EOS Technical Analysis: Bears gain the power to pull down the cryptocurrency further

The bearish hit which led to the destruction of the crypto market looks very strong even after 2 weeks since it began. It can be noticed that most of the major digital assets have completely moved to the bearish zone. In the top 10 cryptocurrencies Bitcoin Cash [BCH], Cardano [ADA], Monero [XMR] have declined the most with up to 54% loss.
At the time of writing EOS is trading at $3.94 with a market cap of $3.5 billion. The cryptocurrency has seen a massive breakdown in the past week with a 26% decline in its value. It is also being noticed that EOS had touched the lowest point today since the beginning of 2018. The coin had dropped to $3.46 a few hours back, however, it is slowly gaining its momentum back with a hike of 2.21% in the past 1 hour.
1 hour:
EOS 1 hour chart | Source: TradingView
The 1-hour chart of EOS has a downtrend ranging from $5.31 – $4.6 – $4.07 with a resistance point fixed at $4.8. Though the cryptocurrency experienced an uptrend ranging from $4.2 – $4.5 earlier today, it has broken the support levels created at $4.2 and $3.6 and moved further downwards.
The Bollinger Bands demonstrate that EOS went through a price breakout a few hours ago. Right now the candlesticks are neither close to the upper band nor to the lower band. However, the expanded Bollinger bands depict that there is a high chance of volatility in EOS’ price in the coming hours.
In the Aroon Indicator, we can see that the Aroon Up line has touched the 0 level and moving sideways. The Aroon Down line is moving towards the 0 line at present, which can be considered as a positive sign for EOS traders and a trend reversal can be expected anytime soon.
The Klinger Oscillator has shown an insignificant bullish crossover with the reading line moving very close to signal line.
24 hour:
EOS 24-hour chart | Source: TradingView
The 1-day chart of EOS shows a completely bearish market for the cryptocurrency on a long run. In this timeline, EOS has a downtrend ranging from $14.99 – $5.3 – $4.5. The resistance points are at $10.50, $6.3 and $5.7.
The Parabolic SAR is clearly on the bearish end for EOS as the dotted lines are forming above the candlesticks and moving downwards along with them.
The MACD is also showing a negative trend in this timeframe. The moving average has taken a bearish crossover with the histogram forming red bars.
The Relative Strength Index [RSI] is currently moving below the oversold line indicating the selling pressure has increased in the market since mid-August when the cryptocurrency gained its momentum back and secured its position within the RSI zone.
Conclusion:
The short-term indicators are showing a highly volatile market in the future. However, the long-term indicators in this Technical Analysis are strongly in favor of a bearish market.
The post EOS Technical Analysis: Bears gain the power to pull down the cryptocurrency further appeared first on AMBCrypto.
Source: AMB Crypto

Cardano [ADA] tries to give a push back to the market crash with multiple developmental announcements

The bear attack has been quite the juggernaut with several cryptocurrencies seeing their supports break consistently. Cardano [ADA] which has felt the bear’s pressure too, has been on quite the developmental roll.
Just recently, Charles Hoskinson, the CEO and Founder of IOHK informed users about the upcoming 1.4 and Shelly update for the Cardano 1.4 network. Hoskinson had said:
“The update 1.4 for Cardano is coming along well and we’re in regression testing right now. We’ve had a few regressions but nothing significant is found yet and it’s a lot of new code. There has been a huge amount of refactoring on the core, and we’ve found new database solutions, so we’ve gone from lots of storage to little storage and become much more efficient.”
The computer scientist had also given his thoughts about the new appointees to the Cardano Foundation. Hoskinson’s comment comes in the wake of the appointment of Pascal Schmid as the interim Chairman of the Foundation Council. In Hoskinson’s words:
“What this means is that at the moment Pascal is the current custodian of the Foundation and will be in charge of the transition to reinvigorate and reconstruct the Foundation. There are a lot of things that have to be done between now and when the foundation can become effective as an entity.”
The IOHK official also stated that he would like to see IOHK and Emurgo working together and that might be a possibility in 60 days. He also added that it would be great to see diversity and community management with large grants and the hundreds of thousands of dollars being given to many different organizations. According to Hoskinson, these organizations can then be responsible for building Cardano communities all across the planet.
The post Cardano [ADA] tries to give a push back to the market crash with multiple developmental announcements appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports

The bear has not been kind to the cryptocurrency market with almost all the coins bleeding red. Bitcoin [BTC], which was speculated to hit highs of $25,000, has gone ahead and fallen below the $5,000 mark, a crash that has sent the entire cryptoverse into a frenzy.
1-hour

The one-hour chart for Bitcoin [BTC] shows a drastic price drop. The support breaks have been quite rapid, with multiple supports breaking one after the other. The new support, at the moment, is at $4499.8 while the immediate resistance is holding at $6,474.6. The downtrends on the chart have been quite visible, with the cryptocurrency falling from $6,474 to $5,673.1, and then falling to $4,615.4.
The Chaikin Money Flow [CMF] indicator has crashed into the bear realm, which indicates that the money flowing out of the market is greater than the inflow.
The Relative Strength Index [RSI] has just begun its trip into the RSI zone after breaking the oversold barrier. This shows that the selling pressure is more than the buying pressure.
1-day

The one-day Bitcoin graph paints a bearish picture all throughout. The indicators too have taken the side of the bear. The current one-day support is at $4,616.8 with the downtrend bringing the price down in two phases: $8,193-$6,493.4 and $6,493.43 -$4,621.
The Bollinger bands indicate the start of a massive price outbreak tending towards the bear zone. The upper band and the lower band have both taken sharp turns in the opposite directions, signifying the price drop to continue for more time.
The MACD indicator shows the signal line and the MACD line falling in tandem after a bearish crossover. The MACD histogram has been flat for a long time with the bearish graph taking over.
Conclusion
Bitcoin’s misery looks to continue for a longer period of time with the prices free-falling beyond expectations. The indicators show that a trend change does not seem to be around the corner,  with the bear currently speeding in the driver’s seat.
The post Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency cries for help as bear continues to destroy price supports appeared first on AMBCrypto.
Source: AMB Crypto

TransferWise Undermines the Potential Advantage of Blockchain Technology

CoinSpeaker

TransferWise Undermines the Potential Advantage of Blockchain Technology

Here’s a look into the myth of TransferWise regarding blockchain and why it is wrong into its belief.

TransferWise Undermines the Potential Advantage of Blockchain Technology

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Source: CoinSpeaker

Bitcoin [BTC] rigging: Department of Justice initiates probe into alleged price manipulation by Bitfinex and Tether during 2017 rally

Tether and Bitfinex have been under US Securities and Exchange Commission [SEC] and Commodity Futures Trading Commission [CFTC]’s radar for a very long time in relation to Initial Coin Offering [ICO] scams and market manipulation, but nothing concrete was ever established against them. As new findings come to light, according to a report by Bloomberg News, three people familiar with the source claim that CFTC and federal prosecutors are looking into price manipulation of Bitcoin, which is interconnected with Bitfinex and Tether – a popular stablecoin.
It is well-known that Bitfinex and Tether work together as they share the same management team and they have been steeped in rumors surrounding Tether and whether it is actually pegged by the USD in a 1:1 ratio.
The Justice Department’s probe is focused on the exponential rise of Bitcoin’s price last year and if it was purely based on public and investor demands. The sources close to the matter also said that the Justice Department was looking into how Tether creates new coins which enter into the cryptocurrency market and mostly through Bitfinex.
According to Bloomberg, the probe by the Justice Department takes a closer look into the allegations made in a paper authored by John Griffin and Amin Shams.
The paper, ‘Is Bitcoin Really Un-Tethered?’, claims:
“Purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
The research, a 66-page long analysis, further added that USDT was used buy BTC at important market positions [when it nosedived], helping it “stabilize and manipulate” the token’s price.
John Griffin, a finance professor from the University of Texas, who has a 10-year track record of spotting financial fraud, declined to comment on the matter when asked whether he was questioned by the government officials, Bitfinex’s CEO J L van der Velde disregarded the findings of the paper.
Tether has tried several times in the past year to clear the air regarding its peg to the USD. Tether recently confirmed that it had established a banking relationship with a bank based in the Bahamas and the latter issued a letter confirming the portfolio value of Tether at $1.8 billion.
The post Bitcoin [BTC] rigging: Department of Justice initiates probe into alleged price manipulation by Bitfinex and Tether during 2017 rally appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC/USD] Technical Analysis: Bear market stays clear of finishing line

