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Leading Bitcoin Cash Developer Amaury Séchet Leaves Bitcoin Unlimited

Leading Bitcoin Cash developer Amaury Séchet announced his departure from the development team of BCH node software Bitcoin Unlimited.

Leading Bitcoin Cash (BCH) developer Amaury Séchet announced his departure from the development team of BCH node software Bitcoin Unlimited in a Medium post published on March 25.

In his post, Séchet criticizes Bitcoin Unlimited project management and saying that it led to inefficient development and avoidable vulnerabilities in the code. He further notes that when he tried to address those issues, he was met with resistance. Séchet cites one instance where he claims that feedback he provided on some code was ignored. He states that the consequences of such behavior have been far-reaching:

“Failure to address these problems lead to a failure to activate large blocks properly on testnet and a series of 4 vulnerabilities allowing to bring nodes down remotely which ruined any chances for a majority big block fork.”

While Séchet admits that most software is built this way, he also notes that such practices are incompatible with cryptocurrency development. Per the post, the recent departure of Bitcoin Unlimited developer Antony Zegers has led him to reconsider his membership. He stated that Zegers “was one of the first to join, and certainly one of the most important members BU [Bitcoin Unlimited] has had.”

In their departure announcements, Both Zegers and Séchet bring the involvement of Bitcoin Satoshi Vision (BSV) supporters in Bitcoin Unlimited to attention. Séchet also criticizes how the BSV community seemingly approves a lawsuit against BCH developers and how Bitcoin Unlimited Improvement Proposals (BUIP) have turned into “a sad joke, with proposals more and more absurd being voted on.”

Séchet cited two BUIPs, the first proposing to sell all the organization’s Bitcoin Cash (BCH) for BSV and the other to raise the block limit to 10 terabytes (10,000 gigabytes).

As Cointelegraph reported in November last year, controversy over Bitcoin Cash’s hard fork continued after Bitcoin Cash SV (later recognized as Bitcoin SV), suffered what is known as a blockchain reorganization.

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Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Cardano, Tron: Price Analysis, March 25

Some crypto bulls are still holding out for a six-figure Bitcoin price. Let’s consult the charts and see where it’s heading in the short run.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Мarket data is provided by the HitBTC exchange.

During a meeting with the president of Argentina, American venture capital investor Tim Draper spoke about the potential of blockchain and cryptocurrencies. He also urged the president to legalize Bitcoin to help the nation emerge out of the economic crisis. Later, during an interview, Draper said that he expects Bitcoin to reach $250,000 by 2022 and 2023. If crypto becomes easy to use, he expects people to ditch fiat and opt for Bitcoin.

But for now, companies are finding it difficult to use cryptos as a mode of payment. The latest to ditch cryptos is Amazon-owned streaming service Twitch. The company has not mentioned any specific reason for the decision.

Popular stablecoin Tether recently changed its previous claim that every token in circulation is “100 percent Backed” with fiat currency. It now states that each token is backed by “traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” This has raised a red flag as Tether has not offered itself for a third-party audit.

BTC/USD

Bitcoin (BTC) has been trading close to $4,000 for the past few days. This small range trading is unlikely to continue for long. We anticipate a large range move within the next few days.

BTC/USD

If the range expands to the upside, the BTC/USD pair can rally to $4,255. This is a major resistance, above which the pair will complete a double bottom pattern, that has a minimum target objective of $5,273.91.

However, if the range expands to the downside, the digital currency can fall to the 50-day SMA. If this support also gives way, the next support to watch on the downside is $3,355.

The 20-day EMA is flattening out and the RSI is just above the center, which points to a consolidation in the near term. Traders can retain the stop loss on the long positions at $3,550. As the bulls failed to scale above the psychological barrier of $4,000, we will trail the stops higher within the next few days.

ETH/USD

Ethereum (ETH) has broken down of the 20-day EMA and the uptrend line. Its next support is at the 50-day SMA below which a fall to $125.88 is probable. If this support also breaks, the digital currency will lose momentum. Therefore, traders can retain the stop loss on the remaining long positions at $125.

ETH/USD

Contrary to our expectation, if the price finds support at the 50-day SMA and reverses direction, it will again try to break out of $144.78. If successful, the ETH/USD pair can rise to $167.32.

However, the 20-day EMA has flattened out and the RSI has also dipped below 50, which points to a consolidation.

XRP/USD

Ripple (XRP) has broken down of the uptrend line and has moved away from the moving averages. This shows that the bears have the upper hand. A break below $0.30 can drag the price to $0.29 and below it to $0.27795. This is a critical support that has held since December of last year. A breakdown of this can result in a retest of the yearly low.

