Wednesday 28 February 2018
Daily Analysis: Stock Rally Cracks as Dollar Continues Higher
Wednesday Market Recap
| Asset | Current Value | Daily Change |
| S&P 500 | 2719 | -1.18% |
| DAX | 12,435 | -0.44% |
| WTI Crude Oil | 61.59 | -2.01% |
| GOLD | 1317.00 | -0.09% |
| Bitcoin | 10,410 | -2.63% |
| EUR/USD | 1.2184 | -0.42% |
The divergences that we have been pointing out throughout the rebound in US stocks finally translated into broad weakness on Wall Street, with major indices trending lower all day and finishing the session with an ugly sell-off and a spike in volatility.
While the dip pushed back the Dow and the S&P 500 below the key levels that we have been monitoring for the last two weeks, the Nasdaq remains relatively strong, not far off the all-time highs set in January.
S&P 500 Futures, 4-Hour Chart Analysis
That said, given the weakness in the broader indices, and especially small caps and non-US stocks, we remain defensive towards equities, and we expect volatility to stay elevated with a likely test of the correction lows in the coming weeks.
Russell 2000 (Small Cap Index), 4-Hour Chart Analysis
Economic numbers were mostly negative today, but the most-awaited prelim US GDP print was perfectly in line with expectations, coming in at an annualized rate of 2.5%. Pending home sales missed the consensus estimate by a mile, adding to the realistic fears regarding the housing market that is showing signs of stress, as rates continue to rise across the curve.
While the trend in Treasury yields is clearly up, long-dated bonds showed intraday strength today, even as the short end of the curve remained under pressure. That perfectly fits Jerome Powell’s views that he expressed yesterday, as he confirmed that the Fed will stick with rising rates, despite the rise in market volatility.
2-Year Treasury Yield, 4-Hour Chart Analysis
While the market seems to believe what Powell said, the retreat in long-term yields together with stocks means that on the long run investors think that the central bank will be forced to ease once again, as the “everything bubble” deflates.
Forex Markets in Full Risk-Off Mode
USD/JPY, 4-Hour Chart Analysis
The trends that were clearly bearish in the realm of fiat currencies continued in earnest, today, with risk-on currencies getting another beating, and the Japanese Yen returning to its safe-haven throne, gaining ground against all of the majors.
USD/CAD, 4-Hour Chart Analysis
The US Dollar was the second best performing top currency, as it hit the highest level against the Euro since mid-January, while scoring 10-week highs compared to the Australian Dollar and the Canadian Dollar.
The Aussie and the Loonie were under pressure not just because of the late-day stock rout but also thanks to the huge drop in crude oil, and the relative weakness of gold which underperformed the Yen despite the risk-off shift.
Cryptocurrencies
The major coins had a dominantly bearish session, and the after-hours session saw another wave of selling in the segment following reports regarding the SEC’s probe into ICO’s. So far the losses remain limited, and volatility is still consistent with a bullish trend as well, and until major support levels don’t start crumbling, we remain positive on the outlook for BTC and most of the altcoins.
BTC/USD, 4-Hour Chart Analysis
Bitcoin dipped below $10,500 again following the US close, and it will be interesting to see if the news inflicted sell-off will keep the most valuable coin below the key short-term level. For now, the currency remains bullish both long- and short-term after last week’s correction with all eyes on the $11,300 resistance and the $10,000 support.
Featured image from Shutterstock
The post Daily Analysis: Stock Rally Cracks as Dollar Continues Higher appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/daily-analysis-stock-rally-cracks-as-dollar-continues-higher/
SEC Launches Investigation into Cryptocurrency Market
The U.S. Justice Department will take the lead on drafting up a “comprehensive strategy” for cryptocurrencies, according to Deputy Attorney General Rod Rosenstein. But the path forward won’t be easy as regulators play catch up to dark web criminals using cryptocurrencies to launder money.
Comprehensive Strategy
Rosenstein expressed the DOJ’s position at the Financial Services Roundtable in Washington over the weekend, where the subject of cryptocurrency was brought up during the question-and-answer period.
Cryptocurrency “is a new challenge” because it does not “flow through the traditional financial system,” Rosenstein said. Magnifying the issue is the encryption techniques cryptocurrencies employ to obscure the origin of the funds. Depending on which coin you use, tracing where the money came from is extremely difficult.
“What we’re working on now with our cyber crime task force is a working on a comprehensive strategy to deal with that,” he added.
The task force will be made up of representatives from several law enforcement agencies, including the FBI and Drug Enforcement Agency.
Although government agencies appear to be ramping up their fight against crypto-based cyber crime, Rosenstein urged banks to step up their anti-money laundering efforts.
Rosenstein, a 30-year veteran of the DOJ, also brought attention to the evolving threat of cyber crime, and urged consumers to use several types of identification when making purchases online.
Strategy Does Not Equal Regulation
It remains unclear whether this new strategy will lead to new market regulations in the future. Earlier this month, a top White House official indicated that the Trump administration was no closer to adopting a comprehensive plan for regulating digital currencies.
White House cyber security coordinator Rob Joyce said regulators must first wrap their heads around cryptocurrency before they decide to regulate it. In his view, this could be a long ways off.
“I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are,” Joyce told CNBC at the Munch Security Conference in Germany. “So, I don’t think it’s close.”
U.S. commodity and securities regulators have a limited mandate to regulate cryptocurrencies. The Commodity Futures Trading Commission (CFTC) has investigative powers, but no jurisdiction over domestic exchanges, which operate at the state level. Meanwhile, the Securities and Exchange Commission (SEC) has taken special interest in ICOs, but has made no mention of overarching regulation for the digital currency class.
Criminals Favor Cryptocurrency
Criminals have been quick to embrace the enhanced privacy features offered by cryptocurrencies. According to a recent report, digital currencies such as Litecoin, Ethereum and even Dash are growing in prominence on the dark web. Although bitcoin remains the number one cryptocurrency embraced by cyber criminals, Litecoin has experienced a spike in popularity due to better transaction speeds.
So-called privacy coins offer even better masking techniques, with the likes of Zcash and Monero growing in popularity. Both currencies are said to offer more enhanced privacy and encryption features.
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.
The post SEC Launches Investigation into Cryptocurrency Market appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/sec-launches-investigation-into-cryptocurrency-market-2/
SEC Launches Investigation into Cryptocurrency Market
The U.S. Justice Department will take the lead on drafting up a “comprehensive strategy” for cryptocurrencies, according to Deputy Attorney General Rod Rosenstein. But the path forward won’t be easy as regulators play catch up to dark web criminals using cryptocurrencies to launder money.
Comprehensive Strategy
Rosenstein expressed the DOJ’s position at the Financial Services Roundtable in Washington over the weekend, where the subject of cryptocurrency was brought up during the question-and-answer period.
