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BCOUSD Price Analysis – May 19

The last weekly candle closed bullish; which implies that Brent crude Oil may further increase in price and target supply level of $79 as long as the Bulls increase their pressure.

BCO/USD Market Key levels:

Supply levels: $79, $87, $98
Demand levels: $70, $64, $58, $49

BCOUSD Long-term trend: Bullish

Brent Crude Oil is bullish on the long-term outlook. The Bulls were able to push the Brent Crude oil price above the $70 former demand level. Immediately after the breakup, the Bulls lost its momentum to push up the Brent Crude Oil price further. Likewise, the Bears have not got enough pressure to push down the price; this led to consolidation at $70 levels in the Brent Crude Oil Market. For more than four weeks the price has been ranging on the $70 levels, last week was not exempted.

BCOUSD weekly chart, May 19

The Brent Crude Oil price is trading above the two EMAs. The 21 periods EMA is crossing over the 50 periods EMA upside. The stochastic Oscillator period 14 is at 75 levels and the signal lines bending down to indicate sell signal. The last weekly candle closed bullish; which implies that Brent crude Oil may further increase in price and target supply level of $79 as long as the Bulls increase their pressure.

BCOUSD medium-term Trend: Bullish

On the daily chart, Brent Crude Oil is on the bullish movement. On the daily chart, Brent Crude Oil was ranging at $70 level last week. The price was supported by the dynamic support level of 50 periods EMA. The price reversed with the aid of the Bulls’ pressure. The price is currently placed above the $70 level.

BCOUSD Daily chart, May19

The BCOUSD price continues trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is above 50 levels with the signal lines pointing up to indicate buy signal in which the BCOUSD price may reach $79 level.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

The post Forex Trading: BCOUSD (Brent Crude Oil) Price Broke Out at $70, Targeting $79 Level appeared first on InsideBitcoins.com.

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The European Central Bank (ECB) is dismissing the impact of digital assets on economic stability as of now, according to a report published earlier this week. The report, which was named “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures,” contained an assessment by the financial regulator as regards cryptocurrencies and how they could affect both monetary policy and the economic development of European nations.

It was prepared by the Crypto-Assets Task Force (ICA-TF), a committee set up by the Bank to gain proper insights into the disruptions caused by digital assets within its jurisdiction.

Cash trumps crypto… for now

In the report, the Bank states that while cryptocurrencies do not currently fit the description of money, they have a potential for affecting the parameters listed above if they prove to become a recognized substitute for deposits and cash. It also states that there is a current limit on the adoption of cryptocurrencies, pointing out the continued volatility in prices and the fact that only a few merchants provide support for it. However, the Bank states that widespread use and a broader market for cryptocurrencies will undoubtedly see them become more economically disruptive.

In part, the report said, “It is important that the ECB continues to monitor the crypto-assets phenomenon, raise awareness and develop preparedness for any adverse scenarios, in cooperation with other relevant authorities.”

Could the ECB just be biased?

The report seemed to echo the dismissive sentiment expressed earlier this month by Mario Draghi, the President of the ECB. While speaking with the winners of the Generation Euro Students’ Award at the ECB Youth Dialogue Meeting, Draghi fielded questions from these award winners. Speaking on the issue of cryptocurrencies, he claimed that Bitcoin (BTC) and other cryptocurrencies aren’t currencies per se, and likened them more to being just financial assets.

He continued, “A Euro is a Euro — today, tomorrow, in a month — it’s always a euro. And the ECB is behind the euro. Who is behind the cryptocurrencies? So they are very, very risky assets.”  He also pointed out that as of now, digital assets aren’t enough in their entirety to have significant effects on the European macroeconomy.

Beware of stablecoins

In addition to its dismissal of digital assets, the Task Force also issued a warning to local financial institutions to keep an eye on the development of stablecoins; digital assets whose values are tied to fiat currencies and other tangible assets. According to the report, it is essential for these stablecoins to be monitored, because their values could become much less volatile if they get pegged to central bank reserves. 