XRP/USD

Contrary to our expectation, if the XRP/USD pair rebounds from the current levels or from one of the supports on the downside, it will again try to rise above the overhead resistance of $0.33108. We anticipate a strong move if the price sustains above the resistance line of the descending channel. For now, traders can keep the stop loss on the long positions below $0.27795.

LTC/USD

Litecoin (LTC) continues to face selling close to the resistance line. On the downside, the bulls are providing support at the 20-day EMA. The RSI is still showing a negative divergence, which is a red signal. A breakdown of the 20-day EMA and the uptrend line of the developing wedge will increase the probability of a fall to the 50-day SMA. Therefore, traders can trail the stop loss on the entire remaining long positions to $55.

LTC/USD

However, if the LTC/USD pair rebounds from the 20-day EMA, it will again try to breakout of the resistance line and rally to its next target objective of $69.2790. Both the moving averages are sloping up, which shows that the bulls still have the upper hand. We expect a decisive move within the next few days.

EOS/USD

The bulls are struggling to hold the 20-day EMA. A failure to bounce off this level increases the probability of a breakdown and a fall to the 50-day SMA, which might hold. With the 20-day EMA flattening out and the RSI close to 50, EOS is likely to become range bound for a few days.

EOS/USD

If the bears sink the EOS/USD pair below the 50-day SMA, it can fall to $3.1534. This is the final support, below which the trend will turn negative. Therefore, traders can protect their remaining long positions with stops at $3.10.

On the other hand, if the pair bounces off the current levels or the 50-day SMA it will again try to break out of $3.8723. If this level is scaled, the next target to watch on the upside is $4.4930.

BCH/USD

Bitcoin Cash (BCH) has risen to the overhead resistance of $163.89 where it is facing some resistance. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in the driver’s seat.

BCH/USD

A breakout of $163.89 is likely to attract buyers, pushing the price to the next overhead resistance of $175 and above it to $220. The BCH/USD pair has a history of vertical rallies, hence, traders can hold the long positions with the stops at $140.

Our bullish view will be invalidated if the digital currency turns down from the current level and plunges below the 20-day EMA. In such a case, the pair might become range bound for a few more days.

BNB/USD

Binance Coin (BNB) soared above the overhead resistance of $16.6442826 and reached very close to our target objective of $18 on March 24. We anticipate a strong resistance at $18. Therefore, we suggest traders book profits above $17, keeping only about 25 percent of the original long position open to ride any move higher. This can be held with a stop loss of $15.

BNB/USD

If the bulls scale above $18, a rally to the lifetime highs of $26.4732350 is probable. This will make the BNB/USD pair one of the first cryptocurrencies to make a new high, which is a positive sign.

However, if the bears defend the $18 level, the price might correct to the 20-day EMA. If this support breaks, a fall to the 50-day SMA is probable. The trend will turn in favor of the bears if the pair sustains below the 50-day SMA.

XLM/USD

After trying to hold the 20-day EMA for the past four days, Stellar (XLM) has broken down of it. This is a bearish sign because this shows a lack of buying at the strong support of the 20-day EMA.

XLM/USD

If the price sustains below the 20-day EMA, the XLM/USD pair can plunge to the 50-day SMA. The uptrend line is just below this support. If the pair breaks below these supports, it can retest the lows.

Conversely, if the digital currency bounces off the current levels, it can reach the resistance line. On a break above $0.13250273, the cryptocurrency can reach $0.14861760. Traders can retain the stop loss on the long positions at $0.08.

ADA/USD

Cardano (ADA) rallied sharply on March 22 and 23, and reached close to our first target objective of $0.066121. With the rise, both the moving averages have turned up and the RSI is also close to the overbought zone. This indicates that the bulls have the upper hand.

ADA/USD

However, the ADA/USD pair is currently facing profit booking. In an uptrend, the pullbacks last anywhere between 1 to 3 days. If the pair bounces off the 20-day EMA, it will indicate strength. The next target to watch is $0.080.

On the other hand, if the digital currency turns down from the current levels and breaks below both the 20-day EMA and $0.051468, it will turn negative. Therefore, we suggest traders keep the stops on the long positions at $0.049.

TRX/USD

Tron (TRX) broke out of the 20-day EMA on March 23 but hit a wall just above the 50-day SMA. Currently, the price is back below the 20-day EMA, which is a bearish sign.

TRX/USD

If the TRX/USD pair breaks down of $0.0220, it can correct to $0.02094452. Both the moving averages are flattening out and the RSI has dipped marginally below 50. This points to a likely consolidation in the short term.

However, if the pair rebounds from the current levels or from $0.0220, it will attempt to break out of $0.02815521, which is a critical resistance. The digital currency will pick up momentum if it sustains above this level. Until then, it will continue to face resistance on every minor rally.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Streaming Service Twitch Removes Crypto Payment Options, Reddit User Reports

Amazon-owned video streaming service Twitch has evidently removed Bitcoin and Bitcoin Cash as payment options.

