Bitcoin has Bottomed Out and Will Begin to Rally, Says Fundstrat Analyst

According to Robert Sluymer, Bitcoin has finally bottomed out. Sluymer, the chief technical strategist at Fundstrat believes the number one cryptocurrency will soon begin to recover. The crypto analyst pointed to international trade tensions and the developing situation in Italy as some of the reasons behind the imminent Bitcoin revival.

$7,000 is Bitcoin’s Bottom Level

Speaking via telephone with CNBC, Sluymer identified $7,000 as the bottom price level for Bitcoin.

When we step back, we see the first phase starting to happen. We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start a recovery process here.

According to Sluymer, Bitcoin has declined several times in 2018 but has hardly ever dropped below $7,000. The only exception was at the start of February 2018 when BTC prices plunged to $6,000, its lowest level since November 2017. Towards the end of May, BTC prices fell to $7,054 but didn’t slide lower than the $7,000 threshold. Sluymer believes this is a positive development for the number one cryptocurrency saying:

That’s certainly the first step in a bottoming process – to see some sort of consolidation or a basing taking hold.

If Bitcoin has indeed found a stable bottom price limit, then the next step would be a price rally. In December 2017, BTC prices reached a record high of $19,500. However, 2018 has been a challenging year not just for Bitcoin but the entire cryptocurrency market as well.

Market Indicators Show $7,800 as the Next Price Hurdle

Sluymer points to market indicators like the Relative Strength Index (RSI) as signs that BTC is gaining some momentum in preparation for a rally. Looking at the chart below, Bitcoin’s RSI is currently at 40. Typically, RSI of 30 and above indicate oversold conditions. As a result, Sluymer thinks now is the best time to go long on BTC saying:

We [Fundstrat] think the setup is very attractive here. If you’re short we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure.

According to Sluymer, $7,800 is the next threshold level for Bitcoin to surpass. Since May 23, BTC hasn’t reached the $7,800 mark. Sluymer is confident that all the indicators point to at least a short-term rally in that direction, saying:

The next thing that has to happen is to see Bitcoin actually rally through the downtrend and we use the 15-day moving average, it’s very simplistic, but it’s a pretty good proxy across most markets. Its 15-day moving average of roughly $7,800 “will be the next hurdle for it to get through.

Fellow Fundstrat analyst, Tom Lee has on many occasions said that BTC would trade at $20,000 by the middle of the year and even reach the $25,000 by the end of 2018.

Do you Bitcoin prices have reached their lowest level? Do you expect the much talked about price rally to begin in June? Keep the conversation going in the comment section below.

Images courtesy of Twitter (@rsluymer) and CNBC.

The post Bitcoin has Bottomed Out and Will Begin to Rally, Says Fundstrat Analyst appeared first on Ethereum World News.

Philippine Bitcoin Wallet App Reaches 5 Million Customers, a mobile payment app that offers a cryptocurrency wallet in the Philippines, now has more than 5 million customers, the company announced on its website. Founded four years ago, operates a variety of financial services, including a cryptocurrency exchange. Ron Hose, founder and CEO, credited the company’s rapid growth to its focus on

The post Philippine Bitcoin Wallet App Reaches 5 Million Customers appeared first on CCN

Bitcoin is a “Screaming Buy” Right Now, Says Crypto Hedge Fund CEO

According to Dan Morehead, now is the best time to buy Bitcoin. Speaking to CNBC, the founder of Pantera Capital said investors should take advantage of the relatively low prices of cryptos to make huge gains once the rally commences. Pantera Capital is one of the largest cryptocurrency hedge funds in the market. Dan Morehead serves as the CEO and co-chief investment officer of the fund.

Now is the Time to Buy Bitcoin

Cryptocurrency prices are down by an average of 65 percent in 2018. Thus, most coins are at their cheapest levels. Commenting on the market, Morehead said:

In our view, all cryptos are very cheap right now. [It’s] much cheaper to buy now and participate in the [price] rally as it goes.

Take Bitcoin for example, in mid-December, prices reached $19,600 but have since declined in 2018. BTC dipped below the $6,000 mark in February, the lowest since November 2017. Presently, the number one cryptocurrency is hovering around $7,500.

Morehead also had some tips for investors. According to him, there is a useful technical indicator to know the best time to buy Bitcoins.