Cryptocurrency “is a new challenge” because it does not “flow through the traditional financial system,” Rosenstein said. Magnifying the issue is the encryption techniques cryptocurrencies employ to obscure the origin of the funds. Depending on which coin you use, tracing where the money came from is extremely difficult.
“What we’re working on now with our cyber crime task force is a working on a comprehensive strategy to deal with that,” he added.
The task force will be made up of representatives from several law enforcement agencies, including the FBI and Drug Enforcement Agency.
Although government agencies appear to be ramping up their fight against crypto-based cyber crime, Rosenstein urged banks to step up their anti-money laundering efforts.
Rosenstein, a 30-year veteran of the DOJ, also brought attention to the evolving threat of cyber crime, and urged consumers to use several types of identification when making purchases online.
Strategy Does Not Equal Regulation
It remains unclear whether this new strategy will lead to new market regulations in the future. Earlier this month, a top White House official indicated that the Trump administration was no closer to adopting a comprehensive plan for regulating digital currencies.
White House cyber security coordinator Rob Joyce said regulators must first wrap their heads around cryptocurrency before they decide to regulate it. In his view, this could be a long ways off.
“I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are,” Joyce told CNBC at the Munch Security Conference in Germany. “So, I don’t think it’s close.”
U.S. commodity and securities regulators have a limited mandate to regulate cryptocurrencies. The Commodity Futures Trading Commission (CFTC) has investigative powers, but no jurisdiction over domestic exchanges, which operate at the state level. Meanwhile, the Securities and Exchange Commission (SEC) has taken special interest in ICOs, but has made no mention of overarching regulation for the digital currency class.
Criminals Favor Cryptocurrency
Criminals have been quick to embrace the enhanced privacy features offered by cryptocurrencies. According to a recent report, digital currencies such as Litecoin, Ethereum and even Dash are growing in prominence on the dark web. Although bitcoin remains the number one cryptocurrency embraced by cyber criminals, Litecoin has experienced a spike in popularity due to better transaction speeds.
So-called privacy coins offer even better masking techniques, with the likes of Zcash and Monero growing in popularity. Both currencies are said to offer more enhanced privacy and encryption features.
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.
The post SEC Launches Investigation into Cryptocurrency Market appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/sec-launches-investigation-into-cryptocurrency-market/
U.S. Shale Boom Presents Same Old Problem for Energy Markets
Politics often influence the markets and it seems that lately, things are getting particularly exciting.
In a few hours, we will be hosting a live conference on YouTube with some of eToro’s most knowledgeable analysts in each region.
We’ll discuss the latest updates on Brexit, the situation and trading opportunities for the South African Rand, the German coalition, OPEC’s Oil updates, the impact of the new Fed Chief Jerome Powell, and of course the current crypto markets.
Also, we’ve brought in a special guest who is one of our very own Popular Investors in eToro to update us on the Italian Elections that are happening this weekend.
Since it’s live on YouTube, you can also participate by sending in any questions and comments you have.
To join in, please come to the following link at 11:00 GMT.
Hope to see you there.
@MatiGreenspan
eToro, Senior Market Analyst
Today’s Highlights
- New Chair in the House
- Diesel Drops the Dax
- Dash Core is Now Autonomous
Please note: All data, figures & graphs are valid as of February 28th. All trading carries risk. Only risk capital you can afford to lose.
Traditional Markets
The new Fed Chairman Jerome Powell did little to calm the markets. From his testimony yesterday it was pretty clear that he knows what he’s doing and will likely lead with a steady hand.
However, at this point, the markets are so used to monetary easing that the thought of any tightening is terrifying.
Analysts are arguing whether there will be 3 or 4 rate hikes this year but at this point, it may just be irrelevant. At least Trumps tax cuts should provide a whole lot of stimulus out of the other end.
Markets held up well during the first part of the speech, but somewhere in the question and answer phase, things began to unravel. Volatility and Bond Yields started to go up, while the stock fell down.
Notice the lower right graph above, which is the China50, also dropping this morning on some sour PMI data.
Diesel Drops the Dax
The Dax in Germany also took a tumble yesterday but for different reasons. A Federal Administrative Court in Leipzig ruled that individual cities now have the right to ban diesel cars.
The cities of Stuttgart and Dusseldorf have already expressed interest to take such action in order to get a handle on pollution.
Stocks in Volkswagen and BMW promptly fell and brought the entire index down with them.
By the end of the day things did seem to recover but the opening this morning was rather weak, in line with the rest of the global markets at the moment.
Dash Core goes Autonomous
For cryptocurrencies, decentralization is the name of the game. The winner at the moment seems to be Dash.
In an unprecedented announcement yesterday the Dash Core Group has relinquished their legal ownership to the Dash DAO (Decentralized Autonomous Organization).
This means that the company behind the development of Dash is now legally owned by the network. The implications of this are mind-blowing!
The entire development process and management will now be the personal responsibility of no single person, but rather these decisions may be taken by harnessing the wisdom of the crowd and using a global perspective.
Unfortunately, the price of Dash coins does not seem to have been affected by this too much yet. Perhaps because the news is still too fresh. Also possibly because the entire crypto market is very heavily correlated at this time.
Here’s the chart of Dash over the last year. If it looks familiar, perhaps take a look at bitcoin.
Let’s have an awesome day!
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro. Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
The post U.S. Shale Boom Presents Same Old Problem for Energy Markets appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/u-s-shale-boom-presents-same-old-problem-for-energy-markets/
Circle Aquires Poloniex As Wall Street Takes Bold Moves Into The Crypto Space
Payment technology company Circle has acquired Poloniex in a deal reported to be worth $400 million. Founded in 2013, Circle has been involved in a number of blockchain ventures, although in more recent years it has focused on providing peer-to-peer fiat services. Of note is the fact that Goldman Sachs is a major investor in Circle, leading many to speculate that this move represents the legacy financial firm’s intention to move boldly into the crypto space. If true, this action would not be surprising as institutions across traditional financial sectors are known to be aggressively exploring decentralized digital assets.
Poloniex is one of many major crypto exchanges that have experienced explosive growth as of late. Founded in 2014, it was at one time the largest globally by volume. Although it now ranks far lower, it is highly regarded for its professional service such as quick withdrawals and large coin selection. Unlike exchanges such as Coinbase and Bitstamp, Poloniex is strictly a crypto-to-crypto exchange, and does not offer purchases with fiat.
The announcement of the acquisition did not come as a surprise, as an internal Circlememo leaked early on Twitter. In addition to confirming the purchase, this memo discusses Circle’s cooperation with the U.S. Securities and Exchange Commission (SEC) as well as its intention to keep Poloniex separate from other Circle services. Noteworthy, however, is the memo’s reference to the SEC “not pursuing enforcement for prior activity,” and Circle being the only crypto-based company voluntarily pursuing SEC license and recognition.
Circle seeking to position Poloniex as a mainstream financial platform will no doubt enable it to gain the trust of both the general public and institutional investors. Its affiliation with Goldman Sachs will help in this regard as well. It is easy to see billions of fiat dollars pouring into crypto as a result of this step.
