Darryn Pollock

The Winklevoss ETF May Have Failed But There Are Loads More in the Pipeline

While the Winklevoss ETF may have failed, there are a multitude of others from a range of companies that still need to be considered.
The Winklevoss ETF May Have Failed But There Are Loads More in the Pipeline

Many have put down the recent rally of Bitcoin’s price down to the fact that the SEC appeared to be lessing its pressure when it comes to issuing a Bitcoin ETF. However, the latest attempt by the Winklevoss twins was recently shut down by the Regulatory body.

 

However, the Winklevoss twins are not the only ones who have applied to the SEC to launch an ETF, there are a number of different applications from a  range of different companies including the CBOE, the people behind one of the first Bitcoin futures contracts.

More to an ETF

It must also be remembered that there is more to an ETF than one factor. Different types can be proposed by the same company, and those that come from other companies can vary greatly to the ones being considered by the SEC.

The Winklevoss ETF could have failed not because it is a Bitcoin ETF, but because of the way in which it was constructed.

 

That is why there are such a variety of companies and categories of ETF coming across the SEC’s desk, all hoping to crack the code and be first to market.

 

VanEck’s SolidX

One of the more interesting and different types of ETFs that the SEC will have to consider is the joint offering by CBOE and VanEck who have put forward what they are calling SolidX.

The trust will invest directly in physical Bitcoin- not Bitcoin futures- and each share will “represent a fractional undivided beneficial interest in the trust’s net assets.”

The filing continues:

“The Trust intends to achieve this objective by investing substantially all of its assets in bitcoin traded primarily in the over-the-counter (“OTC”) markets, though the Trust may also invest in bitcoin traded on domestic and international bitcoin exchanges, depending on liquidity and otherwise at the Trust’s discretion. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in Bitcoin price.”

Direxion Asset Management’s five attempts

Investment firm Direxion has also put forward its ETFs, however, they have put forward five applications in total; these were filed in January.

They include Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares, and Direxion Daily Bitcoin 2X Bear Shares.

Because of the mass of these ETFs the SEC has been forced to push out its deadline to make a decision stating:

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”

NYSE’s offering

Even the New York Stock Exchange filed for an ETF in January with their hook being that investors could "obtain daily short, leveraged long or leveraged short exposure to the lead month bitcoin futures contract" traded on the Chicago Mercantile Exchange (CME) or the Cboe Global Markets (CBOE), or any U.S. exchange “that subsequently trades Bitcoin futures contracts.”

Not the end

The fact that the Winklevoss ETF failed does not spell the end for Bitcoins chances at opening up for institutional investors. While the SEC may still be guarded, it is likely that one of these ETF applications, or one on the near future, will crack the code and become the first to market.

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📈 Pricewise Andrew Strogoff

Zcash Leader of the Day, Other Cryptos Lose Momentum

Pricewise
Zcash is up, Bitcoin, Ethereum hang on while Bytecoin, Bitcoin Cash, Stellar, NEO drop
Zcash Leader of the Day, Other Cryptos Lose Momentum

Cryptocurrencies from Top 20 market capitalization show negative dynamics as a whole except Zcash, who is the true winner in the past 48 hours.

Zcash will be listed at Gemini exchange (the brainchild of twin Winklevoss) as the company received the appropriate approval from NYSDFS. The cryptocurrency surged significantly following this event on Monday. Gemini became the first exchange to accept Zcash as an asset for trading.

Winklevoss brothers think that Zcash is promising due to its privacy, which is the main advantage of the cryptocurrency as compared to Bitcoin. ZEC/USD’s price increased by 47 percent on Monday. The cryptocurrency still develops its progress as it added another 2.34 percent in the moment of writing.

Meanwhile, all top 20 cryptocurrencies declined. Bitcoin has lost 5.65 percent in the past 24 hours. Ethereum suffered almost the same losses as the price declined 5.22 percent in the same period. Bytecoin is the loser of the day as it declined for 11.71 percent in the past 24 hours.

