Green Light for Crypto: Market Gets Back on Its Feet

The panic button was well and truly mashed, but it seems that it could well have been yet another false alarm.

For the umpteenth time, Bitcoin was declared dead this week as the cryptocurrency market took a major dive in value. Bitcoin dipped below $10,000 as others followed suit with even bigger drops as the panic spread about a burst bubble.

However, the negative charts across the board took a positive turn as most of the numbers turned green across the major coins. The crypto market has generally been in a downturn since Bitcoin hit the $20,000 mark, but this recent collapse ignited genuine fear and panic.

Bloodbath across the board

As the adage goes, a rising tide floats all boats, and conversely, the same happens when the tide drains. In other words, when Bitcoin is up, many coins follow, but as it has been in the last week, the entire cryptomarket took a hit as Bitcoin led the way in loss of value.

In fact, most of the top 10 cryptos, and the more established and well-known ones fell harder than Bitcoin, leaving nowhere for digital currency investors to flee – other than out.

There was a large outflow of money from the cryptocurrency market in these recent days, with the global cryptocurrency market cap dropping from over $700 bln to $400 bln.

It was rounded out that Bitcoin’s fall – from about $14,000 to just under $10,000 equated to a 30 percent swing, which, looking back in history is relatively normal and expected.

Bitcoin faced three similar, if not bigger drops in 2017:

Disruptive Technology

Bouncing back

While not out of the woods yet, the crypto market definitely looked a lot more optimistic as the floor seemed to be reached and green numbers were showing a turn in fortunes.

The reasoning behind the most recent crash can, to a large part, be put down to the confusion that has been coming from Korea on alleged plans to ban cryptocurrencies in the booming Asian market.

The country’s citizens spoke out recently about these rumors, making their position known with a petition containing 200,000 signatures, demanding the government respond.

Chart

Ripple Price Analysis: XRP/USD Buyers Put to Test

Ripple Price Chart

Ripple price after a monster decline found support at $0.8800 against the US Dollar. XRP/USD is correcting higher, but upsides remain capped at $1.55.

Key Talking Points

  • Ripple price finally found strong buying interest near the $0.8800 level against the US Dollar.
  • There is a major descending channel forming with current resistance at $1.55 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
  • The pair must break and settle above the $1.55-1.60 level to gain upside momentum.

Ripple Price Forecast

After a nasty free fall below the $1.00 handle, Ripple price found support against the US Dollar. The XRP/USD pair traded as low as 0.8800 from where an upside correction was initiated.

The pair has recovered substantially and moved above the 38.2% Fib retracement level of the last fall from the $2.2527 high to $0.8800 low. At the moment, the price is challenging a major resistance area near $1.5500.

Ripple Price Chart
Cryptocurrency charts and prices provided by TradingView

On the upside, there is major descending channel forming with current resistance at $1.5500 on the 2-hours chart of the XRP/USD pair. The channel resistance is near the 50% Fib retracement level of the last fall from the $2.2527 high to $0.8800 low.

Therefore, a break above the channel resistance at $1.5500 would open the doors for further gains. The next major resistance is at $1.7270 and the 100 simple moving average (2-hours).

Should there be a 2-hour close above $1.7300, the price will most likely move into the bullish zone. The next target could be $2.00, followed by the $2.20 level.

On the downside, an initial support is at $1.2040 which is a pivot zone. If the price fails to settle above the $1.5500 and $1.7300 resistance levels, the downtrend may resume. In the mentioned scenario, the price may possibly retest the last swing low of $0.8800.

To sum up, the current price action on the 2-hours chart of XRP/USD is still bullish unless buyers manage to push the pair above the $1.5500 and $1.7300 resistance levels.

Trade safe traders and do not overtrade!

The post Ripple Price Analysis: XRP/USD Buyers Put to Test appeared first on Ethereum World News.

Litecoin Price Analysis: LTC/USD Showing Recovery Signs

Litecoin Price Chart

Litecoin price fell below the $150 level against the US Dollar. Later, LTC/USD started a recovery above $160 and is currently showing a few positive signs.