When the currency breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent.

According to the Pantera CEO, this particular indicator has revealed itself five times in the last six years for Bitcoin. Morehead also advised investors that cryptocurrencies rarely ever get cheap when compared to their long-term average price.

Today is a good day to be buying.

SEC Regulations are Imminent

Commenting on regulations, Morehead said that they were a good development for the market. In recent times, the emergence of institutional-grade custodial services for cryptocurrency has been identified as the next significant milestone for the market. He disagreed with the notion that the institutional investors were shying away from crypto due to the delays in the emergence of concrete regulatory framework. According to him, institutional investors have been in the market since 2013.

Many institutions are essentially buying the rumor [of clearly defined regulatons] and selling the fact. Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we hear about come online, they’ll already have their positions.

Augur and Ethereum Scaling Concerns

When asked about his favorite coin at the moment, Morehead identified Augur, the Ethereum-based prediction DApp scheduled to go live later in the Summer of 2018. Morehead expressed excitement at the potential benefits of having a functioning DApp running on top of the Ethereum blockchain, showing how useful such apps can be.

Responding to concerns over scaling, keeping in mind that Cryptokitties almost ground the network to a halt, Morehead said DApps like Augur would force a fast-tracking of the scaling process. According to the Pantera chief, blockchains like Bitcoin and Ethereum need to scale. He also said blockchains need to move from facilitating five to ten transactions per second to handling hundreds of thousands of transactions per second.

Do you agree with Morehead that now is the best time to buy Bitcoin? Keep the conversation going in the comment section below.

Images courtesy of CNBC and

The post Bitcoin is a “Screaming Buy” Right Now, Says Crypto Hedge Fund CEO appeared first on Ethereum World News.

‘Fight Crypto (BTC, ETH, XRP) With Your Own Crypto’, IMF Advises Global Central Banks

The case for the gentle decline of Fiat use has been highlighted by a new report by the Deputy Director of the Monetary and Capital Markets Department at the IMF, Dong He. In the report, Mr. He is keen to note that the general skepticism towards central banks and their monopolies over the world economies, fueled the creation of Bitcoin (BTC) and the subsequent cryptocurrencies. These new crypto assets have gone ahead and disrupted the ‘business as usual’ activities for all financial entities including the aforementioned Central banks. He said that worse case scenario, is that Central Banks will become obsolete due to cryptocurrencies.

Mr. He was also quick to mention that the volatility of Cryptocurrencies is the only factor preventing them from being rapidly adopted. This then puts the Central Banks at a better position to adapt with the times by addressing some deficiencies in the traditional global banking arena with respect to emerging digital assets.

He outlined a three point method of combating the cryptocurrency threat to Global Central Banks:

Firstly, Central Banks should strive to make fiat currencies better and more stable units. He quoted IMF Managing Director, Christine Lagarde, when she said the following:

The best response by central banks is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.

Secondly, crypto regulation should be top on the agenda of all government authorities to avoid incidences of unfair competition through manipulation or what is known as pump and dump schemes.

Thirdly, and the biggest takeaway from his report, Dong He stated that for Central banks to make fiat more attractive, they would have to tokenize it to supplement physical cash and bank reserves. Dong He had this to say about tokenizing fiat currencies:

Central banks should continue to make their money attractive for use as a settlement vehicle. For example, they could make central bank money user-friendly in the digital world by issuing digital tokens of their own to supplement physical cash and bank reserves. Such central bank digital currency could be exchanged, peer to peer in a decentralized manner, much as crypto assets are.

In conclusion, the IMF is being progressive with its advice to the global central banks with respect to how they will keep being relevant in the current changing times fueled by blockchain technology. Venezuela has already spearheaded crypto adoption by Central Banks via the Petro although amidst some controversy. Either way, the country and Nicolas Maduro can be lauded for being progressive in this sense.

[Photo source,]

The post ‘Fight Crypto (BTC, ETH, XRP) With Your Own Crypto’, IMF Advises Global Central Banks appeared first on Ethereum World News.

Blockchain Startup Raises $65 Million to Facilitate Cryptocurrency Trading

The cryptocurrency industry has had a rough start in 2018. After hitting all-time highs in early January, all markets have lost a lot of value. Despite this negative market pressure, startups are still of great interest. Paxos, a blockchain and cryptocurrency startup, recently raised $65m from various VC investors. The interest in cryptocurrency firms is not slowing down, by the look of things.

