Darryn Pollock

Markets Turn Red as EOS, Bitcoin Diamond, Bancor Suffer

The markets have taken a bit of a hammering over the last 24 hours with only a few in the green and a lot of well known coins taking big losses
Markets Turn Red as EOS, Bitcoin Diamond, Bancor Suffer

After a few days of ralling which saw Bitcoin head towards $6,800 the cryptocurrency is mostly in the red with a number of coins suffering massive losses. The likes of Bitcoin Diamond and Bancor the biggest losers with the latter suffering backlash from a hack.

Only seven coins are in the green, with the best performer being Bitcoin Gold, which is up almost six percent. But in terms of the major coins, they are all down, but not as bad as some of the altcoins.

Bitcoin has lost just over a percent over the last 24 hours, with Ethereum, Ripple and Bitcoin Cash losing between three and four percent.

Big losers

There is really bad news for Bitcoin Diamond as the 39th biggest coin by market cap shed more than a quarter of its value in 24 hours. This loss comes after a massive spike saw the Bitcoin fork double in value this week, going from $2 to $4 in two days. The fall back to $2 however only took 30 minutes.

Bancor is another obvious loser today as the so-called decentralized exchange suffered a hack that saw $23.5 mln disappear from its online wallets. It is confusing and surprising as one of Bancor’s key aspects is that it is decentralized, however, that should preclude hackers from making off with any funds.

💼 Related Article
What is a Decentralized Exchange?
🔥 Hot
5 months 2 weeks
256
What is a Decentralized Exchange?

Bancor has lost 18 percent in the last 24 hours going from $3.20 to $2.30.

Others that have had notable losses include EOS which is down 12 percent over the past 24 hours shedding 12 percent to trade at $7.58. From its all-time high of $21.50 just two and a half months ago, it has lost 65 percent.

Mainnet, wallet, and centralization woes have been the root of this fall from what was once dubbed the ‘Ethereum killer.’

Winners on the day

Somewhat ironically, the best performer over the last 24 hours is another Bitcoin fork, Bitcoin Gold, which picked up gains of over five percent. It is joined by Tezos which has grown four percent in the last 24 hours.

Tezos price has almost doubled since the weekly low of $1.20 on Friday as the former ICO record breaker starts to get its house in order.

💼 Related Article
NEO, Bitcoin Cash, Litecoin, IOTA, QTUM: Day’s Big Losers: Price Analysis, July 10
🔥 Hot
5 months
256
NEO, Bitcoin Cash, Litecoin, IOTA, QTUM: Day’s Big Losers: Price Analysis, July 10

views
👓 Recommended articles
📈 Pricewise Vaido Veek

Bitcoin, NEO, Cardano, EOS Ready to Bounce After Drop: Crypto Price Analysis, Sept. 6, 2018

Pricewise
Bitcoin made more than a $1,000 drop
Bitcoin, NEO, Cardano, EOS Ready to Bounce After Drop: Crypto Price Analysis, Sept. 6, 2018

 

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin- all strong supports are broken, only one left on the current price

Yesterday we said that if the price closes below the strong support line (blue line) and below the minor upper trendline, which is also a part of the continuation pattern "Rising Wedge,” then we will drop into the $6,500 area.

Currently, we are in this area. In August, we attempted to break above this level many times and currently, the old resistance becomes a support.

Bitcoin

RSI is totally oversold and we made over a $1,000 drop which is massive. So, we could guess that we could find a small support from here and this support will guide us may be around $6,700. There is a historically strong level which started to work as a resistance and from the current drop points (high to low) pulled the Fibonacci retracement to 38 percent in this area.

Currently, we just have to wait and see what the price action shows us, maybe we can find something positive! Let's take a look at how the altcoins react to this "market crash.”

NEO (NEO/USD) trades below the upward channel

Since yesterday, NEO came down ~26 percent and we trade below the channel and below the round number $20!

NEO (NEO/USD)

We got a bounce from $18 where the Fibonacci retracement level is 62 percent and from the support which was there before the resistance (black line). On the four-hour chart, we trade below the EMA's, actually, in all timeframes we trade below the EMA's and that's not a good sign, like we said, we have also a breakout downwards from the upwards channel.

If we want to search for some positive signs then at the moment NEO price is in the area where it still could make a higher low, after the bounce from the Fibonacci level we got a "Hammer" candlestick pattern, but this is a very small pattern because there is still panic in this market.

A close below $18 confirms a lower low and in addition, we have a change in the price structure which will indicate that we may come down and retest the $13 area. But if BTC finds the support from the current price then NEO will follow suit because it looks solid compared to others altcoins.

Cardano (ADA) only support that hold us is August low

Currently, Cardano trades 20 percent lower than yesterday and after the market “crash” the only support holding us is the August low.

At the moment we trade above the major down-trendline but if we retest this trendline then we test pretty low levels. Depends on how fast we can make the retest but we may go as low as $0.062.

