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Ethereum Blockchain Finds Another Use Case in Government Bonds

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Though you wouldn’t know it by looking at today’s prices, Ethereum continues to attract major parties to its public blockchain. According to a new report, Austria is set to become the first country to issue government bonds on the Ethereum network.

Public Auction Powered by Ethereum

Beginning next week, Austria will issue €1.15 billion of government bonds in a public auction hosted on Ethereum, according to local news agency Kleine Zeitung. One of Austria’s largest banks, Oesterreichische Kontrollbank (OeKB), will operate the notarization service. This means the bank will issue the bonds on behalf of Austria’s Treasury.

A translation of the report indicates that testing of the notarization process has been successful. It’s also the first time Austria’s federal bond auction process will be powered by distributed ledger technology.

While Austria has largely flown under the radar of most crypto watchers, the country is creating new pathways for adoption while maintaining strict guidelines against money laundering and terrorism financing. Austria’s Finance Minister Hartwig Loeger says the country’s regulatory framework will bring more trust and transparency to the blockchain and crypto space.

Austria’s decision to go with Ethereum shines a positive light on a blockchain that has faced scathing criticism in recent times. Ethereum’s detractors have scrutinized the platform’s technical specifications and long-term relevancy in a market that has become overcrowded with ERC-20 tokens.

ETH/USD Update

Ether’s trading range narrowed to just $11 on Thursday, with the technical charts showing limited upside. At the time of writing, Ethereum is trading hands at $220 on Bitfinex, having gained 2.9% from the previous session. The cryptocurrency faces bearish trend lines at $220 and $234. Twenty-four hour trading volumes amount to $1.9 billion, according to CoinMarketCap.

At current values, Ethereum has a total market capitalization of $22.5 billion. Though it retains the second spot on the crypto market rankings, a surging XRP is challenging for that position. XRP briefly surpassed Ethereum on at least two occasions going back to last Friday.

Ether’s fundamental outlook improved somewhat after LedgerX announced plans to launch ether-based options. The startup is currently awaiting regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC).

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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4.7 stars on average, based on 769 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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Analysis

Crypto Update: Coins Drift Sideways but Leadership Weakens

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The major cryptocurrencies have been mostly trading in relatively narrow ranges in the past 24 hours, and although we saw a broad sell-off today in early trading, a major bearish move has been avoided, for now. While the coins are still holding on to most of their gains from last Friday’s Litecoin-led surge, the relatively stronger currencies failed to maintain their momentum.

EOS/USD, 4-Hour Chart Analysis

The weakening leadership reinforces our view that we are experiencing yet another bear market rally, especially as the top 3 coins still failed to show meaningful strength. The likes of Dash, EOS, Ethereum, and Litecoin are all well below their recent swing highs, while the previously weaker coins, such as BTC and Ripple haven’t made technical progress either. With the long-term picture in mind, traders should remain cautious even with the stronger coins here, despite the short-term buy signals in our trend model.

BTC/USD, 4-Hour Chart Analysis

Bitcoin has been trading in a narrow range below the key long-term support/resistance level at $3600, as trading activity remained low throughout the day in the most valuable coin. The low level of liquidity will likely lead to more sudden spikes in the coin, and the lack of bullish follow-through is a clearly negative sign.

That said, from a technical perspective the short-term setup is still leaning positive, but traders should only enter small, speculative positions in light of the bearish long-term setup. The coin still faces strong resistance near $3850 and between $4000 and $4050, while support is found just above $3450, near $3250, and in the key long-term zone near the $3000 price level.

LTC/USD, 4-Hour Chart Analysis

Litecoin continues to trade in a short-term correction pattern, and although the recently leading coin lost its relative strength, it continues to hold up well above the line-in-the-sand $38 level. LTC is trying to form a swing low to consolidate its lofty gains, and despite the hostile long-term market-wide trends, it remains on a short-term buy signal in our trend model.

Above the initial resistance at $44, further levels are ahead near the recent swing high near $46 and at $51, while support below $38 is found near $34.50 and between $30 and $30.50, and traders could hold on to their long positions here.

Ethereum and Ripple Little Changed Following Session

XRP/USDT, 4-Hour Chart Analysis

While Ripple avoided a break below the $0.30 support/resistance level, it remains stuck in a short-term downtrend and well below the crucial $0.32 resistance level that it tested during Friday’s spike. XRP continues to be very weak compared to its peers, and that points to a likely test of the $0.28 and $0.26 levels in the coming weeks. Above the short-term trendline and the primary resistance zone, strong levels are also ahead near $0.3550, and $0.3750.

ETH/USD, 4-Hour Chart Analysis

Ethereum failed to maintain the relative strength that it showed in the aftermath of Friday’s spike, and that is a negative sign for the whole segment. ETH continues to hover around the $120 support/resistance level, and although it remains well above the primary support level near $112, the long-term picture remains negative.

With that in mind, traders should remain cautious with new positions here, even as our trend model is on a short-term buy signal. Above $120 another strong resistance level is ahead near $120, while further support is found in the $95-$100 zone. The prior bear market low near $80 is also likely to be tested in the coming weeks, barring a broad reversal in the segment.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 464 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Ethereum

Ethereum Volume Jumps Above Yearly Average as ETH Coin Price Rises in Waves

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Ethereum (ETH) was in flux on Wednesday as the coin price ebbed and flowed throughout the day – mirroring ETH’s trading pattern over the past week.