Key Talking Points

  • Litecoin price declined further and traded below the $150 support (Data feed of Kraken) against the US Dollar before starting an upside recovery.
  • There was a break above a connecting bearish trend line with resistance at $180 on the hourly chart of LTC/USD pair.
  • The pair is currently struggling to break another bearish trend line with resistance at $192-195.

Litecoin Price Forecast

Yesterday, we saw a crucial bearish pattern below $200 in litecoin price against the US dollar. The LTC/USD pair declined further and failed to hold the $150 support level.

It traded towards the $135.00 level and formed a low at $137.15. Later, an upside recovery was initiated and the price moved back above the $160 level. It traded above the 23.6% Fib retracement level of the last drop from the $247 high to $137 low.

Litecoin Price Chart
Cryptocurrency charts and prices provided by TradingView

More importantly, there was a break above a connecting bearish trend line with resistance at $180 on the hourly chart of LTC/USD pair. The pair succeeded in breaking the $190 resistance and the 50% Fib retracement level of the last drop from the $247 high to $137 low.

However, it faced another bearish trend line with resistance at $192-195. Moreover, there was a test of the $200 level as well during the recent wave, but sellers protected an upside break.

The price is currently trading in a range above the $180 level and is preparing for the next break. A proper close above the $200 level and the 100 hourly simple moving average is required for litecoin price to gain upside momentum.

On the downside, the $180 support is a decent buy zone. However, the most important support is at $150, followed by the last low of $137.

The current price action is positive and it seems like there are decent recovery signs above $160. There can be ranging moves in the short term before LTC/USD makes another attempt to break $200.

Trade safe traders and do not overtrade!

The post Litecoin Price Analysis: LTC/USD Showing Recovery Signs appeared first on Ethereum World News.

One Coin to Play Them All: A Startup to Make In-game Digital Currency Available on Multiple Platforms

The project plans to change the world of online games by introducing a utility token that can traverse multiple platforms and be converted to any cryptos or fiat money.

A brand new startup The Tap Project plans to change the existing world of online games by introducing an innovative cryptocurrency, the Tap Coin. It’s a utility token that can traverse multiple platforms and be converted to any cryptos or fiat money.  With the Tap Coin, gamers will be literally getting paid to play, having the ability to build their wallets and monetize the gaming.

Bringing the partner in

On Jan. 11, 2018 the startup announced partnering with Juego Studios, international game developers based in Bangalore, India. This partnership will result in releasing the first mobile game that will pave the way for converting in-game currency to cryptocurrency through the Tap Platform, reports the Tap Project blog at Medium.

Juego Studios is a leading technology and design studio focusing on game development, art and design, AR/VR, IOT and more. Their partnerships include Disney, 20th Century Fox, Warner Brothers, Artix Entertainment, with games such as VOW, Adventure Quest, Hobbit Battle of the five armies, Hello Kitty Orchard, just to name a few, and now the Tap Project.

“This is a great partnership for the Tap Project, it opens up the door for wonderful possibilities to integrate the tap coin into games and is a great step forward in disrupting the gaming industry utilizing Blockchain technology,” claims Haniff Knight, co-founder of the Tap Project.

What are the limitations in the gaming industry?

There are 2.2 bln gamers across the globe, and they are expected to generate $108.9 bln in-game revenues in 2017, says the latest Global Games Market Report by Newzoo, international market intelligence provider. The digits represent an increase of $7.8 bln, or 7.8 percent, from the year before. Newzoo expects the global market to grow by 6.2 percent in 2020 to reach $128.5 bln.

The most exciting fact about the market is that mobile becomes the most lucrative segment, with smartphone and tablet gaming growing 19 percent year over year to $46.1 bln. The mobile segment now gains not less than 42 percent of the global games market.

Although, along with the promising statistics, the gaming industry faces the new problems, with the biggest one of them related to limitations of payments and transfers of virtual currencies. So far there is no clear in-game currency exchange mechanism to solve the problem. Gamers spend hours on hours playing games and earning their in-game money, just to have them “stuck” in the virtual world.