Cardano (ADA)

The market structure is smashed because we have made a lower low and currently guessing where we could make a bounce upwards is a pure lottery.

EOS (EOS/USD)- at least some supports below the current price

Since yesterday, EOS is down 23 percent, not surprising because we have the bloody days on the market.

Currently, we have found a support from the round number and the trendline cross area.

At least EOS has some supports below the current price where we can watch the price action, unlike the others altcoins.

EOS/USD

At the moment the price made a stop and just a little bounce upwards. The bounce formed a bit sloppy "Hammer" pattern. If the market is healthy then it would be a nice buy opportunity but not right now because the market is still under pressure and full of panic.

If the trendline can hold us then we can make a higher high which is a very good sign considering this market situation.

If we start to drop lower then we break the trendline and end up at the $5 round number area and our next stop will probably be $4.1. There is the August low of $3.8, there is the March low and also 2018 low.

But currently, we have to watch what BTC does and if it shows some positive signs. If it finds a support then we definitely have a good opportunity for EOS to start climbing higher because the platform is actually pretty solid.

 

Hopefully, this helps you out a little bit to confirm your own analysis. Definitely, do your own research!

📈 Pricewise
views
👓 Recommended articles
Darryn Pollock

The Evolution of Blockchain and Cryptocurrency Usage: Normalizing and Innovating

Cryptocurrencies are inherently a currency, but there is far more uses being created every day for this disruptive tech
The Evolution of Blockchain and Cryptocurrency Usage: Normalizing and Innovating

There is no doubt that the first cryptocurrencies were created to be a digital cash, but from those humble beginnings there has sprouted a massive ecosystem that continues to innovate as well as normalize.

Cryptocurrencies and Blockchain technology have an incredibly broad spectrum of application that is still being discovered and explored today. The usage of the Blockchain is expanding into traditional sectors, and the technology is being eagerly looked into by banks, governments and corporations.

Cryptocurrencies too are becoming more normalized and useful. They are no longer just a tool of the dark web and in fact are becoming more and more like traditional assets with the creation of Futures contracts, potentially ETFs, and even as collateral for loans.

Blockchain’s advances

The key technology for cryptocurrencies is at a stage where many different sectors believe they can innovate and advance their areas of ecpe rise by implementing Blockchain technology. From supply chain to cloud computing, the scope of this technology is almost endless.

Many different Blockchain companies have seen the possibility of Blockchain in creating a decentralized cloud storage network. This is the premise of Golem, but there are others that are trying to innovate this space and sirupt the well known and centralized models.

Pavel Bains, CEO of Bluzelle explains:

“The easiest thing to forget is there’s a massive amount of data being consumed by all applications and products. With all this data being exchanged, the current Internet just doesn’t have the infrastructure to protect its security, scalability and reliability.”

It is clear that for this type of technology, necessity is pushing innovation. Security of data and the current internet infrastructure is in need of an upgrade, and this is where the Blockchain can step in.

In a similar vein, but slightly differently, cryptocurrencies are also infiltrating financial sectors, but their mandate seems to be more about becoming normalised than total disruption.

From spending on the Dark web to securing a loan

Cryptocurrencies began their life as a coin on the Internet, and especially a coin if the Dark web. They are inherently a spending token that derives value from a small, but growing market.

However, their evolution and expansion into the mainstream is continually evolving, and it is this evolution that is being spurred on by normalizing the digital asset, as well as finding more functions for them.

Can Gulec, of cryptocurrency lending platform Kambo, explains how by offering traditional lending services, but based on crypto assets, can aid in normalizing the digital currency economy.

“We want to facilitate adoption. We believe traditional financial systems and disruptive fintech systems should be integrated and seamlessly connected. There needs to be a bond between alternative assets classes - like cryptocurrencies - and traditional financial institutions - banks and lending institutions. Through this, not only we are enabling people to unlock the value of their holdings, but also allowing more complex products to be built.”

Challenges to cryptocurrency evolution

A lot of the problem with trying to fuel the adoption of cryptocurrency, and to get people to understand it as an alternative currency, has to do with understanding its value. Bitcoin has been labelled many times as inherently valueless, but that notion alone is a tricky one.

“Value is a very tricky notion to define and has been a critical attack point for crypto-sceptics,” Gulec goes on to explain. “People have used anything from massive rocks to cowry shells as a store of value.”

“Everything - gold, precious rocks, fiat currency - is valueless if you take human consensus out of the equation. As more complex tools are built around an ecosystem, its foundation becomes stronger and its chance of standing against the test of time increases. So, in our case, the ability to take loans against crypto assets makes them a much more interesting asset class, because then one can unlock their value by leveraging against them and using them like any other liquid financial asset.”

