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Digital currency markets have seen some gains during the early morning trading sessions on Saturday. Since our last markets update, the entire cryptocurrency economy has gained $4 billion and a slew of the top digital assets are up between 2-6% over the last 24 hours.
Top Markets Gain More Than 5% in Minutes
For at least a week, most cryptocurrencies have been consolidating in value and shown very little signs of volatility. On Friday, Jan. 18, prices kicked up a notch as cryptocurrency bulls attempted to break resistance levels throughout most of the day. Finally, during the early morning hours on Saturday, buyers managed to surpass certain resistance levels, which produced gains for most of the top digital assets.
The cryptocurrency economy of 2,000+ coins saw an increase of $4 billion in a matter of minutes on Saturday, Jan. 19, 2019.
At the moment bitcoin core (BTC) is trading for $3,745 per coin and has an overall market valuation of about $65.5 billion. BTC is up 2.5% for the day and 2.2% over the last seven days. The second largest market cap still belongs to ripple (XRP) and each token is swapping for $0.33 per unit. Ripple markets are up today by 1.8% and are up for the week at 0.31% at the time of publication. Ethereum (ETH) markets still hold the third highest market valuation and ETH is trading for $125 per coin. ETH markets are up today by 2.4% but over the last week prices are down 1.4%. The last coin in the top five is eos (EOS), which is up 2.1% today and 3.2% for the week. EOS is trading for $2.51 per coin and markets have seen $736 million traded in the last 24 hours.
The top 10 digital assets this weekend. Jan. 19, 2019.
Bitcoin Cash (BCH) Market Action
Moving on to bitcoin cash (BCH) markets, data shows BCH is up today by 1.78% with each coin trading for $131. However, markets are down over the course of the week as BCH has seen a loss of 3% for the last seven days. The top five exchanges trading the most bitcoin cash today are Lbank, Hitbtc, Binance, Huobi Pro, and Digifinex. Ethereum is still dominating the currency pairs against BCH this weekend as the coin captures 48% of BCH trades. This is followed by USDT (22.8%), BTC (22.1%), USD (4.3%), and JPY (1.1%). Both the KRW and EUR have dipped this Saturday in regard to the spread of dominating BCH pairs. Bitcoin cash is the ninth most traded cryptocurrency this weekend just below QTUM markets and above the stablecoin GUSD.
Bitcoin Cash (BCH) seven-day chart.
BCH/USD Technical Indicators
Looking at the four-hour BCH/USD chart on Bitstamp shows BCH bulls have made slight progress during the Saturday morning trading sessions. The two Simple Moving Averages (SMA) still indicate the path toward the least resistance is the downside as the 200 SMA is still above the short term 100 SMA trendline. RSI and Stochastic are coming closer to overbought regions but are still meandering in the middle which indicates some indecisiveness among traders.
Bitcoin Cash (BCH) 4-hour chart, Bitstamp. Jan. 19, 2019.
MACd shows in the short term prices could drop again slightly, but it also indicates the duration of today’s movements looks strong. The MACd’s short term trendline is above the long term moving average which suggests short-term momentum will increase. Gradually increasing trade volume also indicates some short term winds have started blowing northbound. Looking at BCH order books, upward movement will be stalled up until the $150 range and there’s some smoother seas beyond that price zone. On the back side there’s some good foundational support up until $115 per BCH but from that vantage point things look much weaker.
Bitcoin Cash (BCH) 4-hour chart, Bitstamp. Jan. 19, 2019. Bollinger Bands remain tight.
The Verdict: Bulls Must Break Further Resistance to Maintain Positive Divergence
As traders can see, there’s been many signals that show increasing upward momentum but also signs of continued bearish sentiment as well. Some of the reversal signals two weeks ago and now today indicate that buyers have overcame prior selling pressure in the short term. Traders still seem uncertain of how the markets will perform in 2019 and have been playing positions very delicately over the past two weeks. Some of the signs that bulls may continue to push crypto prices northbound is the charts’ previous reaction to lows which can also be identified with the moving averages on the four-hour, daily, and weekly charts. Even though the RSI and Stoch-RSI show there may be a slight correction, positive divergences shown on the four-hour MACd would indicate improving momentum. Range-bound activity shows we may not approach the lows seen back in November and mid-December but there has been signs of buyers showing exhaustion. Bitcoin core (BTC) prices have managed to stay above the $3,500 zone which in turn has kept the rest of the correlated digital assets afloat.