Litecoin [LTC] is one of the top-10 coins that was most affected by the bear market witnessed by the cryptocurrencies across the board. At press time, it had slumped 14%, trading at a depressed price of $33, with a market cap of $1.9 billion. The 24-hour trading volume was recorded at $618.3 million.
1-hour
LTCUSD 1-hour candlesticks | Souce: tradingview
In this timeline, the trendline is stretching from $48.15 to $42.35 [downward] and the support level is set at $31.45. The trendline is forming a descending triangle with the support line to depict the low nature of the market.
The Parabolic SAR is bearish on the price trend of Litecoin. Furthermore, the dots are aligned above the candlesticks to give a negative outlook on the case.
The Aroon Indicator is showing more strength in the downtrend as of now. The uptrend is weakening more with time and crashing in favor of the downtrend.
The MACD has made a bearish crossover by the signal line to depict a clear sign of the bear’s presence. The reading line is slumping further to confirm the stance.
1-day
LTCUSD 1-day candlesticks | Souce: tradingview
Similar to the above scenario, a downtrend can be observed in the one-day candlesticks as well wherein the trendline extending from $89 to $55 is forming a descending trend with the support set at $35.7. Moreover, an earlier support was set at $51 that was breached multiple times to finally dunk to the current level.
The Bollinger Bands are expanding to broaden the gap for prices to fluctuate. The volatility in the market was not high, but is predicted to increase as the bands diverge from the tunnel pattern.
The Chaikin Money Flow is extremely bearish on LTC at present. This can be observed as the reading line is crashing without any upturns to travel below the 0-line.
The Relative Vigor Index is also in tune with the above indicator to project a negative view on the market. The RVGI has made a bearish crossover by the signal and is traveling below to side with the bear.
Conclusion
In the technical analysis, the majority of indicators are predictive of a bearish run for the cryptocurrency. Therefore, it is a clear sign that the bear market has not ended as of yet. Furthermore, LTC may see a high level of volatility as predicted by the Bollinger Bands.
The post Litecoin [LTC/USD] Technical Analysis: Bear market stays clear of finishing line appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Shopping May be Closer than We Think

CoinSpeaker

Bitcoin Shopping May be Closer than We Think

Baran Giresunluoglu, professional investor and stock trader, shares his clues to Bitcoin shopping, which he thinks could be even closer than we think.

Bitcoin Shopping May be Closer than We Think

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Source: CoinSpeaker

USDX Wallet: a Solution for Effortless Crypto Transfers

CoinSpeaker

USDX Wallet: a Solution for Effortless Crypto Transfers

USDX Wallet, which enables multi-level security of transactions and instant transfers of assets via a phone number, is an efficient solution to conduct effortless crypto transfers. Its token sale is already live.

USDX Wallet: a Solution for Effortless Crypto Transfers

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Source: CoinSpeaker

US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

CoinSpeaker

US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

Under the FEC advisory opinion, it would be possible to support political campaigns by donating computer power to mine crypto for preferred candidates.