Nevertheless, such a move is risky, as decentralized blockchain assets are by their very nature resistant to much of what Circle and the SEC seek to accomplish. One potential challenge is the fact that trade activity on Poloniex will almost certainly be tracked by U.S. financial authorities. This concept is highly controversial among crypto advocates, many of whom consider anonymity a core principle of the crypto movement. Given the borderless, and generally anonymous nature of cryptocurrency, investors seeking to avoid tracking could easily move to other exchanges outside of U.S. jurisdiction.
Another risk associated with this acquisition is the fact that, although popular and well-managed, Poloniex is far from guaranteed to succeed long-term. The exchange market is highly competitive and extremely volatile. For example, the current top exchange by volume, Binance, is a mere five months old. In fact, decentralized exchanges (DEXs) are growing rapidly, and their ability to enable trading in a trustless manner could render all centralized exchanges obsolete, Poloniex included.
Circle’s acquisition of Poloniex is the largest to-date of a cryptocurrency company. As the value of crypto as a global asset continues to grow, it will certainly not be the last. The extent to which this will be a good investment for all involved remains to be seen.
Feature image via Poloniex. Futher images via Circle.
The post Circle Aquires Poloniex As Wall Street Takes Bold Moves Into The Crypto Space appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/circle-aquires-poloniex-as-wall-street-takes-bold-moves-into-the-crypto-space-2/
Circle Aquires Poloniex As Wall Street Takes Bold Moves Into The Crypto Space
Payment technology company Circle has acquired Poloniex in a deal reported to be worth $400 million. Founded in 2013, Circle has been involved in a number of blockchain ventures, although in more recent years it has focused on providing peer-to-peer fiat services. Of note is the fact that Goldman Sachs is a major investor in Circle, leading many to speculate that this move represents the legacy financial firm’s intention to move boldly into the crypto space. If true, this action would not be surprising as institutions across traditional financial sectors are known to be aggressively exploring decentralized digital assets.
Poloniex is one of many major crypto exchanges that have experienced explosive growth as of late. Founded in 2014, it was at one time the largest globally by volume. Although it now ranks far lower, it is highly regarded for its professional service such as quick withdrawals and large coin selection. Unlike exchanges such as Coinbase and Bitstamp, Poloniex is strictly a crypto-to-crypto exchange, and does not offer purchases with fiat.
The announcement of the acquisition did not come as a surprise, as an internal Circlememo leaked early on Twitter. In addition to confirming the purchase, this memo discusses Circle’s cooperation with the U.S. Securities and Exchange Commission (SEC) as well as its intention to keep Poloniex separate from other Circle services. Noteworthy, however, is the memo’s reference to the SEC “not pursuing enforcement for prior activity,” and Circle being the only crypto-based company voluntarily pursuing SEC license and recognition.
Circle seeking to position Poloniex as a mainstream financial platform will no doubt enable it to gain the trust of both the general public and institutional investors. Its affiliation with Goldman Sachs will help in this regard as well. It is easy to see billions of fiat dollars pouring into crypto as a result of this step.
Nevertheless, such a move is risky, as decentralized blockchain assets are by their very nature resistant to much of what Circle and the SEC seek to accomplish. One potential challenge is the fact that trade activity on Poloniex will almost certainly be tracked by U.S. financial authorities. This concept is highly controversial among crypto advocates, many of whom consider anonymity a core principle of the crypto movement. Given the borderless, and generally anonymous nature of cryptocurrency, investors seeking to avoid tracking could easily move to other exchanges outside of U.S. jurisdiction.
Another risk associated with this acquisition is the fact that, although popular and well-managed, Poloniex is far from guaranteed to succeed long-term. The exchange market is highly competitive and extremely volatile. For example, the current top exchange by volume, Binance, is a mere five months old. In fact, decentralized exchanges (DEXs) are growing rapidly, and their ability to enable trading in a trustless manner could render all centralized exchanges obsolete, Poloniex included.
Circle’s acquisition of Poloniex is the largest to-date of a cryptocurrency company. As the value of crypto as a global asset continues to grow, it will certainly not be the last. The extent to which this will be a good investment for all involved remains to be seen.
Feature image via Poloniex. Futher images via Circle.
The post Circle Aquires Poloniex As Wall Street Takes Bold Moves Into The Crypto Space appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/circle-aquires-poloniex-as-wall-street-takes-bold-moves-into-the-crypto-space/
Square Sees Bitcoin as a ‘Transformational Technology,’ Could Launch Cryptocurrency Exchange
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
Digital payments firm Square views Bitcoin as a “transformational technology,” and analysts predict that the company could one day launch a cryptocurrency exchange.
Bitcoin a ‘Transformational Technology,’ Says Square CEO Jack Dorsey
The company made waves last year when it announced that it was launching a Bitcoin trading pilot program through Cash App, the firm’s peer-to-peer transaction platform. A month ago, Square released the feature to virtually all of its US-based users, providing them with one of the most seamless Bitcoin purchasing experiences currently available.
Square executives discussed the feature following the release of its first-quarter earnings report Tuesday, stating that while Bitcoin trading is “still not material to our results,” the firm views cryptocurrency as “transformational” and intends to build out more products and services that leverage it.
“Bitcoin, for us, is not stopping at buying and selling,” Square CEO Jack Dorsey said on a conference call Tuesday, according to a MarketWatch report. “We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
Dorsey has issued similar statements in the past. When Square officially released Bitcoin trading to its Cash App customers, Dorsey said that the firm views Bitcoin as a “long-term path towards greater financial access for all.”
Square Could Launch Cryptocurrency Exchange
Consequently, it would not be surprising if Square expanded its cryptocurrency-related product line in the near- to mid-term future.
The MarketWatch report indicated that company “wants to build out an app that accepts Bitcoin,” suggesting that Square — which continues to bank most of its revenue on its payment processing services — may either launch an app that helps merchants to accept Bitcoin or roll this functionality to its current point-of-sale (PoS) products.
Meanwhile, Guggenheim analyst Jeff Cantwell predicted in a Tuesday note to clients that Square may eventually transform its Cash App into a “Coinbase-like exchange,” according to a report from Bloomberg journalist Lily Katz.
If Square did launch a full-scale cryptocurrency exchange, it would immediately be competitive with Coinbase, which is currently the dominant force in the US cryptocurrency brokerage market. As of December, the company’s Cash App seven million users, which is roughly half the number registered at Coinbase.
Featured image from Square.
Follow us on Telegram.
Advertisement
The post Square Sees Bitcoin as a ‘Transformational Technology,’ Could Launch Cryptocurrency Exchange appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/square-sees-bitcoin-as-a-transformational-technology-could-launch-cryptocurrency-exchange/
Porsche Begins Testing Blockchain Integration With Its Vehicles
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
Big things are happening over in Zuffenhausen, Germany, headquarters of Porsche.