The Success of Paxos

In the world of cryptocurrency, Paxos has become a relatively big name. The company specializes in bringing Bitcoin and other currencies to the mainstream. This is mainly made possible thanks to the firm obtaining a trust company charter in New York state. That particular region of the US is not too cryptocurrency-friendly, mainly because of its BitLicense implementation.

Considering how the company initially started out as a Bitcoin exchange, a lot of things have changed. Providing services using blockchain is their main objective under the current business model. Even so, the company is looking to enter the cryptocurrency industry once again. To do so, Paxos team members have dedicated a lot of time and resources into exploring new trading options.

It seems this latest venture has attracted the attention of VC firms. Paxos recently closed a $65m funding with the help of RRE Ventures and Liberty City Ventures, among others. With this new funding, the company will expand its operation and further develop its cryptocurrency exchange operations. More competition in the cryptocurrency trading ecosystem can only be a good thing.

VCs Remain Charmed by Cryptocurrency

Even though 2018 hasn’t been the year of Bitcoin, the overall expectations remain positive. Consumers and enthusiasts are confident things will turn around for this industry later this year. This new funding round by Paxos seemingly confirms interesting things could be on the horizon.

The past few years have seen many VCs invest in Bitcoin companies. It appears that trend has also come to a halt in recent months, albeit this latest development shows the interest is still there. Cryptocurrency trading still remains attractive, albeit the increased volatility an cause gains and losses in equal fashion these days.

With this new funding, Paxos will have to live up the expectations. Enhancing the company’s position in the cryptocurrency industry will be challenging. With regulatory measures being introduced all over the world, companies will have to adhere to a new set of rules. Whether or not that will hinder Paxos’ chances of success, remains to be determined.

The post Blockchain Startup Raises $65 Million to Facilitate Cryptocurrency Trading appeared first on NewsBTC.

IOTA Partners With Norway’s Biggest Financial Group, Causing Price to Surge

Another major partnership has been announced by the IOTA Foundation. After successfully partnering with other major names, a new development is on the horizon. Norway’s DNB has signed a Memorandum of Understanding with the IOTA Foundation. The main objective is to explore new use cases involving IOTA’s Tangle technology.

DNB ASA Explores Blockchain

Strategic partnerships are the key to taking blockchain and cryptocurrency mainstream. In the case of the IOTA Foundation, promotion of the native Tangle technology is one of the main points of focus. This technology has attracted the attention of DNB ASA in Norway. They are the largest financial services group in the country and a key player in the Nordic financial ecosystem.

Over the past few months, DNB ASA has looked into blockchain technology through the R3 consortium. Keeping all options on the table is important in any industry. As such, a MoU with the IOTA Foundation can lead to more innovation and new use cases. DNB Will join the Data marketplace initiative and will actively participate in open innovation activities. DNB’s Head of DLT Lasse Meholm explains this MoU as follows:

“As Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experience and know-how on future revenue streams and business models. We are looking forward to dive into the IOTA space”

A Big Week for the IOTA Foundation

This latest partnership comes at an interesting time. Earlier this week, the blockchain project partnered with the United Nations and Richard Soley. All of this seemingly confirms there is a great interest in the native Tangle technology. There’s also the mysterious “Q” project, which is expected to be unveiled later this week.

So far, the community seems to be over the moon with this news. It is a major deal for the IOTA Foundation, assuming any proper use cases will be discovered. Additionally, applications and interfaces will need to be developed as well. Even so, forging strategic partnerships can be a major breakthrough for Tangle as a technology.

As one would expect, most people hope this will impact the IOTA price in a positive manner. So far, that has not happened yet, which is only normal. A partnership announcement does not automatically result in new products based on Tangle. Until those projects come to life, the news has a minimal effect on either venture.

The post IOTA Partners With Norway’s Biggest Financial Group, Causing Price to Surge appeared first on NewsBTC.

McAfee Redemption Unit (MRU): The Crypto-Backed FIAT Proposed by John Mcafee

John Mcafee has announced the creation of a FIAT currency backed cryptocurrency: the McAfee Redemption Unit (MRU).

