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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.

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.

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. 

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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4.7 stars on average, based on 773 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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Altcoins

XRP Price Analysis: XRP/USD Bulls Eyeing Big Breakout to the Upside

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  • XRP/USD price action is moving within a bullish pennant pattern structure, subject to a potential aggressive breakout to the upside.
  • There is a substantial area of supply that runs from the $0.3500-$0.3600 price range. The price has not traded convincingly above since 10th January.

XRP/USD: Recent Price Action

Ripple’s XRP price over the last three sessions has cooled marginally, following a decent bout of buying pressure. Life was kicked back into the bulls on 17th February, where the price jumped a chunky 17% over three days. On 19th February, the XRP/USD pushed to its highest levels seen since 10th January, up at $0.3550. Given how explosive the move was to the upside within such a short space of time, the market quickly eased away from those initial highs.

The price appears to be gradually moving back towards a stable path to recovery. XRP/USD from the back-end of December 2018 had been trending lower, this having taken place within a sizeable descending wedge pattern formation. It managed to contain the price right up to February, where the bulls were then able to force an aggressive breakout on the 8th. The price after this breach above the wedge then began to consolidate for nine days, before resuming its move north.

XRP/USD 4-hour chart.

As touched upon earlier, recent price action has entered into consolidation mode. The price behavior has formed a bullish pennant pattern structure. Given the current technical observation, it does appear the price is very much subject to another breakout to the upside. It’s interesting to note that there is a recent pattern of behavior that XRP has been notably moving within. The price is undergoing periods of consolidation, which lead to chunky breakouts before consolidating again to repeat the process.

Key Technical Areas

XRPUSD daily chart.

Immediate support runs at the lower supporting trend line of the mentioned pennant pattern. The comfort tracks around the $0.3230-00 area, and a breach here will rule out the technical set-up. XRP/USD would then be subject to giving back the gains that were initially triggered on 18th February, potentially returning down to the $0.3050-$0.3000 range. The mentioned territory was where the price was consolidating, ahead of the most recent bull run.

To the upside, resistance is seen immediately at the upper descending trend line of the pennant. The near-term barrier is at $0.3300, and a break above would likely invite some decent buying pressure. Eyes will then be on the high area of 19th February, $0.3500-$0.3550, where supply is noted. XRP/USD had not traded convincingly above this mentioned zone since 10th January, when the price re-entered a bear market. Finally, the bulls would then look at breaking down the $0.4000 region, which has on several occasions proven to be a very tricky area of resistance.

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 126 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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Why Investors Should Be Paying Attention to Blox (CDT)

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In a world where huge promises about blockchains will be linked to blockchains and transactions-per-second will be infinite, it is important to remember that sometimes people just want a new killer app.

Blox (CDT) is one of these killer apps. Although not as popular (market capitalization ranked 376th), it has a very unique promise. It is a portfolio tracking and blockchain asset management application, with some social features being added along the way.

Formerly known as CoinDash, the company was rebranded to Blox in February of 2018. Now, it boasts features including virtual trading, multi wallets, watchlists, and cross-device compatibility, with many more to come.

Social Trading App for Blockchain

For anyone who has seen the popularity of social trading apps for equities, commodities, and options, this makes perfect sense as a cottage industry.

There are certain desires that Blox harnesses, like the idea of being able to piggyback on more successful traders and compare returns. Learning from others is a beautiful thing, and the social trading aspect of the platform enables that.

But it also does much more. For anyone who has experimented with multiple exchanges, you know the perils of dealing with a disorganized portfolio. You struggle to keep track of your cost base, your taxes become a mess, and everything goes sideways. Blox mitigates against this simple problem, while adding in a ton of functionality to keep the pros around.

The CDT Token

The ERC-20 token is still listed as CDT despite the name change. Instead of being mineable, all coins were issued by the founders at inception, and approximately 670 million CDT are in circulation.

Every coin needs a purpose, and use of CDT allows for control of one’s portfolio, as well statistical analysis that might help you get an edge. Additionally, if you elect to make your portfolio public, you are seen to be adding value to the platform and receive CDT in exchange. In the same way that some social platforms are starting to reward content creators, some traders will be rewarded to their contribution to the platform.

