XRP is teasing a long-term bullish reversal, with a surge in price and a bullish chart pattern likely to occur next week. The world’s third largest cryptocurrency by market capitalization is currently trading at $0.413 on Bitfinex, representing a 27 percent gain on the opening price of $0.3249 seen May 1. If prices stay above the current level till May 31, the resulting monthly gain would be the biggest since September 2018. Back then, the cryptocurrency had rallied 73 percent from $0.3350 to $0.5820. The rally seen this month appears modest in front of the stellar gains registered in September 2018. The cryptocurrency, however, may produce much bigger gains in the following months as a widely tracked long-term technical indicator is about to turn bullish. The upward sloping 50-day moving average (MA), currently at $0.3434, looks set to cross above the 200-day MA, currently at $0.3470, in the next few days. That would confirm a “golden crossover” – a pattern which indicates long-term bullish reversal, according to technical analysis theory. Many experts, however, call it a lagging indicator, as the MA studies are based on historical data. An impending golden crossover, therefore, could be considered a product of XRP’s rise from the April 25 low of $0.2825 to the recent high of $0.4787 rather than a hint of further gains. That said, XRP is still down 87 percent from the record of $3.30 reached on Jan. 4, 2018 and far from being overbought. The golden crossover, therefore, may invite chart-driven buying, leading to the next leg higher in the cryptocurrency. Daily chart As seen above, the 50-day MA is fast closing on the 200-day MA. The crossover confirmation could be followed by a convincing break above the recent high of $0.4787 as the 14-day relative strength index (RSI) is currently biased bullish at 61.00 and well short of the overbought territory (above-70). Further, the Chaikin money flow index (CMF) is printing positive, indicating strong buying pressure. Weekly chart XRP jumped 34 percent in seven days to May 19, validating seller exhaustion seen near $0.28 in the first 4.5-months. So far, however, the follow-through to that bearish-to-bullish trend change has not been bullish. In fact, the cryptocurrency formed a hanging man candle last week – a bearish development.…
F1 Delta Time, a blockchain-based racing game, has just launched a new line of crypto collectables including “Cars, Drivers, and Components.” The collectables are based on the ERC-271 non-fungible token standard, which allows different attributes for each token. However, “fungible Tokens (FTs) based on the ERC-20 token standard will function as a currency in the game, and will be equally necessary as they will be used in transactions such as paying entry fees and purchasing certain items,” write the creators. Animoca Brands, the creators of F1 Delta Time, publish mobile products and games like “Crazy Kings” and “The Sandbox” and also have games based on Garfield and Doraemon. This is one of their first blockchain-based racing games. The first collectable vehicle, called the 1-1-1, is up for auction and it’s already reached an inexplicable $92,124. The auction is interesting in that it marks one of the first examples of in-game NFT sales from a game maker with mainstream clout. While I doubt many will want to buy a virtual car for 360 ETH, it’s clear there is some sort of real or imaginary demand for these products. Maybe we’ll soon be able to buy collectable Garfield hairballs if Animoca integrates their other properties into the system? Collectable car image courtesy of F1 Delta Time
China updated its cryptocurrency rankings on May 23 — with eos retaining the top spot and bitcoin moving up three places. The government-sponsored index assessed each blockchain on three criteria: technology, application and innovation. Joining EOS in the top five was tron, ether, steem and ontology. Despite its dominance in the crypto industry overall, Bitcoin was in 12th place. While it scored well for creativity, it placed behind EOS in the score for basic technology. The rankings were released by the Center for Information and Industry Development in collaboration with China’s Ministry for Industry and Information Technology. This is the 12th assessment to take place, and updates are now being made once every two months instead of monthly, the notice reads. Eos has held the top spot since June 2018, while tron has managed to stay in second place since February 2019. Chinese businesses have been exploring blockchain with interest, Cointelegraph has reported. Last week, e-commerce giant Alibaba unveiled plans to integrate the technology into its intellectual property systems. Meanwhile, China’s e-commerce site JD.com has applied for more than 200 blockchain patents.