The “IMO” is scheduled for June 25th, according to a tweet published by John McAfee himself confirming that the McAfee Redemption Unit (MRU) issuance was not a hoax.

The news first appeared on a Hindi website, suggesting the possibility that the story was a hoax, but John McAfee quickly clarified his intentions not only via twitter but through direct contact with the website team.

Previously John McAfee had commented on his intentions to issue a FIAT currency, after mentioning the coincidence that an user had sent him a design for a FIAT bill without knowing he was actually planning something similar.

According to the famous influencer, McAfee Redemption Unit (MRU) will be the token that will support the FIAT money: The McAfee Promissory Note. The intrinsic value of such a coin will be an amount of time to share with him in a personal meeting.

According to Crypto-News, McAfee has at least an elaborate preliminary idea of what his FIAT currency and its support for Crypto would look like, as evidenced by his statements:

“Each McAfee promissory note is denomination and serial number unique and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units” (MRUs). A coin identifier or list of coin identifiers is distributed with the note as a separate, collectible document – a paper wallet. It is expected that this paper wallet will be stored in a separate location from the note. None of the coins are initially “activated” however. Coins become activated if and when a note holder chooses to “convert” his or her Fiat note through a process of reverting the note(s), through the mail or other means, to the MRU Foundation – the organization responsible for archiving and caring for the physical notes. There may be a processing fee for conversion.”

According to the website, the value of each McAfee Redemption Unit (MRU) is initially on the order of $9.95. Every MRU holder may convert the Fiat to crypto by sending the McAfee Promissory Notes to the MRU Foundation or they can choose to redeem it, which would give them some time to spend with Mr. McAfee:

“Redemption is purposely made very expensive. My followers are hugely loyal, and I feel certain that many will go through the time and huge expense for the opportunity to spend private time with me. See what this might do to the fundamental value of each redemption unit. If the value of a unit is based even remotely on the cost of redemption, which people are willing to pay, then the notes will immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot tell you more now.”

The idea of tokenizing time, although innovative, had already been proposed by another entrepreneur: Boris Akimov, the founder of Russian organic foods retailer LavkaLavka:

“It’s a simple idea in principle … I have certain skills, knowledge and experience, as well as my time … and that is what will be tokenized”

Boris Akimov


This is not entirely crazy for some economists who have a slightly more heterodox approach to reality:

“It’s like buying the time of a popular consultant,” says Ivanov, CEO of Polynom Crypto Capital in Moscow. “It’s the old basic principle of economy — time is money. He is tokenizing his time and selling it in advance.”

Also, in a response to John McAfee’s Tweet, an account that is supposed to belong to AEDAN Financial Corp quickly wrote about their works: The development of a crypto-backed monetary implementation of FIAT. Such a venture would have been filed with the SEC.

It seems that now cryptos want to counter-attack in their battle against FIAT.

The post McAfee Redemption Unit (MRU): The Crypto-Backed FIAT Proposed by John Mcafee appeared first on Ethereum World News.

Santander Chooses Ripple (XRP) for 50% of Its International Transfers

The momentum for Santander’s OnePay FX mobile application is growing by the day with the Ripple (XRP) team showcasing a live demonstration on how simple it is to use the app. From the get go, the user interface is simple with the app letting the user pick between US Dollars and Euros as the form of currency to perform the transaction in. After inputting the recipient’s details, the user now uses Apple Pay to make a selection on which credit card to use to complete the transaction. Once the selection is made and the user presses ‘pay’ it takes a few short seconds to complete the transaction from the U.K to the United States as demonstrated.

The complete video of the demonstration can be found on youtube. The App is currently available in the Apple App Store for free downloads.

The demonstration proves that Ripple (XRP) via its product of xCurrent, and Santander’s OnePay FX, have managed to make international transfers a safer, faster and cheaper affair. In a world where time is more valuable due to our busy schedules, the use of OnePayFX is sure to grow as more mobile users demand efficiency through fintech and with many of us having friends and family all over the globe.

It is with the customer needs in mind mentioned above, that Santander has rolled out OnePayFX to Euro Zone countries and the United States. Santander Group’s Executive Chairman, Ana Botín was quoted as earlier saying that 50% of the bank’s annual international transfers are currently being carried by the Ripple-powered blockchain.

