Meld Gold hopes to create a more efficient marketplace for gold trading using blockchain technology
Source: Cointelegraph.com
Original Post: Australian Startup Offers New Spin on Tokenized Gold Trading
Bitcoin’s recent volatility did some severe technical damage to its market structure, and also led to mass capitulation amongst BTC miners, with the crypto’s decline from $10,500 to lows of $3,800 making it no longer profitable for many smaller mining operations.
Miner’s ongoing capitulation is illustrated while looking towards Bitcoin’s hash rate, which has seen a significant decline over the past three weeks.
The decline may be far from over, as a few simple factors seem to suggest that more miners may capitulate in the near-term.
Bulls, however, may be pleased to learn that there’s a strong chance that this decline in hash rate may ultimately be a positive thing for Bitcoin’s price, with the capitulation of smaller miners potentially alleviating some of the selling pressure on the crypto.
Bitcoin’s Hash Rate Continues Dropping: Down 20% From All-Time Highs
Bitcoin’s hash rate – which represents the terahashes per second (TH/s) that are performed by the BTC blockchain – is often looked upon as an indicator of the cryptocurrency’s fundamental network strength.
Its hash rate has declined significantly over the past few weeks in tandem with Bitcoin’s price, plummeting from its all-time high of roughly 125 million TH/s in early-March to its current levels at roughly 100 million TH/s – a 20% drop.
Image Courtesy of Blockchain.com
This plunge has come about as BTC shows signs of technical weakness, with its recent selloff leading many smaller miners to shut off their rigs due to being unprofitable.
Here’s Why a Declining Hash Rate May be Bullish for BTC
Although some see a declining hash rate as being emblematic of underlying network weakness, it may actually be a sign that Bitcoin is poised to see a notable rally in the near-term.
Miners offer the crypto markets with a steady stream of selling pressure, selling their earned BTC for fiat currency in order to fund their operations.
This is particularly true when it comes to smaller mining operations, as the large ones are able to operate at unprofitable levels due to having massive reserves of capital.
When Bitcoin’s price declines so sharply that it is no longer profitable to mine, many smaller operations temporarily wind down their rigs, while the larger operations hold their acquired BTC in hopes of selling it for a profit at more favorable prices.
That being said, a declining hash rate may signal that Bitcoin is about to see the stream of selling pressure provided by miners wane, giving the benchmark crypto significant room to rally.
This number will likely further decline in the near-term as well, the crypto’s upcoming mining rewards halving and current technical weakness may make mining BTC even more unprofitable.
Featured image from Shutterstock.
Source: News BTC
Original Post: Simple Factors Show Bitcoin’s Hash Rate Will Continue Dropping; Here’s Why This is Bullish
Coinbase says its retail payments platform has now processed $200 million worth of Bitcoin (BTC) and crypto transactions since it launched in February of 2018.
Coinbase Commerce allows merchants to accept payments in different cryptocurrencies, including BTC, Bitcoin Cash (BCH) and Ethereum (ETH) without fees. The platform hit the crypto payment milestone on Thursday, reports CoinDesk.
Commerce product lead John Zettler says crypto payments appear to be undeterred by the pandemic-induced economic downturn. He says that the platform has not seen any significant changes in activity this month, as both cryptocurrency and traditional markets plummeted.
Zettler says that consumers prefer to use Bitcoin, the largest cryptocurrency by market cap, although he also observes that consumers are starting to use stablecoins, especially USD Coin (USDC), a cryptocurrency collaboration between Coinbase and Circle that is backed by the US dollar.
Stablecoins are designed to be far less volatile than other cryptocurrencies since their value is pegged to a stable asset.
Zettler says he expects stablecoin transactions to ramp up in the second and third quarters.
“Merchant customers often tell us it’s the crypto they’re most familiar with and the one they trust the most.”
More than 8,000 merchants currently use Coinbase Commerce to accept payments in cryptocurrency.
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The post Coinbase Reaches $200 Million Bitcoin (BTC) and Crypto Payments Milestone appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: Coinbase Reaches 0 Million Bitcoin (BTC) and Crypto Payments Milestone
When meatspace is infected with novel coronavirus, the blockchain conference that can meet online will get the most attendees
Source: Cointelegraph.com
Original Post: Virtual Blockchain Week Is A Virus-Proof Crypto Conference
Not all coins have noted bullish price action after the latest rally in the cryptocurrency market. However, despite appearing bearish, the following altcoins did register some positive technical indic
The post Decred, Cosmos, Monero Price: Strong technicals dismiss market concerns appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Decred, Cosmos, Monero Price: Strong technicals dismiss market concerns
The market expected mainstream crypto like Bitcoin Cash to recover quicker and respond with a positive YTD, and it did. However, joining forces with major cryptos, Monacoin has been reporting a YTD of
The post VeChain, MonaCoin, Bitcoin Cash: MONA's YTD surpasses that of BCH appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: VeChain, MonaCoin, Bitcoin Cash: MONA's YTD surpasses that of BCH
Source: YouTube: Ready Set Crypto
Original Post: How We Beat The Coronavirus 🦠
Major car manufacturer BMW has announced the planned roll-out of its blockchain-powered Supply Chain Management (SCM) solution. For starters, the German automobile heavyweight will leverage the solution with 10 of its suppliers beginning in 2020. BMW to Adopt Blockchain for SCM and Traceability BMW Group, the parent company of BMW announced the news of the
Read MoreRead More. The post by Osato Avan-Nomayo appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency NewsIn just over 120 minutes as of the time of this article’s publishing, Bitcoin’s one-month and three-month candles will close. A number of analysts have remarked that the upcoming close will be crucial for the crypto market’s directionality moving forward.