Amazon-owned streaming service Twitch has evidently removed Bitcoin (BTC) and Bitcoin Cash (BCH) as payment options for subscriptions. The change was reported by a Reddit user on March 23.

The user noted that Twitch had offered an option to pay with BTC and BCH employing BitPay as a payment processor, but has since “removed it in the last couple of weeks as a payment method for all countries.” One user, seemingly outraged, noted that they canceled all of their Twitch subscriptions and sent an assistance ticket to the company.

On March 20, another Reddit user claimed that Streamlabs — a popular streaming software widely used by Twitch users to receive tips — also removed support for cryptocurrency. According to the user, a new version of the software that has been recently released no longer contains support for crypto donations.

Twitch has not responded to Cointelegraph’s request for comment on the move by press time.

In June 2018, major travel booking website Expedia.com confirmed to Cointelegraph that it had also stopped accepting Bitcoin as a payment method for hotels or flights.

As Cointelegraph reported in August 2016, Twitch previously offered Bitcoin as a payment option using Coinbase as a payment processing gateway.

In September last year, the company’s former executive, Matthew DiPietro, joined crypto startup Kin Ecosystem Foundation as its chief marketing officer.

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Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

As cryptos are currently rising from the bottom, the community has started hearing some bullish voices again.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

As the cryptocurrencies are rising from the bottom, we have started to hear some bullish voices again. Arthur Hayes, co-founder and CEO of BitMEX, expects the price of Bitcoin to reach $10,000 this year.

One of the events that can cause the price to move northward is the launch of Bakkt. The digital platform’s launch has reportedly been getting delayed due to compliance issues, as it planned to have custody of its customers’ Bitcoin. Nonetheless, the United States Commodity Futures Trading Commission (CFTC) has said that it is working on all the various crypto-related applications, including Bakkt. So, it could be only a matter of time before they get the green signal.

After the long bear phase, the current recovery is being led by various altcoins. Though the leader, Bitcoin, has only been crawling higher, the altcoins are seeing some sharp gains from the lows. The rise has reduced the dominance of Bitcoin in the past few weeks. In order to cover the altcoin rally better, we have chosen the top five performers among the coins that have a market capitalization of greater than $500 million.   

ONT/USD

Ontology is the top gainer of the past week, as the markets cheered the various announcements made in the past few days. Ontology entered into a partnership with MovieBloc, a new participant-centric film distribution platform, that is backed by Korean video streaming platform

Pandora.tv. Li Jun, founder of Ontology, said that the project had completed a loyalty-based points solution for Fosun, a Chinese international conglomerate and investment company that has about 100 million users. Ontology is also working on chemical supply chain tracking for the Lanxess group. Will the rally continue or will the traders book profits? Let us find out.

ONT/USD

The ONT/USD pair is in a smart pullback after hitting a low of $0.43598112 in December of last year. It is currently in the midst of forming a rounding bottom, which will complete on a breakout above $2.26296972. The minimum target objective of this reversal pattern is $4.08995832. The 20-week EMA has flattened out and the RSI is turning up. This shows that the bears are losing their grip.

We expect the bears to mount a strong defense at the current levels. But if the bulls scale and sustain above $1.22947704, the recovery can extend to $2.26296972. Short-term traders can buy on a weekly close (UTC time frame) above $1.22947704 and keep a stop of $0.78. This is a risky trade; hence, please keep the position size to only about 40 percent of normal.

ADA/USD

Cardano (ADA) completed a successful upgrade to version 1.5, which is the last major release of the Byron development phase. This update is an important step for moving to the Shelley development phase. After the rally, where does the price go from here? Let’s find out.

ADA/USD

The ADA/USD pair has risen sharply in the past seven days: it has broken out of the range and has risen above the 20-week EMA, which is a positive sign. It should now rally to $0.082952 and if this level is crossed, the next target is $0.094256.

Both the moving averages have flattened out and the RSI has also risen to the midpoint. This shows that the trend is changing.

Traders can buy 50 percent of the desired allocation on a weekly close (UTC time frame) above $0.051468, and buy the rest on a minor dip to the breakout levels. We are recommending two different buy levels because strong breakouts do not retrace, so if the pair continues to move up, the traders will have some chips in the game. But on most occasions, breakouts pullback; if that happens, we want to buy at lower levels. The stops can be kept at $0.0350.