According to a Porsche press release, the automobile powerhouse is making a major push towards integrating blockchain technology into its cars.
In a partnership with XAIN, a tech startup located in Berlin, Porsche is reportedly working on developing blockchain applications with its cars. Things like locking and unlocking a vehicle, parking, or even enterprise usage such as loaning out the company car to an employee are all made easier by way of the blockchain.
Especially useful is the fact that blockchains are essentially public ledgers. Because all transactions (in this case, actions involving the vehicle) are recorded in an immutable ledger, gathering data about driver behavior and vehicle performance will be much easier to track.
Car owners would theoretically be able to monitor who accessed their vehicle, by whom and when. This could play a major factor in expanding the “sharing” economy which has exploded over the past few years.
Furthermore, it opens up a world of possibilities with P2P transactions between vehicle owners. Instead of using a credit card to refill their gas tank or recharge their car battery, drivers could send each other the equivalent of “PorscheCoins,” to pitch in for a night out on the town.
By integrating their cars with the blockchain, Porsche also capitalizes on the “blockchain mania” sweeping the world. Film giant Kodak recently rented out their name to KodakCoin “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.”
After Kodak made their announcement, their stock price tripled. At the time of this writing, it has since leveled off to merely double its price before the announcement. Not bad for a company that had appeared to lose all relevancy in a rapidly-advancing world of technology.
Another interesting example is The Long Island Ice Tea Company. Their stock price doubled after announcing that it was changing it’s name to Long Blockchain, drastically changing their business model overnight.
While this move by Porsche seems genuine and not a ploy to woo investors, it will doubtless have the effect of exciting them nonetheless. Porsche has not announced their own digital currency yet, nor even hinted at it – but the temptation to cash in on “crypto mania” may prove to be too great for the German automaker.
The real question is: who is this XAIN company, and how did they secure the deal with Porsche to manage their blockchain division in the first place?
A closer look reveals that XAIN won the blockchain-centric “Porsche Innovation Contest” in summer 2017, placing first out of one hundred contestants. After the contest, teams from different departments within Porsche worked together with XAIN to develop apps that intergrated with the cars’ computer systems.
The founders of XAIN, Leif-Nissen Lundbaek and Felix Hahmann, got their start in the automotive industry. Their pedigree includes working with the University of Oxford and Imperial College London on a blockchain system which reduces the electricity-consumption of cryptocurrency mining. One could imagine how that would come in handy when integrating blockchain-based apps in automobiles. Especially high-performance vehicles like those produced by Porsche.
Featured image from Shutterstock.
Follow us on Telegram.
Advertisement
The post Porsche Begins Testing Blockchain Integration With Its Vehicles appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/porsche-begins-testing-blockchain-integration-with-its-vehicles/
Market Update: Wall Street Extends Selloff as Oil-Price Volatility Sparks Exodus from Energy Stocks
Politics often influence the markets and it seems that lately, things are getting particularly exciting.
In a few hours, we will be hosting a live conference on YouTube with some of eToro’s most knowledgeable analysts in each region.
We’ll discuss the latest updates on Brexit, the situation and trading opportunities for the South African Rand, the German coalition, OPEC’s Oil updates, the impact of the new Fed Chief Jerome Powell, and of course the current crypto markets.
Also, we’ve brought in a special guest who is one of our very own Popular Investors in eToro to update us on the Italian Elections that are happening this weekend.
Since it’s live on YouTube, you can also participate by sending in any questions and comments you have.
To join in, please come to the following link at 11:00 GMT.
Hope to see you there.
@MatiGreenspan
eToro, Senior Market Analyst
Today’s Highlights
- New Chair in the House
- Diesel Drops the Dax
- Dash Core is Now Autonomous
Please note: All data, figures & graphs are valid as of February 28th. All trading carries risk. Only risk capital you can afford to lose.
Traditional Markets
The new Fed Chairman Jerome Powell did little to calm the markets. From his testimony yesterday it was pretty clear that he knows what he’s doing and will likely lead with a steady hand.
However, at this point, the markets are so used to monetary easing that the thought of any tightening is terrifying.
Analysts are arguing whether there will be 3 or 4 rate hikes this year but at this point, it may just be irrelevant. At least Trumps tax cuts should provide a whole lot of stimulus out of the other end.
Markets held up well during the first part of the speech, but somewhere in the question and answer phase, things began to unravel. Volatility and Bond Yields started to go up, while the stock fell down.
Notice the lower right graph above, which is the China50, also dropping this morning on some sour PMI data.
Diesel Drops the Dax
The Dax in Germany also took a tumble yesterday but for different reasons. A Federal Administrative Court in Leipzig ruled that individual cities now have the right to ban diesel cars.
The cities of Stuttgart and Dusseldorf have already expressed interest to take such action in order to get a handle on pollution.
Stocks in Volkswagen and BMW promptly fell and brought the entire index down with them.
By the end of the day things did seem to recover but the opening this morning was rather weak, in line with the rest of the global markets at the moment.
Dash Core goes Autonomous
For cryptocurrencies, decentralization is the name of the game. The winner at the moment seems to be Dash.
In an unprecedented announcement yesterday the Dash Core Group has relinquished their legal ownership to the Dash DAO (Decentralized Autonomous Organization).
This means that the company behind the development of Dash is now legally owned by the network. The implications of this are mind-blowing!
The entire development process and management will now be the personal responsibility of no single person, but rather these decisions may be taken by harnessing the wisdom of the crowd and using a global perspective.
Unfortunately, the price of Dash coins does not seem to have been affected by this too much yet. Perhaps because the news is still too fresh. Also possibly because the entire crypto market is very heavily correlated at this time.
Here’s the chart of Dash over the last year. If it looks familiar, perhaps take a look at bitcoin.
Let’s have an awesome day!
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro. Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
The post Market Update: Wall Street Extends Selloff as Oil-Price Volatility Sparks Exodus from Energy Stocks appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/market-update-wall-street-extends-selloff-as-oil-price-volatility-sparks-exodus-from-energy-stocks/
Technical Analysis: Low-Volatility Drift Lower after Encouraging Rally
The cryptocurrency segment is broadly lower today, although the losses our muted, and volatility remained low, in line with yet another short-term pullback in the new bullish cycle. Yesterday’s rally carried Bitcoin briefly above $11,000, while most of the altcoins were left out of the advance, but in turn, most of the majors are only slightly below their recent price levels, and the crucial support zones below are intact, and bulls are still in control.
BTC/USD, 4-Hour Chart Analysis
The most valuable coin was in the center of the moves in the segment recently, and today’s session is no exception, with trading being focused on the short-term support in BTC at $10,500. Price action remains positive in Bitcoin, but with the dominant declining trend still being intact, we still expect a bumpy road higher, and we keep a close eye on the key support zones near $10,000, and in the $9000-$9200 zone. Targets above are still found at $11,300, $11,750, and $13,000.
