n At the end of the week, all of the coins on CoinMarketCap are seeing greenn
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Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline Below $160
Key Points
- Bitcoin cash price is currently consolidating and it could decline below 0 against the US Dollar.
- There is a major bearish trend line formed with resistance at 0 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is struggling to break the 0-200 resistance area and it could decline sharply.
Bitcoin cash price is in a downtrend below 0 against the US Dollar. BCH/USD could gain strength once sellers gain pace below 0.
Bitcoin Cash Price Analysis
This past week, there was a solid upside correction from the 0 support area in bitcoin cash price against the US Dollar. The BCH/USD pair formed a low at 6 and climbed above the 0, 0 and 0 resistance levels. There was even a break above the 0 barrier, but buyers failed to hold gains. As a result, there was a fresh decline below 0 and the price remained well below the 100 simple moving average (4-hours).
During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the 6 low to 6 high. The price is currently consolidating above the 0 support and it remains at a risk of more losses. A break below the 76.4% Fib retracement level of the last wave from the 6 low to 6 high is possible. Once there is a close below 0, the price may slide below the 0 support as well. On the upside, there is a major bearish trend line formed with resistance at 0 on the 4-hours chart of the BCH/USD pair.
Looking at the chart, BCH price may break the 0 and 0 resistance levels to climb higher. If not, there is a risk of a downside break below 0.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is flat in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.
Major Support Level – 0
Major Resistance Level – 0
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Despite Spending $160 Million a Year, IBM Blockchain is Still Lacking Adoption
While IBM has been cautious to back cryptocurrency projects, the New York-based technology giant has still been doing its best to make a successful foray into the blockchain space. But as some skeptics see it, IBM hasn’t done much to make a meaningful impact on this flowering industry.
IBM & Blockchain — Is It Really The Best Combo?
IBM has long been at the head of technological innovation, continually pushing for the best technology has to offer society for the better part of 100 years. It seems that the firm’s drive for the creation of technological breakthroughs has led it straight to blockchain technologies, which is arguably the fastest growing space in a multi-trillion dollar market. While the blockchain industry remains in its infancy, the technology-focused firm has begun to heavily allocate resources to its growing decentralized technology division.
For some, it seems that the firm’s investment into blockchain has paid off, with IBM recently revealing details about its partnership with the world’s largest shipping company reports Forbes. The American firm will continue to collaborate with Maersk to create the so-called “TradeLens” supply chain solution, which intends to keep track of essential shipping data on a worldwide scale.
TradeLens has already garnered support from 94 organizations, who all actively participate in the testing and development of this novel take on supply chain management. Additionally, a strong collaborative effort has seen the platform capturing over 154 million shipping events over a multi-month period. Marie Wieck, IBM’s general manager and head of blockchain, told Forbes about her excitement for this blockchain-backed project, stating:
“I think with over 90 organizations and over 150 million events captured on the system we really are seeing proof in the pudding in terms of where people are spending their time to get benefits from blockchain.”
While many proponents saw this as nothing less than a bullish sign for a nascent field, it may not be all sunshine and rainbows for IBM Blockchain.
Barry Silbert, the founder and CEO of the Digital Currency Group, recently issued a tweet speculating on the firm’s blockchain-focused budget. Citing Quartz’s IBM article, Silbert reasoned that at an average of 0,000 per person for IBM Blockchain’s team of 1,600, that the firm’s budget for blockchain could be 0 million per year. While Barry Silbert didn’t cite any reported financials, clearly taking a napkin math approach of the technology giant’s blockchain budget, it becomes clear that to IBM, blockchain is no joke.
At 0,000 per person, IBM is spending 0,000,000 per year on blockchain projects https://t.co/3L1ux6V0Tm
— Barry Silbert (@barrysilbert) August 9, 2018
Despite the fact that Silbert likely posted this figure as food for thought, users still responded to this tweet, discussing their opinions on if this investment is warranted. Let’s be real, does a 0 million annual investment into blockchain really warrant what developments or lack thereof that we have seen? A Twitter user going by Marcos called it “money down the drain.”
As later elaborated on by another Twitter user, IBM’s capital allocation to its blockchain branch might not be well spent, bringing attention to Stripe’s (relatively) measly million seed investment into Stellar, which we now know as one of the most influential networks in the cryptosphere.
