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Bitcoin Cash Consolidates After 15% Correction, but Broader Appeal Still Lacking

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Bitcoin cash (BCH) rose on Monday, as the crypto community regained its senses following China’s ban on initial coin offerings. The forked BCH cryptocurrency has struggled to gain momentum after a roller coaster first week of trading back in early August.

BCH: Stuck in a Range

Bitcoin cash appears to have settled after a fresh weekend selloff wiped billions from its market value. The BCH/USD exchange rate climbed more than 7% during Asian trading to reach $552.00, according to CoinMarketCap. More than $372 million worth of BCH traded hands over the past 24 hours.

BCH’s dollar-denominated market cap is roughly $9.2 billion. The token lost roughly $2 billion over the weekend on fears that China’s ICO attack would extend far beyond the new crowdfunding model.

Bitcoin cash settled at $767.76 in its first 24 hours of trading on Aug. 2. Prices have yet to regain that level. Since hitting $707.83 on Aug. 19, the token has mostly fluctuated between $500.00 and $700.00.

At the time of writing, bitcoin cash is trading above its major support level of around $550.00. The token is likely to face strong resistance in the mid-$600.00 range. Prices remain highly volatile, as evidenced by the recent rollover.

BCH Struggles to Catch On

Bitcoin cash has struggled to earn support from a large segment of the blockchain community. Coinbase executive Brian Armstrong recently shared his thoughts on bitcoin cash in a Twitter post. 

Armstrong said Coinbase is “agnostic” on which assets are included on the currency exchange, but that it won’t “rush anything out.”

Accessing BCH remains a principal concern for many of its proponents, so much so that they threatened to sue Coinbase for refusing to support it. Low hash power and difficulty estimating its intrinsic value have also stunted BCH’s growth.

However, the news isn’t entirely negative. Bitcoin cash is the third most popular cryptocurrency by market cap, and was recently integrated into company wallets by Bitcoin.com. This suggests that the newly forked coin is slowly being integrated across the blockchain spectrum.

Bitcoin cash has has also been added to Bitcoin IRA, a Los Angeles-based company that allows Americans to access cryptocurrency in an IRS-approved retirement account. Bitcoin IRA also announced it will be supporting Ethereum Classic and Litecoin alongside existing support for Bitcoin, Ethereum and XRP.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 694 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Crypto Markets Stabilize in Low-Volume Trading; Kraken Value at $4 Billion

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Cryptocurrency prices stabilized on Wednesday, stemming early-week volatility that pushed the majors toward new yearly lows. Kraken, one of the largest U.S.-based exchanges, has reached out to traders about a potential private offering.

No End to the Downtrend

The cryptocurrency market capitalization recovered around $111 billion early Wednesday after coming within striking distance of new yearly lows during the previous session. Despite the modest rally, some of the major cryptocurrencies could test new lows this week given the general lack of buying interest across the market.

At the time of writing, the top-ten coins had registered gains between 1% and 6% over the past 24 hours. Tether, a dollar-backed stablecoin, was trading above parity. The rise of Tether is a clear indication that investors are parking their capital on the sidelines in anticipation of further declines. It wasn’t too long ago that USDT was facing an existential crisis tied to its parent company’s lack of transparency.

In terms of percentage growth, the biggest gainers on Wednesday were outside the top-ten. Tezos (XTX), the 20th ranked coin by market cap, jumped 15% to $0.4128. XTZ received a boost after Huobi, one of the world’s leading crypto exchanges, announced the listing of the token as of Wednesday (GMT+8).

Binance Coin (BNB) also outpaced the broader market, gaining 8.5% to reach $5.02. This includes a gain of more than 6% against bitcoin. Against BTC, Binance Coin is little changed over the past month.

Overall trade volumes have fallen by $800 million over the past 24 hours, according to CoinMarketCap. Total daily turnover reached $12.2 billion.

Kraken Eyes Private Offering

Kraken, the world’s 26th largest exchange by adjusted volume, has reached out to its most prominent customers to prod their interest in a private offering. Emails obtained by Finance Magnates show that the company has approached traders with an investment opportunity. The selected recipients have been asked to fill out an online survey for additional information.

In the email, Kraken boasted significant capital reserves and assured traders that it did not need financing. The company is offering shares in support of a $4 billion valuation, according to the email. The minimum investment amount is $100,000.

“The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,” the email reads, according to Finance Magnates.

Recipients have until Dec. 16 to respond, after which Kraken will evaluate each potential investor’s eligibility.

Cryptocurrency exchanges have seen their business languish during the bear market. Interest in the Kraken offering will largely depend on whether existing clients believe that an imminent reversal is likely in the foreseeable future. That being said, institutions like Nasdaq Ventures and Fidelity have poured millions into exchange startups. ErisX, an up-and-coming exchange platform set to launch sometime next year, has raised $27.5 million from major investors.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 694 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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EOS Price Analysis: Cardano Founder Charles Hoskinson Warns of Regulatory Action Against EOS

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  • Charles Hoskinson projects some form of action from the SEC on EOS.
  • EOS/USD enjoys a relief rally on Wednesday, as price moves further north following recent bounce.