Earlier this week the publisher of the Cryptopatterns newsletter, Jon Pearlstone, said that BTC bulls must stay above the $3,500 range in order to gain upward momentum. Pearlstone has identified a significantly large inverse head and shoulders pattern that has been in the making for three months.
“Since mid-November, bitcoin has built a clearly defined bullish inverse head and shoulders pattern with a target in the $5,000 range,” Pearlstone stated on Jan. 17. “The most recent move back down to retest key support at $, was expected as part of this pattern, and the current consolidation continues to offer an edge for the bulls as long as support holds above $3,500.”
Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.comnor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, Coinlib.io, Bitstamp, and Satoshi Pulse.
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In The Daily this Saturday, Sapphire has designed a new graphics card suitable for mining the recently launched Mimblewimble cryptocurrency Grin. In other news related to the minting of digital coins, Taiwan Semiconductor Manufacturing Company has reported a significant decrease in its revenues from the mining segment, and some Ethereum miners have switched to Constantinople before the rescheduled hard fork.
Sapphire to Offer Video Card Designed to Mine Grin
Hardware manufacturer Sapphire Technology has developed an exclusive version of its Radeon RX 570 video card. The new graphics processing unit (GPU) has 16 GB of GDDR5 memory instead of the standard 4 or 8 GB.
According to the Chinese tech news outlet Mydrivers, the card is not oriented toward gaming applications but cryptocurrency mining. Representatives of the company’s Hong Kong office explained the product has been designed to mine the new cryptocurrency Grin.
The privacy-centric crypto, which was launched this month, is based on the Mimblewimble protocol and uses the Cuckoo Cycle hashing algorithm that needs between 5.5 and 11 GB of memory. Sapphire believes the card’s 16 GB will significantly improve its performance in comparison to other mining chips.
The new GPU is based on Sapphire’s popular model RX 570 Nitro+ from which it took the two-slot cooling system with two fans, the Russian website 3dnews reported. The exact launch date for the video card is yet to be confirmed.
TSMC Reports ‘Big Drop’ in Mining Segment Revenue
Taiwan Semiconductor Manufacturing Company (TSMC) has recently published its Q4 2018 financial results, along with an earnings call transcript. The chip-producing giant has reported a significant drop in the revenue from the cryptocurrency mining sector last year.
The report does not quote the mining-specific data separately – rather, the company has released the information as part of its high-performance computing (HPC) segment. However, TSMC’s chief executive and vice chairman C.C. Wei said that while HPC, excluding mining, has grown slightly, “cryptocurrency is a big drop from 2018 to 2019.” According to the earnings call transcript, he added:
If we put the cryptocurrency together in the HPC, it’s a big drop. It’s almost a double-digit.
TSMC is a leading supplier of ASIC chips to Bitmain. The Chinese crypto mining giant has found itself under growing pressure during the bearish 2018. The Beijing-headquartered company recently suspended operations at a new mining facility it was building in Texas and closed down its research and development center in Israel.
Taiwan Semiconductor Manufacturing Company has reported a total business revenue of $9.4 billion in the last quarter of 2018, which represents a 2 percent increase on year-over-year basis. According to the company’s management, the Q1 2019 revenue is expected in the range of $7.3 – $7.4 billion.
ETH Miners Switch to Constantinople Before the Postponed Fork
A chain split has occurred on the Ethereum network following the rescheduling of the Constantinople hard fork. The upgrade was expected to be implemented at block 7,080,000 on Jan. 16, but hours before the event, on Jan. 15, developers issued an alert informing the community they were postponing the fork.
Apparently, not all Ethereum miners received the warning as some started mining the Constantinople chain and not the one with the majority consensus. The decision to call off the upgrade came after Ethereum core developers and the Ethereum security community were notified of potential vulnerabilities.