The Tap Project breaks down those challenges and decentralizes all in-game currencies into one currency that can be traded, transferred and exchanged into all globally accepted currencies and cryptocurrencies around the world.

Let’s monetize it up!

The Tap project plans to start a new age of exchange. With the Tap Coin, gamers will be literally getting paid to play, having the ability to transfer virtual currency to another game and build their “wallet.”

On the one hand, digital tokens in the gaming emerged before the Tap Project’s idea. On the other hand, The Tap Project differs from the crowd because it provides gamers with the opportunity to monetize their gaming. In-game earnings will no longer have to be only used within the game itself as they can now be exchanged, imported and exported to the Blockchain and converted into Tap Coins (an ERC20 Token) on the Tap Platform, which is currently available in its alpha development phase.

The Tap Project started its crowdfunding campaign on Dec. 20, 2017. The final day of the sale is Jan. 20, 2018. The Tap Project rewards users with a Proof of Stake drip bonus that allows a daily bonus (of 0.25 percent) if they are holding over 250,000 TTT. The conceptual alpha platform can be visited at platform.tapproject.net.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Poloniex Displaying Incorrect Customer Balances, Experiences Customer Service Woes

Poloniex has responded to customer complaints by tweeting of technical difficulties with order cancellation and balances displaying incorrectly.

According to users on Poloniex’s unofficial subreddit, the exchange has not be crediting user account balances when orders are cancelled. One user wrote:

“When I cancel any open orders, the original USDT value isn’t returned. Usually, the intended buy value is returned to my total and everything is fine but just noticed today that every time I cancel an order, the “Estimated value of holdings” (DEPOSITS & WITHDRAWALS tab) gets smaller and smaller and never returns to the original total.”

Poloniex responded via their official Twitter account today, saying:

Several reddit users have since chimed in, saying that their account balances had been restored to the appropriate level.

But wait, there’s more

Other redditors have been complaining of their account balances reflecting inaccurate or even negative amounts:

“My margin account spazzed out a few minutes ago. My positions are in profit, and still showing as such individually, but I am suddenly seeing alerts of “Forced Liquidation” and a Margin of ~16%. Thankfully, none of my positions have actually been liquidated but I am now effectively unable to manage any of them due to the margin being so low. I have experienced similar issues with the margin system before and they’ve typically righted themselves, but this is extremely inconvenient. Hopefully they’re just having a system issue and everything will be restored.”

Poloniex has responded to this issue as well, indicating that they are working to restore correct balances and will be pausing all forced liquidations:

Customer service

While virtually all cryptocurrency exchanges have faced significant growing pains, users have been complaining about Poloniex’s customer service issues for nearly a year. Many have complained of extremely long response times to tickets, with one user claiming he’s waited over 158 days for a response to his ticket.

Another user writes:

“Been waiting on withdrawal verification for 3 months!! This is crazy!! Do I have to get a lawyer? Can’t get access to my own money!”

The author of this article has personally experienced delays in excess of one month when withdrawing funds. Despite having the highest verification level and using 2FA, on three separate occasions this author has had withdrawals sit in “awaiting approval” status for weeks, despite numerous support tickets asking for assistance.

GDAX Starts BCH Trading, Users Angry About Focus

GDAX begins BCH trading with few issues, except angry users waiting for SegWit implementation.

GDAX has started trading Bitcoin Cash (BCH) this morning as of 9 AM PST, with little fanfare. The status update page for GDAX indicated that all initial testing had concluded as of 11:25 AM, with full functionality being restored.

Bitcoin Cash Updates

The addition of BCH on GDAX follows the addition of the hard fork coin on the Coinbase site, which saw the price of BCH rocket to new all time highs. While Coinbase owns GDAX, they are not the same entity. Since the announcement, Coinbase has made no further promises of future additions, however.

The price of BCH responded strongly, with increases on the day around 12%. At press time, the coin was trading at $1742.