A new crypto exchange platform in which Yahoo Japan owns a major stake is about to launch after over a year in development. The new platform, called Taotao, announced on Twitter Sunday that it will go live on Thursday, May 30, at midday local time. According to the Taotao website, the exchange will be offering a mobile app alongside its online platform, and will offer trading in bitcoin (BTC) and ether (ETH) at launch. The firm will also be making leverage available for interested traders, with three more cryptos added to the available options: XRP, litecoin (LTC) and bitcoin cash (BCH). Taotao is regulated as a virtual currency exchange business under Financial Services Agency, with its website proudly displaying the registration number 00001. That early registration comes via the exchange’s previous FSA-licensed iteration, the BitARG exchange, in which Yahoo Japan bought a 40-percent stake last March. It was reported at the time by Nikkei Asian Review that Yahoo Japan had taken the stake with the aim of developing a new exchange platform using BitARG’s technology. Taotao’s website indicates that Yahoo Japan does indeed hold 40 percent of the entity, via its wholly owned subsidiary Z Corporation, with CMD Lab Inc. holding the remaining 60 percent. The website also offers users “easy registration/sign in” via Yahoo accounts. Yahoo Japan image via Daniel Palmer for CoinDesk
“Big Four” professional services firm EY has built a blockchain platform for a firm that will help consumers determine wines’ quality, provenance and authenticity. The TATTOO Wine Platform has been developed for Blockchain Wine Pte. Ltd. using EY’s OpsChain solution, EY announced on Thursday. The platform is backed by Asian wine cellar The House of Roosevelt, which will use it to sell wines directly from vineyards to hotels, restaurants, cafes and customers, according to the announcement. EY said: “Each bottle of wine will be ‘tattooed’ with its own unique QR code. By scanning the QR code, participants can access information such as vineyards’ names and locations, details such as the types of fertilizers used to grow the crops, and how each batch is transported for processing and delivery.” The platform will focus on markets in Asia where the consumption of European wines is expanding, EY said. Over 5,000 labels will be added to the system, including wines from France, Italy, Spain, Australia, New Zealand, South Africa, South America and California. TATTOO has been built using the ethereum’s ERC-721 standard for non-fungible tokens, or crypto collectibles, according to the announcement. (Yes, basically, the wine tokens are like alcohol-based CryptoKitties.) The asset traceability module of EY OpsChain has been used to tokenize over 11 million bottles of wine for various clients, as well as toher consumables. EY said. As well as providing data on wine provenance, TATTOO also allows consumers and distributors to buy and sell wine, schedule and track shipments, monitor warehousing and delivery, and arrange for and track insurance coverage of wine shipments, EY said. Taking a slightly different tack, blockchain startup VinX is also developing a supply chain platform for trading wine futures, which allow connoisseurs and collectors to purchase a vintage while it’s still in the barrel, a year or two before it’s bottled and released on the market. Wine bottles image via Shutterstock
Creating a treasure hunt is a great way to introduce newcomers to the concept of cryptocurrency and to its actual application. It will teach them some of the basics like how a wallet works and give the finders their first few coins. Also Read: Massive Growth by P2P Exchange and AT&T Accepting BCH in the Weekly Update From Bitcoin.com Help New People Discover BCH With a Treasure Hunt Launching a bitcoin cash treasure hunt can be as simple as printing out a paper wallet, topping it up with some BCH, hiding it somewhere in the world and then starting to give out hints to its location on social media. However, if you want to take a more structured approach you can check out Findbitcoin.cash which will help you with the process as well as help the community track all the different challenges. Findbitcoin.cash screenshotThe platform maps out all the BCH treasures available around the world as well as those which have already been claimed. It also provides a landing page for people who’ve found a treasure and now need to learn about claiming it as well as using bitcoin cash for the first time. According to a recent update on the project’s subreddit, since launching several months ago, Findbitcoin.cash has already helped with a total of 294 hidden wallets, 189 of which have been claimed in 18 countries on all continents except for Antarctica. The developers estimate that about 3-4 BCH has been hidden so far by the bitcoin cash community. Have you taken part in a bitcoin cash treasure hunt? Share your experience in the comments section below. Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another…
Japanese cryptocurrency exchange Taotao will launch its trading service on May 30, Cointelegraph Japan reported Monday, quoting a social media update. Taotao, which is 40% owned by internet giant Yahoo! Japan’s YJFX, will initially offer trading in bitcoin (BTC) and ether (ETH). Margin trading will also be available in litecoin (LTC), XRP and bitcoin cash (BCH) in addition to BTC and ETH. The start date brings to a close a year-long process since Yahoo! Japan closed the 40% percent equity deal in the exchange, then called BitARG, in April 2018. The company paid a rumored 2 billion yen for the stake, which comes amid increasing interest in the Japanese exchange sector. Taotao had originally planned a market debut in mid-May, but postponed the move at the last minute without stating its motivation. As Cointelegraph reported, the ongoing cryptocurrency bull market that began in April has fuelled a surge in popularity among new Japanese traders. Last week, several domestic platforms reported up to threefold increases in new account openings. Regulators, meanwhile, continue to tightly control the market following several highly-publicized hacks last year, the largest of which saw losses in excess of half a billion dollars from Coincheck. Japan’s Financial Services Agency has announced it will review exchanges’ Anti-Money Laundering (AML) activities ahead of an international inspection by the Financial Action Task Force. Within the international exchange sector, market heavyweight Binance — which was also recently hacked — last week further hinted it would soon launch margin trading as part of a major update.