The EOS price hasn’t done much but decline of late. Back in August, EOS/USD entered into a very stubborn narrowing range. The price had been confined within this mode of trading right up until November. The range was seen from the $6 territory down $4 area. On the 19th November, EOS/USD bears had finally pushed for a breakout to the downside, from this mentioned range-block. Following this fall, the price plummeted over 60%, over the course of 3 weeks.

Cardano Founder Hoskinson Expresses EOS Regulatory Concerns

The Cardano (ADA) founder, Charles Hoskinson, has beliefs that EOS chief developer of the network is likely to face strong action from regulatory bodies. The SEC would be a potential regulator that investigates their $4bln ICO, as he has described as “egregious.”

Speaking at a press conference in Edinburgh, Charles Hoskinson has made a projection that the Securities and Exchange Commission will look at taking firm measures against Block.One. He believes that this would be done due to the way it had run and hosted the EOS ICO.  Hoskinson further detailed how the EOS token sale sits within the remit of the regulators for them to review the potential for harm of retail investors in the United States.

Charles Hoskinson Anticipating SEC Action on EOS

Hoskinson predicted that the SEC will likely bring punitive measures against Block.One for the way it ran the EOS Initial Coin Offering. The IOHK leader explained that EOS’ token sale falls well within the regulator’s remit to take action against any financial activity which harms US retail investors.

There were several fundamental issues with the EOS ICO, which clearly raise red flags, from Hoskinson’s view. He expressed for particular focus on the amount they had raised over the course of a year, in addition to their “utter lack of respect” for investors. Hoskinson said, the SEC “needed” to take action.

Technical Review – EOS/USD

EOS/USD daily chart

Most recently, the price has managed to stabilize, which could be due to sellers exhaustion. A bounce was seen on 7th December, after falling to a low of around $1.55. The bulls are attempting to make a convincing push back into the $2 territory. Demand in the near-term should now be observed from that recent low, $1.55 up to $1.80.

It is interesting to note the area of which EOS/USD received some comfort on 7th December (this is a known acting support). Back in November 2017 during the big bull run, the price consolidated within the mentioned demand zone for a brief period. This came before continuing its strong move to the north.

Downside Observations

EOS/USD daily chart

Should the near-term area of support fail to hold, then there could be some devastating moves to the downside. A breach of the $1 mark could very well be seen. The next major demand area will be within the depths of $0.90 region. EOS/USD had last traded down here again within the early part of Nov 2017 bull run.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 79 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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What Investors Should Know About Gulden

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Despite Bitcoin’s widespread reputation, it isn’t used by the common man. Many cryptocurrencies have popped up that aim to address this, but Gulden does this in a unique way. Rather than being purely “technological” in their innovations, they are target Holland and doing their best to remain Dutch-centric.

Introducing Gulden

Gulden (NLG) is the name of the now defunct Dutch currency, and bears a sense of pride and familiarity with natives of the Netherlands. Rijk Plasman is the founder of Gulden and the difference between Gulden and other cryptocurrencies is well-illustrated by the fact he is a UX designer first and foremost.

Gulden can be viewed as trying to answer the everyday payment problems we face, rather than just targeting the geeks who are looking for an elegant, but difficult to apply, solution.

There are several key technological differences between Gulden and Bitcoin (the coin it is meant to be an innovation on. On its most basic level, it has two main differences. First, the block reward never halves, which changes the incentives for miners considerably. Additionally, the supply isn’t as limited as Bitcoin’s, because the goal is to serve the Dutch people. Mr. Plasman hopes to have the Gulden and Euro reach parity in a few years, which is aided by these tokenomics.

One of the core problems Gulden solves that plays well to its goal of being more “for the people” is its vertical integration. Bitcoin is mostly a barebones program that required other companies to build wallet and trading solutions on top of the protocol, but Gulden has this all packaged into one solution. There is an iOs and Android application in circulation, and the creators proudly declare that “no manual is required” to use it.

Vertical integration could be considered a plus or a minus. Although it makes it easier for crypto-noobies to use, it also limits innovation and transparency. However, it could prove to be a very helpful aspect when marketing towards the Dutch people.

Thinking about cryptocurrency on a geographical level rather than trying to build a “new global payment system” is a perverse form of innovation in the blockchain space. Most companies are aiming for largest scale possible, whereas Gulden is very geographically focused.

Gulden’s Unique Existence

Up till now, we have seen some countries (such as Canada) propose the idea of an electronic currency, but those would be run by the government, which defeats the political and ideological reasons some people are for these cryptocurrencies. Gulden is the first mainstream cryptocurrency that is geographically targeted in this way, so it will be interesting to see what happens.

Currently ranked #215 in terms of market capitalization, NLG should be notable to traders right now because of how it is correlated to certain currencies. Over the last month, it has traded relatively even with USD, while appreciating against BTC. This is likely due to its use case being viewed as a replacement to Bitcoin rather than being purely dependent on it.

Gulden is tradeable on Bittrex and has been showing a clear uptrend against Bitcoin over the last month. Volume has remained relatively stable, but if it were to kick in, we could see Gulden take off. Even with a potential dip in the future, this could be a good buy as a hedge against Bitcoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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