According to a blog post, the Constantinople-related issues have been identified by Chainsecurity. “We are investigating any potential vulnerabilities and will follow with updates in this blog post and across social media channels,” the developers said. They also asked node operators, crypto exchanges, miners, and wallet providers “to update to a new version of Geth or Parity before block 7,080,000.”
In a post on Medium, Chainsecurity detailed: “The upcoming Constantinople upgrade for the Ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer … or address.send … in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer.”
The Constantinople hard fork has since been scheduled for block number 7,280,000 and is expected on or around Feb. 27, according to a tweet by developer Péter Szilágyi. “Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network,” he explained.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock.
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Huobi has announced that its cryptocurrency derivative platform, Huobi DM, has surpassed $20 billion in cumulative trading volume. The announcement comes just one month after the platform exited beta mode.
Huobi DM Cumulative Trade Volume Doubles in 2 Weeks
Huobi Derivative Market has announced that the cumulative trade volume on the platform has exceeded $20 billion as of Jan. 12, 2019. As such, cumulative trade on the platform doubled in just 15 days.
Huobi’s derivative platform launched in beta on Nov. 21, 2018, for BTC contract trading only. On Dec. 10, 2018, Huobi DM exited beta mode and was integrated with Huobi Global and posted a 24-hour volume of $195 million.
On Christmas day, Huobi announced that daily trade volume had surpassed $1 billion for the first time. On Dec. 28, 2018, Huobi DM claimed that cumulative volume on the platform had exceeded $10 billion alongside the launch of EOS contract trading.
Livio Weng, the chief executive officer of Huobi Global, stated that he is “pleased” with the strong response,” describing the platform’s growth as “explosive,” despite the cryptocurrency markets being “in the midst of an ongoing bear market.”
Bittrade Merger Facilitates Japanese Relaunch for Huobi
On Thursday, Huobi announced that it had relaunched a fully regulated exchange under Japan’s Financial Services Agency (FSA) following a merger with Bittrade. As such, Huobi Japan has been granted one of the first 17 licenses issued by the FSA.
The founder of Huobi Group, Leon Li, stated that the relaunch was an “important milestone,” emphasizing the importance of the Japanese market to the company. Li also described working with regulators as “a longstanding priority for Huobi Group.”
Huobi Japan currently supports BCH, BTC, ETH, LTC, XRP, and MONA pairings.
Do you think that cryptocurrency derivative markets will come to dwarf the spot markets in trade volume in coming years? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The Organisation for Economic Cooperation and Development (OECD) has stated that global regulators should work together to facilitate the development of initial coin offerings (ICOs), according to a report released Jan. 15.
The document calls for regulatory clarity and a supervisory framework for ICOs, defining such moves as “a stepping stone to their safer use for financing purposes.” The report also underlines the importance of standardized disclosure requirements, enhanced investor protection Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) measures.
A separate document dedicated to the highlights of the report states:
“A delicate balance will need to be achieved in the development or application of regulatory and supervisory requirements which do not deprive the ICO mechanism of its speed and cost benefits, particularly when it comes to smaller size offerings.”
The same document also states that given the global nature of ICOs, there is a need for international cooperation to prevent regulatory arbitrage. According to the text, such collaboration will “allow ICOs to deliver their potential for the financing of blockchain-based SMEs [small and medium enterprises], while adequately protecting investors.”
The OECD is an organization that describes itself as an “economic counterpart to NATO,” with a mission to “help governments achieve sustainable economic growth and employment and rising standards of living.”
As Cointelegraph reported in August last year, the OECD then announced the “first major international conference” dedicated to blockchain. Organizers planned to focus on the use of blockchain tech in government activities and public initiatives, as well as regulatory aspects.
A Cointelegraph analysis from September of last year describes how OECD has been cautiously enthusiastic about blockchain technology. The organization has on the other hand been reportedly less supportive of blockchain-based currencies — such as Bitcoin (BTC) — that potentially bypass central banks’ authority.
