Connect with us

Altcoins

Bitcoin Cash Jumps to Highest Level Since January Amid Controversy Surrounding Bitcoin.com

Published

on

Bitcoin cash (BCH) rose to more than three-month highs on Sunday even as controversy over its status continued to swirl. As Hacked reported two weeks ago, Bitcoin.com has been at the center of the controversy by insisting that BCH is the truer expression of the original blockchain developed by Satoshi Nakomoto.

BCH/USD Price Levels

The value of bitcoin cash rose double-digits on Sunday en route to its highest level since January. In doing so, it defied a broad cool down in the cryptocurrency market following a strong start to the weekend.

At the time of writing, BCH was up 11.4% at $1,688. Prices peaked around $1,844 earlier in the day for a total market cap of $31.5 billion. The total market for bitcoin cash was last valued at $29.1 billion.

Daily trading volumes approached $2 billion on the major exchanges, with South Korea’s Upbit and Bithumb accounting for more than a fifth of the total market.

CoinMarketCap De-Lists Bitcoin.com

Cryptocurrency data provider CoinMarketCap has removed Bitcoin.com from its BTC page amid allegations that the website was manipulating the market in favor of BCH.

The controversial website, which describes itself as the “premier source for everything bitcoin,” has been promoting the idea that bitcoin cash is the original blockchain protocol. In doing so, it has linked “bitcoin” to the BCH currency – a move that runs contrary to standard industry practice. We speculated two weeks ago that the confusion may have been partly responsible for bitcoin cash’s massive rally. The question we raised at the time was: How many people bought bitcoin (BCH) thinking they were receiving actual bitcoin (BTC)

On Saturday, Bitcoin.com issued the following tweet:

“Bitcoin Cash is the oldest cryptocurrency. Its white paper was published in 2008 and the genesis block mined in January 2009.

Bitcoin Core (BTC) is an experimental currency that does not have a white paper and has only operated under its current model for two years.”

Former hedge fund manager Mike Novogratz took exception to the tweet by issuing the following response:

“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”

Those arguing against Bitcoin.com’s viewpoint insist that BTC is the chain originating from the genesis block, which means it has accumulated the highest proof of work. Bitcoin cash, on the other hand, failed to gain consensus last summer when it forked from the original blockchain.

At the time of writing, Bitcoin.com appears to have reverted back to using BCH for Cash and BTC for Core, although it appears to be “recommending” that users buy BCH:

Bitcoin cash aims to resolve the fundamental issue of scalability in cryptocurrency transactions. To achieve that end, it has implemented a larger block size to speed up the verification process while also creating an adjustable level of difficulty in the mining process.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
4 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 5 (4 votes, average: 3.75 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 698 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




Feedback or Requests?

Altcoins

Monero Price Analysis: Wider Adoption Seen as Bity Adds XMR Support to Their ATM Network

Published

on

  • Swiss-based cryptocurrency organization, Bity, has added their support for XMR for use at ATM terminals.
  • XMR/USD trading up on Friday, with gains of over 3% at the time of writing. Despite this, weekly chart view still points to the downside.

XMR/USD is trading in positive territory on Friday, having gained over 3% during the session. This leaves some optimism heading into the weekend, which is normally characterized by lower trading volumes. Trading over the past eight sessions now has been very much choppy, signaling a lack of direction in the underlying market. Any short-term bull runs observed have quickly been sold by the bears, consistently.  The price is trading around the lowest levels since August 2017 and is down over 90% from the start of 2018. Despite the minor relief upside Friday, there still appears to be room for downside in the short term. Once again, price action is largely dictated by technical factors as opposed to fundamental.

Wider XMR Adoption Following Bity Support

Bitly, a Swiss-based cryptocurrency organization, has announced their support for Monero (XMR). They are a cryptocurrency exchange, in addition to operating a network of cryptocurrency ATMs. Their users can instantly and securely transact bitcoin in addition to buying ETH and now XMR with Swiss Francs and Euro. This can be done at physical terminals in Switzerland. Bitly has additional kiosks in Zurich, Zug, Winterthur, Basel, and Lausanne. They note that more locations and additional token support are coming soon.

Technical Review – XMR/USD

XMR/USD 4-hour chart

Price action over the past seven sessions now has been forming a range-block, moving within consolidation mode. This has come after some stabilization, following the chunky sell-off from November through to early December. The current price behavior can also be perceived when looking technically, as a potential bearish flag pattern formation. If playing out to the textbook, another extended move to the downside will be seen.

Downside Targets

XMR/USD weekly chart

The near-term bottom can be eyed at $41.00, which is the floor of the most recent range. A failure of this holding will likely see another wave of selling pressure. Looking further to the downside, the next eyed support is seen at $38.45, which was a key weekly level in July 2017. Lastly, any breach here would invite a drop below the $30.00 mark toward the weekly support at $29.00. This would be the lowest level hit since July 2017, when XMR/USD was in the early stages of the big 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 84 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.




Feedback or Requests?