The Task Force also decried the absence of a central banking authority to help protect the use of digital currencies. The report claimed that such a monetary authority will be required if crypto assets are ever to be seen as a form of money. It cited that this could help curb the stinging issue of price volatility, thereby assisting a digital asset to work much better as a store of value, a means of payment, and a unit of account.  

The post ECB Task Force Report Downplays the Economic Impact of Cryptocurrencies appeared first on InsideBitcoins.com.

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Sberbank, the largest banking institution in Russia, has demanded that one of its clients provide information concerning his cryptocurrency trading transactions. On Friday, Forbes Russia published a report which detailed that a client- who remained unnamed- was compelled to reveal his earnings from cryptocurrency trading.

The Forbes Russia report quoted Vladimir Smerkis, the co-founder of Tokenbox.io, a local cryptocurrency trading platform. According to a Facebook post by Smerkis, Sberbank was hiding under a provision of the country’s laws and using it as a front to demand h client’s confidential information.

Smerkis pointed out that the law in question was Federal Law No. 115, titled “On Combating Money Laundering and Terrorism Financing.” However, he pointed out that the client already complied and revealed his crypto earning information to the bank.

Smerkis pointed out that Sberbank was rather specific in its request, as the banking institution requested for information such as the client’s crypto wallet address as well as the equipment he employed in his mining operation. The bank was also reported to have asked for documents that confirmed that the client either owned or rented the equipment, as well as the location where he mined his digital assets.

The crypto platform owner expressed his concern as regards how the bank could make use of bogus, non-existing laws to request such information from a client. He believes that given the fact that there are no laws concerning cryptocurrencies in Russia, no one knows how Sberbank will address the legitimacy- or otherwise- of transactions and earnings made with cryptocurrencies.  

As it turns out, Smerkis’ concern has not been addressed. The uncertainty that bothers the businessman comes from the fact that there are no crypto laws in the country, and if a recent statement by the Prime Minister of the country is anything to go by, there might not be any crypto laws for quite a while.  

While at a legal conference in St. Petersburg on Thursday, Prime Minister Dmitry Medvedev, reportedly claimed that the government isn’t treating the issue of cryptocurrency regulation as much of a priority. According to the former President of the country, cryptocurrencies seem to have lost their appeal, and this reduction in interest means that the government doesn’t need to enforce regulations so urgently.

Driving his point home, Medvedev pointed out that crypto prices have been on the decline over the past year (as a result off the crypto winter).

His sentiments definitely aren’t wrong. Digital assets have had to endure a torrid 15 months or so, and while things seem to have gotten better (especially as regards industry acceptance and popularity), prices haven’t even come close to reaching the lofty heights of November and December 2017.

Hopefully, things would get better, and stability with crypto assets prices would help usher in regulations that would clearly state what banks can and cannot request from crypto business people. 

The post Sberbank’s Request to a Crypto Businessman Raises Eyebrows appeared first on InsideBitcoins.com.

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The blockchain technology has penetrated just about every single facet of our daily lives; education, government, international aid, finance, technology, and much more.

What’s stopping it from entering into the movie and entertainment space? Well, as it would turn out, movie producer Kyle Tekiela seems to be getting ready to give it go and explore the possibility of making a movie with Bitcoin. On Friday, the award-winning producer posted an offer via a tweet to some notable names within the cryptocurrency world, asking if they’ll be willing to partner financially with him using donations in just Bitcoin, Ether, and Litecoin.

Now, it is essential to note that Tekiela didn’t specify whether his new movie would be about Bitcoin– or really, any other digital currency at that. Essentially, it seems he wants to receive funding for a project (which, again, he didn’t name) in cryptocurrency, work on it, and pay all the investors their returns using cryptocurrencies as well. His tweet got quite a lot of attention, including a commitment to star from Demetrius Shipp Jr., the man who played legendary rapper Tupac Skahur in the biopic “All Eyez On Me. ” A  separate comment by Defrost- a notable name in the global crypto industry- asked whether the upcoming project will be about digital assets or if it will be unrelated. Defrost even offered some professional production assistance if the former turns out to be the case.

