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Bitcoin Gold Is Getting Hammered After Fork Event as Website Recovers

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It has been a remarkable first day of trading for the newly forked Bitcoin Gold (BTG). The platform’s website was greeted with a “massive” DDoS attack on Tuesday as the newly distributed token plunged.

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Bitcoin Gold Declines Sharply

BTG was hit by sellers on day one, with prices falling more than 70% from their open. The cryptocurrency was last down 69% at $133, according to CoinMarketCap. Prices may have traded as high as $680, according to YObit.net.

Bitcoin Gold split from the Bitcoin blockchain around 2:20 a.m. when block 491,407 was mined. A snapshot of current BTC owners was taken during the fork to assign them a 1:1 ratio of the newly minted coin.

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The BTG network is expected to launch in early November, according to the developers.

BTG Website Hit by Major Attack

Bitcoin Gold’s project developer team stated on Tuesday that its official website was hit by a “massive” DDoS tack. The website appears to be up and running at last check.

According to CCN, “Distributed Denial of Service (DDoS) attacks are fairly common against cryptocurrency projects, especially the controversial ones.”

Bitcoin Gold was one of the most controversial in recent memory. The developers behind the project raised eyebrows by refusing to share the open source code prior to the fork. Some observers said this was an immediate red flag. Bitcoin Gold wasn’t an ordinary fork since it was created in advance of the official launch. The development team is also said to have received 1% of the tokens as payment.

Bitcoin Gold is similar to other forks in one crucial way: it seeks to improve the existing protocol governing the blockchain. China-based miner Jack Liao initiated the fork in order to create an ASIC-resilient mining protocol. This essentially means eliminating ASIC miners from the system, thereby attracting more people to the cryptocurrency.

BTG is planning to distribute its tokens to anyone holding bitcoin when the fork occurred. Earlier this month, Japan’s bitFlyer announced it would be supporting the new protocol.

Featured image courtesy of Shutterstock. 

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Cryptocurrencies

Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

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Analysis

Long-Term Cryptocurrency Analysis: All Majors Stretched as Ripple Finally Breaks-Out

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Although the previous leaders of the rally started to correct or at least consolidate in the wake of the overbought long-term setups, another batch of coins turned exponential, with Litecoin, Ripple, and Ethereum all registering lofty gains this week. Bitcoin, Monero, and Dash have been holding up well, and even drifted to new marginal highs during the period, while Ethereum Classic had a more volatile week, before moving to new highs today.

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XRP left the broad trading range that has dominated its market since May, and surged to new all-time highs while almost quadrupling in the process. As the coin was the only major on a long-term buy signal according to our trend model, and the move triggered a sell signal on Thursday, now all of our tracked coins are on sell signals.

Ripple could be in for further short-term gains but long-term investors should reduce their positions after this week’s spike. Support levels are found Major at the prior high near $0.4250 and in the $0.30-$0.32 range.

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XRP/USDT, Daily Chart Analysis

IOTA, which has been leading the market higher before is down by more than 30% off its all-time high, but given the exponential move before, an even deeper correction is likely in the coming weeks, and investors should wait until a more favorable setup to add to their positions. Strong support is only found at $3 and $1.5, but potential Fibonacci support is at $2.35.

IOT/USD, Daily Chart Analysis

Let’s see how the long-term charts of the other majors look this weekend.

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Cryptocurrencies

Trade Recommendation: NEM

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The trading idea is based on a trend reversal signal. The price is at SMA100 which is strong resistance line. If the market can break this zone and move above the local swing highs, we’ll get the trend reversal signal. DMI and MACD support upward movement. We have good buy opportunity for long run. Buy orders should be placed at 0.00004100 level with stop orders at 0.00001900 level. Profit targets are 0.00009000 and 0.00012000 resistance levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: XEMBTC
Buy: 0.00004100
Stop: 0.00001900
Profit Targets: 0.00009000 and 0.00012000

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in NEM.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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