ETC/USD

The week saw the resignation of Anthony Lusardi from his post as the U.S. director of the Ethereum Classic Cooperative. However, he reiterated that he will continue to be involved with the ETC cooperative and will do some side/programming projects for Ethereum Classic (ETC) and Bitcoin. He said that the social media pressures had become difficult for him to handle, leading to his resignation. Nevertheless, the price of the cryptocurrency did not take a hit due to the departure.    

ETC/USD

The ETC/USD pair is attempting to form a base near the lows: it can move up to $5.889.  The 20-week EMA is also located close to this level; therefore, we anticipate a strong resistance at $5.889.

If the bulls push the price above $5.889, it can rally to the next overhead resistance of $9.50. Therefore, traders can buy on a breakout and weekly close (UTC time frame) above $5.889 and keep a stop loss at $3.3.

If the digital currency turns down from $5.889, it might prolong its stay in the range for a few more weeks. It will weaken if it breaks below $3.3.

BCH/USD

Swiss-based cryptocurrency ATM operator Värdex Suisse has added support for Bitcoin Cash (BCH) on its devices. Swiss online retailer Digitec Galaxus will also now accept cryptocurrencies, and Bitcoin Cash is one of the many digital currencies on the list.

BCH/USD

The bulls have carried the BCH/USD pair to the first overhead resistance of $163.89. Above this level, the digital currency can move to the next overhead resistance of $239. The 20-week EMA is located just below this level. Hence, we anticipate a stiff resistance close to $239. The digital currency has a history of vertical rallies, so if it breaks out of $239, the move can reach $400 and higher.

Conversely, if the bears defend $239, the pair might extend its stay inside the range for a few more weeks. We do not find any buy setups at the current levels.

IOTA/USD

The crypto payments startup Zeux will add IOTA as a mode of payment at various stores that accept Samsung Pay and Apple Pay. Zeux will launch in Europe in April of this year, and will hit the U.S. in 2020. How does the future look on the charts? Let’s see.

IOTA/USD

The OTA/USD pair is attempting a basing pattern near the lows. It is likely to rise to the 20-week EMA and above it to $0.4081. We expect the bulls to mount a stiff resistance at this level.

If the price turns down from here, it will remain range-bound for a few more weeks. The trend will turn down if the digital currency breaks down to new yearly lows.

On the other hand, if the price scales above $0.4081, it can move up to $0.560 and above it to $0.6499. After this level is crossed, the rally can reach the stiff overhead resistance of $0.8152. We shall wait for the price to sustain above $0.4081 before proposing any trade in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Binance Coin, Stellar, Tron, Cardano: Price Analysis, March 22

If the crypto markets bottom out, volumes will pick up. Let’s look at the charts, and see where major coins are heading in the short term.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The crypto markets are eagerly awaiting the launch of institutional trading platform Bakkt. Its launch is expected to attract large investors whose involvement is needed to propel markets to the next level. Without even starting operations, investors are already valuing it at $740 million. This is likely to increase further if it can generate large volumes. However, some investors doubt whether it can live up to its expectations and earn enough to justify its valuations.

The volumes of the crypto exchanges have been under the scanner as The Tie published a report recently, which suggested that most reported volumes are fake. This puts the total volume of LBank and Bit-Z — which have overtaken the leading exchange Binance — in question.

As the market matures, fake reporting is likely to be severely dealt with, as seen in the case of South Korean cryptocurrency exchange Komid, where two of its leaders were handed a jail sentence.

If the crypto markets bottom out, volumes will pick up. Let’s consult the charts and see if we find a new uptrend in any of the major cryptocurrencies.

BTC/USD

Bitcoin (BTC) has been crawling higher for the past few days, but it is yet to make a dash towards the overhead resistance of $4,255. On the downside, it is taking support at the 20-day EMA and below it at the uptrend line. Both the moving averages are trending higher and the RSI in positive territory, which indicates that the bulls have the upper hand.

BTC/USD

If the BTC/USD pair does not scale $4,255 within the next few days, traders are likely to book profits that will drag prices lower. Aggressive bears might also initiate short positions if the pair fails to rise above the overhead resistance.

A breakdown of the 20-day EMA will be the first signal that the bulls are losing their grip. The bears will be back in the driver’s seat if the price sustains below the 50-day SMA. Critical levels to watch on the downside are $3,355 and below it $3,236.09. If the bears sink the digital currency below $3,236.09, it will hurt sentiment and result in panic selling, dragging prices lower.

The cryptocurrency will pick up momentum above $4,255 because it will complete a double bottom pattern that has a target objective of $5,273.91. Traders can trail the stops on the long positions higher to $3,550, in order to reduce the risk.

ETH/USD

Ethereum (ETH) has formed a small ascending triangle inside a larger ascending triangle pattern. The smaller ascending triangle will complete on a breakout and close above $144.78. The pattern target of this breakout is $163.68, but we anticipate the price to move up to $167.32. On a close above $167.32, the larger ascending triangle will complete that has a pattern target of $251.64.