US Election Commission Gives Green Light for Support of Favorite Candidates via Crypto Mining

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Source: CoinSpeaker

India Ready to Announce Its Stance on Cryptocurrencies

CoinSpeaker

India Ready to Announce Its Stance on Cryptocurrencies

After years of ambiguity, the Indian government might finally reveal a regulatory draft for the cryptocurrency sector in the country before the turn of the year.

India Ready to Announce Its Stance on Cryptocurrencies

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Source: CoinSpeaker

Bitcoin Cash SV is the closest to Bitcoin [BTC]’s protocol, says Money Button CEO

Ryan X Charles, the CEO of Money Button and Yours. Inc spoke about his discovery of Bitcoin [BTC], in his recent Youtube discussion. He also explained the reason he chose Bitcoin Cash SV and its correlation to Bitcoin’s core.
Charles stated that he discovered Bitcoin in the year 2011. Succeeding which, he became obsessed with it and got completely involved in the Bitcoin space in 2003. He went on to speak about the reasons he opted Bitcoin Cash SV over Bitcoin Cash ABC. The CEO stated:
“The first reason is simply just the idea that this is the closest thing we have to the original protocol. I don’t think there was anything wrong with the original protocol. The more I’ve learned about Bitcoin over time and worked through the possible scenario, I’m convinced the original protocol will work at scale.”
He further clarified that his definition of the original protocol means the original economic protocol and not the original code in itself. Charles went on to say that its the idea that one person signs a transaction and gives it to another person P2P and the idea that the person receives it, gives it to the miners who validate it and confirm it into a block and make sure there are no double spends in the blocks. This includes the other properties such as having a total of 21 million coins and the inflation schedule which gets cut in half every four years.
The CEO said:
“The subsidy as well as transaction fees and you also have transactions have inputs and outputs, can have more than one input and can have more than one output and that the inputs and the outputs contain scrip and that scrip is a language that although lacking in loops actually has the ability to compute any number.”
He further added:
“You just have to have a long script so you can unroll loops in the script and you can do smart contracts that actually involve the computation of anything you could possibly want to compute, inside script and that is basically Bitcoin. The fact that miners, you know, expend in a way that is provable that all they did was spend energy just to find the block and you can look at all these things in a purely economic way separate from the software in the cryptography”
Charles also said that he likes Bitcoin and the idea of sound money for the whole world. He added that at present, the focus should be on removing the limits of Bitcoin which is an economic challenge and the next would be getting rid of the DDoS attack vectors which occur, an engineering challenge. The CEO continued to say that he likes the idea that Bitcoin is bringing economic freedom to the entire world and that SV is the closest to Bitcoin’s protocol.
The post Bitcoin Cash SV is the closest to Bitcoin [BTC]’s protocol, says Money Button CEO appeared first on AMBCrypto.
Source: AMB Crypto

UC Berkeley to explore XRP consensus mechanism; receives grant from Ripple’s UBRI

In its recent document announcing the research program focused on Ripple, UC Berkeley has called for proposals, for which the deadline is set to be 30th November. It also acknowledged the grant awarded by Ripple to the institution for the same purpose. The document read:
“Berkeley Haas has been awarded a multi-year, multi-million-dollar grant
from Ripple, a growing company in the emerging blockchain industry, to support research,
courses and student activities in blockchain, cryptocurrency and digital payments”
The document also informed that the fund will be housed in the Institute for Business and Social Impact [IBSI], wherein the funds will further be granted for the following purposes: cryptocurrency and digital payments, blockchain systems, cryptography and related subjects, for instance, blockchain for global financial inclusion and economic development.
In the announcement, the university also provided the aspects that a research proposal topic can include. Under technical topics, one can include efficient scaling solutions for XRP consensus mechanism. Another research topic suggested by UC Berkeley was:
“Evaluate the incentives in emerging blockchain networks (proof-of-work, Byzantine
fault tolerant (XRP), etc.) on a variety of factors including: network diversity and
participation, security, consolidation of decision making, etc”
Under business topics, the document specified but did not limit the proposals to include the use of blockchain in verifying and protecting medical records, identity to avoid voter fraud, which will further be used to fetch immediate verification of results. The suggestion also included a topic that revolved around the implications for automation of contractual relations across a value chain.
Lastly, a section was dedicated to the topics surrounding regulatory issues in the cryptocurrency space. The overall regulatory framework regarding digital assets, its projection of new technologies on the world, locally and globally were some of the points in sight under regulatory issues.
The post UC Berkeley to explore XRP consensus mechanism; receives grant from Ripple’s UBRI appeared first on AMBCrypto.
Source: AMB Crypto

