Thursday, August 6Your Daily Bitcoin & Altcoin News Portal
Bitcoin Price Technical Analysis: Might Be Due for Another Pullback

Bitcoin Price Technical Analysis: Might Be Due for Another Pullback

PRICE ANALYSIS
Bitcoin price is testing recent lows after its brief correction, signaling that bearish momentum is still in play. Bitcoin Price Key Highlights Bitcoin price resumed its selloff after completing a quick pullback off its recent slide. Applying the Fibonacci extension tool on the correction move shows the next downside targets. Price is currently bouncing off the 50% extension and might be due for another pullback. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. The gap between the two is widening to reflect stronger selling pressure. In addition, the 200 SMA lines up with a descending trend line connecting the highs since the start of the month, and this could act as the last line of defense in...
Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

THE DOLLAR VIGILANTE
Just kidding. The cryptocurrencies have taken a big hit in the last few weeks, however, just as we said they would. On June 11th, bitcoin stuck its nose just above $3,000 and is currently near $2,377 for a pullback of 20%. Ethereum, which I warned on numerous occasions had gone way too high, way too fast, touched $400 on June 13th and fell below $200 this morning. On June 26th I wrote, “Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum”. In that article I said how we had been telling subscribers to take profits on all cryptocurrencies, especially the altcoins, and Ethereum. Another call that turned out to be very prescient. The total market cap of all cryptocurrencies, including bitcoin, hit a high of $112 billion on June 11th and is currently near $82 billion
Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

Major Chinese Exchange BTCC CEO Address the Need for Cryptocurrency Regulation

ADOPTION
The BTCC CEO Bobby Lee addresses the need for cryptocurrency regulation saying it could “run amok from society” if measures are not implemented. In an interview with CNBC’s “Squawk Box”, Bobby Lee, CEO of BTCC, one of China’s primary cryptocurrency exchanges, explained that a well thought out regulatory approach is needed to address exactly where Bitcoin and the rest of cryptocurrency stands. “I think regulation is much needed for this new asset class because otherwise, it’ll run amok from society,” warned Lee. The challenge is how to craft the rules around this new technology, it’s taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals (and) ho
Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

Swiss Government is Pursing to Clarify the Legal Qualification of Digital Currencies

ADOPTION
Switzerland’s government said today that it is “swiftly” moving toward a legal designation of digital currencies. In a statement, the Swiss Federal Council – a body of seven that collectively serve as Switzerland’s head of state – revealed the first major steps of its plans to regulate finch development in the country. CoinDesk reported in February that the government was moving to put a legal framework for finch in place. The new rules, approved on July 5, go into effect in August. Among the initiatives launched today is a regulatory “sandbox” aimed at creating a more accommodative environment for startups. Firms that accept fewer than 1 million Swiss francs (roughly $1m USD) “will be exempt from authorization” the Federal Council said. The group clarified that depositors with t
Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

Moscow’s Blockchain Hackathon Reflects Booming Blockchain Industry in Russia

ADOPTION
Since Russian President Vladimir Putin expressed interest in Ethereum at his meeting with Vitalik Buterin at the World Economic Forum held in St. Petersburg, the blockchain industry in Russia has been quick to heat up. The Blockchain & Bitcoin Conference in Saint Petersburg was held in June, followed immediately by a blockchain-focused hackathon called BlockchainHack in Moscow, with 150 people in attendance competing for $100,000 worth of cryptocurrency. The hackathon took place at the Paveletsky Art Center, a massive building in downtown Moscow that has become the de facto hub for blockchain technology in Russia, with an increasing number of blockchain developers and enthusiasts who work out of it. The event was jointly organized by BTC Media, Qtum, Zerion, Waves, the Token F
AlphaBay Went Down a Week Ago: Customers Looking for Alternatives

AlphaBay Went Down a Week Ago: Customers Looking for Alternatives

EXCHANGE
AlphaBay, the most popular market on the dark net, has been offline since July 4. Since the administrators of the website failed to issue an official statement about the current issues, many users are suspecting an exit scam. The absence of AlphaBay has since resulted in users looking for alternative underground marketplaces. AlphaBay is infamous for being a site where vendors sell all kinds of goods, including illegal ones such as drugs, weapons and stolen financial credentials. There have been previous downtimes at the market; however, since neither the admins, nor the moderators have stated the actual cause of the issue, many users are suspecting an exit scam. An “exit scam” is when either a seller or an illicit marketplace decides to close down shop and make off with the funds (
Fabric 1.0: Hyperledger Releases First Production-Ready Blockchain Software

Fabric 1.0: Hyperledger Releases First Production-Ready Blockchain Software

BLOCKTECH
Open-source software isn’t so much built, it grows. And today, the open-source blockchain consortium Hyperledger has announced that its first production-ready solution for building applications, Fabric, has finished that process. But even before the formal release of Hyperledger Fabric 1.0 today, hundreds of proofs-of-concept had been built. With contributions to the platform for building shared, distributed ledgers across a number of industries (coming from 159 different engineers in 28 organizations), no single company owns the platform, which is hosted by the Linux Foundation. For those going forward with that work, the group’s executive director Brian Behlendorf indicated that production-grade functionality is just a download and a few tweaks away. Behledorf told CoinDe
Bitcoin’s Upcoming SegWit2x Splitted into Two in Test Environment

Bitcoin’s Upcoming SegWit2x Splitted into Two in Test Environment

BITCOIN, MINING
Controversial bitcoin scaling proposal Segwit2x’s testnet forked yesterday, creating two different and incompatible testnets. Nodes running older bitcoin software continued on as they normally would. But nodes running the new Segwit2x code stalled at block 27070, meaning mining pools running the new software were not mining blocks. Overall, the nodes were stalled for over 20 hours as a result of the issue. While there wasn’t any real money on the line, the community was abuzz with the news, some dismissing the controversial scaling proposal for perceived lingering issues, while others defended the misstep as only a small stumbling block that wouldn’t happen during a live deployment. The Bigger Picture of the Hardfork Some developers argue the fork is a symptom of a larger tr
BITCOIN
Austrian Post Offices Will Facilitate the Purchase of Bitcoin Many people still struggle with the concept of buying Bitcoin. That is not entirely surprising, as there is no convenient way to do so. Signing up for an exchange takes time and can be quite cumbersome, all things considered.That situation will come to change in Austria over the next few months. More specifically, several hundred Austrian post offices will allow users to convert Euros to Bitcoin over the counter. It is rather interesting to consider, one can soon buy Bitcoin from Austrian post offices. Around 1,800 locations will participate in this trial. Thanks to a partnership with BitPanda, users can directly exchange Euros for Bitcoin. Additional cryptocurrencies will be supported as well. For now, we know Ethereum wi
Why Bitcoin Proves the Naysayers Wrong and Continues to Expand

Why Bitcoin Proves the Naysayers Wrong and Continues to Expand

BITCOIN
Bitcoin has surged to historic value while its volatility has receded, according to an article in The Wall Street Journal by John O. McGinnis, a law professor at Northwestern University, and Kyle W. Roche, a lawyer at Boies Schiller & Flexner LLP. This has happened during a time when recent events might have caused bitcoin to lose value, such as the Security and Exchange Commission(SEC) rejecting a bitcoin ETF that would have allowed small traders to invest in bitcoin on the stock market. The SEC action resulted in obituaries for bitcoin, but the naysayers have been proven wrong. A big reason, according to the authors, is that many people distrust government currency and want to use bitcoin as a hedge or an alternative payment tool when government currency doesn’t efficiently pe