ETH/USD

However, a breakdown of the 50-day SMA will invalidate the small ascending triangle and can result in a fall to the trendline of the larger ascending triangle. On a break below this, the bullish pattern will be negated and the ETH/USD pair can fall to $102.49.

The 20-day EMA has flattened out and the RSI is close to the midpoint, which suggests consolidation in the near term. Traders can keep a stop loss of $125 on the remaining long positions.

XRP/USD

There is hardly any volatility in Ripple (XRP). It continues to trade close to the moving averages. The attempt to breakdown of the uptrend line of the ascending triangle found buyers at lower levels on March 21. The price is again back above the trend line.

XRP/USD

If the support breaks, the XRP/USD pair can dip to $0.27795. We expect a strong support at this level, but if this also breaks, the next support to watch out on the downside is $0.24508. The flat moving averages and the RSI close to 50 suggests consolidation for a few more days.

On the other hand, if the pair bounces off the current levels, it can move up to $0.33108, above which a rally to the resistance line of the channel is probable. A move above the channel will signal a trend change and can carry the price to $0.40. Traders can keep the stops on the long positions below $0.27795.

LTC/USD

Litecoin (LTC) is currently stuck between $56.910 and the resistance line. The bulls have held the support but have failed to push the price above the overhead resistance. Both the moving averages are sloping up and the RSI is still in the positive zone. This suggests that the path of least resistance is to the upside. However, the failure of the RSI to break out of the negative divergence is concerning.

LTC/USD

On a breakdown of the 20-day EMA, the LTC/USD pair can correct to the 50-day SMA. Therefore, traders can trail the stops on 50 percent of the remaining long positions to $55 and keep the rest at $52. If the pair bounces off the current levels and scales above $62.45, it can rise to $69.2790.

EOS/USD

EOS has again failed to break out of the overhead resistance at $3.8723. This is a negative sign. The bears are now likely to attempt to sink the digital currency to the 50-day SMA.

EOS/USD

If the EOS/USD pair plummets below the support of the 50-day SMA and $3.1534, it will weaken and can drop to $2.1733. Therefore, traders can keep the stops on the remaining long positions at $3.10.

If the pair bounces off the current levels or the 50-day SMA and breaks out of $3.8723, it can move up to $4.4930. However, the 20-day EMA has flattened out and the RSI has also dipped to the midpoint. This suggests a range formation in the near term.

BCH/USD

Bitcoin Cash (BCH) has turned down from the overhead resistance of $163.89. The positive thing is that it did not break down of the 20-day EMA.  

BCH/USD

Both the moving averages are gradually sloping up and the RSI is in positive territory. This suggests that the bulls are in command. If the BCH/USD pair rebounds sharply from the current levels or from the 20-day EMA and breaks out of $163.89, it can rally to $175 and above it to $220.

However, if the pair plunges below the 20-day EMA, it can slide to the 50-day SMA. Therefore, traders can trail the stop loss on the long positions at $140.

BNB/USD

Profit booking in Binance Coin (BNB) pushed its price below the uptrend line, but the bulls are currently attempting to defend the 20-day EMA and push the price back above the uptrend line.

BNB/USD

The 20-day EMA is flattening out while the 50-day SMA remains strong. This indicates that the bulls are losing steam in the short term. A fall below the 20-day EMA will weaken the BNB/USD pair that can drag it to the 50-day SMA.

On the other hand, if the pair bounces from the current levels and rallies above $16.6442826, it can resume its uptrend and rally to $18. For now, traders can hold the remaining long positions with stops at $14.

XLM/USD

Stellar (XLM) has corrected to the 20-day EMA where it is finding some support. Both the moving averages are flattening out, which points to a consolidation in the near term.

XLM/USD

If the XLM/USD pair breaks down of the 20-day EMA, it can drop to the 50-day SMA. The uptrend line is just below this level. We anticipate the bulls to defend the zone between the 50-day SMA and the uptrend line.

Conversely, if the pair bounces off the 20-day EMA, it can move up to the resistance line. A breakout of this level can push the price to $0.14861760. The traders can keep the stops on the long positions at $0.08.

TRX/USD

Tron (TRX) turned down from the 20-day EMA on March 22. Both the moving averages are sloping down and the RSI is also in the negative zone. This shows that the bears are at an advantage.

TRX/USD

The bears will try to sink the TRX/USD pair to $0.01830 if the support at $0.02094452 cracks. On the other hand, the bulls will try to reverse direction from the current levels and scale above the moving averages. If successful, it can reach the top of the range at $0.02815521. If the pair sustains above the range or bounces off strongly from $0.01830, we might suggest long positions. Until then, we remain neutral.