XRP invictus amidst market crash; Binance CZ clears the air around base-pair buzz

The cryptocurrency market is currently experiencing one of the most brutal bear attacks, wherein all the big coins, such as Ethereum [ETH], Stellar Lumens [XLM], Litecoin [LTC], EOS, Cardano [ADA], Monero [XMR] and Tron [TRX] have slumped by more than 10%. Here, Bitcoin [BTC] also broke below $5,000 amidst the bloodbath witnessed by the market.
However, XRP, which is now the second-largest cryptocurrency in the world after surpassing Ethereum’s market cap is absorbing most of the damage and is only down by 4%. At press time, the coin was trading at a decent price of $0.49 with a market cap equivalent to $19.8 billion. The total 24-hour trading volume was observed to be $1.2 billion.
XRP 1-day price chart | Source: CoinMarketCap
Throughout the day, XRP underwent wild fluctuations. The lowest point that the token was traded at was $0.47. Post this slump, XRP showed much courage and returned to its game. Here, it took a flight and jumped back up to trade at $0.51 where its market cap was $20.2 billion. At present, the coin has maintained its momentum by setting a support line from $0.43 to $0.47.
XRP has also been in talks regarding being listed as a base pair on the leading cryptocurrency platform, Binance. Changpeng Zhao, the Founder and CEO of the platform recently tweeted the procedure for requesting the listing of a coin on Binance. Here, his tweet read:
“The xrp base shill is strong. Let’s get it out of your system, and put all your shills under this one tweet, and let’s see how much we get. “
C3|Nik, a blockchain follower and an XRP fan also wrote regarding the issue and said:
“.@cz_binance The 2nd biggest crypto asset by market cap is not offered as a base trading pair on @Binance
There is a good opportunity there to provide more value to your customers.”
Many also believe that Binance will be benefitted by adding XRP as a base pair because of Ripple’s cross-border payments product, xRapid that uses the cryptocurrency. Furthermore, this move by Binance is expected to add value to its customers and become an xRapid preferred platform.
The post XRP invictus amidst market crash; Binance CZ clears the air around base-pair buzz appeared first on AMBCrypto.
Source: AMB Crypto

