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ETH Classic Price Tech Analysis – ETC/USD Holding Key Support

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Key Highlights

  • Ethereum classic price declined recently, but managed to hold the $30.00-31.00 support against the US Dollar.
  • There is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might struggle to break the $35.00 level and the 100 hourly simple moving average in the short term.

Ethereum classic price is holding the ground against the US Dollar and Bitcoin. ETC/USD is facing a major barrier near $35.00, which must be breached for more gains.

Ethereum Classic Price Resistance

After an upside move above $37.00, ETC price faced sellers near $37.45 against the US Dollar. As a result, there was a downside reaction and the price moved below the $35.00 support. The decline was aggressive and the price fell below $32.00. However, the downside move was protected by the $30.00 support zone. Later, a recovery was initiated and the price was able to trade back above $32.00. It even traded above the 50% Fib retracement level of the last decline from the $37.45 high to $29.13 low.

However, the price is currently facing a major resistance near $34.50-35.00. On the upside, there is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair. The same trend line at $34.50 is around the 100 hourly simple moving average. Therefore, a close above $34.50 and $35.00 won’t be easy in the short term. The pair is also seen struggling near the 61.8% Fib retracement level of the last decline from the $37.45 high to $29.13 low.

On the downside, the $31.00 and $30.00 levels are major supports and can be seen as buy zones.

Hourly MACD – The MACD for ETC/USD is moving slowly in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and is currently below the 50 level.

Major Support Level – $30.00

Major Resistance Level – $35.00

 

Charts courtesy – Trading View, Kraken

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USDT-TRON Will be Supported on OKEx

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Tron project

In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. By then, OKEx will support three protocols of USDT, namely USDT-Omni, USDT-ERC20, and USDT-TRON. Please stay tuned for our further announcements.

NOTE:
– USDT-Omni is issued on the Bitcoin network based on the Omni Layer protocol. It has a BTC deposit address and uses the BTC network for depositing and withdrawal.

– USDT-ERC20 is issued on the Ethereum network based on the ERC-20 protocol. It has an ETH deposit address and uses the ETH network for depositing and withdrawal.

– USDT-TRON is issued on the TRON network based on the TRC-20 protocol. It has a TRON deposit address and uses the TRON network for depositing and withdrawal.

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Bitsane Exchange Lists EOS

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eos crypto

Bitsane, European cryptocurrency exchange listed EOS, the fifth largest cryptocurrency by market cap on Tuesday 12, March. Bitsane platform offers trading EOS in pairs with the following currencies: BTC, ETH, EUR, USD, USDT, ETC, XRP, BCHSV.

Bitsane is the only platform that possesses EOS/ETC and EOS/BCHSV trading pairs. The addition of these new pairs to Bitsane will enhance traders’ accessibility and unlocks greater opportunities. Bitsane focuses on feedback and provides the platform with a variety of trading methods based on user’s preferences. By introducing a larger number of trading pairs, the time and money needed for successful trading will be reduced.

Why should you trade EOS?

Block.one has revealed EOS.IO blockchain protocol to deploy decentralized apps. It was released as an Open Source software on June 1, 2018. One billion tokens have been distributed by block.one as ERC-20 tokens, guaranteeing that the native cryptocurrency will be broadly distributed at launch. This distribution has enabled everyone to start the EOS blockchain.

EOS is attractive to investors. It has developed an innovative third-party capital attraction system: the system’s potential capabilities are distributed among all network users according to the number of available EOS tokens. So if a user has a set number tokens, then they automatically are entitled to manage the resources corresponding to set number, opening up a huge amount of earning opportunities. Token holders are also provided with such bonuses as well:

  • You may charge for transactions within the system;
  • Providing access to the storages in the blockchain;
  • The impact on system management;
  • The access to the applications developed in the system and their users;
  • Dividends from EOS;
  • Airdrop – distribution of cryptocurrency existing within the system.

The idea of EOS is innovative. If it is implemented in accordance with the promises declared, EOS may become a completely new stage in blockchain technology development and bring prospects in the form of impressive income to the company’s investors and tokens holders.

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IBM Blockchain is Live and Bank-Issued Stablecoins Are On Their Way

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Six international banks are planning to issue their own stablecoins on IBM’s Stellar-powered money wiring service, IBM and Stellar announced Monday.

Today more than 44 international banks that support payments are on the service, IBM Blockchain World Wire — and several of them have signed letters of intent to issue their own stablecoins, according to Jesse Lund, Vice President of IBM Blockchain, who made the announcement in a keynote at Money 2020 Asia in Singapore alongside Stellar cofounder Jed McCaleb.