Blox offers Software-as-a-Service (SaaS) aspects that traders will be able to pay for in order to get an edge in their trading. Managing crypto assets is something that will only intensity over the next few years, and Blox is well-positioned to take advantage of that.

Short-Term Trading Opportunity

As an investment, Blox would definitely be considered more of an altcoin. It is available on Binance and has been trading sideways for the last week, with a bump occuring on the 21st.
It seems like CDT has been going through a consolidation period since the drop it took in November, and now a breakout period looks to be underway.

It might be too late on this one, as it is already taking off, but with a current level around 200 satoshis, it is easy to see a route to 225 or even 300 satoshis in the future. I’m not sure if this is a long-term bet, as it is still not fully “welcomed” into the mid-cap area, but CDT is definitely a coin to keep an eye on.

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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6 More Upcoming Crypto Events That Could Pump These Coins – and Last Week’s Winners

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This is a follow up to last week’s ‘6 Upcoming Events‘ article which detailed several tech updates on the horizon for various cryptocurrencies.

Before we break into this week’s batch, let’s look at how last week’s picks performed:

IOST gained 28%
Quarkchain gained 12%
Theta Token gained 17%
Aeternity gained 13%
Ethereum gained 19%
Cybermiles gained 9%

These gains did come amid a general market uptick, and have been caluclated at the highest possible cash-out point. THETA and IOST proved to be two of the week’s best performers, at the expense of many others; Quarkchain continues to climb, as does Aeternity. Ethereum may have been responsible for triggering the recent market surge on its own, but can it purely be attributed to the upcoming Constantinople update?

Here are six more upcoming events that might result in positive sentiment gains for the coins involved.

Holo (HOT) – Closed Alpha Testnet

Details on the upcoming closed alpha testnet can be found in this Github post. In short, this marks the first step towards getting developers up and running on Holochain using Nodejs and Rust programming languages.

Holo had a strong previous quarter and came charging out the gates in December, and by February had recorded 230% growth in three months.

There’s every chance we’re too late to this one, but after HOT declined 12% in the last three days, there could be another bounce in the run up to the testnet.

Testnet Date: 28th February

Po.et (POE) – E-Book Metadata Platform

Described as a blockchain protocol for ‘content ownership, discovery, and monetization in media’, Po.et is about to release a blockchain version of ISBN codes. The word is they’ll be applied to e-books, with the goal of becoming the metadata provider for the digital publishing industry. Po.et was recently mentioned in this examination of blockchain‘s role in that industry by the Columbia Journalism Review.

POE is ranked 218th by market cap, and has been in decline for most of the quarter. This week saw a slight reversal of that trend as the ETH-based token gained 5%, and volume rose from $200,000 to $1 million.

Launch Date: 28th February

Digitex Futures (DGTX) – Treasury Token Sale

The first round of cut-price DGTX treasury tokens are set to be released at the start of next month. A breakdown of the Digitex Treasury can be found in this official blog post.

DGTX tokens doubled in value in December, then halved again in January. The last seven days have seen more than 12% growth.

Token Sale Date: 1st March

Skycoin (SKY) – Skywire Mainnet Launch

Skywire is aimed at cutting out the dominance of centralized payment servers like BTCPay, which Skycoin views as a looming threat to free expression. Skycoin’s solution is a combination of handheld hardware processors and wire mesh technology, more on which can be read here.

Momentum has been building with SKY for the last two weeks as it soared to 24% gains before subsequently cooling off.

Mainnet Launch Date: 4th March

Pundi X (NPXS) – Commencement of Staking Rewards

Pundi X’s staking upcoming staking mechanism involves monthly payouts weighted to how long your funds remain staked – details here.

Looking at the three-month chart of NPXS shows a huge turnaround in mid-January. Since then the token gained 84%.

Staking Launch: 9th March

GameCredits (GAME) – Gaming Store Launch

In mid-March the GameCredits PC-gaming store is set to launch, where customers will be able to purchase AAA PC games using GAME coins. Benefits include discounts, no KYC or ID checks, and remote access to Fortnite, Battlefield 5, Far Cry New Dawn, and more.

GAME is ranked 328th by market cap, and can be traded on Upbit, Bittrex, Poloniex and Bitbay. Take a look at GAME’s daily chart from the last twenty hours and make of it what you will.

Store Launch: 15th March

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 147 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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