ADA/USD

After consolidating for almost three months, Cardano (ADA) has scaled above our recommended buy level of $0.05650. We like the way the digital currency has risen after forming a large basing pattern. It should now rally to its first target objective of $0.066121, followed by a move to $0.080.

ADA/USD

Both the moving averages have started to trend up and the RSI has reached overbought levels. This shows that the bulls have the upper hand. On any dip, the ADA/USD pair should find support at $0.051468 and below that at the 20-day EMA. If both these supports break, the pair will lose momentum and might become range-bound once again. Therefore, traders can trail their stops higher to $0.048.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Japan: SBI Group Sets Up Spin-Off to Manufacture Crypto Mining Chips

SBI will consult with a mining electronics entrepreneur Adam Traidman after forming SBI Mining Chip Co., Ltd.

Japanese financial giant SBI Group has created a dedicated subsidiary that will manufacture cryptocurrency mining chips, the company confirmed in a notice on March 22.

SBI, which has launched spin-offs covering various aspects of the cryptocurrency industry, now says it wishes to expand its influence in the mining sector through the creation of SBI Mining Chip Co., Ltd. (SBIMC).

The company will join industry stalwart manufacturers, chief among which is Bitmain, which released its latest product this week.

“The SBI Group strongly promote [sic] on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses,” the notice reads, continuing:

“The Group has practiced its cryptocurrency mining business […] overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”

The latest project meanwhile will see guidance from Adam Traidman, a seasoned Silicon Valley entrepreneur in semiconductors and associated electronics.

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market,” the notice promises.

To date, SBI had only mined crypto Bitcoin Cash (BCH) via its subsidiary, beginning and ending the practice last year after concerns arose.

In September 2018, Jihan Wu, co-founder Bitmain and head of the mining pool SBI was using, claimed that the company was seeking to subvert its operations to benefit Craig Wright, the notorious entrepreneur who became a central figure in Bitcoin Cash’s contentious hard fork two months later.

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Mt. Gox Trustee: Creditors Will Soon Receive Decisions Over Rehabilitation Claims

The trustee of Mt.Gox has announced that he has concluded the processing of creditors’ rehabilitation claims.

Nobuaki Kobayashi, trustee of the now-defunct Bitcoin (BTC) exchange Mt. Gox, has announced he has concluded the processing of creditors’ rehabilitation claims and that they will be notified of the results within days. The announcement was published in an English translation on March 19.

As previously reported, roughly 24,000 creditors are thought to have been affected by Mt. Gox’s 2011 hack and subsequent collapse in early 2014, which resulted in the loss of 850,000 BTC valued at roughly $460 million at the time.

Tokyo attorney Nobuaki Kobayashi, who was appointed to act as civil rehabilitation trustee to manage Mt. Gox’s bankruptcy estate funds, has notified the public that:

“On March 15, 2019, the Rehabilitation Trustee approved or disapproved rehabilitation claims regarding MTGOX Bitcoin exchange users’ rights to make claims against MTGOX for return of cryptocurrency and/or cash […] and submitted to the Tokyo District Court a statement of approval or disapproval.”

While an exact date for the notification and eventual prospective reimbursement is not given, the announcement outlines procedural details as to how creditors can find out the fate of their claims, according to the respective mechanisms that they used for their submission.

In fall 2018, Kobayashi had published a statement disclosing that he had liquidated almost 26 billion yen (about $230 million) in Bitcoin (BTC) and Bitcoin Cash (BCH) over four months as of early March 2018.

These liquidations — which earned Kobayashi notoriety as “Tokyo’s Bitcoin Whale” for their allegedly adverse effect on markets — were formally halted when civil rehabilitation proceedings began in June 2018.

This month, former CEO of Mt. Gox Mark Karpeles received a suspended two and a half years jail sentence after being found guilty of tampering with financial records.

Karpeles was found guilty of mixing his personal finances with those of the exchange in order to conceal the platform’s losses to hackers. Karpeles was, however, acquitted of embezzlement charges, and will not serve the sentence unless he commits another offence within four years.

Also this month, a United States court denied Karpeles’ motion to stay a separate lawsuit, which accuses him of personal liability for investors’ losses, in light of the ongoing rehabilitation proceedings in Japan.

Controversial crypto figure Brock Pierce is meanwhile spearheading a “GoxRising” movement, claiming he can reboot the trading platform and expedite compensation for Mr. Gox’s creditors. Karpeles has scorned Pierce’s claims and alleged rights to relaunch the platform.