Related Reading: This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived
Levels to Watch For
According to analyst Crypto Birb, Bitcoin closing above $6,425 when the monthly candle closes in the very near future would be one of the feasible best-case scenarios for the cryptocurrency:
“Bitcoin monthly close above $6,425 would be a solid bullish [swing failure pattern] to make April to May brighter.”
Indeed, $6,425 is a crucial level from a long-term perspective, as that’s where BTC bottomed in December. Also, the low-$6,000s were absolutely key for Bitcoin during the 2018 bear market: the cryptocurrency bounced off that region on multiple occasions.
The asset managing to close above this historically-pertinent level would create a so-called swing failure pattern, according to CryptoBirb, which would give credence to a bullish reversal.
Many have also pointed to the fact that March’s candle looks like the bottoming process seen during the 2013-2015 cycle, during which Bitcoin saw a massive capitulation event that saw it similarly fall by some 50% within a few days’ time span, to only bounce back in the weeks that followed.
With Bitcoin currently changing hands for $6,470, the bull-case close scenario seems possible.
According to CryptoISO, however, whatever the candle closes at, it seems to be in a bearish structure.
Related Reading: King of the Hill: Top Crypto Investor Explains Why Altcoins Are Highly Risky
The prominent trader wrote in a message published on March 31st that while “people [are] fixated on the monthly close,” the “high time frame market structure is bearish” because March’s candle opened at $9,200 to fall to $3,600 at the lows, a drop of more than 60%.
People seemed to be fixated on the monthly close.
High time frame market structure is bearish.
The monthly candle goes from 9200 to 3600.
That is absurd.
— CryptoISO (@crypto_iso) March 31, 2020
Bitcoin To Outperform In Q2?
Bitcoin is poised to close 10% down on the quarter, making this the fifth out of the past seven first quarters that the cryptocurrency has trended lower, suggesting this market has a negative winter seasonality to it.
The thing is, as can be seen in the chart below from Skew.com, the second quarter of years have historically been bullish for the cryptocurrency, with BTC rallying more than 20% in five out of the last six second quarters.
Featured Image from Shutterstock
Source: News BTC
Original Post: In a Few Hours, a Crucial Bitcoin Candle Will Close: What To Watch For
Cryptocurrency exchange will host a contest that offers a total prize pool in BNB tokens to their participants
Source: Cointelegraph.com
Original Post: Binance Futures Hosts Trading Competition With Prize Pool Worth M
The International Monetary Fund has issued new guidance on how banking industry leaders can help maintain an ailing system amid the coronavirus crisis.
The IMF is urging banks to follow key practices to combat the current economic upheaval that represents “a different kind of shock” than the 2008 global financial crisis.
“Never before have modern economies shut down at the drop of a hat…
Pressure on the banking system is growing and higher defaults on debt are imminent. And many now expect a shock to the financial sector similar in magnitude to the 2008 crisis.”
The international body, which works with 189 countries to secure financial stability, is prompting bank supervisors to combine a number of strategies deployed during natural disasters, operational risk events and bank stress episodes to mitigate the downturn.
7 Guidelines for the Banking System
1. Don’t change the rules.
New initiatives could cause more confusion, so supervisors are being asked to focus on maintaining ongoing operations.
2. Use the buffers.
Proper management should allow banks to manage strains on liquidity and revenue loss from missed loan repayments.
3. Encourage loan modification.
Banks should be proactive in rescheduling their loan portfolio for borrowers hit hard by the temporary shock, utilizing flexible credit risk management.
4. Don’t hide the losses.
Transparency will prevent the crisis from getting even worse.
5. Clarify regulatory treatment of support measures.
Clarifying how banks should work with borrowers, credit guarantees and direct transfers, among other activities, can help with overall transparency.
6. Strengthen communication.
Working remotely during the unprecedented move and keeping everyone at home requires an open dialog and some adjustments, particularly regarding reporting requirements.