The general fundamental background seems to be positive as police found nothing wrong during its investigation at Upbit exchange. It should be reminded that South Korean police had a raid at Upbit headquarters last week. This event resulted in a sharp decline of nearly $50 mln in market capitalization as investors had fears about the exchange’s activities.

The most important event currently is the Consensus 2018 Conference, which attracted not only Blockchain experts and adopters, but also some officials including the Head of St.Louis Federal Reserve James Bullard. The Conference has not been without sensations as Vitalik Buterin refused to participate there.

Those events seem to have no significant influence on fluctuations currently. However, they may affect prices later.

ZEC/USDD:\Пробы пера\sergeytn\reviews\16.05\zec hourly.jpg

Zcash has reached its all-time highs on Tuesday as ZEC price almost touched the 390 level. Then, we had a correction towards the support area at 325. The volatility is still very high as many market participants are interested in this coin.

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Technically, ZEC price is testing the resistance area at 366 in the moment of writing this review. Depending on the results, ZEC/USD may have the following possible scenarios:

  1. ZEC price will break through the resistance line and go higher, establishing new all-time highs.

  2. Zcash will start to decline towards the support area at 325. However, there are two obstacles on the way – the Ichimoku cloud’s higher border and the ascending trend line.

  3. ZEC/USD will stay at the same levels without significant fluctuations.

D:\Пробы пера\sergeytn\reviews\16.05\zec daily.jpg

As for the daily chart, ZEC/USD looks pretty good there as ZEC price has left the Ichimoku cloud with momentum and continues to rally. Zcash is above the ascending trend line but may correct towards it in the nearest future.

BTC/USDD:\Пробы пера\sergeytn\reviews\16.05\btc hourly.jpg

Bitcoin jumped off its newly established support area at 8,130 and tested the resistance area at 8,366. BTC price is above the level at the moment of writing, but it is early to say whether BTC/USD has already crossed this level or not. There are no candlestick signals currently. Bitcoin price is far from the Ichimoku cloud but makes attempts to meet the indicator in the nearest future.

The possible scenarios for BTC/USD are the following:

  1. Bitcoin will cross this $8,366 area and move further upwards to the next resistance area, which lies at $8,527.

  2. BTC/USD will decline from the current 8,366 level towards the newly established local lows at $8,130.

  3. The currency pair will stay close to the current level without significant changes.

D:\Пробы пера\sergeytn\reviews\16.05\btc daily.jpg

Bitcoin stays within the Ichimoku cloud on the Daily chart. BTC price has almost reached the lower border of the formation and seems to have chances to change the direction.

ETH/USDD:\Пробы пера\sergeytn\reviews\16.05\eth hourly.jpg

Ethereum crossed the support area at 695 today, but its further decline was limited as the price managed to make a half distance to the next support area and reversed. ETH/USD crossed the 695 resistance area from below and jumped over the line, developing progress. Ethereum is close to the lower border of the Ichimoku cloud and it seems like bulls want to test it and to go higher.

The possible scenarios for the currency pair are the following:

  1. ETH/USD will break through the lower border of the Ichimoku cloud and move higher, towards its upper side, then test it and move towards the resistance level at 730.

  2. Ethereum will decline towards the support area at 695 to test it. If successful, bears will have a chance to develop their progress towards the next support area at 663.

  3. The currency pair will have no significant fluctuations and will stay close to the current levels.

D:\Пробы пера\sergeytn\reviews\16.05\eth daily.jpg

ETH/USD is fluctuating above the Ichimoku cloud meaning bulls are still in control of the situation on the Daily chart. However, Ethereum stays below the ascending trend line.

BCN/USDD:\Пробы пера\sergeytn\reviews\16.05\byte hourly.jpg

Bytecoin is a true “loser” of the day from the top 20 as it declined 11.71 percent in the past 24 hours. Nevertheless, bulls seem to take the initiative in their hands as the managed to move BCN/USD higher and the currency pair is above the descending local trend line currently.