Trade volume for Ethereum reached as high as $3.5 billion on Wednesday, and has been elevated above the yearly average ever since the market crash on December 14th – a date which marked a nineteen-month low for ETH, as well as many other altcoins.

Ethereum Price – ETH/USD

ETH’s numbers from the start of the day’s trading until the end are basically the same – close to the $122 mark. But over the course of the day the coin price climbed as high as $125.55 according to CoinMarketCap’s aggregate numbers; while reaching as high as $126.47 on Binance.

By Wednesday evening the rally had turned out to be a brief one, and ETH was priced back down at $122.31 at time of writing. The spread between the top twenty trading venues is thin – all show a price markup of $122.

Surprisingly, the highest concentration of trades comes from DOBI Exchange – a platform which has processed close to half a billion worth of transactions in the past day. Its ETH/BTC pair accounts for $200 million of that sum – a huge number from a somewhat unknown Chinese exchange which doesn’t look too welcoming to Western users.

Weekly Pattern

Something seems to be building with ETH at the moment – the coin price has pushed up in waves over the last seven days, before falling then rising again. An increase to trade volume has accompanied each surge and has risen above the $3 billion mark every time.

When ETH dropped to the $80 range in December, that’s when average daily volume suddenly increased to the $3 billion range. The same happened on Feb 6th, when the coin price hit $103 – a near two month low, and technical analysis suggests there is yet demand at this price range.

Ethereum News

The Constantinople phase of the Ethereum network upgrade is set to go ahead two weeks from now, and all eyes will be on ETH for the build up.

In the meantime, Ethereum founder Vitalik Buterin took to Twitter to remind followers that neither he nor Elon Musk would be investing in the fictional Entropy Token (ETT). Vitalik had tweeted out this satirical tweet a few days earlier, taking aim at fast-launching scam coins which capitalize on popular trends:

“Entropy! Did I hear entropy? Well I happen to be making an ICO coin called Entropy Token, and it looks like @elonmusk supports it! Buy $ETT #ETT 𝄞ETT! Whitepaper soon!”

That was followed up by a clarification when it turned out that a digital currency known as Entropy did actually exist:

“To be clear, neither I nor @elonmusk actually support holding any quantity of any of these coins (at least if my mental model of @elonmusk is accurate).”

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 143 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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Analysis

Crypto Update: Litecoin Pulls Back as Rally Fails to Reignite

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litecoin

While the major cryptocurrencies experienced another rally attempt yesterday following last week’s Litecoin-led surge, most of them failed to hit sustained new highs. The top coins are still holding on to most of their gains, but the lack of bullish momentum is a negative sign. With the bearish long-term picture in mind, traders should still be cautious even with the relatively stronger coins, as the odds of yet another failed move are high.

EOS/USD, 4-Hour Chart Analysis

Trading activity remained higher than in recent weeks in the segment, but with no real technical progress in the majority of the currencies (only EOS hit a new sustained swing high among the top coins), bear market rules still apply. With that in mind, traders should still only consider short-term positions here with strict risk-management rules. From a broader perspective, the re-test of the late-year lows remains likely, and as the top 3 coins are not able to lead the way higher the rally attempt continues to be suspicious.

BTC/USD, 4-Hour Chart Analysis

Bitcoin continues to drift lower in the low volatility environment, showing clear signs of relative weakness since Friday’s surge. The coin fell below the key $3600 support/resistance level today, and although it remains above its prior trading range, its market is still dominated by sellers. While BTC remains on a short-term buy signal in our trend model, traders should only enter small speculative positions here.

The long-term outlook for Bitcoin is clearly bearish and our trend model remains on a long-term sell signal as well. The coin faces strong resistance near $3850 and between $4000 and $4050, while support is found just above $3450, near $3250, and in the key zone near the $3000 price level.

LTC/USD, 4-Hour Chart Analysis

Litecoin now cleared the overbought short-term momentum readings thanks to the volatile consolidation, but today, it violated its recent swing low. That said, the break-out remains intact and our trend model is on a short-term buy signal, although the long-term setup is still negative.

Above the $38 price level, the immediate outlook is still bullish, but given the segment-wide trends, traders should continue to be cautious with new positions. The next key resistance level above the recent swing high is ahead near $51, with further support found near $34.50 and between $30 and $30.50.

Ethereum Test Swing High as Ripple Remains Under Pressure

XRP/USDT, 4-Hour Chart Analysis

Ripple continues to be the weakest among the top coins, as it has been the case ever since its late-January rally attempt. XRP is still hovering near the $0.30 support/resistance level after failing near the declining short-term trendline that capped the price of the coin since early January.

Despite the recent spikes higher, the coin will likely re-visit the $0.28 level and the August low near $0.26 in the coming weeks, as bearish forces remain dominant in the market. Above the short-term trendline strong resistance levels are ahead near $0.32, $0.3550, and $0.3750.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed short-term strength in the last couple of days, getting close to Monday’s high and testing its weekend high in the process. While the short-term strength could mean that ETH will push higher again in the coming days, the long-term technical setup is still hostile for bulls.

The coin is holding up above the key short-term $112 support/resistance level, with the $120 level being in focus in recent days, but further strong resistance is ahead near $130. Although our trend model is on a short-term buy signal, from a long-term perspective, Ethereum is still relatively weak, and it will likely test the $95-$100 zone again, with a possible move towards the prior bear market low near $80.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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 464 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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