The crypto industry’s 2018 bear market resulted in a flood of stablecoin issuances, which seek to keep a constant price in the face of the high volatility of bitcoin and other crypto assets. They include Circle’s USDC, Gemini’s GUSD, and Paxos’ PAX, all of which are U.S. dollar-backed. Last month JPMorgan Chase announced JPM Coin, which it didn’t call a “stablecoin” but effectively functions as a dollar-backed bridge currency for the corporate clients and other banks with which it transacts.

The banks looking to create their own stablecoins include Brazil’s Banco Bradesco, South Korea’s Bank Busan, and the Philippines’ Rizal Commercial Banking Corporation — as well as banks IBM has yet to name whose stablecoins would be backed by the Euro and Indonesian Rupiah. IBM plans to continue expanding the ecosystem of settlement assets, Lund said in an interview with Cheddar Monday.

“We let the market drive the expansion and selection of the network incrementally,” Lund said. “We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments.”

Many in the cryptocurrency community are critical of fiat-backed stablecoins (as opposed to crypto-backed or algorithmic stablecoins) because the collateral for funds are kept in custodian banks that in theory could be seized by the government at any point; the concept merely borrows from blockchain technology’s distributed ledger capabilities and isn’t truly decentralized. But most people don’t really care about that.

“At the end of the day, centralization is okay for the utility it provides,” said Steve Ehrlich, chief operating officer of the Wall Street Blockchain Alliance.

World Wire aims to replace traditional banking intermediaries that add complexity to cross-border payments and make transactions more expensive, like Ripple. By using Stellar’s XLM token as a settlement instrument for fiat currencies, two companies that agree to a transaction in different fiat currencies can exchange those respective currencies into the XLM token. The transaction would then take place using XLM, or lumens, and be recorded on the blockchain. (World Wire also supports a U.S. dollar-backed stablecoin through a collaboration with Stronghold.) Ultimately, this makes payments faster, cheaper, and safer for the end users as well.

Unlike Ripple, IBM isn’t the issuer of the decided-upon settlement asset. (Ripple issues XRP, the token used to transact over the Ripple network.). Big Blue believes there should be a variety of digital assets to enable cross-border payments and that the network participants should be able to choose and negotiate their asset choice.

And unlike other markets whose central banks use real time gross settlement software with the money center banks of its jurisdictions, wholesale payments in the U.S. are driven more by product, like ACH, than the Federal Reserve.

“If you think that a wholesale coin or digital coupon has the ability to reduce the friction for these types of wholesale transactions, it’s a natural progression to say central banks will want to do that too,” said Pascal Bouvier, managing partner at Middlegame Ventures. “How the market structure evolves is difficult to predict … but it’s very much akin to loyalty coins that airlines use for their own purposes.”

Similarly, Ehrlich said one day “stablecoins will turn into their own various payment networks that almost become economies in their own regard, like loyalty programs.”

In the near term, fiat-backed coins will be the most prevalent. As some explode in market cap, others will recede as it becomes more difficult and costly to support a stablecoin — which requires hiring banks to hold the dollars to back each coin plus intense dedication to regulation and compliance requirements. If issuers don’t see the revenues for the fees associated with it, some sort of fallaway would be expected.

“You can think of all kinds of use cases these digital tokens can be used for — either from a payments perspective with all the clients of a bank or to reward some type of behavior. Again, they’re like digital representations of something that has been satisfied,” Bouvier said.

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SEC’s Crypto Czar: Stablecoins might be violating securities laws

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SEC

On Friday, the SEC’s Senior Advisor for Digital Assets, Valerie Szczepanik, told a crypto-curious crowd at Austin’s SXSW conference that certain types of stablecoins “could raise issues under securities laws.”

Szczepanik broke down stablecoins into three categories: stablecoins “tied to some real asset, like real estate or gold and oil,” coins tied to a fiat currency held in reserve, and a third category that could become problematic under the law, she said.

“I’ve seen stablecoins that purport to control price through some kind of pricing mechanism, whether it’s tied to the issuance, creation or redemption of another type of digital asset tied to it, or whether it is controlled through supply and demand in some way to keep the price within a certain band.”

It’s these kinds of projects, “where there is one central party controlling the price fluctuation over time,” that Szczepanik said “might be getting into the land of securities.”

