the hoodies pulled up."

Chief Executive of Explain The Market, Mark Shone, said: “These are criminals who have likely caught on to the current popularity of Bitcoin.

“But depending on how much they have, these coins are like being in possession of a rare painting. Trying to exchange large amounts for normal money without alerting suspicion will be very difficult.”

A police spokesman said: “Officers were called at about 9.40am to a report that offenders had entered a residential property off Reading Road and threatened the occupants.

“No one was seriously injured during the incident.

“Officers are particularly interested in speaking to anyone travelling through the village on the A329 Reading Road between 7.30am and 10.30am on Monday who has dashcam footage, or anyone with mobile-phone footage.

“The investigation is in its early stages, however initial inquiries suggest this may be a targeted incident.

“No arrests have been made at this stage and anyone with any information relating to the incident is asked to call Thames Valley Police on the non-emergency number 101 or Crimestoppers anonymously on 0800 555 111.”

Bitcoin transactions provide anonymity to users and so has been used for criminal activity such as buying illicit items on the dark web.

Bitcoin also provides anonymity for scammers as the virtual currency does not pass through any banking institution and consumers cannot stop payment like they can with a credit card.

Cyberfraud, drug dealing, prostitution, gun-running and other major crime profits are being ploughed into the internet currencies.

Drug pedlars are using high street bitcoin ATM machines, of which there are 77 in the UK, to deposit cash from deals.

Gangsters are not only hiding money from the police, they are also making fortunes from the rise in the value of virtual currencies, according to the Met Police.

Head of Scotland Yard’s Serious and Organised Crime Command Detective Chief Superintendent Mick Gallagher said gangs have turned to cryptocurrencies.

He said: “At the moment, it feels like there is significant growth.”

Online criminals prefer the added privacy of some of bitcoin’s competitors as forensic firm Chainalysis said the amount of bitcoin is being used on the Dark Web has fallen from 30 per cent to one per cent.

Instead cybercriminals are turning to other digital currencies.

Philip Gradwell, Chief Economist at Chainalysis said: “In the last few months, there has been a rapid increase in the use of Monero, likely for illicit means.

“Whether Monero grows further, to displace bitcoin as the crypto-crime currency, depends on its adoption by new darknet markets, which are emerging following recent shutdowns, and improvements in the user experience of buying and transacting in Monero.”

It comes as the FBI issued a stark warning about an online scam in which people are threatened with death unless they hand over all of their bitcoin.

Investigators said the emails are carefully designed so that even educated professionals can be lured in.

FBI agent Laura Eimiller said it is a new spin on extortion.

Agent Eimiller said: “The chances are if you are online, you will be victimised not once, not twice, but multiple times.”

By DAVID DAWKINS and MATT DRAKE UPDATED: 08:00, Mon, Jan 29, 2018

Posted bu David Ogden Entrepeneur
David Ogden Cryptocurrency Entrepreneur

David

How Chinese Bitcoin Buyers Are Getting Around Government Ban

Chinese citizens are still investing in Bitcoin and the cryptocurrency market despite the government’s heavy crackdown.

In September 2017, Chinese cryptocurrency exchanges BTCC China, Huobi and OKCoin were ordered by the government to shut down their businesses. At one point, executives of the three cryptocurrency exchanges were prevented from leaving the country, due to a government investigation into local cryptocurrency exchanges.

Three months later, in December of 2017, China’s three largest cryptocurrency exchanges relocated their businesses to Hong Kong. BTCC China, Huobi and OKCoin rebranded to BTCC, Huobi Pro and OKEx, respectively. They intended to address the rapidly growing demand from Hong Kong-based investors.

Shortly after their move, the three trading platforms started to see daily volumes from Chinese investors grow exponentially. Somehow, Chinese investors were managing to circumvent Chinese trading restrictions by using Hong Kong-based exchanges. How is this possible?

In Hong Kong, it is relatively easy for investors to set up businesses. With less than $1,000, businesses can be legally created, which allows the opening of business bank accounts at Hong Kong-based financial institutions. Beginning in December 2017, many Chinese investors moved their funds from their Chinese bank accounts to Hong Kong bank accounts and started to trade cryptocurrencies more actively, effectively bypassing China’s restrictions.