An app that claims to give users the chance to earn $45 a day in free bitcoin (BTC) is a scam, according to a tweet by an “independent malware hunter” posted on May 20. The software, known as Bitcoin Collector, is advertised on a website that supposedly enables users to share a unique URL with their friends with payouts of 3 ether (ETH) (worth about $800 at press time) for every 1,000 people who click on it. But according to a security researcher who goes by the nickname Frost on Twitter, the app is a front for attempts to steal login credentials and money. At first, downloading the software launched ransomware that warned users all of their information had been encrypted “using the most cryptographic algorithms,” adding: “No system administrator in the world can solve this problem without knowing the password.” Recently, the scam evolved into a Trojan, potentially enabling fraudsters to steal crypto wallets, files and login details, take screenshots and review browsing history without the victim’s knowledge. Malicious software that tries to dupe inexperienced crypto enthusiasts is relatively common in the crypto space, as Cointelegraph has reported. Last week, researchers found apps on the Google Play store that imitated the hardware wallet Trezor.
Monday, May 27 — following a mild correction yesterday, the crypto markets have seen strong positive momentum today, with bitcoin (BTC) soaring to its highest price point in over a year. Virtually all of the top 50 cryptocurrencies are seeing solid green, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin has reported over 9% in growth on the day and is trading at $8,727 by press time. Having briefly dipped below $8,000 yesterday, May 26, the top coin saw a sharp rally kick in towards the evening. Bitcoin has seen considerable volatility this week, posting an intra-week low of around $7,550 on May 23 before surging to today’s new price peak. Bitcoin last traded in the $8,700-800 range over a year ago, in the second week of May 2018. On the week, Bitcoin has sealed a bullish 10.5% gain. Bitcoin 13-month price chart. Source: CoinMarketCap In his own technical analysis, trader Peter Brandt has cautioned that bitcoin’s surge ostensibly represents “the FOMO phase of the advance,” and that “once the majority of sold-out crypto bulls capitulate and chase this rally a more sizable correction will likely occur, stopping out the same bulls, who are chasing this advance.” Largest altcoin by market cap ether (ETH) has also seen solid gains, growing 7.1% on the day to press time to trade at $267.50. Ether has seen strong correlation with bitcoin’s price surge, which kicked off during later trading hours yesterday. Today’s gains brings the altcoin back to its mid-month (May 18) earlier price peak, and in a longer view, to price levels last seen in early September 2018. The top altcoin is now trading 7.22% up on the week. Ether 7-day price chart. Source: CoinMarketCap XRP has seen a 6.9% gain on the day to trade at $0.41 by press time. Yesterday’s renewed upturn has reversed all of the asset’s midweek losses, with XRP now sealing a 3.5% gain on the week. XRP 7-day price chart. Source: CoinMarketCap Among the top ten cryptocurrencies at press time, all are green. The market-wide price rally includes a 12.1% gain for fifth largest crypto litecoin (LTC), a 9.6% gain for sixth ranked coin eos (EOS) and an 8.2% gain for bitcoin cash (BCH), ranked fourth. Bitcoin cash’s…