The above evidence of Ripple products working in an efficient manner is the reason Ripple CEO, Brad Garlinghouse, was adamant that the days of Bitcoin (BTC) dominance in the crypto-market are numbered. His reasoning was that BTC only dominates due to speculation by users in the crypto-verse. The tide will turn for BTC when the same users embrace the use cases of Ripple and other cryptocurrencies that solve real life problems. What will then proceed is a massive correction with the latter cryptocurrencies flippening Bitcoin.

[Photo source,]

The post Santander Chooses Ripple (XRP) for 50% of Its International Transfers appeared first on Ethereum World News.

Norway’s Largest Bank to Explore Applications for IOTA’s Distributed Ledger Technology

Den Norske Bank has signed a memorandum of understanding with IOTA to explore possible use cases of distributed ledger technology.

DNB ASA (Den Norske Bank), Norway’s largest financial services group, and the IOTA Foundation (IOTA) have signed a memorandum of understanding (MOU), according to a press release May 31. DNB and IOTA will now reportedly cooperate to explore applications of the IOTA Tangle, a “third-generation” distributed ledger (DLT).

According to the press release, the two parties will work together to find new business models across their respective industries. Lasse Meholm, Head of DLT at DNB, said that one goal of the project is better understand the technology and to let those at the bank who work with clients find opportunities for new use cases. Meholm added:

“Among other things, the technology is designed to handle hundreds of thousands of microtransactions per second. We will not let go of the market associated with this ecosystem that arises around these transactions.”

One of IOTA’s founders, David Sønstebø, said that he hopes this could soften the relationship Norwegian banks have on the crypto industry:

“I hope and believe it. The IOTA Foundation will contribute to separating useless crypto-projects from the serious ones.”

Earlier this month, a Norwegian crypto exchange lost its case against Nordea Bank for closing its account. Nordea initially closed the account of Bitmynt AS over concerns of inadequate anti-money laundering mechanisms.

DNB ASA, Norway’s biggest bank and one of the largest in the Nordic countries in terms of market capitalisation ($238 bln), had previously been researching blockchain technology through the R3 consortium. According to local news E24, DNB also has several ongoing projects with various technologies including Ethereum, Hyperledger, and EOS.

Financial institutions around the world are exploring use cases of blockchain technology. Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada, recently completed tests showing that blockchain technology is effective for instantaneous securities settlements.

Earlier this month, JP Morgan Chase & Co. filed a patent for blockchain-powered peer-to-peer payments between banks. JP Morgan’s patent application proposes using a distributed ledger to process payments in real-time, without having to rely on a trusted third party to hold the true “golden copy” of the audit trail.

Ethereum Price Analysis: ETH/USD Holding Key Support

Key Highlights

  • ETH price is struggling to break the $585-587 resistance area against the US Dollar.
  • Yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $565 support and the 100 hourly simple moving average to avoid a downside reaction.

Ethereum price is consolidating in a range against the US Dollar and Bitcoin. ETH/USD should not break the 100 hourly SMA to stay in a bullish zone.

Ethereum Price Support

There was a slight upside push above the $575 resistance in ETH price against the US Dollar. However, buyers failed to retain momentum above the $585 and $587 resistances levels. A short-term high was formed at $586.31 and later the price started a downside correction. It declined and moved below the $580 support level. Moreover, there was a push below the 23.6% Fib retracement level of the last wave from the $540 low to $586 high.

However, the decline was protected by the $570 support. More importantly, yesterday’s highlighted major bullish trend line is intact with support at $565 on the hourly chart of ETH/USD. The 38.2% Fib retracement level of the last wave from the $540 low to $586 high is also acting as a major support. Lastly, the 100 hourly simple moving average is also positioned near the $565 level. Therefore, the $565 support holds a lot of importance. A break below $565 may open the doors for a larger downside correction in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, the current price action is positive as long as ETH is above $565 and the 100 hourly SMA. On the upside, buyers must clear the $585-586 hurdle for more gains. Above $586, the price may retest the $600 handle.

Hourly MACD – The MACD is slightly place in the bearish zone.

Hourly RSI – The RSI is moving lower and is currently near the 50 level.

Major Support Level – $565

Major Resistance Level – $586

The post Ethereum Price Analysis: ETH/USD Holding Key Support appeared first on NewsBTC.