Still, no one knows. If he does choose to make a movie about digital assets, there sure is the possibility that he could make things work. His flick won’t be the first for sure, but would most likely be the first to get positive reviews (especially from movie lovers within the global crypto industry). The most popular movie about digital assets to date is “Crypto.” Starring notable actors such as Luke Hemsworth and Kurt Russell, the movie details the story of a Wall Street banker who is drawn into investigating a fraud and corruption case in his hometown.

However, even with a mildly star-studded cast and a thrilling trailer, “Crypto” ended up being heavily criticized, with most reviewers complaining about its negative portrayal of cryptocurrencies and the fact that its makers didn’t seem to even understand the subject of the movie. Who knows? Maybe Tekeila could be the person who would finally break the jinx and make a crypto-centric movie that could get things right? He sure seems to have the ingredients for it; he’s a decent producer (if his awards repertoire is anything to go by), and he seems to be enthusiastic about cryptocurrencies.

The post Netflix Producer Wants to Create a Better Crypto Flick appeared first on InsideBitcoins.com.

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XPTUSD Price Analysis – May 18

There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.

XPT/USD Market Key levels:

Supply levels: $833, $898, $962
Demand levels: $776, $714, $657

XPTUSD Long-term trend: Bearish

XPTUSD is bearish on the weekly chart. The Bears came out with full strong momentum last week; this is clearly seen on the weekly chart as a strong bearish candle formed last week and the market closed with that bearish momentum. Platinum price has broken down the demand level of $833, currently facing $776 level.

XPTUSD (Platinum) Weekly chart, May 18

Platinum has broken down the 21 periods EMA and 50 periods EMA downside as a good sign of bearish movement on the weekly chart. The Stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to indicate sell signal. There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.

XPTUSD medium-term Trend: Bearish

On the medium-term outlook, XPTUSD is Bearish. The price bearishly broke out of the descending channel last week. It penetrated the $833 level downside and the price exposes to $776 level. On the daily chart, the market closed with a bearish candle which indicates that bearish trend may continue in the Platinum market.

XPTUSD (Platinum) daily chart, May 18

Platinum price is currently trading below the 50 periods EMA and 21 periods EMA which indicates a bearish movement in the Platinum market. The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending down to indicate sell and a further reduction in Platinum price.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

The post Forex Trading: XPTUSD Broke Out at $833 level, Down Trend May Continue appeared first on InsideBitcoins.com.

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AUDJPY Price Analysis – May 18

In case the $75 level holds, the price will bounce at the level and the trend may change to an uptrend. Should the Bears maintain or increase their momentum; $75 level may be penetrated and the price may target $73 price level.

AUD/JPY Market Key levels:

Supply levels: $77, $79, $82
Demand levels: $75, $73, $70

AUDJPY Long-term trend: Bearish

AUDJPY is on the bearish trend on the long-term outlook. The Bears increased their momentum and the AUDJPY price declined further to the low of $75 as it was predicted last week. On May 10, the Bulls tried to oppose the bearish movement but the Bears would not allow. AUDJPY weekly market was closed with a bearish candle which implies that there is a tendency for the Bearish trend to continues next week.

AUDJPY Daily charts, May 18

AUDJPY price is trading below the two EMAs with an increased distance between the EMAs. The 21 periods EMA also remains under 50 periods EMA which connotes a strong bearish trend. The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending down to indicate sell signal and a further decrease in AUDJPY price. In case the $75 level holds, the price will bounce at the level and the trend may change to an uptrend. Should the Bears maintain or increase their momentum; $75 level may be penetrated and the price targets $73 level.

AUDJPY medium-term Trend: Bearish

AUDJPY remains bearish on the medium-term outlook. The Bearish pressure is daily increasing as the price declining towards the $75 demand level. The AUDJPY price is currently placed at $75 level; this is a potential bounce zone. The price reversal at this level depends on the momentum of the Bears. Should the Bears lose their momentum, the price may reverse.

AUDJPY, 4-hour chart, May 18

AUDJPY is still trading below the 21 periods EMA and 50 periods EMA with the two EMAs bending downward to follow the trend. The Stochastic Oscillator period 14 is above 25 levels and the signal lines bending up to indicate a buy signal.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

The post Forex Trading: AUDJPY Is at $75 Price Level, Potential Reversal Zone appeared first on InsideBitcoins.com.