Bitcoin Cash Charts

Wrong focus?

However, the cryptocurrency community was not particularly thrilled with the news, given the slowness of GDAX to implement the SegWit protocol. For example, Jameson Lopp, an engineer at BitGo, tweeted:

Coinbase had made promises regarding SegWit integration at the end of last year, but have been slow in actually fulfilling them. SegWit would allow for cheaper and faster transactions. Other services are also slow in adding SegWit support, including Blockchain and Gemini.

Others responded to the news tweet in like manner. User Chris Given replied:

US Bill Rewarding For Information Towards Crypto-supported Terrorism

cryptocurrency regulation

On Jan 10, a new US bill that has been proposed, is targeting to battle terrorism by giving out rewards in the case that information is delivered which is connected with any cryptocurrency-supported terrorism taking place.

Rep. Ted Budd [R-NC] of the House Financial Services Committee, introduced the bill to the Congress which proposes to create an Independent Financial Technology Task Force to pull out the rewards:

“It is the sense of Congress that the Federal Government should prioritize the investigation of terrorist and illicit use of new financial technology, including digital currencies.”

Five Federal Directors, four private sector individuals from think tanks, non-profit and banking industry together with the Secretary of the Treasury will fill the fintech task force.

The bill also calls for the creation of a FinTech Leadership in Innovation Fund to inspire the development of programs and methods for detecting digital currency use among terrorists. This fund could give grants to universities, companies, NGOs, and any individuals that could contribute to research on anti-terrorist detection tools.

The post US Bill Rewarding For Information Towards Crypto-supported Terrorism appeared first on Ethereum World News.

TRON Price Set To Return Speedy: TRX Testing Supports

Tron price experiencing the highest gain at the top of the list. However, first supports were cleared as sellers did take no pause.

Important to Note:

  • Market wide sales tanking the values as strong as they can, concluding with Tron dipping to the lows of $0.04.
  • After entering the declining pattern again, the pair TRX/USD jumped upwards breaking the resistances to the level of $0.83.
  • For the moment, the token value is battling to keep stable footholds longer against the bears.

TRON Crypto – TRX/USD

The whole market has been on a submarine dive with the regulation pressure scaring off investors and clearing away the positive energy that was surrounding the community. With South Korea impending ban of virtual currencies – it would take down an area which was very bullish late 2017 because of the same country.

On the other hand Wall Street’s discouraging view towards digital currencies has resulted with many traditional investors to step back from the market before the regulation-less market felt the squeeze.

tron investing

Source: coinmarketcap

Now, on the hourly chart of the pair TRX/USD, proportionally with other cryptocurrencies – an increasing pattern is being formed which did almost on all leading coins clear the descending pattern resistance that was followed by another dip very soon [withing minutes].

For Tron, a second supportive trend line is formed with waiting base at $0.065, which could be a used as a referring point. In the case that Tron price stabilizes buyers and sellers above the trend against the US Dollar – it could signal a return sooner than thought and hop on the surging train, however, if the above mentioned area is cleared the value will enter its previous declining movements.

Keeping in mind, that the whole market is moving as one taking a step back and looking out for all what is happening around the ecosystem regarding news, announcements and to other altcoins would be a first thing to do before choosing where to buy or sell.

Trade safe and do not Overtrade – Support Crypto!

The post TRON Price Set To Return Speedy: TRX Testing Supports appeared first on Ethereum World News.

REMINDER: rippled Version 0.81.0 Validator Key Replacement

On Thursday, January 18, 2018, as described in the 0.81.0 release notes, the current validator keys on all five Ripple-operated rippled validator servers will be replaced. If you have been using the previous recommended default configuration and do not reconfigure your rippled server to the new recommended default configuration before that time, then your rippled server will stop seeing validated ledgers.

Ripple strongly recommends upgrading to rippled version 0.81.0 immediately.

Action Required

If you operate a rippled server, then you should upgrade to 0.81.0 immediately.