Bytecoin is above the support area at 0,0100. BCN price is below the Ichimoku cloud as well. The possible scenarios for BCN/USD are the following:

  1. The currency pair will develop its progress until the next resistance area at 0.0111 where the resistance line coincides with the lower border of the Ichimoku cloud. If bulls are able to cross them both, BCN/USD will have a chance to go towards the next resistance area at 0.0124.

  2. Bytecoin will reach the next resistance level at 0.0111 and jump off it (or start to decline from the current levels). The next support area is 0.0100. The currency pair will meet the descending trend line there.

  3. Bytecoin will stay close to the current levels with no significant fluctuations.

D:\Пробы пера\sergeytn\reviews\16.05\byte daily.jpg

Bytecoin is above the ascending trend line as bulls are still in control of the situation. However, BCN/USD arouse the suspicions as its fluctuations currently are similar to “Pump&Dump” strategy.

BCH/USDD:\Пробы пера\sergeytn\reviews\16.05\cash.jpg

Bitcoin Cash is in second place after Bytecoin as its price declined 11.69 percent in the past 24 hours. The currency pair reached its support area at 1,224 and jumped off it starting a correction at least. BCH/USD has already managed to break through the descending trend line and was stopped by the resistance area at 1,308. We have a clear Shooting Star candlestick here which is worth considering when making decisions.

The possible scenarios for BCH/USD are the following:

  1. The currency pair will cross the resistance area at 1,308 and moved further towards the next resistance area at 1,360.

  2. BCH/USD will jump off the resistance area at 1,308 and decline towards the descending trend line and then to the support area at 1,224.

D:\Пробы пера\sergeytn\reviews\16.05\bch daily.jpg

The currency pair is close to the support area at 1,308 on the daily testing this level. If successful, BCH/USD may decline towards the next midterm support at 995. However, bulls still have the power to change the situation and in this case, the price is above the grow, jumping off the current support area.

XLM/USDD:\Пробы пера\sergeytn\reviews\16.05\stellar hourly.jpg

Stellar is also one of today’s anti-heroes as its price declined for 11.61 percent in the past 24 hours. XLM/USD reached the support area at 0.3189 and jumped off it towards the resistance area at 0.3377. The currency pair has also crossed the descending trend line in passing. There is a Shooting Star candlestick pattern in the moment of writing.

The possible scenarios for XLM/USD are the following:

  1. XLM price will jump over the resistance area at 0.3377 and move towards the next resistance level, which lies at 0.3540.

  2. XLM/USD will jump off the resistance area at 0.3377 and decline towards the next support area at 0.3189 (the only obstacle is the descending trend line).

  3. Stellar will stay close to the current levels without significant changes.

D:\Пробы пера\sergeytn\reviews\16.05\stellar daily.jpg

As for the daily chart, Stellar is close to the Ichimoku cloud in the moment of writing. We have a downside midterm tendency, but the situation is still unclear.

NEO/USDD:\Пробы пера\sergeytn\reviews\16.05\neo hourly.jpg

NEO has lost about 11 percent in the past 24 hours and it closes our top five bigger losses from top 20 marketcap cryptos. NEO/USD reached the support area at 59 today and jumped off towards the resistance are at 62. The volatility is below average today and there is no tendency currently. NEO price is far below the Ichimoku cloud.

The possible scenarios for NEO/USD are the following:

  1. NEO will cross the resistance area at 62 and develop its progress towards the next resistance level at 68. There NEO/USD will meet the descending midterm trend line.

  2. The currency pair will jump off the resistance area at 62 and move towards 59 support area. If it tests it successfully, bears have chances to push the price even lower, establishing new local lows.

  3. NEO will remain close to the current levels.

D:\Пробы пера\sergeytn\reviews\16.05\neo daily.jpg

AS for the daily chart, Neo seems to leave the Ichimoku cloud, but without any significant momentum. The midterm situation remains unclear.