Continue Reading

Altcoins

IOTA Price Analysis: Audi and IOTA Partnership Moving Strong; Price Behaviour Not Reflecting That

Published

on

  • IOTA and Audi partnership is said to be progressing forward, according to Audi representative.
  • Price action for IOTA remains tilted to the downside, and a bearish technical set up eyed.

IOTA (MIOTA) price remains very much depressed, in line with current stubborn market conditions. It continues to trade around the lowest levels seen since July 2017, with a lack of slowdown signs for now. Since the start of the year, the price is down a chunky 95%. The bears have the opportunity to run this further south, as there isn’t much in the way of support seen. This is all despite the strong growth fundamental prospects for IOTA.

Audi and IOTA Partnership Moving Strong

Earlier this year, IOTA announced a partnership with Audi Think Tank as the foundation was moving with the development of a permission-less mobility ecosystem. IOTA believes this structure of working is a strong route to understand how automakers are approaching innovation and development. The foundation previously noted that they see it as a great opportunity to incorporate into a new mobility solution, backed by strong suite of skills that Audi associates possess.

An update hit the wires this week, suggesting the Audi and IOTA partnership is progressing forward. The venture development manager at Audi Denkwerkstatt Berlin, Malte Schönfeld, provided some commentary via his LinkedIn account:

“What an awesome experience! The last five months we had a great time at the Audi Denkwerkstatt Berlin. Working in cross functional teams with IOTA on a new project. With the focus on enabling trust for the user in emobility, we pushed a new use case to reality. Stay tuned for further Information.” Matt Schönfeld also sent many thanks to all that are involved with the project, including IOTA founder Dominik Schiener and Alisa Maas, Head of Mobility and Automotive at the IOTA Foundation among others for “putting so much energy & passion into this project.”

Technical Review – IOT/USD

IOTA/USD 4-hour chart

Keeping in mind the decline discussed at the start of this piece, the most recent price behavior remains worrying. As seen via the 4-hour chart view, IOT/USD is moving within a range-block formation. The price is very much within consolidation mode. As a result, it remains at risk of another extended move to the south. It can also be perceived as a potential bearish pennant formation, which technically is subject to a breakout tot the downside.

Downside Targets

IOT/USD weekly chart

Looking at downside levels of potential support, the next area to note would likely be $0.1750. This is a weekly support seen since July 2017, week of 17th. Should this fail to provide any comfort, the next level is eyed at $0.1425, the weekly support for week of 10th July 2017. These moves would be similar to other cryptocurrencies in terms of finding that bottom area. For now, all remains tilted in favor of the market bears.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 84 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.




Feedback or Requests?

Continue Reading

Altcoins

Binance Coin Price Analysis: BNB Still in Trouble Despite Recent Strong Fundamental Prospects

Published

on

  • BNB/USDT moving within an ascending channel formation, subject to a breakout to the downside.
  • There is much anticipation ahead of Binance’s DEX launch, expected in early 2019.

Binance Coin (BNB) has made a decent recovery since being slammed in November and into the early part of December. The price had initially dropped a whopping 58%, before then being able to stabilize most recently on 7th December. Since, BNB has jumped as much as 20% to the upside, moving within an ascending channel formation. However, despite the gains of late, a similar bounce was initially seen on 25th November to 5th December, before another dump. BNB/USDT had tanked a chunky 35%, after this brief period of stabilization.

Strong Fundamental News Flow

The world’s largest exchange by traded volume will some be launching their own decentralized exchange (DEX), expected for early 2019. There is much excitement and buzz across the social media space for this to go live. The development team have already noted that their BNB will be moving from its ERC-20 token status, which is currently on the Ethereum blockchain. As a result, this will be transferred to their own proprietary blockchain, which is set to be called Binance Chain.

In terms of a decentralized exchange, this technology can facilitate a new type of pair matching, allowing users to be able to place orders in addition to trading cryptocurrencies. This can be done without the need of an intermediary institution, managing the ledger or even controlling the user’s funds.

Elsewhere, Binance recently announced that they will be adding a new feature for the benefit and to attract more institutional investors. They will have the facility to create sub-accounts on the Binance exchange. Finally, the company have also exercised further use of their token, BNB, as these can now be used via Tripio to secure bookings.

Technical Review – BNB

BNB/USDT 4-hour chart

Price action over the past six sessions now is moving within an ascending channel formation. This comes after the decent bounce from the low on 7th December, having dropped to a low of $4.1200. At the time BNB/USDT was very much oversold, dropping to 26 via the RSI on the 4-hour time frame. Technically, such moves are subject to a potential breakout to the downside.

Support Levels

BNB/USDT weekly chart

Near-term support should be noted at $4.8000, which is the lower part of the observed ascending channel. Further south, eyes would be on the 7th December low at $4.1200. BNB/USDT is already trading around the lower levels seen since December 2017. Lastly, should the above-mentioned be breached, then a fall to $3.2500 could be on the cards. This is a weekly support seen for 17th December 2017 week commencing.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 84 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.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

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.

Trending