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Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, Stellar, Binance Coin, Tron, Cardano: Price Analysis, March 20

Another multi-million dollar token sale that sold out in minutes on Binance Launchpad shows that appetite for new coins with strong use cases is returning.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Binance Launchpad completed the sale of $4 million in Celer Network (CELR) tokens within 17 minutes and 35 seconds. This is the third such successful launch by the company. This shows that the market appetite is increasing for new coins that strong use cases.

Avnet, Inc, distributors of electronic components and technology solutions providers and Swiss online retailer Digitec Galaxus will accept cryptocurrencies. We expect many other players to go down the crypto path in the future. This will help bring crypto to the masses and realize the potential of crypto as a medium of exchange.  

Blockchain and cryptocurrencies are path-breaking technologies. However, it is difficult to change the attitude of the people accustomed to using outdated systems and platforms. To give the nascent space a favorable push among the lawmakers, the number of lobbyists working on blockchain technology issues in Washington D.C. tripled in 2018.

Though fundamentals have been improving, the price of cryptocurrencies has been slow to respond. Nevertheless, a few major digital currencies have risen sharply from the yearly lows. Are they good for more, or will the rally stall? Let’s find out.

BTC/USD

Bitcoin (BTC) has been trading in a tight range between $3,950 and $4,035 for the past three days. Usually, a tight consolidation is followed by a range expansion. We expect the bulls to propel the price towards the overhead resistance of $4,255. This level will also act as a stiff resistance. But if the digital currency breaks out and sustains above $4,255, it will complete a double bottom pattern that has a target objective of $5,273.91.

Both the moving averages are sloping up and the RSI is in positive territory. This shows that the bulls have the upper hand.

Contrary to our expectation, if the BTC/USD pair turns down from the current levels and breaks below the uptrend line, it can dip to the 50-day SMA. If this support also breaks, a fall to $,3575 is probable.

The trend will turn negative on a breakdown to new yearly lows. Such a move will dent the sentiment and can prolong the existing bear market. Therefore, traders can keep the stop loss on the long positions below $3,236.09.

ETH/USD

Ethereum (ETH) is holding the 20-day EMA for the past two days. But it has failed to breakout and rally above $144.78. We anticipate a strong decisive move within the next few days.

If the bulls scale $144.78, a quick rally to $167.32 is likely because there is no resistance in between these two levels. On a close (UTC time frame) above $167.32, the ascending triangle pattern that has a target objective of $251.64 will complete.

Conversely, if the bears sink the ETH/USD pair below the 50-day SMA, a fall to $116.3 is probable. Traders can protect the remaining long positions with stops at $125.

XRP/USD

Ripple (XRP) continues to consolidate in a tight range. This shows a balance between buyers and sellers. The flat moving averages and the RSI close to 50 suggests that the range bound action might continue for a few more days.

The next trending move will start either on a breakout of the overhead resistance of $0.33108 or a breakdown from the uptrend line of the ascending triangle.

On the upside, the target levels to watch out for are the resistance line of the descending channel and above it $0.40. Above this level, the XRP/USD pair is likely to pick up momentum. On the downside, $0.27795 is an important support, below which the slide can deepen to $0.24508. Therefore, traders can retain the stops on the long positions below $0.27795.

LTC/USD

Litecoin (LTC) is trying to bounce off the support at $56.910. If the bulls can push it above $62.45, it will indicate strength. The next level to watch on the upside is $65.561 and above it $69.2790.

Both the moving averages are sloping up, which shows that the bulls have the upper hand. Still, we continue to watch the negative divergence on the RSI closely.

If the LTC/USD pair reverses direction and plummets below the 20-day EMA, it can drop to the 50-day SMA. Therefore, we suggest traders keep the stop loss on the remaining long positions at $52.

EOS/USD

The bulls again bought the dip below the 20-day EMA, which indicates demand at lower levels. However, EOS is facing resistance close to $3.8723. The price is largely stuck between these two levels. We expect the digital currency to break out of the overhead resistance or break down of the 20-day EMA within the next few days.

On a breakdown below the 20-day EMA, the EOS/USD pair can slide to the 50-day SMA and below it to $3.1534. We anticipate a strong support around these levels, hence, we propose a stop loss of $3.10 on the remaining long positions.

Conversely, if the bulls push the price above $3.8723, a rally to $4.4930 is probable. The up-sloping moving averages and the RSI in the positive territory suggest that the path of least resistance is to the upside.

BCH/USD

Bitcoin Cash (BCH) has been trading close to the overhead resistance of $163.89 for the past three days. This shows that the bulls are in no hurry to book profits. The moving averages have started to slope up gradually and the RSI is close to the overbought zone. This shows that the bulls are in command.

A breakout and close above the BCH/USD pair will carry the price to $175 and above it to $220. Eventually, we expect the pair to reach the stiff overhead resistance of $239. Therefore, traders can keep the stop loss on their long positions at $116.