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Cryptocurrency Community Reacts to News of Google Ad Ban: No Big Deal

Mainstream media is under the impression that Google’s ban on crypto advertisements is tanking the market, but the community seems to be shrugging off the news.
Cryptocurrency Community Reacts to News of Google Ad Ban: No Big Deal

The cryptocurrency community has generally reacted with optimism to Google’s ban of digital currency and ICO ads. But how can this be? A quick perusal of mainstream media outlets makes the situation look dire for Bitcoin, with headlines such as:

CNBC: Bitcoin briefly falls below $8000 after Google says it will ban

Investopedia: Bitcoin price spirals toward $8000 after Google bans

Bloomberg: Bitcoin drops to monthly low after Google bans crypto advertisements

Reuters: Google bans cryptocurrency advertisement, Bitcoin price slumps

These headlines are as amusing as they are inaccurate. For one, mainstream news outlets have no understanding of the ebb and flow of Bitcoin’s market. They assume that every rise and every fall must have a clearly explainable reason, namely, whatever the day’s biggest headline was.

Expert opinion

Several experts in the cryptocurrency community have given CryptoComes their opinion on the Google ban, and most of them are cautiously optimistic:

Christopher Slaughter, Co-Founder and CEO of Samsa, writes:

“In the short term, this may benefit the crypto community, which is overflowing with fraud and scams. Longer term, it would be good to have all channels available. Hopefully regulation and self regulation can make it safe and in Google/Facebook’s interest to offer crypto ads in the future.”

Craig Sproule, Crowd Machine Founder and CEO, agrees:

"This decision can benefit the crypto community in the long-run amidst the hype, current regulatory climate and the mainstream perception of the community given the pervasive amount of scams we're seeing. [There are] bad actors out there taking advantage of the excitement.”

Daniel Duarte, CTO of Auctus, is concerned about the ease with which scammers can target novices in the community:

"It's easy to set up a cryptocurrency wallet, create a fake website, publish the wallet's public address and collect money from people. Since Google can't analyze on a case-by-case basis and filter the scams, we believe it's better to ban them all. This will not hurt the crypto community, and ultimately is a good thing for less experienced investors.

Massive overreaction

CryptoComes published an editorial yesterday, skewering Google for their extreme overreaction. Rather than making even the slightest effort to filter out scam ads, the company just banned everything. If they did that with all advertisements, they’d be out of business.

Trey Ditto, CEO of Ditto, agrees:

“Today’s decision to ban ads on Google feels like they’re throwing the baby out with the bath water. We use Facebook and Google to educate potential investors and users about a range of topics and opportunities. I worry this punishes the good actors in this fast-growing space and will thus hurt the consumers and investors who are looking for information to make smart crypto investment decisions.”

Too many scams

Users on reddit have pointed out that since Bitcoin doesn’t have a marketing department, Google’s ban of crypto advertisements has no bearing on the currency at all. Rather, it hurts many ICO-funded projects and some altcoins that engage in advertising. However, with thousands of ICOs in the past year, and hundreds of new altcoins having emerged in that period of time, scams likely abound. Anything that can starve scammers of victims is generally welcomed, since the ban does little harm to Bitcoin in the long run.

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Coins Guide George Shnurenko

What is IOTA (MIOTA) - Simple Explanation for Beginners

🎓 Coins Guide
IOTA is an abbreviation that can be expanded as Internet of Things Application.
What is IOTA (MIOTA) - Simple Explanation for Beginners

IOTA is an abbreviation that can be expanded as Internet of Things Application. This new crypto-technology was founded in 2015 to alleviate secure transactions and data base transfer between gadgets on the Internet of Things. It is also created to make transactions between devices, assisting the progress of an entire machine-to-machine micro-economy. How does it work? Eliminating the block and chain, IOTA dispenses with the commissions for payments and solves scaling problems. To make a buying/selling deal to the IOTA ’’account book’’, two other preceding transactions need to be verified. The advantage of such check is the absence of any main ledger, therefore miners don’t have to join the web.