ETH/USD, 4-Hour Chart Analysis
Ethereum held up well during today’s sell-off although the coin didn’t follow Bitcoin higher yesterday either, so the technical setup remained unchanged, with the two major obstacles, the declining trendline and the prior swing high still being ahead. As price action remains encouraging in ETH, we stil expect a break-out from the declining trend in the coming weeks although the consolidation could still continue before that.
Litecoin
LTC/USD, Daily Chart Analysis
Litecoin has been drifting lower today together with Bitcoin, but the coin remains inside the consolidation pattern, that developed following the post-crash rally. The currency is neutral from a short-term momentum perspective, and we expect the rally to continue soon, with strong resistance ahead between $215-$225 and $250, the next target above that found at $300, while support being at $200, and $180.
Dash
DASH/USD, 4-Hour Chart Analysis
Dash is stuck near the $600 level today, while being held back by the $650 resistance, with the coin still showing relative weakness compared to the current leaders of the rally. The currency remains in an encouraging long-term setup and we expect the recovery to continue despite the current weakness with further resistance at $700 and $750, and targets at $825, $950, and $1000.
Ripple
XRP/USD, 4-Hour Chart Analysis
Ripple is still struggling to find traction despite the recovery in the other majors after last week’s pullback, but the coin is holding up above the key 0.85 level, and we remain bullish regarding the long-term setup. Targets are still ahead at $1.25, and $1.50, while further support is found at $0.68.
Ethereum Classic
ETC/USD, 4-Hour Chart Analysis
ETC drifted back into the key support zone between $32 and $34 today, as it continues to consolidate its lofty gains after leading the post-crash market higher. While the coin is now only neutral from a long-term standpoint, as the daily MACD is slightly stretched, but we expect the rally to continue with only the prior swing high just above $37 and the all-time high near $43 ahead as resistance.
Monero
XMR/USD, 4-Hour Chart Analysis
Monero has been showing strength once again during today’s dip, and the coin continues to trade around the $300 level, still within the dominant consolidation zone below the $335 resistance. Above that the next target is at $400, and we expect the coin to reach that in the coming weeks, with support levels at $280 and $240.
NEO
NEO/USDT, 4-Hour Chart Analysis
NEO is consolidating its recent gains, following BTC lower today after being among the leaders of the post-correction recovery this week. The currency remains in bullish long- and short-term setups, and the rally should continue after the current pullback. Primary resistance is ahead just above $150, with another level at $190, while support is between $120 and $130, at $100, and near $80.
IOTA
IOTA/USD, 4-Hour Chart Analysis
IOTA is still struggling to break-out of the broad declining trend, with several strong resistance zones still just ahead for the coin. The currency is trading right at one of those levels near $1.9, while the $2.2 to $2.35 zone could be in focus in the coming weeks, with key support below still found at $1.5.
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.
The post Technical Analysis: Low-Volatility Drift Lower after Encouraging Rally appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/technical-analysis-low-volatility-drift-lower-after-encouraging-rally/
Starbucks Could Serve Up a Blockchain Payments App
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
Bitcoin may be off limits, but the coffee chain is not overlooking the technology that underpins cryptocurrencies. Howard Schultz, Starbucks executive chairman and the face behind the brand, suggested blockchain could very well be part of the coffee retailer’s future, pointing to the possibility of a “proprietary digital currency integrated into our application.” He told Fox Business:
“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of.”
It’s interesting because Schultz on the company’s latest earnings call suggested they weren’t developing their own cryptocurrency nor investing in any blockchain startups. But he did at that time point to the blockchain for eventually delivering a “consumer application” for cryptos.
If you’re thinking Ripple’s XRP would have been ideal, consider that Ripple chief Brad Garlinghouse doesn’t consider XRP a cryptocurrency.
“It’s not currency. I can’t go to Starbucks or Amazon and use [it.] … These are digital assets. If the asset solves a real problem for a real customer, then there’ll be value in the asset.” — Brad Garlinghouse at the Yahoo Finance All Markets Summit on Crypto
Starbucks, which is spearheading its maiden “cashless store” in Seattle, has embraced mobile tech payments. “Over the last four-to-five years, Starbucks has created a proxy for a mobile digital payments system,” said Schultz on Fox Business, pointing to the fact that 50% of the company’s tender is paid for with people’s smartphones. Meanwhile, in China, which is a leader in mobile payments, nearly three-quarters of the business is cashless.
Blockchain, Yes. Bitcoin, No.
But Schultz has no interest in bitcoin, having shunned the cryptocurrency likely for lengthy transaction times and hefty fees that have plagued the network.
Blockchain technology could be the gateway for the company to accept a cryptocurrency that’s more conducive to payments. The public ledger could also be a way to demonstrate its commitment to ethically sourced ingredients for menu-items, with the ability to track products such as coffee and cocoa from farm to table. Schutz emphasized the company’s commitment to the community, and the public ledger is certainly a good way to record and share it.
No Blockchain Pop
Schultz made the comments on Feb. 27, and the stock didn’t maintain the typical “blockchain bounce” that listed companies get for associating blockchain with their operations in some way.
Source: Yahoo Finance
Schultz’s noted the company’s long-term view, one that won’t be driven by any one quarter’s performance. He’s more focused on making the brand as relevant outside retail locations as inside, which he says is the “real question” for all brick-and-mortar stores these days.
Featured image from Shutterstock.
Follow us on Telegram.
Advertisement
The post Starbucks Could Serve Up a Blockchain Payments App appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/starbucks-could-serve-up-a-blockchain-payments-app/
Bitcoin Dominance Hits Two-Month High as Crypto Market Declines
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
The cryptocurrency markets succumbed to another mid-week slump on Wednesday, with the majority of top-tier coins posting minor declines. Meanwhile, Bitcoin dominance rose to a two-month high as investors continued to consolidate their holdings back into the flagship cryptocurrency.
Source: CoinMarketCap
At present, the cryptocurrency market cap is valued at $452.4 billion, down from $459.6 billion on Tuesday. This represents a single-day decline of approximately two percent.
Bitcoin Price Sinks After Brief Rally Past $11,000
The Bitcoin price had entered the day on an upward trajectory, and it continued to ride this bullish wave past the $11,000 barrier, eventually rising as high as $11,065. However, Bitcoin met resistance at that mark, and before long, the Bitcoin price began to retrace. Ultimately, the Bitcoin price plunged more than $400 on Bitfinex and is currently trading at $10,599. This represents a single-day decline of about one percent and leaves Bitcoin with a $181.5 billion market cap.
Bitcoin Price Chart
Despite experiencing a minor pullback against the dollar, though, Bitcoin continued to rise against its peers. On Wednesday morning, Bitcoin dominance — the cryptocurrency’s share of the total market cap — hit 40 percent for the first time since late December, indicating that trader and investor capital is beginning to rotate back into the flagship cryptocurrency.
