As the original cryptocurrency, Bitcoin was the inspiration for hundreds of others, including little brother Litecoin and Ethereum.

But some of these blockchainsincluding Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamondare direct forks of Bitcoin and share most of their DNA with the leading cryptocurrency.

In total, there are over 40 bitcoin offshoots resulting from people deciding to fork the Bitcoin blockchain to create their own cryptocurrency. Here are three of the most popular:

Fork date: 1st August 2017

Bitcoin Cashalso known as Bcashis the most famous fork of Bitcoin.

This cryptocurrency born in August 2017 was the result of ideological differences between those who thought of bitcoin as more of a store of value, like digital gold, and those who maintained that it should be thought of as a peer-to-peer currency.

This led to disagreement over how the network should most effectively be scaled. Bitcoin Cash supporters thought that increasing the block size was the answer to accommodating more transactions, and the rest of the community thought that SegWit provided a better solution.

Bitcoin Cash supporters like Roger Ver said the bigger block scaling method would let Bitcoin stay true to Satoshis original vision of a peer-to-peer digital currency, but his opponents argued that the big blocks would only provide temporary relief and that the SegWit scaling method was better over the long-term.

This led to heated debate within the space, and eventually, a group of activists and developerspushed for a hard fork that would increase the Bitcoin block size.

Fork date: 24th October 2017

Just over two months after Bitcoin Cash came another fork, this one proposing to help Bitcoin become more decentralized by using GPU mining rather than ASIC mining.

This change to the mining algorithm meant that Bitcoin Gold could be mined using anyones spare computing power without having to invest in specialized mining equipment, just like in the early days of Bitcoin.

The fork was driven by a few enthusiasts who believed that the original Bitcoin mining system had become monopolized by a handful of mining companies, making it too centralized and vulnerable to attack.

Fork date: 3rd March 2018

Bitcoin Private. This cryptocurrency aims to bring together the benefits of bitcoin and the privacy features of Zcashspecifically zk-SNARKS, of which the zk stands for zero-knowledge.

But instead of being forked directly from bitcoin, as was the case with popular cryptocurrencies like Bitcoin Cash and Bitcoin Gold, Bitcoin Private was created from a copy of a digital currency known as Zclassic which is itself a fork of ZCash, and ZCash itself was a fork of the original bitcoin.

Complicated? Thats why Bitcoin Private has come to be known as a spork, rather than a fork!

Each of these cryptocurrencies is the result of a change to the rules governing the Bitcoin network.

As a decentralized network, no single party has control over Bitcoin. Instead, the blockchain is kept ticking over by algorithms based on certain rules. These algorithms facilitate transactions, prevent people from spending the same bitcoin twice and regulate the flow of freshly mined bitcoins into the network.

If someone wants to change the rules, and the people running Bitcoin nodes maintaining the bitcoin network can agree that the new rules will make bitcoin better, then they can be implemented with no issue through either a soft fork, which happens when the proposed changes are backwards compatible or a hard fork when the proposed changes are not backwards compatible and a new chain and cryptocurrency must be created.

With an agreement that a fork will take place, the people running the nodes agree on a certain block number when a new chain will be created bound by the new rules.

When this block is mined, another blockchain is created. So we have one chain that follows the old rules, and one that follows the new rules. Both share the same past blockchain, but the new blocks are different in each chainIt has forked.

If you are holding Bitcoin at the time of the fork, then you will also receive the cryptocurrency associated with the new chain. This is why the price of a cryptocurrency will often rise before the date of a hard fork as buyers stock up to make the most of the opportunity to get more funds.

But just because the numbers of coins you have doubles, the value of those coins is still based on market forces and many forks of Bitcoin have become almost worthless.

Read the original post:

Bitcoin Offshoots: Bitcoin Cash, Bitcoin Gold and Bitcoin Private - Crypto News

In order to profitably trade in a highly volatile market like cryptocurrency trading, the trades have to be on top of all the expert quotes and forecasts they can find on a daily basis.