As the machines on the web confirm one another’s operations in a random manner, they consent via the net of contacts between deals. This form of confirmation is called DAG (Directed Acyclic Graph). The IOTA designers name it the Tangle. Rapid and free transactions through IOTA are possible, since computational power in the DAG grows as the net increases. IOTA is a new budding technology, still it is being sometimes criticized. Further you will learn about the IOTA principles of operation, what it may be used for, and whether the token worth investing, considering the opinion of critics.

 

TECHNICAL FEATURES

Start up: June 11, 2016

Total fund: 2,779,530,283,277,761

Algorithm: Proof of Work (PoW)

Block time/pay off: Without blocks, check two preceding transactions to process the transaction.

 

FACIAL CHARACTERISTICS

The Problem: Machine to Machine Payments

The Internet of Things has already become a main powerful world’s economical boost. Firms design different gadgets, such as sensing transmitters, video cameras, to control, observe situation in plants, shops, shipping lanes and berthing space. Gartner’s investigation showed a big growth of IoT up to 8.4 billion apparatuses for the last several months. And forecasts for its further growth are rapidly changing. IOTA’s is to be the operating floor for machine-to-machine operations Creators of IOTA insist that IoT will be most useful if the apparatuses share and assign resources more thoroughly. It is meant that the devices should be able to buy more electricity, frequency range, depository, or information when they need it, and exchange those means when they are not required anymore. Probably there might be thousands of operations per minute.

IOTA’s creators insist that subject to this proviso block-chain technology isn’t enough for IoT app. Block-chain networks fight with the ability for scaling. Thus, they frequently charge commission from miners so that they could include a transaction in a block promptly. IOTA intends to solve both problems (scalability and commissions) by means of its new net, to enable a great number of IoT apparatuses to use it.

Ability of scaling: IOTA differs from a Block-chain technology As it is planned that IOTA will carry out billions of web’s nodes once completely realized, the creators had to develop a network on which computational capability grows along with quantity of the net’s nodes. To realize this purpose they developed the Tangle, according to which the device that provides a new transaction shall initially check the pair of previous payments on the network. For each check, the verifier executes checking of the operation connecting transactions into the general Tangle.

The sense of the Tangle is that consent is reached on the basis of a network of checks. Every payment is connected to previous pair of payments which it checked, and later on it is to be in connection with the next payments which check it. Thus, the network does not rely upon a main blockchain anymore and there is no scalability problem. Every other gadget on the network provides its computational power to the web while providing a transaction. There is no block mining, all the crypto-coins on IOTA are designed on the basis of the network.

FREE OF CHARGE transactions

Since you provide computational capability to the web when you make a transaction, the expense of use of the web equals to the electricity necessary to check two other transactions on IOTA. The Tangle enables IOTA to work without fees, so the network becomes more distributed – between every acting node. Zero commissions is an indispensable condition for a mission of IOTA to service IoT devices.

Apparently, the machines will often transact at cents. Micropayments would be impossible with commissions from such minor deals. To be the “trunk” for the M2M economy, any commissions should be eliminated. 34% Attacks & Coordinator Blockchain technology is so structured that a blockchain is open to attack if one side has 51% of the computational capability on the net.

Being at this stage, in theory, a bad actor has a possibility to create and check faulty transactions. And due to the Tangle structure, this rate is only 34% of the computational capability on the network. It means that you would have to find the “nest” first in this complicated network of nodes. Early is the moment when such a threat is most possible. As the early network is minor, it has less nodes, therefore, it’s more simple task for an aggressor to gain a 34% share of the web.

Then, a “Coordinator” is used to fight with the threat of being attacked. It is the only way to safety early on, and IOTA will get rid of the Coordinator as soon as the net is rather strong. It means that the system and currency are now centralized, and in case you make a decision to invest in this technology, you should rely on the IOTA Foundation. Proprietary Technologies There are both favorable and bad responses for the use of new technologies while developing the operating floor. Initially, IOTA used its own hashing feature named as Curl for all checks of operation and key creation.

