The Bank of China will reportedly become the first banking organization to use a new blockchain platform for home buyers
Ethereum seems to be recovering from last year’s heavy blow, surviving not only the strong bearish trend in the crypto market but also the strong negative campaign that the whole platform suffered as a result... The post ETH Breaks Yearly Records in Trading Volume: 5.56Bn USD in 24Hours appeared first on Ethereum World News.
Ethereum (ETH) could still determine the direction of the cryptocurrency market and for good reason. This is because ETH/USD now has a lead on Bitcoin (BTC) and it can pretty much call the shots if it wants to. We saw this happen the past few days when both BTC/USD and ETH/USD went the opposite ways. Bitcoin (BTC) closed below the 50 day moving average whereas Ethereum (ETH) closed above it. Now, investors were left confused as to which one to trust. Historically, it has been Bitcoin (BTC) that has been dominant for the most part and the market sways towards its movements but this time Ethereum (ETH) took the lead and the market followed. We will get to why we think Ethereum (ETH) was successful in taking the lead, but first let us look at why we think Ethereum (ETH) can still determine the direction of this market. If we look at the daily chart for ETH/USD, it looks a lot different than that of most cryptocurrencies because the price has yet to fall below the 61.8% Fib level. In fact, ETH/USD has remained strongly above this level and if it continues to rally from here, there is a strong probability that the rest of the market will follow. The reason we say that is because ETH/USD has not yet run into a strong resistance yet. Furthermore, if the price rallies from here, it will lead to the 21 day exponential moving average crossing above the 50 day moving average which would see the price rising at least towards $180. This would be interesting to see and it could happen but we have some strong reasons to believe that it might not. Both the RSI and the Stochastic RSI have reached overbought levels and the price is extremely unlikely to rise as high as $180 from current levels. If it were to rise past the previous daily candle, it will have to lead to the 21 EMA crossing above the 50 MA which does not usually happen unless the market is ready for significant upside short term. However, there is an even stronger reason why we believe Ethereum (ETH) is unlikely to rally past current levels without coming down first. If we look at the daily chart for ETH/BTC, we can see that one strong move up from here would trigger the golden cross that we have long been waiting for. Ethereum (ETH) has not yet tested its previous market structure and neither has Bitcoin (BTC). A golden cross is most often followed by significant rallies to the upside. The only way a golden cross would happen at current levels is if the price were ready to break out meaning we would have already bottomed. I do not believe we have bottomed and I do not think the price is ready for significant upside from current levels. The only reason I believe Ethereum (ETH) was able to take the lead was because of the possibility of this golden cross which would push Ethereum (ETH) into a bull trend against Bitcoin (BTC). If this golden cross does not come to fruition at current levels, we will see Ethereum (ETH) follow Bitcoin (BTC)’s movements once again and the price would retrace significantly over the days and weeks ahead.
The US Federal Bureau of Investigation is looking to speak to those investors burned by what has perhaps become the best known scam in cryptocurrency history, Bitconnect. The word Bitconnect is now synonymous with scams targeting the cryptocurrency community. It was not only one of the more brazen efforts but also one of the most... The post FBI Seeks to Speak with Bitconnect Victims as Part of Investigation appeared first on NewsBTC.
The central bank of Lithuania has updated its position on cryptocurrencies and tokens issued through initial coin offerings. The regulator has revised the definition of these assets specifying the conditions under which financial institutions can operate with digital money and accept crypto payments. Also read: Court Rules Brazil’s Bitcoin Max Exchange Can Keep Bank Account […] The post Lithuania Central Bank’s Policy Update Opens the Door for Crypto Payments appeared first on Bitcoin News .
The Bank of Lithuania has released an update to its position on virtual assets and ICOs, leaving its underlying principles unchanged
newsBTC: Bitcoin Struggles to Break Above $4,000, Analysts Claim BTC Likely to Drop Before Climbing Higher
Following several consecutive days of price gains, Bitcoin’s recent price rally has stalled as BTC failed to decisively move above $4,000. It’s no surprise that $4,000 is a strong level of resistance for the cryptocurrency, as it has previously acted as a strong psychological level for BTC. Now, analysts expect Bitcoin to drop slightly before... The post Bitcoin Struggles to Break Above $4,000, Analysts Claim BTC Likely to Drop Before Climbing Higher appeared first on NewsBTC.
After what sees to be a brief bearish dip, most of the markets are on the mend once again. It was to be expected a minor correction would kick in after all of the positive momentum in recent weeks. For the time being, the Ethereum price remains below $150, but that may not necessarily be […] The post Ethereum Price Resumes Bullish Trend as $150 Remains in Sight appeared first on NullTX.
According to recent reports, the state of Wyoming in the United States have agreed to a number of new bills and legislation that have been developed in order to make the state more Bitcoin friendly and more crypto-centric. Officials in the state want to make their area a hub for crypto and blockchain technology and understand that in order to do this, they need to have a set of clear regulations that allow businesses to operate within the industry in a fair and controlled manner. A new bill, known as SF0125 was approved by the Wyoming House of Representatives last week. SF0125 agrees that digital assets such as cryptocurrency and Bitcoin are property and that therefore, banks in the state are now clear to go ahead and act as crypto custodians for their customers. In short, the bill allows for the mainstream adoption of cryptocurrency assets through traditional banking streams It seems that in Wyoming, a huge majority of representatives are clear that blockchain technology is a good thing, with the bill being passed by a vote of 54 to 2. Representatives found little competition against this bill. More about SF0125 According to Coindesk, there are a number of key factors that stand out within the bill: “The bill defines a digital asset as a representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency.” The official wording of this is as follows: “Digital consumer assets are intangible personal property and shall be considered general intangibles, as defined in W.S. 34.1‑9‑102(a)(xlii), only for the purposes of article 9 of the Uniform Commercial Code, title 34.1, Wyoming statutes.” Last week, a couple of other bills, namely HB0074 and HB0185 where also passed last week that refer to regulations on security tokens and also refers to some regulations surrounding blockchain based startups within Wyoming. HB0074 respectively is giving new businesses in Wyoming access to special banking services that will allow them to better manage and handle their cryptocurrency: “HB 0074 creates special purpose depository institutions to serve businesses which may not be able to access traditional banking services, including blockchain businesses.” Overall this is a very exciting move that really does promise to open up Wyoming to becoming a very blockchain-centric state. The US is generally bullish about Bitcoin, however it looks like Wyoming could be looking to really lead the way with this in teaching its neighbouring states how it’s done.