But, unlike China, Hong Kong has a substantially lower supply to meet the growing demand. While China is home to major miners like Bitmain, Hong Kong does not produce much Bitcoin and other cryptocurrencies. As such, premiums in the Hong Kong cryptocurrency market increased, surpassing even that of the South Korean market. On January 18, when the global average price of Bitcoin was around $11,500, Bitcoin was being traded at above $13,000 on Huobi Pro.

Krystal Hu, a Hong Kong-based finance journalist, noted that traders outside of China have also started to take advantage of the arbitrage opportunity presented by the Hong Kong market. For instance, on January 18, the price of Bitcoin on Coinbase was $11,800. Purchasing Bitcoin from Coinbase and selling it on any Hong Kong-based market would have generated $1,200 in profit.

Chinese Government Concerned

Hong Kong’s exchanges have also integrated widely-used fintech applications in China such as Alipay and Tencent’s WeChat Pay. Alipay is a $60 billion fintech app that is used by more than 50 percent of mobile users. WeChat Pay, which was only used by seven percent of mobile users in 2014, is now being used by more than 40 percent of mobile users in China.

The integration of the two fintech payment networks has increased the accessibility of Hong Kong-based cryptocurrency OTC exchanges for Chinese investors, easing the process of investing in the cryptocurrency market.

To prevent Chinese investors from buying digital currencies, the Chinese government and the People’s Bank of China (PBoC), have asked local banks to disclose any suspicious transactions linked to Hong Kong-based markets. However, even this action will not be able to prevent Chinese investors from accessing Hong Kong-based markets, due to apps such as Alipay and WeChat Pay.

Author Joseph Young

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano – Price Analysis, Jan. 25

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano - Price Analysis, Jan. 25

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano – Price Analysis, Jan. 25

The massive upwards movement in cryptocurrencies over 2017 has not gone unnoticed. The participants at the World Economic Forum (WEF) in Davos are being questioned about cryptocurrencies and Cointelegraph has been one of the main voices representing the fraternity.

The traditional investors are still not willing to accept the rising clout of the cryptocurrencies and are pushing for tighter regulation. Only recently, Nordea Bank banned its employees from owning Bitcoin by Feb. 28. However, this move is facing strong opposition from the large unions.

Even the fears of a cryptocurrency ban by South Korea gathered a massive petition opposing the move. Finally, the Korean government only banned the traders from using anonymous bank accounts for cryptocurrency trading.

The classical investors and regulators fail to understand that these kinds of bans are unlikely to dent the popularity of the cryptocurrencies.

BTC/USD

Bitcoin is currently in no man’s land. It is facing resistance at the down trendline one. If the bulls succeed in breaking out of this resistance, we can expect a rally towards the down trendline two. Aggressive traders can trade this pullback.

Others should wait for a confirmation of a bottom formation because, if the bulls fail to sustain above the down trendline one, the likelihood of $10,000 levels breakdown increases.

Unlike the previous falls, this time, the BTC/USD pair is struggling to hold on to higher levels. With the price quoting below both the 20-day EMA and the 50-day EMA, the trend remains down to range bound.

The downtrend will reassert itself if the price breaks down to $10,000 levels. So, the swing traders should wait and watch for the next few days for the trend to change from down to up before initiating any long positions.

ETH/USD

Ethereum is in a pullback in an uptrend because it is still quoting above both the 20-day EMA and the 50-day SMA. Additionally, it has successfully held on to the uptrend line, which is another positive sign.

But the 20-day EMA has flattened out, which points to a range bound trading action for the next few days. The support of the range is likely to be at $900 levels, whereas, the resistance will be at $1,160 levels.

The ETH/USD pair will become negative only after it breaks down of the trendline and the 50-day SMA, which is at $845.

Long positions for the medium-term can be initiated on dips to $1,000 levels, with a stop loss at $840. We believe that if the 50-day SMA holds, the cryptocurrency will attempt to resume its uptrend and rally to the highs. This is a risky trade, hence, please keep the position size small.

BCH/USD

The traders, both the bulls and the bears, are not taking any keen interest in Bitcoin Cash. As a result, it has been trading in a small range since Jan. 23.

Support on the downside exists at the Jan. 17 low, $1,364.9657. On the upside, as the moving averages have completed bearish crossover, the 20-day EMA is likely to act as a resistance. Additionally, the $2,072 levels and the downtrend line will also act as a strong overhead resistance.