And though the verification of operation hashing has already changed to a more common protocol SHA 3, IOTA nevertheless uses exclusive Curl hashing feature for other applications. IOTA applies trinary logic, not binary. Use of three-states processors means superiority in productivity and computational capability in general. IOTA works in close cooperation with the JINN Labs on hardware for IoT apparatuses which are capable to computation in trinary. Concerns, weak points, & Critical analyses

A number of experts in crypto technologies called in question viability of IOTA as a platform. Realization of a great number of new technologies at once of course provokes weak points or defects in implementation of IOTA. The technology behind the IOTA just was not tested enough to be sure it will work in scale and whether it is able to combat attacks. Critics of IOTA are most of all concerned about the lack of tests, expert review. A destroying article outlining critical safety defects of the Curl hashing function was recently published by MIT and Boston University. The community and experts look down on the idea that everyone can "roll your own crypto". Good cryptography requires years on development, testing and expert review.

The development of the hashing algorithm SHA 3 took nine years. The experts have expressed their concern that IOTA's creators preferred creation of their own cryptography to using the common standards. Such problems led to quite an variable price for the IOTA currency. But one should keep in mind, however, that any new technology passes through technical hindrances and painful growth.

Bitcoin had Mt. Gox scandal, and Ethereum withstood cracking of DAO. The technology and implementation behind IOTA, of course, will change. Before making the decision on investment of capital in IOTA crypto-currency, potential investors should consider its overall structure and history of the development team.

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📈 Pricewise Andrew Strogoff

Bitcoin Flat, Ethereum, Ripple, EOS Suffer Losses: Price Analysis, July 31

Pricewise
Bitcoin is flat, altcoins fall, but the situation still remains bullish
Bitcoin Flat, Ethereum, Ripple, EOS Suffer Losses: Price Analysis, July 31

Hello, dear readers. This is Andrew Strogoff. Bitcoin and altcoins still fail to reach my targets. BTC/USD remains in flat while the altcoins suffer some losses. As you may understand, there are no important events currently that allows the crypto industry to make no steps.

As for the news, I have some interesting releases for you. They are not influencers, but I think you may be interested in these events. Social media stars use cryptocurrencies. Are you surprised? So was I when I read about Kim Kardashian’s first Bitcoin experience. To tell you the truth, she was not using a digital wallet or something like that. Kardashian played poker and had two physical coins on the table. However, I think that even such an appearance is a good promo for the most popular cryptocurrency.

Bitcoin price (BTC/USD) makes no gain

Bitcoin has lost almost nothing in the past 24 hours making no gains as well. The result is -0.67 percent, which indicates on a tight range. The currency pair has broken through the ascending trend line meaning the uptrend is paused currently.

BTC/USD 4H chart

I think that BTC/USD still looks upwards. Why? Because it is not falling and stays close to $8,193 meaning the currency pair is ready to resume the uptrend in the nearest future. However, currently, to reach my targets, Bitcoin needs to jump over the resistance area at $8,193 and the next at $8,560.

I’m still bullish on BTC/USD, but I think it is time to be patient and wait for opportunities. Bitcoin, by the way, looks far better than its altcoin competitors.

Ethereum (ETH/USD) prepare for uptrend

Ethereum still has troubles to resume the uptrend. The currency pair has lost nearly three percent in the past 24 hours meaning the upside tendency is delayed. The currency pair looks neutral at the moment. It is testing the support area close to the local lows.

ETH/USD 4H chart

Well, I personally think that the situation here is far from being tragic. Ethereum is close to its lows, but those lows make a serious support for the currency pair and some extraordinary events are needed to allow ETH/USD to break it through.

I still have the same targets for Ethereum at $500.36. I’m even persuaded that ETH/USD has even better perspectives in future. However, now it is time to wait as Ethereum is flatting within the range, limited by the support area at $453.24 and the resistance $473.39.

Ripple (XRP/USD) close to its local lows, price analysis, July 31

Ripple has lost more than three percent in the past 24 hours. The currency pair is neutral and is close to its local lows. This is the moment of truth for the Ripple as this support is supposed to be very strong. However, if bears break it through, they will be able to push XRP/USD lower.

