Bitcoin Price Charts ‘Death Cross’ In First Since 2014

Bitcoin Price Charts ‘Death Cross’ In First Since 2014

Bitcoin’s (BTC) price woes may not be over just yet, as a key technical indicator is about to turn bearish for the first time in four years. On the three-day chart, the 50-candle simple moving average (SMA) looks set to cut the 200-candle SMA from above, confirming what is popularly known as the “death cross.” This specific bearish crossover was last seen in December 2014. The onset of a death cross can be a warning that a bear market is looming, according to technical theory. In reality, however, it is the result of a prolonged bear market – i.e., it’s a backward-looking indicator. As a result, the oversold market usually sees a bounce after a bearish crossover is confirmed. In this case, the crossover looks likely to occur in the next few days. The bulls, however, are cautioned against betting on a follow-up price jump immediately, as prices dropped 50 percent in the four weeks following the death cross confirmation in mid-December 2014. At press time, the leading cryptocurrency is trading at $6,185 on Bitstamp, representing a 0.8 percent drop on a 24-hour basis. 3-day chart On the three-day chart, the impending death cross can be seen as the confluence of the 50-candle and 200-candle simple moving average (SMA), which have closed sharply in the last three months. Further, the relative strength index (RSI) of 41.00 is biased toward the bears and holding well above the oversold territory (below 30.00). Therefore, prices could be in for a deeper drop in the short-term, possibly to levels below the June low of $5,774. It’s worth noting that the sell-off witnessed after the death cross seen in December 2014 ended up carving a long-term bottom at $152 in January 2015. On similar lines, the impending crossover and the resulting slide in prices, if any, could turn out to be the final leg of the bear market. As for today, the cryptocurrency is looking weak, having found acceptance below the trendline connecting the Oct. 11 and Oct. 31 lows. Daily chart Over on the daily chart, the violation of the ascending trendline support is backed by the downward sloping 5- and 10-day SMAs. This backs up the view that deeper losses toward $6,000 could be in the offing in…

Bank of America Wins Crypto Storage Patent

Bank of America Wins Crypto Storage Patent

A patent awarded to the Bank of America outlines how enterprise-level institutions may be able to store cryptocurrencies owned by their customers. The filing, awarded by the U.S. Patent and Trademark Office Tuesday, contends that large companies – specifically enterprise-level institutions – may want to store cryptocurrencies for customers should they see wider adoption. There is an increasing number of enterprises which may transact with cryptocurrencies or offer services related to them, including crypto exchanges and custodians, according to the patent – and some of these businesses may be required to convert a deposit of some currency into a cryptocurrency to then hold. In order to securely hold these funds, a business may therefore wish to use a single enterprise-level account capable of storing cryptocurrencies. The document suggests that a customer account may be credited with an equivalent value to their cryptocurrency deposits, though the funds themselves would be stored in an aggregated enterprise account. As the patent explains: “Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.” To that end, the bank’s system includes a processor and memory to store a private key associated with some cryptocurrency holdings. The patent goes on to describe how this system would be able to both store the holdings, as well as facilitate transactions when authorized. This sort of system brings a number of benefits in terms of using less bandwidth and memory, as well as requiring fewer computational and power resources, according to the document. To allow customers to conduct transactions with their funds, the system would grant the customer access to their specific account. They would then be able to execute a transaction with their cryptocurrency directly through the account. The patent award is the latest to emerge for Bank of America in recent days. In a patent award issued late last month, Bank of America hinted at a means for storing cryptographic keys – including those tied to crypto assets – on a hardware device. BoA image via Shutterstock