Cryptocurrencies are the revolutionary digital alternatives to the physical currencies regulated by the central banks around the world. Unlike traditional currencies like dollars, pounds, or euros, cryptocurrencies cant be converted to cash. However, they can be bought, exchanged, and traded on specialist platforms available online. The currencies themselves only exist digitally, with all the ownership information stored in encrypted ledgers.

The first successful cryptocurrency is Bitcoin and it was launched back in 2009. Within a couple of years, a few other cryptocurrencies were introduced, making the possibility of exchanging the digital currencies with one another. It works similarly to the traditional stock and forex markets and requires the use of a cryptocurrency exchange. On some platforms, you can also exchange or trade cryptocurrencies against dollars.

Trading and Exchanging Cryptocurrencies

Between 2017 to 2018, major cryptocurrencies such asBitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc. saw a massive surge ininterests from investors, which eventually pushed the Bitcoin value to as highas $20,000 each. It came down to $3,000 level in the following year, and now,experiencing a slow but steady upturn.

As you can see, cryptocurrencies are highly volatile assets. Their value goes up and down on a massive scale and is prone to speculative news and information. Therefore, traders in the cryptocurrency market need to be very careful. There are a number of technical analysis tools available, with many daily resources to learn about the latest quotes and forecasts.

Latest Forecasts on Major Cryptocurrencies

At the time of writing, Bitcoin (BTC) the most important cryptocurrency in terms of value is moving in the $9,000 marks, while Ethereum (ETH) is moving in and around $200. So, borsainside.com, tells us what lies ahead for the top three digital currencies in terms of value.

Bitcoin (BTC/USD)

After the halving in the second week of May this year, Bitcoin prices are experiencing some optimism from the investors. The price is moving just above $9,000 levels. With some analysts predicting a nine percent chance for the price to reach an all-time high, investors should be looking at the $10,050 level, breaking through which may lead to a consistent upward movement for a few days.

Ethereum (ETH/USD)

In light of Bitcoin halving and the launching possibility of Ethereum 2.0; analysts are mainly bullish about this coins value. If it holds the $190 level, and push upwards, all the technical signs suggest for the value to reach between $330 to $360, the level previously seen in 2019.

Ripple (XRP/USD)

December last year saw the value of XRP drop by amammoth 13%. While it somewhat recovered at the beginning of this year, thevalue continues to move around $0.15 $0.20. Analysts see some more downwardmovements, which may turn bullish only if it reaches $0.28 mark.

Go here to read the rest:

Cryptocurrency Quotes and Forecasts: Last Updates on Cryptocurrencies - FinSMEs

Maerki Baumann & Co AG is a privately managed Swiss bank that has been supporting the organization of Initial Coin Offerings (ICOs) and Security Token Offerings (STOs) in the greater Zurich area for more than 11 years. Blockchain companies can also open an account with the bank to start their business activities directly from the Blockchain Hub in Zurich. The bank has now announced that it will expand its portfolio of services to include Bitcoin, Ethereum, Bitcoin Cash and XRP.

From June 2020, the bank will start the next phase of its crypto strategy and will offer not only a custody service for the cryptocurrencies mentioned above, but also direct trading. The Swiss Financial Market Supervisory Authority (FINMA) of Switzerland recently granted Maerki Baumann approval for this.

The bank is thus pursuing its goal of beating traditional private banking with the new emerging world of digital assets such as BTC and XRP. Dr. Stephan A. Zwahlen, Chief Executive Officer, describes how this step will enable the bank to expand its portfolio and core business in key areas and to tap into new client segments:

By trading and custody of digital assets, we are not only opening up a new business segment, but also creating additional investment opportunities in our core business. This will benefit younger, technology-oriented client segments, as well as private clients and institutional investors who are looking for new opportunities for returns on digital assets or who want to diversify their portfolios more broadly.

The storage cryptocurrencies is solved via a multi-level security procedure to protect the assets from digital cyber attacks. Under Swiss law, the regulated bank fulfills all the requirements for secure innovative security solutions required by legal and regulatory provisions.