Source: CoinMarketCap
Ethereum Price Tracks the Index
The Ethereum price matched the index on Wednesday, falling two percent to $865 on Bitfinex after briefly testing $900 the previous day. At present, Ethereum has an $85.3 billion market cap, which translates into an 18.6 percent market share.
Ethereum Price Chart
EOS, IOTA Swim Against the Current
The altcoin markets were characterized by widespread declines, but two large-cap tokens managed to swim against the current.
Altcoin Price Chart
Ripple, the third-largest cryptocurrency by circulating market cap, posted a three percent decline, reducing its price to $0.90. Bitcoin Cash, ranked fourth, was hit with a four percent pullback that forced its price down to $1,225.
Litecoin — the only top-tier coin to decline on Tuesday — deepened its retreat on Wednesday. At present, the Litecoin price is valued at $210, representing a daily decline of four percent.
NEO engaged in a similar movement, declining four percent to $134, while Cardano and Stellar each performed slightly worse, posting 24-hour declines of five percent and six percent, respectively.
Two top-tier cryptocurrencies, however, managed to rise against the dollar even amid the general market decline. EOS, ranked seventh, rose three percent to $8.62, while IOTA, ranked 10th, rose one-half-of-one percent to $1.90.
Featured image from Shutterstock.
Follow us on Telegram.
Advertisement
The post Bitcoin Dominance Hits Two-Month High as Crypto Market Declines appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/bitcoin-dominance-hits-two-month-high-as-crypto-market-declines/
PR: Education Ecosystem Announces Token Exchange Listings and Chance to Win Three Tesla Model S Cars
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Education Ecosystem (LiveEdu) has announced that their Education token will be issued to crowdsale contributors and also listed on exchanges this week.
CEO, Dr. Michael J. Garbade had this to say, “As ICO contributors know, due to legal restrictions we could not start work with centralized exchange listings until our ICO Round I was closed. This issue slowed us down but we have made progress with the help of our advisors. We have already closed deals with three exchanges where Education tokens will be listed, namely Bibox, Gate.io and Exchange 3. Exchange 3 will announce the listing themselves due to their policy. Our goal after these three listings is to get listed on two Tier 1 exchanges with whom we are currently in discussion. All of these exchanges will list Education tokens with ETH and BTC pairs.”
Gate.io will list Education tokens on Thursday, March 1, 2018 and Bibox on Friday, March 2, 2018. Both Gate.io and Bibox will give away a Tesla Model S and Education tokens if you participate in the trading and deposit competitions. You can be the owner of a brand new Tesla. Apart from the five centralized exchanges above, you can also trade Education tokens soon on Etherdelta, IDEX, Liqui, and Tidex.
Token name: Education
Symbol : LEDU or EDU
Token address: 0x5b26C5D0772E5bbaC8b3182AE9a13f9BB2D03765
Decimals: 8
Internal Ecosystem Competition
https://www.youtube.com/watch?v=JGXHAoIrYTE
The Education Ecosystem is also running their own internal community competition where people can participate and win prizes.
1st Prize : Tesla Model S
2nd Prize: 50,000 Education tokens
3rd Prize: 50 Nano Ledger S Hardware wallets
4th Prize: Education token cups, tote bags, etc.
Read more about how to enter this competition in their blog article for a chance to win one of the prizes.
About Education Ecosystem
Education Ecosystem (LiveEdu) is a decentralized learning ecosystem that teaches people how to build complete products in future technological fields. They are building the YouTube for online education and professional development. You can also describe their ecosystem as the next-generation Lynda.com. Unlike existing online education platforms, LiveEdu is not focused on beginners, but mainly intermediates to experts. People learn on LiveEdu by watching how peers build real projects and can also download all project resources and files. The new LiveEdu platform is set to launch in 2018 and will start with eight main topics which encompasses several subcategories: Artificial Intelligence, Cybersecurity, Game Development, Data Science, Cryptocurrencies, Programming, Design, and Augmented and Virtual Reality.
Project creators in the Education Ecosystem will build 10,000 projects for these topics. In 2019, the ecosystem will be opened for all topics. For now LiveEdu is an app blockchain company and using ERC20 smart contracts, but in 2021 LiveEdu will build its own protocol. Simply put LiveEdu is building the Steemit for professional development and targeting the $306 billion professional development market.
Website and Social Media
Website: https://tokensale.liveedu.tv/
Whitepaper: https://tokensale.liveedu.tv/static/docs/LiveEdu-white-paper.pdf
Twitter: https://twitter.com/edu_coins
Telegram: https://t.me/educoins
Contact Email Address
tokens@liveedu.tv
Supporting Link
https://tokensale.liveedu.tv/
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: Education Ecosystem Announces Token Exchange Listings and Chance to Win Three Tesla Model S Cars appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/pr-education-ecosystem-announces-token-exchange-listings-and-chance-to-win-three-tesla-model-s-cars/
Don’t Tell Jamie! JPMorgan Admits Cryptocurrencies Could Disrupt Banks
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
JPMorgan Chase, the largest bank in the US, has formally acknowledged that cryptocurrencies and blockchain technology could disrupt banks.
JPMorgan Admits Cryptocurrencies Could Disrupt Banks
The firm made this admission in its annual report, which was dated Feb. 27 and filed with the US Securities and Exchange Commission (SEC).
Deep in the 301-page document, JPMorgan — which manages $2.53 trillion in assets according to recent estimates — listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors.
“Furthermore, both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank wrote in the filing. “New technologies have required and could require JPMorgan Chase to spend more to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies.”
Notably, the report was signed by JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic who has repeatedly lambasted the flagship cryptocurrency as a “fraud” and once threatened to fire any employees caught trading cryptoassets, although he recently walked back some of these comments.
Banks Sweat as Crypto Interest Booms
JPMorgan is at least the third major financial institution to cite cryptocurrencies as a business risk in its annual report for 2017.
Last week, Bank of America — the second-largest US bank — admitted that cryptocurrencies and other blockchain-based financial services present a threat to its business model, adding that it fears it anti-money laundering systems will need a facelift to account for cryptocurrency-related transactions.
Both JPMorgan and Bank of America noted that increasing adoption of cryptocurrencies could force them to make significant expenditures to ensure their products and services remain competitive.
Goldman Sachs — whose $917 billion in assets rank fifth among US institutions — also listed cryptocurrency as a business risk. The report said that Goldman’s concerns were primarily related the firm’s investment in startups that operate in the nascent cryptoasset space, such as Circle, which owns one of the most profitable cryptocurrency trading desks and recently acquired cryptocurrency exchange Poloniex. If flaws are exposed in the underlying technology, those firms could suffer losses, reducing the value of Goldman’s ownership stakes.
Featured image from Flickr.
Follow us on Telegram.
