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Bitcoin’s Low Volume Breakout Could Be a Bull Trap

Bitcoin’s Low Volume Breakout Could Be a Bull Trap

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin's Low Volume Breakout Could Be a Bull Trap Bitcoin looks primed for a move to $8,000, but low trading volumes point to the risk of a bull trap. The cryptocurrency broke through a key descending trendline (drawn through the May 6 high to the May 21 high) on Sunday, adding credence to last Tuesday's bullish outside-day candle and signaling a short-term bearish-to-bullish trend change. However, at the same time, daily trading volume fell 1.77 percent to $4.85 billion, according to CoinMarketCap. Further, rolling 24-hour trading volume currently stands at $4.95 billion – down 22.5 percent from the current quarterly average of $6.38 billion. Low volume is a cause for concern for the bulls, as it is widely considered a sign tha
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How to Watch the EOS Blockchain Launch

How to Watch the EOS Blockchain Launch

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Please share if you find this article interesting. How to Watch the EOS Blockchain Launch Block.One is giving away its $4 billion code this weekend and it's anyone's guess what will happen next. As profiled by CoinDesk, EOS is set to launch sometime soon, though the company that built its code is going out of its way to prove the software really will be open-source. This means it isn't even designating an official launch. Rather, it's up to potential users to take it from there (whether that results in chaos or not). In some ways, it's the latest unorthodox approach by EOS and its founding team, which has attracted controversy even for its architecture. (To process thousands of operations every second, EOS will rely on just 21 validators or "block producers" to verify each transa
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Crypto Candy? Expect Free Giveaways When the EOS Blockchain Launches

Crypto Candy? Expect Free Giveaways When the EOS Blockchain Launches

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Please share if you find this article interesting. Crypto Candy? Expect Free Giveaways When the EOS Blockchain Launches It turns out, owning EOS could be a 17-for-one offer for anyone who's in before the launch. That's because, once live, it won't just be the cryptocurrency that powers the EOS software that's available to the market (see our full guide to the launch). In fact, most EOS holders will find they also own a bunch of other new tokens with real-world value since loads of startups are planning to jumpstart their efforts by gifting tokens to EOS users, the lion's share coming in the first blocks. Stepping back, airdrops are a broader trend in crypto and not by any means something unique to EOS. A form of giveaway, they have taken on a special significance as a way to jump
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Up 24%: Bytecoin Only Gainer In Bad Month for Big Cryptos

Up 24%: Bytecoin Only Gainer In Bad Month for Big Cryptos

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Please share if you find this article interesting. Up 24%: Bytecoin Only Gainer In Bad Month for Big Cryptos Bitcoin's failure to scale the $10,000 mark and the following 19 percent slump did not bode well for the cryptocurrency markets last month. The total market capitalization of all cryptocurrencies fell to $304 billion on May 29 – the lowest level since April 13 and a drop of 26 percent for the month, according to CoinMarketCap data. Meanwhile, the bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market cap contributed by bitcoin, rose from 35.86 percent (May 6 low) to 40 percent, signaling a possible rotation of money out of alternative cryptocurrencies and into bitcoin. The argument has merit, as BTC ranked 18th on the list of losers
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This Long-Term Indicator Could Complicate Bitcoin’s Price Recovery

This Long-Term Indicator Could Complicate Bitcoin’s Price Recovery

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Please share if you find this article interesting. This Long-Term Indicator Could Complicate Bitcoin's Price Recovery A long-term price indicator has turned bearish for the first time in four years, threatening to impede continued gains in bitcoin's price. Despite the rally late in the month, the cryptocurrency dropped 19 percent in May, according to Bitfinex data, pushing the 5-month moving average (MA) below the 10-month moving average for the first time since June 2014. The bearish moving average crossover validates the argument that long-term bull market has ended and indicates scope for further losses. The monthly chart also shows BTC fell below $7,698 – the 61.8 percent Fibonacci retracement of the rally from $162 (2015 low) to $19,891 (2017 high) – last month, bolstering t
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Watch Out Crypto Exchanges, Decentralization Is Coming