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eToro analyst Mati Greenspan in a recent interview with Bloomberg showed optimism for Bitcoin, the largest cryptocurrency in the world. He indicated that the coin’s bull phase could see it rising all the way to $20,000 as there aren’t many headwinds between $8,000 and $20,000.

Bitcoin getting ready to move

According to Greenspan, Bitcoin is getting ready for another bull run, and it could reach its all-time high of $20,000 again. However, he considers that the bull phase is still in very early stages. Bitcoin remained a victim of the “crypto winter” throughout 2018 and the first quarter of 2019. Is this the right time to buy bitcoin?

However, this month, it finally started to move up. It faced a couple of hiccups because of Bitfinex-Tether controversy and the Binance Bitcoin hack but journeyed towards $8,000. The Bitfinex-Tether controversy was able to wipe out $10 billion in crypto valuation from the entire market. On the other hand, Binance got hacked of 7,000 Bitcoins worth over $40 million. The users didn’t appear phased by the issues and continued to make the trend go up.

The coin has since retracted to the $7,000 level but is still in a better position than its dismal performance in the past few months. Greenspan is maintaining his bullish case for the cryptocurrency despite the $1,000 pullback in prices.

Bitcoin is going through a cycle

Greenspan said,

“We’re just part of a larger cycle. Bitcoin has gone through several cycles before. We’re talking about sometimes 10,000–50,000% gains, and then it has these massive retracements which can be 80% or even 90%.”

On Friday, he spoke about his sentiments on Twitter, providing a brief technical breakdown of the coin’s movement. He said that if Bitcoin could reverse its current pullback, it will find only a few resistance points between $8,000 and $20,000, making the coin prices go up in an unprecedented way.

This means that Bitcoin’s rally will remain mostly uninterrupted till it hits its all-time highs again. However, he also gave standard investing advice to users, claiming past performance is not an indicator for future results. He also wrote that cryptocurrencies are very risky and that people should trade cautiously.

Greenspan had previously accurately predicted that Bitcoin will move up to $7,000 when the currency was trading for just $5,000. According to him, the Fibonacci retracement levels based on the coins previous highs are concentrated at five different points- 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867).

The post eToro Analyst Predicts a Stellar Bull Run for Bitcoin, Aims For $20,000 appeared first on InsideBitcoins.com.

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Facebook is working on a hidden fintech company based in Switzerland, according to Reuters.

The social media giant takes the lead

Supposedly, the project will emphasize blockchain, payments, and data analytics on top of a few other similar ideas. Its name is Libra Networks. Facebook Global Holdings registered it in Geneva on May 2. This news comes to Reuters via the Swiss register.

While they reached out to the social media giant, Facebook did not respond. Libra Networks’ project description reads as a focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”

This is interesting, considering all the rumors surrounding Facebook’s potential blockchain division. For starters, some believe the group is working on a stablecoin for a public blockchain, but we don’t really know for sure. Could it be a cryptocurrency wallet or something else entirely? Whatever it is they’re doing, the United States Senate is a little worried. However, Facebook did lighten up on its crypto ad banning policies, so we’re likely to see something sooner rather than later.

Angering the world

One should also note, however, that Congress isn’t overly happy about Facebook’s involvement in crypto either. According to an open letter to Mark Zuckerberg’s company, they want more clarification. An excerpt from letter, as reported by CoinDesk:

“The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act.”

Otherwise, recent rumors have been going around that Facebook is looking at raising $1 billion for its project. Either way, it’s good that such an influential company is getting into crypto. At least, it seems like it. If the general public sees Facebook getting involved with cryptocurrency, they may want to go out and buy Bitcoin or some other assets as well.

The post Facebook owns the rights to a Swiss-based blockchain project called Libra appeared first on InsideBitcoins.com.

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Coinbase has just put out that citizens in over 100 countries can now participate in their Coinbase Earn program for free.