Fun fact: their partners in blockchain only needed million in funding to create one of biggest projects in crypto: Stellar $XLM
— José (@josevc) August 10, 2018
In the aforementioned Quartz article, reporters divulged that less than 1% of company executives in a survey revealed that they had introduced blockchain tech into their systems. Although this dismal figure is not the fault of IBM alone, it goes to show how blockchain-based systems may still not be ready for mainstream adoption. As the Harvard Business Review notes, the widespread use of blockchain in traditional systems, such as governments or banks, is likely still years, if not decades away.
Blockchain may be costing IBM a hefty sum, but maybe its all a part of the firm’s long-term plan for continued domination over the tech sector, while also remaining a forefront for innovative technologies to better humanity.
Featured Image From Shutterstock
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Hong Kong VC Firm Invests $160 Million in World’s First Security Token Exchange
A Hong Kong venture capital firm has reportedly agreed to invest 0 million in Chinese security token exchange tZero. As reported by China Money Network, Hong Kong-based GSR Capital has entered into a 0 million purchasing agreement with the security token exchange tO.com Inc (tZERO) for its security tokens at US per token.
GSR Invests 0 Million in Security Tokens
GSR, founded in 2004 by Sonny Wu and Richard Lim, manages three separate but complementary teams working towards sector leadership with an aim to bringing their investment strategies to global projects.
tZero exchange is a majority-owned subsidiary of online retail giant Overstock.com that was created with the goal of focusing on the development and commercialization of blockchain technology as it is implemented into the financial sector (fintech).
The tZero exchange security token runs on Ethereum network as ERC-20 coins. The purchase does not constitute company equity nor offers any voting rights. The agreement does, however, entitle GSR to dividends. All investors receive 10% of the adjusted gross revenue on a quarterly basis according to the China Money Network. In order to accommodate the investment from GSR, tZero has extended its security token offering (STO) until August, 6 2018.
STO not ICO
Security token offerings, unlike the more recognizable initial coin offerings (ICO), issue a security coin which is defined by being backed by external, tradable assets. One of the main applications of security tokens is that they grant companies with the ability to issue tokens that represent shares of company stock. Security tokens come under federal securities regulations in the US and any other country which has existing security trading laws.
Many existing cryptocurrencies are fighting the security classification as it would make them subject to restrictions regarding who can invest in and exchange the tokens.
Some new offerings though are embracing the title of security token, created to abide by regulatory frameworks. This way an offering is both cheaper and more efficient than conducting an ICO using utility tokens. More significantly, it also reduces legal risk and provides protection for both the company and its investors.
tZero CEO Saum Noursalehi said that;
“We are overwhelmed by the support we have received from all of our investors, and thrilled to have GSR on our team as we seek to launch the world’s first security token exchange. This investment from GSR further validates tZERO’s strategy to introduce blockchain to capital markets, and this partnership will accelerate our global expansion efforts.”
tZero previously announced a joint venture with BOX Digital Markets in order to launch the first regulated security token exchange. The exchange is planned to be funded by the current STO.
Image from Shutterstock
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This Startup Lost $160 Million But Still Wants to Shake Up Ethereum
After a year in which the company suffered a high-profile hack, ethereum startup Parity is now moving forward on key project development.
CoinDesk
Parity Proposes Hard Fork to Reclaim Frozen $160 Million
Parity Technologies has just released a proposal for reclaiming the millions in ether frozen last month due to a fault in its code.
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Parity Proposes Hard Fork to Reclaim Frozen $160 Million
Parity Technologies has just released a proposal for reclaiming the millions in ether frozen last month due to a fault in its code.
CoinDesk
At $160 Bln, Bitcoin’s Market Cap is Larger Than That of Once World’s Largest Company
n Bitcoin has surpassed the market cap of General Electric, which was once the largest company in the world, by bln.n
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Parity Team Publishes Postmortem on $160 Million Ether Freeze
Parity has released new details on how a critical code flaw resulted in the freezing of 0 million worth of ether.
CoinDesk
Parity Floats Fix for $160 Million Ether Fund Freeze
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CoinDesk