7. Coordinate across borders.
The integrity of the global financial system is at risk, requiring broad coordination.
The final measure is pivotal to the health of the banking network at large, according to the IMF, as the strain on the entire global financial system will pressure banking professionals to keep the very fabric of the global network intact.
“Broad coordination among national regulators at the international level is imperative. This crisis will pass eventually, and the effects may take time to dissipate, but preserving the integrity of the international framework will be crucial for the credibility and integrity of the global financial system. International bodies like the Financial Stability Board and the Basel Committee on Banking Supervision are working night and day to do just this.”
Mike Corbat, chief executive officer of Citigroup, the third-largest bank in the US by assets, says banks are walking a “fine line” in terms of strapping saddled customers with looming debt as more people file for unemployment and small business owners struggle to keep their enterprises afloat.
In an interview on March 26th with the Financial Times, Corbat remarked,
“The last thing that we all want to see is … our consumers, our small businesses and our big businesses come out of this … (with a) precariously bigger or larger position of indebtedness.
So it’s really … walking that fine line of being as supportive as we can be. But at the same time, not in any way, calling into question the safety and soundness of our institution or of the system.”
Brian Moynihan, CEO of Bank of America, the second-largest bank in the US, pledges to retain staff and support customers. He tells FT that the bank’s goal is to “relieve cash flow difficulties” for its borrowers while acting as a “bridge” that can ease the transition between today’s uncertainty and a post-coronavirus economic reality.
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Featured Image: Shutterstock/spainter_vfx
The post IMF Issues 7-Step Guidance to Preserve ‘Credibility and Integrity of the Global Financial System’ and Lessen Pandemic Blow appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: IMF Issues 7-Step Guidance to Preserve ‘Credibility and Integrity of the Global Financial System’ and Lessen Pandemic Blow
Bitcoin ended the first quarter of 2020 down from the start of the year, but not as badly as the record-setting losses suffered by global equities.
Source: Coindesk
Original Post: Bitcoin Ends Q1 Down 10%, Outperforming Equities in Coronavirus Crisis
Toilet Paper Token (TPT) leads CoinMarketCap charts at a price of $1.64, up over 1,000% on the past 24 hours
Source: Cointelegraph.com
Original Post: April Fools Sees Toilet Paper Token in Short Supply on CoinMarketCap
The options market shows just a 4 percent chance of bitcoin crossing above $20K before year’s end, according to data from analytics firm Skew.
Source: Coindesk
Original Post: Bitcoin All-Time High in 2020? Chances Are Only 4%, Options Market Signals
Acronis highlights the growing concerns among IT professionals regarding cryptojacking and ransomware threats
Source: Cointelegraph.com
Original Post: Survey Reveals 87% of IT Professionals Are Concerned With Cryptojacking
Ethereum (ETH/USD) traded sideways in today’s North American session as the pair remained confined to a relatively narrow range, trading as high as the 134.33 level during today’s Asian session and as low as the 130.45 area during today’s European session. During yesterday’s North American session, traders were able to elect Stops above the 134.96 level and the market traded as high as the 135.48 area before yielding ground and fading below the 131.00 level. Chartists are also observing that yesterday’s high was right around the 61.8% retracement of the depreciation from the 142.50 area to the 123.72 level. Many traders are trying to better understand the current market sentiment around ETH/USD before assuming more market risk.
Above current market activity, upside price objectives include the 137.84, 138.07, 139.50, 140.12, 141.52, and 149.09 levels. Below current market activity, downside price objectives include the 127.41, 123.72, 122.75, 122.41, 119.84, and 116.59 levels. Chartists are observing that the 50-bar MA (4-hourly) has recently bullishly crossed above the 100-bar MA (4-hourly), and that the 50-bar MA (hourly) has recently bullishly crossed above the 100-bar MA (hourly). Another important technical level that traders are monitoring is the 124.81 level, an upside price objective related to buying pressure that originated around the 90.00 level. ETH/USD appears poised to complete the month with approximately a 38% loss.
Price activity is nearest the 50-bar MA (4-hourly) at 133.37 and the 200-bar MA (Hourly) at 133.51.
Technical Support is expected around 119.84/ 115.51/ 110.18 with Stops expected below.
Technical Resistance is expected around 153.22/ 156.77/ 159.62 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Source: CryptoDaily.co.uk
Original Post: ETH/USD Tries to Break Higher: Sally Ho's Technical Analysis 31 March 2020 ETH
Covantis, a blockchain agribusiness project backed by ConsenSys, sets up shop in Geneva and appoints CEO
Source: Cointelegraph.com
Original Post: ConsenSys-Associated Agritech Project Covantis Officially Established
The recent price surge brought some relief to a market that had been reeling under bearish pressure following the second week of March. Following the biggest one-day slide in Bitcoin's price since 201
The post WAVES, Hedera Hashgraph, Binance Coin Price: Altcoins record mixed fortunes appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: WAVES, Hedera Hashgraph, Binance Coin Price: Altcoins record mixed fortunes
As the bitcoin halving approaches, crypto-mining ‘death spirals’ and miner capitulation have become prominent topics among digital currency enthusiasts. Despite the trending discussions, Coinshares head of research Christopher Bendiksen published a study that says “[bitcoin] mining death spirals do not actually happen in real life” and the speculation is a “highly theoretical edge case.”