While Szczepanik hedged a bit by saying the Commission would have to “look at the facts and circumstances” of each individual project, the SEC’s “crypto czar” said it all comes down to the expectations that stablecoin issuers impart on their buyers: “You’re talking about folks who are buying into that ecosystem, or are buying this coin, with the expectation that somebody else is going to be holding a profit, or guaranteeing a profit, or holding the price at a certain level. Again, that could raise issues under securities laws.”

The legal status of stablecoins has been in question for some time, especially the class of “algorithmic stablecoins” that aren’t backed by any collateral at all.

In fact, last December, one such stablecoin project, Basis, abruptly closed up shop after raising a whopping $135 million from investors—and then hearing from the SEC that it would likely not be able to avoid being classified a security.

But crypto attorneys such Jake Chernisky have previously expressed concern over how the SEC or CFTC might ultimately come down on all manner of stablecoins, even those backed by fiat.

Szczepanik also noted that the SEC is unconcerned with what label a blockchain business slaps on their token—stablecoin, or otherwise—it will still be met with the same scrutiny:

“Folks like to put labels on things, but we’ll always look behind the label to see exactly what’s happening,” she said. “So you can call it a utility coin, call it a stablecoin, call it a consumptive coin or some other coin. We’re going to look at the characteristics. What’s the economic reality? What’s happening with the transactions involving the coin? And we’ll give it the label that it deserves under the law.”

Her advice for crypto startups looking to stay on the Commission’s good side? Ask for permission, not forgiveness.

“Not to sound cliche, but we’d much rather people come to us and ask for [permission]—or come talk to us before they do something, rather than doing something and then coming in and asking for forgiveness.”

In other words, slow down and stop breaking stuff. How’s that for a trendy book title?

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The Stellar Development Foundation Appoints Denelle Dixon, Previously Mozilla COO, As Executive Director and CEO

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StellarX

The Stellar Development Foundation (SDF) today announced that it has named Denelle Dixon as its Executive Director and Chief Executive Officer. Denelle will start on May 1st. Stellar.org’s co-founder and current SDF Executive Director, Jed McCaleb, will move into a role as Chief Architect, where he will focus on the network protocol and Stellar’s adoption strategy.

“We’re thrilled to have Denelle lead the Stellar Development Foundation through its next phase of growth,” said McCaleb. “Denelle’s long experience leading operations and business at Mozilla, as well as her work on the policy side, with advocacy around Open Internet and encryption and privacy, will be indispensable to SDF in the coming years.”

Previously, Dixon served as COO of Mozilla, one of the most successful mission-driven open source organizations. During her tenure at Mozilla, she led the organization’s ongoing fight for Net Neutrality and the global effort to ensure that people can control their personal data. She also pushed Mozilla to understand how to partner with commercial entities while staying true to its core mission of openness, innovation, and opportunity on the web.

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Bittrex International to Host RAID XRD Token Initial Exchange Offering

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Crypto Wallet

RAID and Bittrex International announced that the Bittrex International digital asset trading platform will host the upcoming Initial Exchange Offering (IEO) of RAID’s XRD token. The initial exchange offering will be used by RAID, an international gaming data blockchain project, to develop new technologies that reward gamers for sharing data that fosters improvements, marketing and new business development for gaming companies.

Authorized users will be able to purchase XRD tokens using Bitcoin (BTC) directly on Bittrex International, the secure, reliable and advanced digital asset platform based in Malta. The offering marks the first IEO to be hosted on the Bittrex International Platform.

“We are committed to increasing adoption and moving the blockchain revolution forward. The ability for projects like RAID to innovate, advance, and promote the gaming industry on our platform is a game changer for all involved,” said Bill Shihara of Bittrex International. “And not just for RAID and our team. Now our international users have direct access to blockchain projects with the peace of mind that comes from Bittrex International regulated in Malta. We are excited for this IEO and look forward to helping similarly innovative teams connect with users to build their platforms for the future.”

“To have our IEO be the first of its kind on Bittrex International is a tremendous honor, considering their reputation and the highly selective process we went through to get here today,” says RAID’s co-founder Taesung Kim. “We, along with our core partner OP.GG, view this as a vote of confidence in our vision for this project and the gaming industry. This IEO will be crucial to making a more transparent gaming data ecosystem, and the businesses needed to achieve it, a reality.”

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North Korea Amassed Cryptocurrency Through Hacking

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North Korea

North Korea has used cyberattacks and blockchain technology to circumvent economic sanctions and obtain foreign currency, according to a panel of experts reporting to the U.N. Security Council.