XRP/USD 4H chart

I still believe in Ripple, as I believe in other cryptos and mostly in Bitcoin. I think that they look promising, but time is needed. Ripple is close to its local lows as I have already mentioned and the currency pair is likely to jump off this area. I don’t think that bears will be able to jump over those lows.

My targets are still above. I think that Ripple is able to reach $0.5088 level in the nearest future. Not on Tuesday, that’s for sure, but for this week, I think it is a reachable target.

EOS (EOS/USD) suffer losses but still in the game

EOS has lost more than eight percent!!! In the past 24 hours but I’m far from being in a panic. The currency pair still stays within the channel and the closest support is strong. EOS has all chances to resume the uptrend in the nearest future.

EOS/USD 4H chart

EOS/USD reached the support area at $7.65, but here lies the strong line, built by bulls. EOS price has tested this area a couple of times recently but failed to jump over it. That’s why I think that we have strong support there.

My targets are still the same. I think that EOS is able to reach the resistance area at $9.56 in the nearest future. However, currently this target is far and I don’t believe the price will be there in a couple of days. Let’s stay patient and monitor the situation.


 

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What Does It Mean When Bad News of Hack Has No Effect on BTC Price?

There was a time when any crypto exchange hack would see an instant drop in BTC price, but after the one in Canada, it has not even flinched
What Does It Mean When Bad News of Hack Has No Effect on BTC Price?

One of the biggest ever bear runs and a massive price dip in Bitcoin came after the infamous Mt. Gox hack in 2014. And ever since then, news of hacks and other exchange misgivings have often led to some sort of price dip, regardless of the size or scope of the infraction.

However, in today’s setting, where the price of Bitcoin has remained spectacular stable, it has occurred that not only bad news can shake the steadiness of the price of Bitcoin. A smaller, lesser-known exchange in Canada announced that it had been hacked to the tune of 913 BTC; however, there was no flinching from the price of Bitcoin.

The Bitcoin price has now remained steady for over a week hovering between $6,400 and $6,500, and even despite more worries that the MapleChange hack was actually a devious exit-scam, the bad news is not having its usual effect.

So, while regulators and governments are trying to clean up the cryptocurrency ecosystem that was such a speculative market in the past, the news of hacks and scams not shaking it brings up interesting questions.

Recently, good news has not had enough power to get Bitcoin off its apparent floor, but now, even bad news is not strong enough to shake the stable price; what can this actually mean for Bitcoin?

A hack up North

The MapleChange hack has come with some confusion and speculation that it may well be a scam in order for those in charge to escape with the money they have acquired. So, while it is a smaller exchange and thus its effect from this loss of funds is minimal, it is more the ramifications of another hack that should be playing a role.

MapleChange said in a tweet that all funds had gone missing and thus they would not be paying back any of the stolen coins. This contrasts with a much bigger hack, the one of Coincheck, but they at least paid the money back.

The market dropped significantly after the Coincheck hack, and even with the promise of repaying the stolen funds, it struggled to make it up again. But in the case of MapleChange, the damage to the cryptocurrency spaces reputation is far worse despite the fact the loss of funds is smaller.

No movement, no care?

That is why it is so strange that the price of Bitcoin and the overall market has not moved even slightly at the news of this hack. Usually, investor confidence would take a knock and there would be a sell-off resulting in a slump in the price.

However, it could be that the speculators have all but entirely left the market and that these kinds of hacks have no damaging influence on the investors who remain. It would mean that the money remaining in crypto is probably here to stay regardless of what happens.

This could also be indicative of a true bottom. While Bitcoin has struggled to break out of a resistance of $6,800, it has also not fallen below $6,200 for a long time — or for a very long time. This bottom could also be playing a role in not forcing the price down after this bad news.

A changing landscape

The face of Bitcoin investing has surely changed. The usual expectations are no longer there to be counted on, and the next move from the cryptocurrency is yet to be seen. It has always been hard to predict the way in which Bitcoin will move, but that is even truer today as it sits barely moving at all.

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