The Daily: Coincheck Relists Nem, Okex Adds Dong

The Daily: Coincheck Relists Nem, Okex Adds Dong

The Daily In this edition of The Daily, we report on Coincheck’s decision to resume nem (XEM) trading and relist two other coins — ether (ETH) and lisk (LSK). Also, Digital asset exchange Okex has added support for the Vietnamese fiat currency on its C2C platform and we cover the reasoning behind the move. Also in The Daily, a Canadian company has reached an exclusive agreement to negotiate the acquisition of a large European cryptocurrency exchange.   Also read: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment Nem Price Spikes as Coincheck Resumes Trading Japanese digital asset exchange Coincheck has resumed trading of three digital coins including nem (XEM), the cryptocurrency that was in the focus of arguably the biggest hack in crypto history. Approximately $530 million worth of nem were stolen in the attack on the platform in January of this year. According to its website, Coincheck has also relisted ether (ETH) and lisk (LSK) after a “technical safety confirmation” was obtained in cooperation with external experts. The resumption of XEM deposits, withdrawals and trading resulted in a spike in the price of the cryptocurrency. Its market capitalization briefly surpassed the billion-dollar mark in the hours following the announcement. The market has since corrected itself and after losing almost 10 percent in the last 24 hours, XEM is selling for less than $0.11 at the time of writing and has a capitalization of around $955 million. On Oct. 30, the recently reopened exchange reintroduced bitcoin cash (BCH), bitcoin core (BTC), ethereum classic (ETC), and litecoin (LTC). Okex Adds Support for Vietnamese Dong Cryptocurrency exchange Okex has updated its customer-to-customer (C2C) trading system in order to allow users to place orders in another fiat currency, the Vietnamese dong, according to an announcement published on Tuesday. The Malta-based Chinese company launched its C2C platform last year, a variation of the peer-to-peer model, to enable customers to trade cryptocurrencies using fiat currencies. According to an earlier press release, no additional charges, other than what the users see as a buy/sell price, will be applied. C2C TRADING: We now support Vietnamese Dong (VND) on our Fiat to Token trading platform.#OKExAnnouncement https://t.co/CZ1Gy5efaQ pic.twitter.com/0YFsKmc2eg — OKEx (@OKEx) November 13, 2018 In the past few years, Vietnam has become…

McAfee Labs Warns Over New Russian Monero Cryptojacking Malware ‘WebCobra’

McAfee Labs Warns Over New Russian Monero Cryptojacking Malware ‘WebCobra’

Internet security provider and research lab McAfee Labs has uncovered new malware which secretly uses consumer devices to mine Monero (XMR), a blog post confirmed Nov. 12. Dubbed “WebCobra” and originating from Russia, the latest threat downloads one of two mining clients and uses the processor power of an infected device to generate coins for the perpetrators. Displaying the more “classic” behavior of so-called “cryptojacker” malware, WebCobra runs almost without a trace, McAfee Labs says, the only noticeable difference for the end user being reduced hardware performance. “Coin mining malware is difficult to detect. Once a machine is compromised, a malicious app runs silently in the background with just one sign: performance degradation,” researchers write, adding: “As the malware increases power consumption, the machine slows down, leaving the owner with a headache and an unwelcome bill.” As Cointelegraph previously reported, instances of such malware have shot up almost 500 percent in 2018, leading commentators to warn of an epidemic. Monero, as a cryptocurrency focused on privacy and anonymity, was reported as forming the preferred target for miners. Last month, Google announced it would remove all extensions containing obfuscated code from its Chrome Web Store amidst efforts to combat covert crypto mining among other policy violations.

Thai SEC Urges Public to Avoid Unlicensed Crypto Exchange as Regulation Set to Take Effect

Thai SEC Urges Public to Avoid Unlicensed Crypto Exchange as Regulation Set to Take Effect

Thailand’s financial regulator has told a cryptocurrency exchange to cease advertising and warned citizens not to use it due to legal uncertainty, the Thai Securities and Exchange Commission (Thai SEC) reported Tuesday, Nov. 13. In the release, the Thai SEC said it had not officially endorsed Q Exchange, a joint Thai and South Korean venture, within the framework of its new cryptocurrency laws. The Q Exchange, which reportedly offers ten crypto including Ethereum (ETH) and Bitcoin (BTC), noted that it had plans to launch its Q Token on Oct. 25, Thai news outlet Lokwannee reports. Cointelegraph notes that although several Thai news sources reported on the launch and announcements surrounding the Q Exchange, we have been unable to locate a current online presence for the exchange. Following a royal decree in May this year, cryptocurrency businesses such as exchanges and Initial Coin Offering (ICO) operators must seek permission from and register with authorities before beginning activities in Thailand. The first officially-licensed platform should appear before the end of November, Cointelegraph reported last week. “The SEC would like to inform the public that Q Exchange Co Ltd is not a licensed digital business operator,” the Thai SEC writes, adding: “The public and investors should be cautious in engaging in digital asset and electronic money trades with this firm because such actions might not be lawfully protected by the SEC.” Thailand has sought to strictly control its domestic crypto market this year, with various actors calling for tighter controls in addition to the regulatory package now signed into law. Earlier this month, the country’s deputy prime minister highlighted the need for additional security practices in order to safeguard against the threat of malicious actors using cryptocurrency.