Most recently, Arab Bank and Sygnum Bank had also added XRP to their portfolio, thus giving Swiss investors the opportunity to buy XRP easily and without major detours. Maerki Baumann believes that cryptocurrencies are changing the financial world and that banks will play a decisive role in further adaptation.

Data analytics service WhaleAlert observed four large XRP transactions totaling 800 million XRP worth $162 million. In the first transaction, 200 million XRP were transferred from the Ripple OTC Distribution Wallet to an unknown wallet.

The second, third and fourth transactions were also sent from the Ripple OTC Distribution Wallet to an unknown wallet. The community notes that this wallet has now become active for the first time in 2020. There was also speculation whether an institutional investor is preparing to sell XRP or whether the account movements have a different objective.

Excerpt from:

Swiss bank includes Bitcoin, Ethereum and XRP in its portfolio - Crypto News Flash

Bitcoin fell by 1.74% on Friday. Reversing a 1.17% gain from Thursday, Bitcoin ended the day at $9,620.4.

It was another mixed start to the day. Bitcoin rose to a late morning intraday high $9,865.8 before hitting reverse.

Falling short of the first major resistance level at $9,961.53, Bitcoin slid to a late morning low $9,624.1.

Steering clear of the major support levels, Bitcoin recovered to $9,700 levels before falling to a final hour intraday low $9,620.4.

In spite of the late pullback, Bitcoin steered clear of the first major support level at $9,540.43.

The near-term bullish trend remained intact, in spite of Fridays pullback.

For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Across the rest of the majors, it was another mixed day for the majors on Friday.

Binance Coin and EOS bucked the trend on the day, with gains of 0.97% and 3.43% respectively.

It was a bearish day for the rest of the majors.

Cardanos ADA slid by 4.12% to lead the way down.

Litecoin (-1.43%), Ethereum (-1.29%), Stellars Lumen (-2.75%), and Tezos (-2.10%) also struggled.

Bitcoin Cash ABC (-0.07%), Bitcoin Cash SV (-0.44%), Moneros XMR (-0.95%), Ripples XRP (-0.81%) saw relatively modest losses on the day.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $268.23bn.

At the start of the week, Bitcoins rose to a Monday high 67.13% before falling to a Thursday low 65.61%. At the time of writing, Bitcoins dominance stood at 65.77%.

At the time of writing, Bitcoin was down by 0.24% to $9,597.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,620.4 to a low $9,552.6.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardanos ADA found early support, rising by 2.08%. EOS (+0.37%), Ethereum (+0.12%), and Ripples XRP (+0.17%) also saw green early on.

It was a bearish start to the day for the rest of the majors, however.

At the time of writing, Trons TRX was down by 1.10% to lead the way down.

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,784.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,620.4.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,947.6 before any pullback.

Failure to move through to $9,700 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,552.6 would bring the first major support level at $9,538.6 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,456.8.

This article was originally posted on FX Empire

Original post:

The Crypto Daily Movers and Shakers -06/06/20 - Yahoo Finance

In the past few days, bitcoin price struggled to gain traction above the USD 9,850 resistance. BTC is currently (08:30 UTC) trading above USD 9,650 and holding the key USD 9,550 support zone. It seems like the price looks set to make the next major move either above USD 10,000 or back towards USD 9,000.

Similarly, most major altcoins are stuck in a range and preparing for the next move, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD must break the USD 250 resistance to start a strong increase, and XRP/USD must settle above USD 0.210 for a sustained upward move.

Total market capitalization

After a few attempts to clear USD 9,850, bitcoin price started trading in a range. BTC remained well bid above the USD 9,650 and USD 9,550 support levels. On the upside, the first hurdle for the bulls is near the USD 9,850 level. The main resistance is still near the USD 10,000 level, above which the price could break to the upside and rally to USD 10,400 or USD 10,500.If there is no upside break, the price is likely to start a major decline below the USD 9,650 and USD 9,550 support levels in the near term.