Advertisement
The post Don’t Tell Jamie! JPMorgan Admits Cryptocurrencies Could Disrupt Banks appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/dont-tell-jamie-jpmorgan-admits-cryptocurrencies-could-disrupt-banks/
Lawyers Discuss Challenges Posed by Cryptocurrencies During Divorce
Several lawyers have discussed some of the challenges that arise from cryptocurrency ownership during divorce. The anonymous nature of cryptocurrencies creates the possibility for spouses to accumulate wealth that is concealed from their partner. However, this often can lead to parties searching for “pots of gold” that don’t exist.
Also Read: Israeli Supreme Court Forbids Bank From Denying Service to Bitcoin Exchange
Cryptocurrency Holdings Complicate Divorce Proceedings
Several lawyers specializing in divorce have shared some of the issues that are now arising during the judicial separation process as a consequence of cryptocurrencies.
One of the major challenges posed by cryptocurrencies is the ability for an individual to hide assets from their partner, owing to the anonymizing qualities of cryptocurrency. Toby Yerburgh, the head of family law of Collyer Bristow in the UK, recently told media that “Often in a divorce one spouse is looking for a pot of gold that doesn’t exist. But with cryptocurrencies, it’s possible the pot does exist.”
Mr. Yerburgh attests to having begun to receive cases involving one party suspecting that the other is failing to disclose cryptocurrency holdings following the spike in the popularity of virtual currencies last year.
Lawyers Seek to Educate Themselves Regarding Cryptocurrency
Victoria Clarke of UK-based Stowe Family Law, stated “Cryptocurrencies make things complex if you have a spouse who’s determined to hold on to their money, same as if they were hiding assets overseas. We have the tools to trace Bitcoin. The difficulty is that some lawyers don’t necessarily understand it yet — you need knowledge of the asset you’re trying to get hold of.”
The president-elect of the American Academy of Matrimonial Lawyers, Peter Walzer, states that many American lawyers are seeking to better understand cryptocurrencies in response to their increasing persistence as an issue during the matrimonial separation.
“I’m getting calls from lawyers all over the US trying to get familiar with the language around cryptocurrencies. We have to learn some new words for old ideas,” Mr, Walzer said. Jonathan Fields of Massachusetts-based firm Fields and Dennis described cryptocurrency as “now” comprising “a standard part of our discovery process. I will make sure I’ve got the right language and questions to ensure a partner discloses their cryptocurrencies.”
Uncovering Evidence of Cryptocurrency Ownership Comprises Long and Uncertain Process
Jo Carr-West of UK-based law firm Hunters stated that cryptocurrencies are “creating another layer of distrust that we haven’t had to deal with before,” adding that “The public perception that there is a lack of a paper trail causes the anxiety.”
Concerns that a spouse may be concealing undisclosed cryptocurrency holdings from their partner can add considerable time and expense to the divorce process, as the services of a digital forensics expert are often required in order to scour for evidence of hidden crypto. However, cryptocurrencies held offline will leave scant digital footprints, resulting in little guarantee that the efforts to evidence concealed holdings will prove fruitful.
“Courts Are Being Faced With a Challenge It Doesn’t Have the Power to Deal With”
Vandana Chitroda, a partner at Royds Withy King, has emphasized that challenges that the significant volatility in the virtual currency markets poses in attempting to estimate the value of cryptocurrency holdings during a divorce. “It’s not as straightforward as valuing your ordinary shares and investments, Mrs. Chitroda said. “There will have to be valuations made at every step in the proceedings. You would then have to agree a value on the date of the final hearing.”
Mrs. Chitroda also stated that “The courts are being faced with a challenge it doesn’t have the power to deal with,” adding that “The courts have only recently started allowing people to send documents to court using email. We’re going to really have to run to keep ahead of all of this. It’s a big challenge for all of us. We’re trying hard to educate ourselves and be ready.”
Do you think that cryptocurrencies pose unique challenges to divorce proceedings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
The post Lawyers Discuss Challenges Posed by Cryptocurrencies During Divorce appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/lawyers-discuss-challenges-posed-by-cryptocurrencies-during-divorce/
$776 Million: Cryptocurrency Miners Bought 3 Million GPUs in 2017, Research Says
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
As covered by CCN, last year’s cryptocurrency mining ‘boom’ has led to a shortage in the GPU market. So much so that reports suggest using GPUs to mine cryptocurrencies is stopping us from finding aliens, as these are also used in observatories. New data shows crypto miners actually bought 3 million GPUs last year, worth roughly $776 million.
This, according to a new report published by Jon Peddie Research (JPR) that found AMD is emerging as the primary cryptocurrency ‘mining rush’ benefactor over Nvidia. The numbers have a major impact on the market as a whole and have even incurred the wrath of gamers, while chip manufacturers have seen the value of their shares soar
Dr. Jon Peddie, president of Jon Peddie Research, stated:
“Gaming has been and will continue to be the primary driver for GPU sales, augmented by the demand from cryptocurrency miners. We expect demand to slacken from the miners as margins drop in response increasingly utilities costs and supply and demand forces that drive up AIB prices.”
AMD’s market share reportedly increased by around 8.1 percent, while Nvidia’s share went down by 6 percent. Last year, notably, the GPU market as a whole dipped 4.8 percent. The preference for AMD over Nvidia could be justified by the lower price tag in its GPUs. Nvidia’s CEO has recently stated cryptocurrencies aren’t going away, and the company has prioritized gamers over cryptocurrency miners amid the graphics card shortage.
Nvidia’s move, however, isn’t believed to have been what drove AMD’s sales up, but rather the potential ROI (return on investment) cryptocurrency miners could obtain by buying cheaper graphics cards from AMD.
Last year, both companies entertained the idea of creating cheaper cryptocurrency mining GPUs, although the gaming market is still their primary concern. JTR’s analysis notes that cryptocurrency miners can be, for now, an attractive audience for chip manufacturers, which means prices aren’t likely going down anytime soon.
As a solution, Dr. Peddie suggests gamers use their GPUs to mine cryptocurrencies when they aren’t using them for gaming. This, he suggests, will help them pay premiums and help them avoid getting priced out of the GPU market.
Featured image from Shutterstock.
Follow us on Telegram.
Advertisement
The post $776 Million: Cryptocurrency Miners Bought 3 Million GPUs in 2017, Research Says appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/776-million-cryptocurrency-miners-bought-3-million-gpus-in-2017-research-says/
Group-IB Protects Lightcash Project’s “Golden ICO”
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
Group-IB, an international company specializing in the prevention of cyber attacks and information security products development, and Lightcash financial platform have announced a strategic partnership. Their primary goal is to launch the upcoming Lightcash project’s ICO. Sales of LCCT tokens will begin on March 12, 2018 and 210,000,000 tokens will be sold during the event.
Lightcash is a developer of cryptocurrency exchange services, with their own crowdfunding platform, and a system for placing crypto deposits. At the same time, the Lightcash project team is working on its own low-volatile cryptocurrency (LCSH) backed by real gold. One thousand tokens will be equated to the cost of 1g of gold, which is currently worth around $40.