Pyongyang has amassed around $670 million in foreign and virtual currency through cyberthefts and used blockchain technology to cover its tracks, the panel told the Security Council’s North Korea sanctions committee, ahead of the council’s annual report, Nikkei has learned.

It is the first time the panel has given details on how North Korea obtains foreign currency through cyberattacks.

In its report, the panel recommended that member states “enhance their ability to facilitate robust information exchange on the cyberattacks by the Democratic People’s Republic of Korea with other governments and with their own financial institutions,” to detect and prevent attempts by North Korea to evade sanctions.

The report obtained by Nikkei, which is soon to be formally submitted to the Security Council, says North Korea waged cyberattacks on overseas financial institutions from 2015 to 2018. Economic sanctions imposed on Pyongyang over its nuclear and missile programs have restricted the North’s exports of coal, a key earner of foreign exchange.

The government has stolen money through cyberattacks, creating a pool of illicit funds that has grown since 2016, the panel said. The attacks are believed to be conducted by a specialized corps within the North Korean military and are now an important part of North Korean government policy.

Over 10 million users of Interpark, a South Korean e-commerce site, have had their personal information stolen in cyberattacks. Hackers demanded a total of $2.7 million in ransom in exchange for returning the stolen data.

The South Korean government has determined that the thefts were carried out by the North. The U.N. experts believe the attacks were aimed at obtaining foreign currency.

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PrimeXBT To Expand Influence As Crypto Winter Comes to An End

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prime

PrimeXBT, the 4th generation cryptocurrency exchange and trading platform that has the entire industry buzzing, is hard at work for preparing for the cryptocurrency market’s next major expansion.

For over a year now, the prices of top cryptocurrencies have been falling. PrimeXBT has helped traders who were eager to profit off of falling prices by offering short-selling with 100x leverage across all crypto assets. With the current Crypto Winter nearing an end, PrimeXBT is aiming to aggressively expand its influence in the market and launch exciting new features in the coming days.

How PrimeXBT Has Captured The Crypto Market’s Attention

With declining prices everywhere, and trading ranges tightening as prices of top cryptocurrencies consolidate and the market bottoms, PrimeXBT has been among the most profitable platforms for traders across the globe.

When volatility dries up, price swings are a lot fewer and further in between, and are often less violent than traders in the cryptocurrency market have grown accustomed to. This leads to less overall profit for traders who were used to the massive profits generated during the previous bull run.

Enter PrimeXBT, a newcomer in the crypto market that launched this past February to much hype and excitement across the industry. Despite the platform being new, it’s been built from the ground up using decades of experience across traditional markets – the team behind PrimeXBT knows how to turn profits in any market conditions, and are arming traders with all the tools they need to succeed.

PrimeXBT offers the most leverage available anywhere in the crypto space, with 100x leverage being available across not only Bitcoin, but Litecoin, Ripple, EOS, and Etheruem too. No other crypto exchange even comes close, not even BitMEX.

Even More Features: PrimeXBT Crushes All Competition

In addition to profit-driving features such as 100x leverage and short-selling to profit off the bear trend, PrimeXBT has many other features that can help traders to gain a competitive advantage in today’s market.

Advanced Charting Tools

The cryptocurrency market can be difficult to predict. Last month, Bitcoin neared its previous bottom only to surge over 10% to $4,200. Once it reached the local high, the price was swatted down by bears to $3,800.

Using the advance charting tools found at PrimeXBT, traders can better anticipate upcoming movements, and prepare themselves to extract the most profit out of price swings, regardless of which direction the price goes.

Charting can help traders identify the direction, or help to discover resistance and support areas to set entry or exit prices that ensure the highest level of profitability.

Multiple Order Types

Price consolidation can be confusing for traders who are unsure as to which direction the market will move next. We already know that the advanced charting tools can help traders prepare. PrimeXBT takes this a step further by offering multiple order types, as well as the ability to set stop loss and take profit prices as an order is being placed.

Even if a trader forgets to set these important stop loss and take profit prices, PrimeXBT allows submitted orders to be edited to add this information and ensure the trader leaves no profit on the table.

Aggregated Liquidity

Traders want the best price always. Unfortunately, many exchanges suffer from low liquidity as traders have exited the cryptocurrency market. Not, PrimeXBT. The trading platform sources liquidity from 12 different locations, ensuring the traders can tap into unrivaled liquidity and ensure the best entry or exit prices.

Never sit waiting for an order to execute again.

