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Bitcoin Price Eyes $7.4K After Defense of Key Support

Bitcoin Price Eyes $7.4K After Defense of Key Support

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin Price Eyes $7.4K After Defense of Key Support Bitcoin looks primed for a minor rally, having defended a key moving average support in the last 72 hours. The 50-day moving average (MA), one of the most widely tracked technical indicators, was put to test in the previous two trading days. However, on both occasions, prices failed to penetrate the MA support by the daily close (as per UTC), signaling bearish exhaustion. Today, BTC is following a similar pattern. The leading cryptocurrency picked up a bid around the 50-day MA support of $6,938 earlier today and rose back above $7,000, raising prospects of a corrective rally. At press time, BTC is changing hands at $7,050 on Bitfinex – up 0.70 percent on a 24-hour basis. The
Ethereum Classic Tops $2 Billion to Set 3-Month High

Ethereum Classic Tops $2 Billion to Set 3-Month High

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Please share if you find this article interesting. Ethereum Classic Tops $2 Billion to Set 3-Month High There's a new top 10 cryptocurrency. As of press time, the total value of all ether classic (ETC), the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion, a move that helped it leap from 12th place at the start of the day to 10th place according to CoinMarketCap data. Best known as the original ethereum blockchain, or the version in which funds stolen in a high-profile 2016 hack still belong to the attacker, ethereum classic is benefiting from tailwinds provided by major market listings. Already, August 6 has seen the addition of ETC to U.S. crypto brokerage Robinhood's trading platform, news that was followed by a pop in the pric
Ethereum Classic Tops $2 Billion to Set New 2018 Price High

Ethereum Classic Tops $2 Billion to Set New 2018 Price High

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Ethereum Classic Tops $2 Billion to Set New 2018 Price High There's a new top 10 cryptocurrency. As of press time, the total value of all ether classic (ETC), the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion, a move that helped it leap from 12th place at the start of the day to 10th place according to CoinMarketCap data. Best known as the original ethereum blockchain, or the version in which funds stolen in a high-profile 2016 hack still belong to the attacker, ethereum classic is benefiting from tailwinds provided by major market listings. Already, August 6 has seen the addition of ETC to U.S. crypto brokerage Robinhood's trading platform, news that was followed by a pop in t
Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low

Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low

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Please share if you find this article interesting. Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low Bitcoin's (BTC) price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate. The leading cryptocurrency fell to $6,890 on Bitfinex yesterday – its lowest level since July 17 – before ending the day (as per UTC) on a flat note at $7,025. The price action indicates BTC lacks clear bias, but could also be considered a sign of bearish exhaustion, as the prices have already made a 21 percent slide from the recent high of $8,507. If the bulls are able to push prices above Sunday's high of $7,090, then a minor corrective rally could be in the offing. On the other hand, a
Don’t Expect New Bitcoin Highs in 2018

Don’t Expect New Bitcoin Highs in 2018

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Please share if you find this article interesting. Don't Expect New Bitcoin Highs in 2018 Tuur Demeester is an economist and investor. The following article references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for that. Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity occurring on available blockchains. Many investors and advisors are on record stating that $5,700 was the bottom in bitcoin for this year, and that higher prices lie ahead. While we are very bullish on bitcoin's long-term prospects, we...
Bitcoin Eyes Short-Term Bear Market After Two-Week Lows

Bitcoin Eyes Short-Term Bear Market After Two-Week Lows

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Please share if you find this article interesting. Bitcoin Eyes Short-Term Bear Market After Two-Week Lows Bitcoin's (BTC) price pullback from the recent highs above $8,500 is increasingly looking like a short-term bear market on the technical charts. The leading cryptocurrency fell to a two-week low of $7,282 earlier today on Biffinex and was last seen trading at $7,350 – down 3 percent on a 24-hour basis. The sell-off from the recent high of $8,507 had shown signs of exhaustion near $7,455 (38.2 percent Fibonacci retracement of the rally from the June low of $5,755) on Wednesday, raising prospects of a move higher to $8,000. However, BTC did not find takers on Thursday and the resulting failure to capitalize on the signs of bearish exhaustion ended up encouraging the bears to p
A New Bitcoin Mining Calculator Aims to Tell ‘Truth’ on Profitability

A New Bitcoin Mining Calculator Aims to Tell ‘Truth’ on Profitability

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Please share if you find this article interesting. A New Bitcoin Mining Calculator Aims to Tell 'Truth' on Profitability "We joke about it being bitcoin's 'unprofitability' calculator." That's how CEO of RandomCrypto, Josh Metnick, described his newly released tool that calculates the profitability of bitcoin mining – the process of solving puzzles to earn bitcoin, usually only possible with expensive processors called ASICs. Revealed exclusively to CoinDesk, Metnick hopes the new calculator will improve on other tools out there, which he thinks don't depict the full truth on whether mining equipment is worth buying and using. For example, using its new measurements at today's prices, RandomCrypto's calculator shows that all of the most popular mining hardware is unprofitable. Th
Bitcoin Bulls Defend $7,450 But Need Progress Soon

Bitcoin Bulls Defend $7,450 But Need Progress Soon

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Please share if you find this article interesting. Bitcoin Bulls Defend $7,450 But Need Progress Soon Having defended the key support of $7,455, the bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal. As of writing, the cryptocurrency is trading at $7,560 on Bitfinex – down 11 percent from the recent high of $8,507. However, that still marks a gain of more than 30 percent from the June 24 low of $5,755. So, it is safe to say the bullish trend is still intact. Further, BTC's solid defense of $7,455 (38.2 percent Fibonacci retracement of the rally from the June low) seen in the last 28 hours has raised the prospect of a minor corrective rally. However, the bulls have little margin for error and the upside needs to gather tr
Before the ‘Bomb’ Hits: Why the Race Is on to Alter Ethereum’s Economics

Before the ‘Bomb’ Hits: Why the Race Is on to Alter Ethereum’s Economics

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Please share if you find this article interesting. Before the 'Bomb' Hits: Why the Race Is on to Alter Ethereum's Economics The proposals just keep piling in. At press time, a total of six ethereum improvement proposals (EIPs) have emerged, each hoping to alter the project's code ahead of an upcoming software update (scheduled for October). Driving the debate is ethereum's so-called "difficulty bomb," a piece of code locked into the $45 billion platform that makes it so a steadily increasing amount of computing power is needed to mine its blocks and unlock its rewards. As designed, the code would eventually push the blockchain into an "ice age," where no further blocks can be formed – that is, if left untouched. Originally added to ease a transition in which ethereum would change
Bitcoin’s Price Snaps Longest Monthly Losing Streak Since 2016

Bitcoin’s Price Snaps Longest Monthly Losing Streak Since 2016

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Please share if you find this article interesting. Bitcoin's Price Snaps Longest Monthly Losing Streak Since 2016 Bitcoin's price posted gains in the first month of the third quarter, snapping the longest losing streak it's seen in nearly two years. The world's largest cryptocurrency by market capitalization rose 20 percent in July, having registered losses in the previous two months - the first instance of back-to-back monthly drops since August 2016. At press time, bitcoin (BTC) is trading at $7,580, according to CoinDesk's Bitcoin Price Index (BPI). At first instance, the rally seen in July may appear corrective in nature as BTC was looking oversold at the end of Q2, courtesy of a 58 percent drop in the first six months of the year. However, a detailed look at crypto market ...