Cryptocurrency adoption has slowed recently, especially as the hype and buzz around its growing price has cooled. There now needs to be a second wave of adoption, and that will only really come when people can see cryptocurrencies in the same light as any other asset or mode of exchange.

The more people are normalized to cryptocurrencies, the easier they will be to pick up and use. The evolution on this space is very dependant on innovation in one instance, but that innovation needs to be bridged with the traditional to bring people across.

views
👓 Recommended articles
Wikicoin David Dinkins

WikiCoin: What is Bitcoin's Segregated Witness (SegWit)

📚 Wikicoin
Segregated Witness helps Bitcoin scale by allowing more transactions to fit in each of the network’s blocks
WikiCoin: What is Bitcoin's Segregated Witness (SegWit)

Segregated Witness (SegWit) is part of a scaling solution to increase the maximum number of transactions the Bitcoin network can process at one time. In Bitcoin’s early days, Satoshi implemented a maximum blocksize of one MB due to fears of attackers spamming the network with massive blocks and crashing miners.

Even though the type of attack Satoshi feared is no longer possible on today’s Bitcoin network, the blocksize limit was never increased or removed. In 2014, when it became obvious that something had to be done to give the Bitcoin network greater capacity, some advocated for bigger blocks. Others preferred a more technical and nuanced solution and introduced the concept of SegWit.

SegWit separates or segregates the signatures in each transaction from the actual transaction data itself. The signatures, so-called “witness” data, are moved to a different portion of the block and are not counted toward the blocksize limit. This allows more transactions to fit into each block, therefore increasing the transaction capacity of the Bitcoin network.

Network effects

While SegWit theoretically allows up to three times as many transactions to fit into a block, in reality, its effects will never be quite that large. Some popular transaction types take up more space in a block, even when using SegWit. Additionally, SegWit is an optional feature, meaning that users do not have to use SegWit when sending transactions. Fortunately, major exchanges such as Coinbase and Bitfinex have now begun using SegWit for all their transactions, which has doubled the percentage of SegWit transactions recently.

SegWit also fixes Bitcoin’s so-called malleability problem, which will enable the creation of the Lightning Network. When released, Lightning Network is expected to drastically increase the number of transactions per second the Bitcoin network can process.

Wikicoin
views
👓 Recommended articles
Crypto Gags Heewon Jang

Blockchain Is In The Air !! ❤

Crypto Gags
Russian Airline Operator Trials Blockchain For Tracing Fuel Expenses
Blockchain Is In The Air !! ❤

Check the related article\

Сheck daily our Instagram: cryptosharq,

Twitter: CryptoComes

Telegram: @cryptocomes

Crypto Gags
views
👓 Recommended articles
Darryn Pollock

Blockchain Education Becoming More Accessible and Attainable

Blockchain courses, and education in the new technology is getting more accessible as the London School of Economics makes it an online course
Blockchain Education Becoming More Accessible and Attainable

Recent news from the London School of Economics (LSE) is suggesting that an education in Blockchain technology is becoming more attainable as people hurry to pick up on the burgeoning and revolutionary technology.

Online Blockchain courses from the LSE, as well as a host other independent courses, are now readily available for any aspiring Blockchain developers with the demand for people educated in this new sector at a premium.

Importance of educating in Blockchain

As Blockchain technology makes it deeper and deeper into mainstream society, there is more interested in owning cryptocurrencies, but also added interest in building and understanding Blockchains for a number of different sectors.

Blockchains have been growing in sectors that are as large as banking, government, and major corporations- such as Amazon and Microsoft. To this end, the companies involving themselves in blockchain technology need educated employees who understand the space.

However, because the first Blockchain only came out 10 years ago, and in small circles with limited interest, there are hardly any seasoned veterans who are available for hire. This means that education is one way of upskilling Blockchain students in order for them to add value to their companies, but also to the space.

The Blockchain space is still plagued with teething problems, such as hacks, scams, and badly built projects on Blockchain, and thus, it is important for the space to get professionals who know what they are doing to advance the Blockchain ecosystem.

Spreading globally

It is unsurprising to see that Blockchain courses are coming up in all different forms, not just from the LSE in their online offering. There is news of IBM even offering free Blockchain courses to Indian students, as well as five Spanish speaking universities holding Blockchain courses for their students.

Of course, it is also business for those offering the courses at universities and business schools are in their own race to offer such courses. There is a real hunger to work in the Blockchain space with reports stating that Blockchain developers in the US earn almost $130,000 yearly.

Taking advantage

However, although there is a demand for learned Blockchain developers there has also been instances where companies are looking to take advantage of the situation. A job fair in Korea proved this as Ivy-League educated Blockchain developers were turned away from wealthy companies for demanding too much money.

In the end though, Blockchain technology is set to play a bigger role in the future of this planet, and thus, it is good for students to be at the forefront of the future. Learned Blockchain professionals will not only help boost businesses, they will build better Blockchains.

views
👓 Recommended articles