Also read: ‘Bull Run May Not Come Immediately After Bitcoin Halving,’ Says Bitmain’s Jihan Wu
After approximately 210,000 blocks are mined on BTC’s blockchain, the network’s block subsidy halves and after May 13, BTC miners will get 6.25 coins instead of 12.5. The halving event happens roughly every four years and the upcoming one, in particular, has caused crypto enthusiasts to speculate on what will happen after the event. Moreover, the recent covid-19 outbreak has caused economic calamity worldwide, as cryptocurrency prices were largely affected by fears of a looming recession.
Because of these two factors combined, crypto speculators and haters think that miners will be “doomed” after the halving and there will be massive miner capitulation. A few individuals and headlines have called the theoretical event a crypto-mining ‘death spiral’ and people assume BTC miners will face catastrophe. However, a recent research study from the firm Coinshares disagrees with this argument and the company’s head of research called the fears “highly theoretical edge cases without any historical real-world precedent.”
In the report called “Why Bitcoin Miners Will Keep Mining,” Christopher Bendiksen talks about how current BTC prices are down more than 50% from the 2020 highs. The researcher details that this means miners have lost 50% of their income and a few “high-cost producers will now be unprofitable.” “When miners turn cashflow negative they will turn off their gear and hashrate will fall,” Bendiksen said. News.Bitcoin.com recently reported on how the hashrate had fallen from the 136 exahash per second (EH/s) high at the end of February, to 75EH/s after the market rout on March 12. The close to 45% hashrate reduction caused the network’s difficulty adjustment to drop to the second-lowest point in history. Bendiksen’s report discusses how the difficulty adjustment algorithm (DAA) is a key element within the BTC network.
In the death spiral scenario, Bendiksen stressed that some people believe that a big enough hashrate drop would slow down block times and eventually “grind the network to a halt since no new blocks are mined.” “This, in turn, will cause prices to drop further causing more miners to shut down until no one is left mining and the price hits zero,” Bendiksen wrote. The Coinshares head of research, however, doesn’t think this situation is plausible in the real world and thinks it only lives in people’s theoretical discussions. Coinshare’s report is also similar to the question answered by bitcoin researcher and evangelist, Andreas Antonopoulos, who discussed mining death spirals on Youtube. “Part of the reason that’s unlikely to happen is that miners have a much more long-term perspective,” Antonopoulos noted in the video.
The Coinshares researcher also explained how in a rare, edge-case scenario it would take an awful lot of factors like gaming the DAA with precision and dumping on market prices at the same time. “In real life though, markets don’t move like that,” Bendiksen’s report highlights.
“On top of that there are operational concerns on the part of miners that prevent shutdowns on such rapid timelines,” Bendiksen wrote. “Powering down a several hundred-megawatt mine is not a matter of pulling a socket plug — you would risk severely damaging the local grid. Moreover, many miners have offtake agreements that mandate that they continue their draw for as long as they are able to pay their contracted bills. The point is: even when bitcoin prices significantly fall (which happens pretty much every year) or the mining reward is halved (which happens at predetermined time intervals), the physical and operational realities of the mining network are such that drawdowns in hashrate take time,” the report states. Bendiksen’s research further notes:
In practice, hashrate reductions are therefore always smoothly caught by the dynamic difficulty adjustment and block frequencies never get anywhere near ‘crisis levels’ (whatever that even means).
Bendiksen and Coinshares believe that the network was designed to handle these exact situations and they are confident things will be fine going forward. “Because of the design choices we’ve explained above the mining network has never failed to produce blocks. The difficulty has reset downwards many times — sometimes dramatically as the result of a pullback in price (the November/December 2018 is an excellent example to study), but never has the network ground to a halt or even come anywhere close to it,” Bendiksen’s report concludes.
What do you think about the Coinshares mining report and death spirals? Let us know in the comments below.
The post Bitcoin Halving Capitulation: ‘Mining Death Spirals Don’t Happen in Real Life,’ Says Report appeared first on Bitcoin News.
Source: Bitcoin.com
Original Post: Bitcoin Halving Capitulation: ‘Mining Death Spirals Don’t Happen in Real Life,’ Says Report
Binance removed its FTX leveraged token products after confused users held them instead of trading them
Source: Cointelegraph.com
Original Post: Binance Says Leveraged FTX Removal Comes After Confused Users Hodled Tokens