Contrary to our assumption, if the digital currency turns down from the current levels, it can correct to the 20-day EMA and below it to the 50-day SMA.

XLM/USD

Stellar (XLM) rallied to the resistance line on March 18 but could not break out of it. Profit booking has again pushed the digital currency back into the range. However, the 20-day EMA is sloping up and the RSI is close to the overbought zone. This suggests that the bulls are at an advantage.

If the XLM/USD pair breaks out of the resistance line, it can rally to $0.13250273 and above it to $0.14861760. We expect the 20-day EMA to act as a support on any dip.

Our bullish assumption will be negated if the pair plunges below the 20-day EMA and slides to the 50-day SMA. For now, traders can retain the stops on the long positions at $0.08. We shall soon trail it higher to $0.10.

BNB/USD

Binance Coin (BNB) has dipped below $15.9100517 and is retesting the support at $15. The small uptrend line also lies at this level and the 20-day EMA is just below it. We expect this support zone between $15 and the 20-day EMA to hold.

Both the moving averages are trending up and the RSI is close to the overbought zone. This suggests that the bulls are in command.

If the BNB/USD pair rebounds from the support zone, it will again attempt to break out of the overhead resistance and move towards its target objective of $18. On the other hand, a breakdown of the 20-day EMA can sink the price to the 50-day SMA. Traders can, therefore, keep the stop loss on the remaining long positions at $14.

TRX/USD

Tron (TRX) has been trading close to the 20-day EMA for the past six days. The small trading ranges suggest a balance between buyers and sellers. However, this is unlikely to continue for long. We should see an increase in volatility within the next few days.

A breakout of the 20-day EMA can carry the TRX/USD pair to the critical overhead resistance of $0.02815521. If the bulls break out and sustain above the range, the pair is likely to start a new uptrend.

On the other hand, if the digital currency turns down from the current levels, it can drop to $0.02094452 and if this level also breaks, the slide can stretch to $0.01830.

ADA/USD

Cardano (ADA) has again risen above the overhead resistance of $0.051468. This is the second time the bulls have scaled the resistance within four days. Now, if the price moves above $0.05650, it is likely to start a new uptrend.

The first target on the upside is $0.066121, above which the move can extend to $0.080. Therefore, traders can initiate long positions above $0.05650 and keep a stop loss at $0.044. We shall soon trail it to $0.048.

Our bullish view will be invalidated if the ADA/USD pair falls back into the $0.036815 to $0.051468 range. Such a move will extend the consolidation for a few more weeks.

Мarket data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Largest Swiss Online Retailer Digitec Galaxus Now Accepts Cryptocurrencies

Leading Swiss online retailer Digitec Galaxus has announced that it now accepts cryptocurrencies.

Leading Swiss online retailer Digitec Galaxus has announced that it will now accept cryptocurrencies, according to a press release published on March 19.

Per the announcement, the shop is now accepting Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), Tron (TRX), NEO (NEO) and OmiseGO (OMG) for purchases worth over CHF 200 (about $200). The release further claims that the shop hosts around 2.7 million products, ranging from wheat beer to gaming PCs.

The new payment method was reportedly jointly developed as part of a pilot project with Swiss payment processor Datatrans and in collaboration with Danish crypto payments startup Coinify. The system opens 15-minute-time windows for customers, during which the crypto exchange rate doesn’t change in order to make the payment with a fee of 1.5 percent.

As part of its move towards crypto, the company also added a crypto wallet category to ecommerce platform, accompanied by a dedicated guide, and released a blog post under the title “Diamonds or Gold Are Better Suited to Get Rid of Illicit Money.” In the latter post, the company’s chief innovation officer Oliver Herren admitted that he is not fully convinced of the advantages of blockchain over traditional database systems. Still, he concludes:

“But maybe I just haven’t invested enough time in fully understanding how the blockchain ecosystem works.”

Lastly, the company also released a blog post dedicated to its internal engineering team behind crypto integration. In the post, which is mostly an interview, the company explains on a high-level what blockchain is.

According to ecommerce data platform ecommerceDB, Digitec Galaxus’ net sales amounted to over $261 million in 2018 and the store, first launched in 2010, is the world’s 341st biggest online retailer.

Other large retailers internationally have also looked into the idea of adding crypto payments options on their platforms, with Overstock.com’s acceptance of Bitcoin payments as early as 2014 as a major example.

As Cointelegraph reported in April last year, Canadian online trading and barter platform Bunz Trading Zone is launching its own cryptocurrency.

Also, in February last year, Japan’s largest e-commerce company Rakuten, with a market capitalization of over $12.5 bln, announced its own plans to launch a cryptocurrency called Rakuten Coin.