We don’t find any tradable setup on the BCH/USD pair.

XRP/USD

Ripple has formed a doji candlestick pattern on both Jan. 23 and Jan. 24. Even the price action currently points to a very small range day.

As forecast in our previous analysis, the XRP/USD pair is likely to remain range bound between $0.87 and $1.74. A trading opportunity will pop up only if the supports of the range hold or if the cryptocurrency breaks out of the overhead resistance. We should wait until then.

IOTA/USD

IOTA’s range has been shrinking for the past two days. It has formed successive inside day candlestick patterns on Jan. 23 and Jan. 24. Today, it is trying to resume the downtrend.

On the downside, support exists at $1.9232 levels. If this breaks, the IOTA/USD pair can extend its losses to the Dec. 22 low of $1.1.

The first signs of a recovery will be seen once the price breaks out of $3.032 and the down trendline of the descending triangle.

If the support and the overhead resistance levels hold, we may see a few days of range bound action.

LTC/USD

Litecoin has held on to the critical support level of $175.199. However, the bounce doesn’t have any strength, which shows a lack of interest in buyers.

If the bears succeed in breaking down the supports, a fall to $140.001 is likely.

On the other hand, the first signs of a recovery will be on a breakout above $215 levels.

Aggressive traders can buy the LTC/USD pair at $187, which is just above the high of past couple of days. The stop loss for the trade can be kept at $163 and the target objective is $215.

However, this is a very risky trade, hence, please place it only with less than 50 percent of the usual allocation.

XEM/USD

NEM has held on to the 0.86 levels for the past few days, but the bulls are unable to push prices above the down trendline.

This is likely to lead to another attempt to break down of $0.86 within a couple of days. If the bears succeed, a fall to the Jan. 16 lows of $0.55134 is likely. The 20-day EMA has turned down and is likely to complete a bearish crossover if the support breaks.

We don’t find any bullish setups on the XEM/USD pair with price trading below the trendline and both the moving averages. A change in trend will be signaled once it rallies above $1.21.

ADA/BTC

Cardano is again attempting to break out of the 0.00006 levels. If successful, it is likely to rally to the overhead resistance at 0.00006915. A very short-term trader can buy at 0.00006 with a stop loss of 0.00005. This is a risky trade, hence, please attempt it with less than 50 percent of the usual position size.

Swing traders should wait for a breakout of the 0.00006915 levels to initiate any long positions. We believe that unless the sentiment turns bullish for the cryptocurrencies, the ADA/BTC pair will find it difficult to breakout of the overhead resistance and may drift down to 0.000047 to 0.000049 levels again, which can be a good level to initiate long positions.

Author Rakesh Upadhyay

Posted By David Ogden Entrepreneur

David

50 Cent accidentally made $8 million in bitcoin

In 2014, rapper 50 Cent let people buy his album Animal Ambition using bitcoin. He then let his account lie unused for years, and only just recently discovered that he’s now a bitcoin millionaire, as first reported by TMZ.

At the time, a single bitcoin was worth only $662, and the rapper’s fans could pick up the album for a fraction of that. In total, he pulled in over $400,000. Since then, the value of bitcoin has soared: the price of the cryptocurrency rose as high as $17,000 earlier this month, only to drop under $10,000 in recent weeks. (At the time of writing, bitcoin is now worth a little more than $11,000.) After sitting untouched in his account for years, 50 Cent’s earnings are now worth $7 million to $8.5 million, based on the current fluctuating bitcoin valuation.

50 Cent confirmed his new windfall on Instagram and Twitter, saying, “Not bad for a kid from South Side, I’m so proud of me.” He later commented on his post: “Ima keep it real, I forgot I did that shit lol.”

Bitcoin evangelists on Twitter were quick to respond to 50 Cent, pitching him the various crypto platforms and coins that he should check out next. One of them even joked that 50 Cent would like the coin DeepOnion because it used to be valued at fifty cents.

50 Cent is just one of many people who acquired bitcoin, only to forget about it. He’s lucky that he remembered his login info — many others have forgotten their old account logins and lost out on potential wealth, which will forever be locked away due to the nature of cryptocurrency.

Author Shannon_Liao Jan 24, 2018, 6:09pm EST

Posted by David Ogden Entrepreneur

David