Ethereum price is also facing a major hurdle near the USD 250 level. To start a strong upward move, ETH price must settle above the USD 250 barrier. The next key resistance is seen near the USD 265 level. On the other hand, there is a risk of a bearish break below the USD 240 and USD 238 support levels. The next major support is near the USD 230 level.

Bitcoin cash price is consolidating above a crucial support area at USD 250. It seems like BCH is setting up for the next major move. If there is an upside break above the USD 250 level, there are chances of a sustained upward move. Conversely, the price could start a major decline towards the USD 220 level.Litecoin is holding the key uptrend support at the USD 45.00 level, but it is also struggling to clear the USD 48.50 resistance. Therefore, the price could either start a major upward move above USD 48.50 or it might start a major decline below the USD 45.00 level.XRP price is holding the main USD 0.200 support zone. On the upside, the bulls are struggling to gain strength above the USD 0.205 resistance. If they succeed, the price could rise steadily above the USD 0.210 level. If not, it might dive towards the USD 0.192 and USD 0.190 support levels.

In the past three sessions, a few smaller altcoins gained more than 5%, including KNC, LEND, XVG, ZRX, CKB, GNT, ENJ, and BTS. Out of these, KNC rallied nearly 15% and broke the USD 0.80 resistance zone, and LEND surged around 14%.

Overall, bitcoin price is likely preparing for the next major move either above the USD 9,850 resistance or below the USD 9,550 support. The chances to the upside are high unless there is another major rejection near USD 9,850 or USD 10,000._____

Read the rest here:

Bitcoin and Altcoins Look Set For The Next Crucial Break - Cryptonews

Bitcoin automated teller machines (BATMs) will become the next target for regulators, as world governments tighten screws on money laundering.

According to Ciphertrace CTO John Jeffries, crypto-cash machines will attract greaterregulatory focus in a bid to rein-in alleged cross-border illicit financial transfers.

Jeffries urged the need for more uniform regulatory enforcement and compliance as governments start to crack down on crypto-infused automated teller machines.

This comes as Ciphertrace released a report showing that cross-border transactions accounted for 74% of bitcoin moved between exchanges in 2019. Of this, 88% of funds leaving the United States through bitcoin ATMs were sent to cryptocurrency exchanges abroad mostly to high-risk platforms.

The amount of money wired to overseas exchanges at high-risk has grown rapidly, doubling every year since 2017, said the crypto intelligence firm, in the report published on June 2, 2020. The report did not provide specific figures on the extent of capital leaving via BATMs.

High-risk exchanges are nefarious exchanges known for facilitating criminal activities and money laundering, according to Ciphertrace. These types of exchanges may not be inherently criminal, but illicit transfers through the platforms are cause for concern, it said.

Until now, bitcoin-facilitating machines which total about 8,000 worldwide have appeared to operate outside national anti-money laundering (AML) laws, attracting users keen on privacy the wrong crowd, in governments eyes.

In Canada, regulators have become stricter on bitcoin ATM transactions, recently passing a law that compels operators to report all deals above 10,000 Canadian dollars (about $7,400), as part of measures to prevent money laundering and terrorism financing.

Germany, Spain and the United States are all cracking down on bitcoin ATMs, both for tax and AML purposes. The crypto teller machines allow users to buy and sell cryptocurrency. They can also work in remittances, allowing transactions between two fiat currencies, underpinned by bitcoin.

What do you think about regulators going after Bitcoin ATMs? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go here to see the original:

US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country via Machines | News - Bitcoin News

Yassine Elmandjra, a crypto asset analyst at ARK Invest, said in a May 24 tweet that the Bitcoin Cash (BCH) hashrate fell by 30% since its halving event, and only accounts for about 2% of the SHA-256 hashrate. Elmandjra now thinks its only a question of time before somebody takes advantage of the network:

Surprised we haven't seen a large scale attack yet.