Adoption incentivization

Coinbase Earn came out last year. It allows users to participate in cryptocurrency quizzes, try out new projects, and other tasks in exchange for digital assets. The goal is to teach new adopters how to take advantage of crypto.

As of now, assets like Stellar Lumens (XLM), Basic Attention Token (BAT), 0x (ZRX), and ZCash (ZEC) are already a part of the program. However, other asset developers view Coinbase Earn as a way to bring exposure to their project.

According to an official press release, these opportunities are now available to more people around the world:

“As of today, we’re opening up Coinbase Earn to a much larger number of users. Specifically, users from the United States, United Kingdom, many countries in the European Union (Belgium, Switzerland, Denmark, Ireland, Germany, Iceland, Luxembourg, Netherlands, Norway, Sweden), Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea, and Taiwan can now sign up to Coinbase and start earning immediately upon ID verification and meeting Earn eligibility criteria. Users in other countries where Coinbase is available can get verified and then join a waitlist to become eligible for Coinbase Earn.”

Noble intentions

While education is a good enough reason for Coinbase to have this project, they have personal motives as well. Essentially, if a user learns about and is given free cryptocurrency on the Coinbase platform, they’re more than likely to stick with it when buying cryptocurrency in the future.

However, the intention is still noble. “The rationale behind Coinbase Earn is that as we progress from mining cryptocurrency to buying it to earning it, we open up new opportunities for people to learn about blockchain technology,” continues the post. “With this international expansion, anyone with a smartphone in a supported country can now earn crypto while they learn about crypto just by setting up a free Coinbase account. This means millions more people now have a trusted, safe, and legal bridge to the cryptoeconomy — even if they don’t have a credit card or bank account with which to buy cryptocurrency.”

Check out our Coinbase review here, or learn about alternative ways to purchase crypto, like how to buy Bitcoin with PayPal.

The post Coinbase Earn is now available in 100 countries so users can bring in assets for free appeared first on InsideBitcoins.com.

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If you haven’t heard, a couple of days ago the “global cryptocurrency payment network” Flexa partnered with the Winklevoss Twins’ Gemini cryptocurrency platform to enable an in-store cryptocurrency payment solution.

Moving things forward

This solution allows users to buy from thousands of retailers, including Whole Foods and Dunkin Donuts, with Bitcoin, Ether, Bitcoin Cash, and Gemini Dollars all via the mobile app, SPEDN. While this sounds like a great idea, (and it is), Charlie Lee, the creator of Litecoin, wants more.

On Twitter, Lee tweeted out at Trevor Filter, the co-founder of Flexa, asking if Litecoin can be next on the SPEDN list of supported currencies. Filter responded cheekily with a quote tweet, saying “retweets ≠ endorsements (…Or do they?)”

Retweets ≠ endorsements (…Or do they?) https://t.co/U71uKOEOSg

— Trevor Filter (@trev) May 16, 2019

Vice President of Nationwide Merchant Solutions at Litecoin, Jon Moore, agrees. As CCN reports, Moore tweeted:

“The reason Litecoin should be added to Flexa is because #PayWithLitecoin is all about spending and supporting merchants that accept LTC!! It has nothing to do with tech, it’s about sound money, freedom, and supporting crypto adoption.”

Solving past problems

For those who don’t know, Litecoin and Bitcoin are very similar. Essentially, Bitcoin came out with some major scalability issues. Even now, the blockchain still struggles when too many transactions are made. Litecoin was to be the answer to that, with a focus on scalability and a few other benefits. If you’re interested, you can buy Litecoin here.

Users on the SPEDN application load their owned assets into the software. Then, they simply show a code at the retailer, who then scans it to make the purchase go through. However, these assets aren’t stored within SPEDN. Instead, users assets are stored on the Gemini exchange. This is so that retailers don’t have to deal with volatility or other issues. Instead, Gemini processes everything.

This collaboration is a fantastic way to increase mainstream adoption. Not only does it make crypto easier to spend, but it allows us to spend during our everyday shopping rather than via online purchases or something else of the sort.

The post Litecoin creator wants his project to be available for in-store purchases on Gemini’s SPEDN app appeared first on InsideBitcoins.com.

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