The pace of bitcoin’s ongoing sell-off is setting new records with every passing day, the latest being its test of a key long-term moving average for the first time in three years. Indeed, the world’s most valuable cryptocurrency network fell below its 200-week exponential moving average (EMA) of $4,180 yesterday, marking the first break of the crucial support since August 2015. Back then, BTC was changing hands around $220, according to Bitstamp data. The breach of long-term support, however, was short-lived as record low readings on the relative strength index (RSI) likely put a bid under BTC, helping it regain some poise. At press time, BTC is changing hands at $4,440, having clocked a 14-month low of $4,048 yesterday. Notably, the recovery has established the 200-week EMA as the level
Japan’s shipping line powerhouse Nippon Yusen KK is set to introduce its own digital currency for internal use, specifically to pay its seafaring workers, reports Bloomberg, November 20, 2018. The move is aimed towards minimizing the hassle and costs of the process of managing, sending and converting money to their respective local currencies. US Dollar-Pegged Digital Currency According to the report, one of Japan’s oldest and largest shipping lines is launching its own digital currency that would be pegged to the US Dollar to avoid dealing with the volatility in its value, akin to some of the cryptocurrencies traded publicly. So far, it is unclear whether the currency would use blockchain technology or be a cryptocurrency adaptation. However, it plans to launch the custom-developed digita
Authorities in the U.S. state of California have arrested a 21-year old New Yorker for the alleged theft of $1 million in crypto using “SIM-swapping,” U.S. broadsheet the New York Post reported Nov. 20.SIM-swapping — also known as a “port-out scam” — involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication.The arrested suspect, Nicholas Truglia, is accused of having targeted wealthy Silicon Valley executives in the Bay Area, and of successfully persuading telecoms support staff to port six victims numbers to his an alleged “crew” of accomplice attackers. Deputy DA Erin West, of Santa Clara Superior Court, told the Post the ruse was “a
World’s leading bitcoin mining hardware manufacturer, Bitmain has launched a new $20 million data center for cryptocurrency mining in the East Wenatchee area of Washington, United States, actively expanding its global digital assets mining operations despite the ongoing bitcoin price slump, reported NW news network on November 18, 2018. Bitmain Still Bullish Despite Crypto Bloodbath Bitmain Technologies Ltd., China-based bitcoin mining equipment maker, has opened a new $20 million cryptocurrency mining rig in the East Wenatchee area of Washington, United States. At a time when the entire cryptocurrency market is passing through a depressing bearish trend, Bitmain’s Director of Operations for North America, Jeff Stearns has made it clear that the slump in the price of bitcoin and altcoi
The decentralized eSports start-up has successfully completed its ICO, and the platform is slated for a March 2019 launch. Successful ICO in a bearish marketPlair, a blockchain start-up that intends to build a decentralized gaming eco-system, has completed its Initial Coin Offering (ICO) raising $22 Million. The public sale of the Plair token with ticker PLA was launched at the end of October.The news was reported earlier on Sunday by Sludgefeed. Plair had on Friday on its official Twitter account posted:Today at 5:35 AM EST Plair has officially sold out and completed its sale and has distributed tokens. We humbly thank everyone for taking the 1st steps with us in our journey to build the best gaming platform in the industry and to make blockchain adoptable to everyone.Given that the publi...
Bitcoin (BTC) could be in for a stronger recovery rally in the next few days, having found a temporary bottom near $4,000. The leading cryptocurrency, which hit a 14-month low of $4,048 on Bitstamp yesterday, is now trading at $4,580, representing a 2 percent gain on a 24-hour basis. The $500 recovery seen yesterday indicates that the market is finally paying heed to the record oversold levels reported by the 14-day relative strength index (RSI). Currently, the indicator is still hovering in oversold territory below 30.00. As a result, BTC is unlikely to revisit yesterday’s low of $4,048 for now. Further, the correction looks set to gather pace, as the RSI on the 3-day chart has dropped into the oversold region for the first time since January 2015. 3-day chart Oversold readings on the RS
Cornell University professor Eswar Prasad is the latest prominent figure to come out in support of digital currencies, suggesting that central banks should issue their own currencies in order to remain in the money game, Bloomberg reported on November 19, 2018. Cryptocurrencies Could Allow Central Banks to Stay in Money Game While cryptocurrencies have long been marketed as an alternative to the centralization of banks, it seems that large financial institutions have started realizing the potential digital money brings. According to Prasad, central banks should start looking into issuing digital currencies as it would allow them to stay relevant in a time of disappearing cash. During an interview with Bloomberg Television’s Alix Steel on November 19, Prasad, a former IMF China division c
Bart Smith, digital asset head at U.S.-based global trading and technology firm Susquehanna, has said he is still a long-term Bitcoin (BTC) believer amidst the market crash during an episode of CNBC’s “Fast Money” Nov. 20.Speaking just as the price of Bitcoin had plummeted to its lowest levels since October 2017, Smith — who is also known by the moniker of “Crypto King” — emphasized this was a “long game” and that “every great idea is volatile.”He noted that while figures from the world of mainstream equity strategy might have taken to treating Bitcoin and other cryptocurrencies as an “asset class,” this is not what it was “originally” intended for. He stressed:“The desire to have a non-sovereign form of currency has existed forever. Remember, [Bitcoin] came out of the depths of the 
Stellar is also breaking below a key support zone at the bottom of its long-term symmetrical triangle. This could indicate that more losses are in the cards, possibly lasting by the same height as the chart pattern.Price is also trading below the 100 SMA to confirm that bearish pressure is very much present. The chart pattern spans 0.18 to 0.36 so the resulting drop could take its value to almost zero.However, RSI is already indicating oversold conditions to show that bears might be feeling exhausted and willing to let buyers regain control. The oscillator needs to pull up first, though, before confirming that bullish momentum is back in play. If that happens, Stellar could still recover to the triangle top at 0.26 or at least until the area of interest around the middle.Stochastic has som...
MV Index Solutions (MIVS), a subsidiary of New York-based investment management firm VanEck, has launched a new bitcoin index. Announced Tuesday, the MVIS Bitcoin US OTC Spot Index (MVBTCO) is said to be the first index that covers the performance of bitcoin on selected over-the-counter (OTC) platforms in the U.S. The index represents the average spot price of bitcoin and tracks performance based on three providers in OTC liquidity: Circle Trade, Cumberland and Genesis Trading, the release states. The index tracks just bitcoin and does not consider forks, according to the MVIS website. “We are excited to be the first provider to launch a bitcoin index based on the pricing feed of OTC trading desks. This enables clients who trade over the counter to use this index as a reliable benchmark fo