Watch Out Crypto Exchanges, Decentralization Is Coming

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Please share if you find this article interesting. Watch Out Crypto Exchanges, Decentralization Is Coming Tom Goldenberg is a senior engineer at BCG Platinion | MAYA Design and founder of Blockchain Panel NYC. The views expressed here are his own. Cryptocurrency exchanges operate in a fluctuating industry that is bracing for change.With changes in regulation and customer sentiment rapidly shifting, it is anybody's guess what will happen in the next two to five years.Notably, a few big players – both centralized and custodial in nature – handle the bulk of trading volume for the $381 billion-worth of the world's crypto assets. Source: Coinhills.com In general, we can classify exchanges into three groups: Custodial exchanges Non-custodial exchanges Decentralized exchanges (DEXs) Of
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Going Up? Bitcoin Price Sets Sights on New Resistance

Going Up? Bitcoin Price Sets Sights on New Resistance

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Please share if you find this article interesting. Going Up? Bitcoin Price Sets Sights on New Resistance Bitcoin (BTC) is working its way through the key supply zone above $7,500 and could test resistance at $7,870 in the next 24 hours, the technical charts indicate. The cryptocurrency looked primed for a corrective rally yesterday, having created a bullish outside-day candle on Tuesday. However, the bulls had a tough time absorbing supply around 50-candle moving average (MA) on the 4-hour chart, located yesterday at $7,550. The repeated failure to beat the moving average hurdle ended in a downside break of the diamond pattern. The subsequent sell-off ran out of steam at $7,270, and led to a convincing move above the 50-candle MA, seen today at $7,441. As of writing, BTC is chang
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Stock Trading App Removes Crypto Price Tracking After Debut

Stock Trading App Removes Crypto Price Tracking After Debut

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Please share if you find this article interesting. Stock Trading App Removes Crypto Price Tracking After Debut A popular Chinese mobile stock trading app appears to have removed its cryptocurrency price tracking feature just two weeks after the new service went live – possibly due to regulatory rumblings in the country. Reports first emerged on May 17 that the app – called Tong Huashun (or "Straight Flush" in literal translation) – had added the crypto-asset price tracking feature in its iOS version. The service offered a real-time price index for major cryptocurrencies by market capitalization, such as bitcoin, bitcoin cash, ethereum, XRP and litecoin, though did not provide in-app crypto trading. According to the company's 2017 financial statement filed with the Shenzhen Stock
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EOS Cryptocurrency Lacks Price Direction Ahead of Launch

EOS Cryptocurrency Lacks Price Direction Ahead of Launch

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Please share if you find this article interesting. EOS Cryptocurrency Lacks Price Direction Ahead of Launch EOS' move from the ethereum blockchain to its own mainnet is just a couple of days away, yet its native cryptocurrency is looking indecisive on the price charts. The cryptocurrency had rallied nearly 500 percent over the six-weeks to April 29 as the news of the mainnet launch revved up investor excitement. The broad-based rally across the wider cryptocurrency markets in April only added to the bullish sentiment. Since May 24, however, EOS has been restricted to a narrow trading range of $10–$13, according to Bitfinex data. The fizzling out of investor enthusiasm may be linked to the identification of security flaws in the EOS platform. On Tuesday, Qihoo 360, a China-based i
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‘Layer 2’ Blockchain Tech Is an Even Bigger Deal Than You Think

‘Layer 2’ Blockchain Tech Is an Even Bigger Deal Than You Think

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Please share if you find this article interesting. 'Layer 2' Blockchain Tech Is an Even Bigger Deal Than You Think Michael J. Casey is chairman of CoinDesk's advisory board and a senior advisor of blockchain research at MIT's Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. Welcome to the "Layer 2" era. We are now entering an exciting new phase of blockchain development in which the lightning network and other programming solutions that operate "on top" of existing blockchains promise big strides in scalability, interoperability and functionality. There is still much work to be done. The early tech is buggy, and new security and trust solutions must be fi