Friday, Jan. 18 — crypto markets continue to see calm, with all top ten coins seeing mixed 24-hour price changes capped within a 3 percent range, as Coin360 data shows.
Market visualization from Coin360
On CoinMarketCap (CMC)’s crypto exchange rankings by adjusted daily traded volumes, however, some major upheavals are underway. Today, Chinese exchange ZB.com saw an 80 percent surge in 24-hour trade volume to hit ~$606.7 million, and displacing Binance as top exchange on CMC.
ZB.com is currently ranked the largest exchange globally; however, during the time of writing, a separate China-based exchange, LBank, has flickered in and out of the top spot, at several points posting over 150 percent increase in trades on the day to hit volumes of ~$800-900 million. Up to press time, the exchanges volumes had fleetingly reduced to ~$380 million, thus dropping back to fourth place.
First three top crypto exchanges by adjusted daily trade volume. Source: CoinMarketCap
Around 47 percent of the trade volume on ZB.com is accounted for by Qtum-Tether (QTUM/USDT) trading, according to CoinMarketCap data.
Trade volumes of formerly top platform Binance have meanwhile dropped 14 percent on the day, seeing ~$550 million in trades.
“Looks like a ton of market manipulation by zb.com tanking most digital assets and trying to pump tron. The Chinese are dump and pumping last night[.]”
Meanwhile, according to a tweet from ZB.com Jan. 16, crypto ranking website CoinGecko has released its own exchange rankings for Q4 2018, which places ZB.com as the second largest by median reported volume:
CoinGecko’s crypto exchange rankings for Q1 2018. Source: ZB.com Twitter
Considerably less volatile, top cryptocurrency Bitcoin (BTC) has seen negligible price change over the past 24 hours, down 0.45 percent on the day to trade at $3,645. After an intraweek low of ~$3,550 Jan. 13, Bitcoin has recovered to trade just 1.6 percent down on its 7 day chart. On the month, the coin is up by 3 percent.
Bitcoin 7-day price chart. Source: CoinMarketCap
Ripple (XRP) — which has regained its spot as largest altcoin by market cap — has also seen mild price change on the day, losing 1.2 percent to trade ~$0.32 at press time. With a market cap of $13.3 billion to press time, Ripple is only just ahead of Ethereum (ETH), which has a market cap of around $12.6 billion to press time, according to CoinMarketCap data.
Ripple is now down around 3.5 percent on the week, and down 2.4 percent on the month.
Ripple’s 7-day price chart. Source: CoinMarketCap
Ethereum has seen a similarly mild 1.6 percent loss to trade at ~$121. The altcoin is down close to 6 percent on its 7-day chart; on the month, growth remains at a bullish 27 percent.
Ethereum 7-day price chart. Source: CoinMarketCap
Among the remaining top ten coins on CoinMarketCap, all are in the red, seeing losses capped below 3 percent. EOS (EOS) is seeing the heaviest losses on the day among the top ten coins, down 2.7 percent to press time.
Among the top twenty, losses are also capped near 3 percent — with Ethereum Classic (ETC) losing the most, down 3.2 percent on the day to trade at $4.33. Binance Coin (BNB) and IOTA (MIOTA) are the only coins in the green, with the former up a solid 3.9 percent and the latter up just a fraction of a percent to press time.
Total market capitalization of all cryptocurrencies is at around $121.2 billion as of press time — down around 1.6 percent on the week.
7-day chart of total market capitalization of all cryptocurrencies. Source: CoinMarketCap
Speaking against the tide in a tweet posted today, Morgan Creek investment analyst Chris King stated:
“I used to pound the table on tokenized securities. As new information on the market was presented I’ve completely changed my view. Not much value will be captured by “tokenizing” traditional securities. -no liquidity or liquidity premium -no demand -no value creation.”
Tokenized securities have been gaining significant traction with industry leaders, as exemplified by the words of Bitcoin bull and co-founder of Gemini exchange, Cameron Winklevoss, who recently remarked:
“I think the next wave will see the real innovation, and the really interesting assets that become tokenized — like real estate, like buildings that are currently not traded in a really liquid fashion. So that’s exciting.”