Money Button CEO chooses nChain’s Bitcoin Cash [BCH] Satoshi Vision

Ryan X Charles, the CEO of Money Button and Yours. Inc spoke about the reason behind choosing Bitcoin Cash SV, in his recent Youtube discussion. The CEO also clarifies the investment both Bitmain and nChain have made in his start-up, Yours Inc., a platform that allows its users to earn Bitcoin Cash for their content.
Charles stated that the Yours Inc. raised money from both Bitmain and nChain; $1 million from Bitmain and $500K from nChain. This makes Bitmain the largest investor in the company as the total money raised sums up to $1.7 million. He further spoke about the accusations made by several people in the space, stating that he was biased towards nChain as they are the biggest investors in his company. He said:
“I’m saying it’s actually exact opposite, that the largest investor is on the other side […] everything I’ve ever said that’s favorable to nChain actually comes at risk to me. Not only am I not getting money from this, I’m risking making an enemy of Bitmain […] because first of all, I like Bitmain and the thought of being an enemy with them is just a horrible idea but also obviously, if they were genuinely an enemy, I wouldn’t stand a chance.”
He went on to say that both the parties are in a “literal war” wherein each of them is attacking the other with computers. Charles further stated that as the CEO of Yours Inc., he is inclined towards making a decision of choosing one fork of Bitcoin Cash.
He added that he tried to prevent the split and went as far to invest a new procedure, the anti-split procedure which is an idea of relying on the unified transaction history between both the chains.
Charles stated:
“However, the major player particularly Bitcoin.com went in the opposite direction and promoted a split, they split their coins in their services not in the wallet but in the services, which all but assures that the split coin will ripple off  throughout the ecosystem because of the way that you merge UTXO’s together that it eventually all the coins become split”
He further said that since the majority did not support the anti-split procedure, the end result was the split. This has also led to all the major exchange platforms listing Bitcoin ABC implementation as Bitcoin Cash and the other chain would probably be listed as a different cryptocurrency. He stated:
“Money Button and Yours Org, it is not a good idea to have multiple of these things none of the user experience stuff that we’ve done accounts for having more than one. We’re not going to do more than one, it’s a distraction it makes it harder the UX is worse, we have to pick whichever one is the best one than the one that’s most likely to work long term and I believe that’s SV”
The post Money Button CEO chooses nChain’s Bitcoin Cash [BCH] Satoshi Vision appeared first on AMBCrypto.
Source: AMB Crypto

EOS, Tron [TRX] cumulatively contribute 82% of all cryptocurrency transactions

Despite a bearish and sideways market, cryptocurrency transactions seem to be on the verge of reaching the previous all-time high. As per the data obtained from Blockchain center, the total on-chain transactions for all cryptocurrencies exceeded 522.119 million and the total number of active users for these transactions add up to 1.357 million.
Source: Blockchain Center
EOS has the most number of transactions as compared to any other cryptocurrencies, even exceeding that of Ethereum [ETH] and Tron [TRX]. The total transactions of EOS as of today is approximately 350.30 million. These transactions are coming from a total of 41,457 active addresses.
The transactions on EOS network peaked at 468.08 million in the second week of August 2018 and has since declined to 350 million. When compared to the big picture, EOS’ transactions are coming from a mere ~3% of the total active users.
Source: Blockchain Center
Tron follows EOS and has ~78.543 million transactions, which is the highest number of on-chain transactions that Tron blockchain has ever witnessed. As compared to EOS, the total number of active addresses for Tron are almost halved, i.e, 21,211.
Source: Blockchain Center
 
Bitcoin’s total transactions in the year 2018 peaked at 24.25 million in the second week of January 2018 and are currently hovering at 17.08 million, but Bitcoin’s total active addresses far exceed that of EOS’ or Tron’s, coming up to 681,779.
Source: Blockchain Center
Ethereum has a total of 33.27 million transactions as of November 11, which is contributed by a total of 247,671 active addresses. Ethereum’s on-chain transactions peaked at 71.48 million in the second week of January 2018 and have since declined.
Source: Blockchain Center
XRP’s transactions have come down to 17.99 million transactions, which are one-quarter of XRP’s peak number of transactions i.e., 72.05 million. The total active addresses as of today add up to 6,924.
Source: Blockchain Center
In conclusion, Tron and EOS together have about 4.5% of the total number of active addresses, while still contributing 82% of all the cryptocurrency transactions.
Bitcoin and Ethereum together contribute a mere ~9.5% of the total transactions but have a cumulative active address contribution of ~68%. EOS contributes up to 67% of the total number of transactions on the blockchain while Tron contributes to 15% of the total transactions. To sum it all up, EOS and TRX control 82% of all the transactions which come from only 4.5% active addresses.
A Reddit user tsMQ commented:
“If only 3% of active addresses is making that many transactions imagine when we hit 10% maybe 15% we will be blowing them out of the water for transactions per 24 hours and usage per user which is what we want, users using their coins/resources not just bag holding and watching the price drop.”
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Source: AMB Crypto