IMF Chief Calls for Exploration of Digital Currencies

IMF Chief Calls for Exploration of Digital Currencies

Christine Lagarde, managing director and chairwoman of the International Monetary Fund (IMF), has encouraged the “exploration” of central bank digital currencies (CBDCs) in the light of decreasing demand for cash and rising preference for digital money. In a prepared speech for the Singapore Fintech Festival on Wednesday, Lagarde said: “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” Various central banks around the world are “seriously” considering the issuance of digital currency, including Canada, China, Sweden and Uruguay, she said. “They are embracing change and new thinking – as indeed is the IMF.” Lagarde noted that major cryptocurrencies like bitcoin, ethereum and XRP, are also “vying for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement.” However, at the same time, the IMF has also again criticized the view that public cryptocurrencies offer an alternative to CBDCs. In a new report, titled “Casting Light on Central Bank Digital Currency” and revealed Wednesday alongside Lagarde’s speech, the IMF said “cryptocurrencies are different along many dimensions and struggle to fully satisfy the functions of money, in part because of erratic valuations.” When evaluating different forms of money in the report such as cash, cryptocurrencies, private e-money and commercial bank deposits, the IMF concluded that “cryptocurrencies are the least attractive option.” The organization went on to say that cryptocurrencies received a low score in settlement speed due to “current technological limitations,” though it acknowledged they do offer the advantage of anonymity, while tech limitations may eventually be overcome. Yet, the IMF says that research on digital currency should continue “resolutely” given that the questions to be answered are “deep and difficult and have far-reaching implications.” While there seems to be a move towards digital currency, it is not without its risks. Lagarde said in her speech that digital currency offers “great promise” in terms of financial inclusion and also provides privacy in payments, but at the same time it could also pose risks to financial integrity and stability. There is a trade-off between privacy and financial integrity too, she said, adding that central banks might design a digital currency, but “anti-money laundering and terrorist…

PR: Bithumb Celebrates Its Fifth Anniversary with BTC Air Drops

PR: Bithumb Celebrates Its Fifth Anniversary with BTC Air Drops

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. The global cryptocurrency stock exchange Bithumb is holding its third commemorative event in celebration of its fifth anniversary. The ‘Super Airdrop Festival’ event has two parts, the Login Event and Air Drop Event, and is open to participation for anyone who is a Bithumb member. Members can participate in the Login Event until December 11th by logging into Bithumb and clicking on the enter event button. In this event, 15 Bitcoins (valued at USD 97,789 as of today) are provided to one winner, who is selected by lottery after the event is concluded. The winner is scheduled to be announced on December 24th. In the Air Drop Event, prize money is given to top 500 with the greatest amount of accrued transactions in the past week. As for prize money, 7 Bitcoins are given to first place (1 person), 100 Ethereum coins are given to second place (4 people), and 8,000 Ripple coins are given to third place (10 people) every Wednesday. In addition, Bithumb is selling a coupon for 10,000 KRW that allows holders to use Jet Cash, Monero, Dash, Bitcoin Gold, OmiseGO (total of 5 Coins) for free for one hour. The Air Drop Event is to be continued until further notice, and the event conclusion date is expected to be announced prior to the date. Furthermore, Bithumb plans to extend the new membership event that it has been holding since last month for foreign members. Bithumb will give out 20,000 Bithumb cash for those who sign up for membership and pay for 20,000 KRW (based on Bithumb cash) worth of transactions within the event period, from November 15th to December 19th. According to Head of Marketing Department of Bithumb, Andy Choi “interest towards not just Bitcoin and Ethereum, but cryptocurrency as a whole is increasing worldwide,” and stated that “We are happy to hold various events to return Bithumb members’ support who always trust and use our service.” On the other hand, Bithumb joined forces with a…

Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable, Analysis Finds

Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable, Analysis Finds

Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease. In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $204, down almost 85 percent from its record-high of around $1,350 in mid-January 2018. Notably, however, on July 17, 2017, when Susquehanna’s figures indicate a $147 profit for GPU-reliant miners, the asset was trading at around $175, just slightly lower than today’s valuation. To explain this pattern, Susquehanna analyzed a second factor: the Ethereum network’s hashrate, which fell substantially in 2018. A higher hashrate is more advantageous for miners, as it increases their opportunity of computing the next block and being remunerated in ETH. Susquehanna’s graph showing decline in ETH mining profits. Source: CNBC Susquehanna semiconductor analyst Christopher Rolland told CNBC that in this context, using chipmaker Nvidia’s flagship GPU card “is no longer profitable,” noting that the company’s crypto-derived revenue is down around $100 million quarter over quarter. He forecast this revenue would likely be “close to zero” in the forthcoming Nvidia 3Q report, set to be released this week: “We estimate very little revenue from crypto-related GPU sales in the quarter, consistent with management’s prior commentary that they were including no contribution from crypto in their C3Q18 outlook.” As reported just yesterday, experts from analytics firm Trefis have in fact forecast that Nvidia’s overall Q3 revenue will rise, yet like Susquehanna, they projected that sales from cryptocurrency-related activities will remain in a downtrend. In August, Nvidia stocks fell amidst a decrease in digital currency mining as the crypto markets saw a downturn.

Central Bank Digital Currencies Could Have Legitimate ‘Role,’ Says IMF’s Lagarde

Central Bank Digital Currencies Could Have Legitimate ‘Role,’ Says IMF’s Lagarde

The head of the International Monetary Fund (IMF) has said the international community should “consider” endorsing central bank issued digital currencies (CBDCs) in a speech at the Singapore Fintech Festival Nov. 14. IMF managing director Christine Lagarde said that despite being “not entirely convinced” on the concept of cryptocurrencies more generally, there may be a case for states to issue government-backed tokens or similar assets. “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy,” she told the event. The comments come a day after the IMF published a dedicated report on CBDCs, examining what it views as the pros and cons of the financial tool. As Lagarde noted, various jurisdictions are currently considering or starting out on the journey to implement state-sponsored tokens. If done properly, CBDCs could “could satisfy public policy goals,” she said, specifically “financial inclusion,” “security and consumer protection,” and “privacy in payments.” As Cointelegraph reported in September, the IMF has not always been as keen on the concept as Lagarde suggests today. In a report at the time, the organization suggested the Marshall Islands, which wants to issue a national digital currency to circulate in tandem with the U.S.  dollar, should reconsider its plans over money laundering concerns. This week, the country’s president survived a no confidence vote over the issue, which should now continue on its path to digital currency issuance. During the speech in Singapore, Lagarde meanwhile continued on the “downsides” of CBDCs, “I would also like to highlight risks of stifling innovation — the last thing you want. My main point will be that we should face these risks creatively.”

IMF Chief Lagarde Calls for ‘Exploration’ of State-Backed Digital Currencies

IMF Chief Lagarde Calls for ‘Exploration’ of State-Backed Digital Currencies

Christine Lagarde, managing director and chairwoman of the International Monetary Fund (IMF), has encouraged the exploration of a central bank digital currency (CBDC) in the light of decreasing demand for cash and rising preference for digital money. In a prepared speech for the Singapore Fintech Festival on Wednesday, Lagarde said: “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.” Various central banks around the world are “seriously” considering the issuance of digital currency, she said, including Canada, China, Sweden and Uruguay. “They are embracing change and new thinking—as indeed is the IMF.” Lagarde noted that major cryptocurrencies like bitcoin, ethereum and XRP, are also “vying for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement.” However, at the same time, the IMF has also again criticized the view that public cryptocurrencies offer an alternative to CBDCs. In a new report, titled “Casting Light on Central Bank Digital Currency” and revealed Wednesday alongside Lagarde’s speech, the IMF said “cryptocurrencies are different along many dimensions and struggle to fully satisfy the functions of money, in part because of erratic valuations.” When evaluating different forms of money in the report such as cash, cryptocurrencies, private e-money and commercial bank deposits, the IMF concluded that “cryptocurrencies are the least attractive option.” The organization went on to say that cryptocurrencies received a low score in settlement speed due to “current technological limitations,” though it acknowledged they do offer the advantage of anonymity, while tech limitations may eventually be overcome. Yet, the IMF says that research on digital currency should continue “resolutely” given that the questions to be answered are “deep and difficult and have far-reaching implications.” While there seems to be a move towards digital currency, it is not without its risks. Lagarde said in her speech that digital currency offers “great promise” in terms of financial inclusion and also provides privacy in payments, but at the same time it could also pose risks to financial integrity and stability. There is a trade-off between privacy and financial integrity too, she said, adding that central banks might design a digital currency, but “anti-money laundering and terrorist financing…