Bank-Grade Security and Infrastructure

Aside from waiting for orders to fill, nothing is more frustrating than submitting an order only to get an “order submission error.” PrimeXBT offers the most stable and reliable experience found in the crypto market, thanks to bank-grade infrastructure. PrimeXBT’s platform is extensively tested for reliability, in addition to security and safety.

PrimeXBT’s bank-grade quality also extends to the level of security if offers to traders, and offers unique features such as address whitelisting, two-factor authentication, and so much more.

Even More Features

PrimeXBT requires no KYC process, keeping your personal details private. The platform offers multiple ways to deposit funds, from simple Bitcoin deposits, to fiat currencies like USD and EUR, and even other cryptocurrency types.

The advanced trading platform also encourages users to customize their experience through a number of helpful widgets, and boasts dual-screen support for professional traders that need to watch multiple assets at once.

PrimeXBT Helps Traders Increase Profitability In More Ways Than One

The users of PrimeXBT have more than one way to turn a profit in the cryptocurrency market. In addition to the best profit-driving trading tools the market has to offer, PrimeXBT also creates an opportunity for near endless revenue driving through its 4-level affiliate program.

Traders can spread the word about PrimeXBT’s features, and in turn earn revenue from any traders they refer to the platform. Unlike other exchange’s referral programs, PrimeXBT lets you earn revenue from not only the traders you refer, but any traders your referrals refer as well.

PrimeXBT: What’s Next for the Crypto Market?

PrimeXBT already has all of the features any cryptocurrency trader could ask for, so what possibly could they be cooking up that has the industry in such an uproar? At the moment, they’re not saying, but a spokesperson for the platform has promised that “exciting new features” are coming to the platform “very soon.”

Traders everywhere have already begun speculating as to what else PrimeXBT can offer when the platform already has so many tools to choose from, but given the 4th generation platform being backed by decades of market experience, anything is possible.

With the Crypto Winter coming to a close, the market is ready to expand again and PrimeXBT is preparing to help traders grow their profits to unprecedented heights.

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Huobi OTC Launches Ripple Trading

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As part of the ongoing service to the trading community, Huobi OTC, Huobi Global’s peer-to-peer crypto trading platform, has launched Ripple (XRP) trading.

“In addition to serving as Huobi Global’s main onramp, Huobi OTC is also our main platform for users who prefer peer-to-peer trading. It’s very important to our overall trading ecosystem,” said Livio Weng, Huobi Global CEO. “The addition of Ripple is a big step forward in expanding our already extensive offering here.”

In addition to XRP, Huobi OTC also allows users to buy and sell Bitcoin (BTC), Ethereum (ETH), Tether (USDT), EOS (EOS), Huobi Token (HT), and Huobi’s comprehensive stablecoin solution HUSD. In addition to offering great liquidity via 13 different payment options.

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Ethereum Fork Could Help Restore Frozen Parity Cryptocurrency

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Hard Fork

Tens of millions of dollars worth of Ethereum frozen in 2017 may finally be recovered, thanks to a new upgrade in the cryptocurrency technology.

More than 500,000 Ethereum—now worth more than $62 million—stored in wallets provided by Parity, a blockchain software company, were essentially lost when a hacker exploited a software bug that froze the funds. But last week’s Ethereum hard fork, known as Constantinople (which includes the so-called CREATE2 upgrade), paves the way to getting those funds back, Parity CEO Jutta Steiner says on Fortune’s latest episode of “Balancing the Ledger.”

“If that functionality CREATE2 had existed at the time, there wouldn’t have been a vulnerability, basically,” Steiner says. “So if you think now, okay, we introduced and sort of fixed the tooling, then wouldn’t it be the right thing to do to also fix the issues that arose when we didn’t have the tooling?”

Parity developers had previously argued without success for a hard fork in the Ethereum blockchain in order to restore the frozen cryptocurrency. Now that the fork has been implemented, Steiner believes there is a stronger case for taking the necessary steps to remedy the Parity wallet problem.

“It doesn’t automatically mean that we, or all the teams that have stuck funds, get the funds back,” she explains. “It still requires another hard fork where that particular state change is made, but it gives a much more solid argument to why it’s the right thing to do and recover the funds.”

In the meantime, the Web3 Foundation, which conducts cryptocurrency fundraisers benefiting the development of Parity’s Polkadot project, is holding a second token sale that could value the initiative at $1 billion. Steiner, however, says that the potential recovery of the frozen funds would have no impact on the fundraiser. “That’s nothing that’s being done because of the frozen funds issue, really,” she adds.

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