The precious metal is mined by Lapri Mining LLC, a company belonging to Lightcash co-founder, Alexei Kholmagorov. The company owns a placer gold deposit and has obtained state-issued licenses for mining. The gold mining site is located in the Tynda area of the Amur region of Russian Federation, 75km north-east of the district center of Tynda. The primary goal of Lightcash ICO is to raise funds to purchase a new gold deposit. The team expects to close the deal and start working on the new site this summer.
According to the signed agreement, Group-IB will develop a risk map, with risks ranked by the degree of their severity and Lightcash’s susceptibility to them. During the period of preparation and staging an ICO, priority will be given to identifying and blocking phishing sites, as well as protecting the community, monitoring social networks, and public communications with investors.
“Explosive worldwide growth of the crypto industry has provoked an interest from cybercriminals,” says Ruslan Yusufov, director of the private banking division of Group-IB. “We see that companies from the so-called ‘real sector’ of the economy are becoming more and more interested in blockchain technology and ICO, as a new financial instrument. Businesses assess the risks and importance of information security, starting working on it from the stage of project design. During our collaboration with Lightcash, our primary goal is to protect the brand from illegal activities and secure the Lightcash community from potential fraud, which, unfortunately, have become quite common in the crypto world. In the future, we plan to expand our partnership to protect the entire project infrastructure.”
The blockchain-based Lightcash service provides a mechanism for carrying out transactions with both fiat money and cryptocurrencies, as well as the functionality for currency exchange. According to the developers, Lightcash users will be able to use cryptocurrencies to pay for goods sold for ‘real’ money. Transactions with minimal commission are made in payment terminals and e-commerce websites.
“The global goal of the Lightcash project is to create a convenient tool for using cryptocurrencies which will help to get rid of their excessive volatility problem,” commented Vyacheslav Vokin, Lightcash co-founder. “We want to provide investors with the opportunity to use new technologies with minimal risks. To achieve this, it is important not only to ensure service stability via the use of gold to bake our crypto coin, but also to protect investors and community members who believe in our project. To solve this issue, we’ve partnered with Group-IB whose experts have successful and relevant experience in securing many successful crypto projects and ICOs.”
Authors of a study titled, EY research: initial coin offerings (ICOs), have identified the top three leading countries in conducting ICOs. The US holds first place – local startups were able to attract more than $1 billion in investments, Russia and China came second and third with $452 and $310 million, respectively. During the report preparation period, Group-IB experts were involved in the analysis of ICO-related cyber threats. According to statistics, almost $400 million, i.e. about 10% of $3.7 billion, earned through ICOs, was eventually stolen by hackers or lost in security incidents. According to the Group-IB’s research for the year 2017, the number of attacks per ICO has increased 10-fold. On average, more than 100 attacks are committed during the average ICO time, while attack vectors have ‘socialized’. There are more and more cases where cybercriminals use modified trojans that were previously used in bank thefts.
Learn more about the Lightcash project: https://Lightcash.io
The post Group-IB Protects Lightcash Project’s “Golden ICO” appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/group-ib-protects-lightcash-projects-golden-ico/
ZClassic Price Jumps Above $100 On Day Of Scheduled Fork
Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
ZClassic’s price has jumped 22.5% to $98.26 over a 24-hour period today, the date of a scheduled fork, giving it a $335,496,321 market valuation. The cryptocurrency has a circulating supply of 3,414,350 ZCL out of a maximum supply of 21 million ZCL.
Source: Coinmarketcap.com
ZClassic has traded 8,826 BTC ($93 million) in the last 24 hours, hitting a high above $120 on the day.
Hard Fork Planned
Just 44 days ago, Bitcoin Private’s founder and lead developer, Rhett Creighton, proposed that the ZClassicCoin (ZCL) be revitalized by migrating it to become a bitcoin hard fork – “Bitcoin Private,” according to a Reddit post.
The Bitcoin Private contribution team announced the much-anticipated snapshot date of both bitcoin and ZClassic which are scheduled to occur today, Feb. 28, 2018, according to the Reddit post. This announcement was made at the first official Bitcoin Private Conference held in Austin, Texas.
In the last 24 hours, the price has ranged from $7.15 to $122.32. The price began a slight decline in the past week, beginning the week at $157.37. In the past month, the price has varied from $57.24 to $196.67.
The price reached an all-time high of $235.32 on Jan. 7, after emerging from the low single digits for the first time in late December. The price began climbing on Dec. 20, 2017, when it was $4.53.
Manifesto Posted
On Dec. 8, Creighton tweeted that he was going to be teaming up with another ZClassic founder in order to plan more active development for the project. Following that tweet, Creighton posted an entire manifesto one week later on the ZClassic Subreddit, detailing his plan for a new Bitcoin fork called “Bitcoin Private.”
The fork would create a derivative of bitcoin that utilizes the same privacy protocols as ZClassic, which would enable users to send shielded transactions that hide transacting individuals and values.
ZClassic originally forked from Zcash to eliminate the 20% founders reward that Zcash put in place for the first four years. Although Zcash is limited to 21 million coins, a portion is allocated to founders, investors, employees, and advisors to the company. The founders’ reward allocation will eventually be dropped in 2020 due to it being limited to the first set block reward, however, this still accounts for 10% of the entire supply.
This move was similar to the Ethereum Classic and Bitcoin Cash splits, in which the original code base was forked due to an ideological difference. It contains the same nuts and bolts as the original blockchain, with a few tweaked parameters.
Also read: ZClassic spikes 100x in December with ‘Bitcoin Private’ fork approaching
Price Posts Gains
Since news of the fork grew in mid-December, ZClassic has seen significant price movement.
Many attributed the price action to individuals who wish to capitalize on the derivative produced from the fork without having to pay the exorbitant price for bitcoin. Investors may see ZClassic as an easier way of obtaining more of the forked cryptocurrency at a cheaper rate, considering that ZClassic is currently trading at a fraction of the price of bitcoin.
The popularity of recent bitcoin forks has had both exchanges and wallets in a frenzy due to user requests for support. After Bitcoin Cash forked in August, and Bitcoin Gold forked in October, derivative attempts have been commonplace.
Some have likened the strategy to an initial coin offering by calling the process an “initial fork offering” due to the increase in frequency.
Currently, the only known way to receive this new form of bitcoin derivative is by storing ZClassic in the project’s official wallet.
Featured image from Shutterstock.
Follow us on Telegram.
Advertisement
The post ZClassic Price Jumps Above $100 On Day Of Scheduled Fork appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/zclassic-price-jumps-above-100-on-day-of-scheduled-fork/
-
Featured The United States continues to divide over the issue of cryptocurrency generally and bitcoin in particular. Idaho and Alaska is...
-
All great businesses got that way by constantly researching and developing. Innovate or die. But innovation is not easy, as it takes a lot o...
-
2017 will likely be remembered as the Year of the Blockchain. There’s no doubt in my mind that blockchain technology is here to stay and wi...