Ripple recommends that you:

  • Edit your rippled.cfg to remove the [validators] section, if one is present
  • Add a [validators_file] section, if one is not present, and add the name of your validators.txt file.
  • Replace the contents of any existing validators.txt file with the version included with this release. If you are upgrading to rippled version 0.81.0 using the rippled RPM package, then your default validators.txt file may automatically be updated, in which case you will not need to modify the file. The validators.txt file is usually in the same directory as your rippled.cfg file.
  • After starting your rippled server, confirm that it is configured to use the new defaults by executing:
    /opt/ripple/bin/rippled validators
    

The result should include the following:

    "local_static_keys" : [],
    "publisher_lists" : [
        {
            "available" : true,
            "expiration" : "2018-Jan-23 00:00:00",
            "list" : [
                "nHB1FqfBpNg7UTpiqEUkKcAiWqC2PFuoGY7FPWtCcXAxSkhpqDkm",
                "nHUpwrafS45zmi6eT72XS5ijpkW5JwfL5mLdPhEibrqUvtRcMAjU",
                "nHUBGitjsiaiMJBWKYsJBHU2shmYt9m29hRqoh8AS5bSAjXoHmdd",
                "nHUXh1ELizQ5QLLqtNaVEbbbfMdq3wMkh14aJo5xi83xzzaatWWP",
                "nHUgoJvpqXZMZwxh8ZoFseFJEVF8ryup9r2mFYchX7ftMdNn3jLT"
                ],
            "pubkey_publisher" : "ED2677ABFFD1B33AC6FBC3062B71F1E8397C1505E1C42C64D11AD1B28FF73F4734",
            "seq" : 2,
            "version" : 1
        }
    ],

Impact of Not Upgrading

  • If you operate a rippled server, but do not upgrade to rippled version 0.81.0, then your rippled server may periodically drop transactions and fall out of sync with the network.
  • On Thursday, January 18, 2018, as described in the 0.81.0 release notes, the current validator keys on all five Ripple-operated rippled validator servers will be replaced. If you have been using the recommended default configuration and do not reconfigure your rippled server before that time, then your rippled server will stop seeing validated ledgers.

For instructions on updating rippled on supported platforms, see Updating rippled on supported platforms.

The sha256 for the RPM is: 75acdf54e472875bff609fa2d1cc59524e4d8f8e885751b50aaeb85938ab3609

The sha256 for the source RPM is: fbc95f6168d015190b93b81f97c20979886fa2f6663e4dd15157409075db46e9

For other platforms, please compile version 0.81.0 from source.

The first log entry should be the change setting the version:

commit 4e8c8deeaac83d18eb62c95b7425d96e11847a41

Author: Nikolaos D. Bougalis 

Date:   Wed Jan 3 14:43:42 2018 -0800

    Set version to 0.81.0

0.81.0 Change Log

  • New hosted validator configuration

Bug Fixes

  • Optimize queries for account_tx to work around SQLite query planner (#2312)

Network Update

The Ripple technical operations team deployed rippled version 0.81.0 to all rippled validator servers under its operational control, on Tuesday, 2018-01-09.

Learn, ask questions, and discuss

Related documentation is available in the Ripple Developer Portal, including detailed example API calls and web tools for API testing.

Other resources:

The post REMINDER: rippled Version 0.81.0 Validator Key Replacement appeared first on Ripple.

NavCoin To Form Double Top?

nav coin analysis

NavCoin is clearly trending upwards while printing higher lows and higher highs. NAV/BTC gained 300% over Bitcoin in just under a week, rising from 8.6k up to 33.8k satoshi. The corrective wave down followed, and the price dropped to the 22.7k satoshi.

This is the key support for NavCoin as multiple supports were rejected. First is the previous low established just before the last wave up. Second is the downtrend trendline and third is the 3/1 Gann Fan trendline. The support is strong and should result in at least one wave up towards the previous high at 33.8k satoshi. On the downside, only a daily break and close below 22.7k level could result in further correction down.

nav coin analysis

The post NavCoin To Form Double Top? appeared first on Ethereum World News.