According to data from BitInfoCharts, the Bitcoin Cash average daily hashrate fell by nearly 25.6% since its April 8 halving. Still, Elmandjra presumably did his calculations based on May 23 data, where the hashrate was down by about 33.52%. It is worth noting that the hashrate is currently much higher than where it initially was, after falling by over 61%.

As Cointelegraph reported earlier this month, Bitcoins hashrate has shed around 25%-40%, new blocks are generated remarkably slowly speed and fees significantly higher since the halving.

Hayden Otto is a Bitcoin Cash event organizer and founder of BitcoinBCH, a BCH-based development firm. Otto argues that Elmandjra was misled by the Bitcoin (BTC) narrative that Bitcoin Cash can be easily hacked by a 51% attack.

According to Otto, the formulas they use to determine the cost of a 51% attack does not consider important factors such as the incentives of miners. He believes that such an attack could not be executed as easily as many suggest, and this is why no such attack took place on the Bitcoin Cash network.

Otto added that Bitcoin Cashs hashrate is currently about 3.5% of Bitcoins and has remained there for years. According to Cointelegraphs calculations using CoinMetrics hashrate comparison chart data, BCHs hashrate is currently equivalent to 3% of BTCs. Furthermore, BCHs hashrate was equivalent to about 4% on May 20, 2019. This data seems to generally back Ottos point of view. He claims that an attack on Bitcoin Cash isnt realistic:

Bitcoin Cash is currently about 3.5% of BTCs hashrate and has been around this level for more than a year. Despite this there has been no attack because miners are profit-seeking and there is no incentive to attack. Any attacker will be challenged by honest miners defending the chain, and the 10-block reorg protection neuters any attempt to secretly mine a longer chain. The risk of losing money far outweighs any potential reward, which ultimately makes any attempt to 51% attack Bitcoin Cash unviable.

Still, as Otto himself pointed out Bitcoin Cashs hash rate is usually just about 3.5% of what Bitcoins hashrate is. Because of this, BCH arguably needs such block reorganization prevention measures more than Bitcoin, where the computing power needed to attempt such an attack would be prohibitively expensive.

Original post:

Analyst Is 'Surprised There Hasnt Been a Large-Scale Attack on Bitcoin Cash Yet - Cointelegraph

Since November 28, 2019, the Cashfusion protocol has helped facilitate 4,583 fusions to-date with roughly 40,564 bitcoin cash ($9.1M). Cashfusion is an extension of the Cashshuffle platform and the protocol has been deemed far more practical than other coinjoin protocols. Bitcoin Cash proponents are now waiting for the completion of the codebase audit, as the protocol will undergo a security audit from the well known firm Kudelski Security.

Cashfusion is a popular privacy-enhancing platform that is used for obfuscating bitcoin cash (BCH) transactions. The protocol has become very popular after many BCH supporter leveraged the previous platform called Cashshuffle. Cashfusion is an extension of Cashshuffle and makes transaction privacy even more enhanced.

The protocol has been reviewed by a number of people including the data analyst James Waugh. The analyst tested thousands of BCH transactions and combed through a number of inputs and outputs. Waugh realized that its not possible to establish a concrete link between fused transactions and he explained that Cashfusion is far more practical than other coinjoin protocols. Since then a great number of BCH supporters have been utilizing the privacy-enhancing software.

Since the end of November last year, BCH supporters have fused $9.1M worth of BCH or 40,564 BCH total. The 40,000 BCH was fused in 4,583 fusions with 266,752 inputs and 260,385 outputs. Users can see Cashfusion stats by leveraging Acidsploits stats.devzero.be/#/fusion website but also the web portal stats.cash is recording fusions as well.

The previous platform Cashshuffle still gets a lot of use and traction and since March 27, 2019 theres been 52,123 shuffles. Approximately 247,387 bitcoin cash has been shuffled since then as well or $55.8 million at todays exchange rates. On Fridays BCH fans celebrate Fusion Friday, as they gather together that day to produce a number of fusions. This trend was taken from Shuffle Saturdays, which sees participants shuffle more BCH every weekend.

Right now, BCH proponents are waiting for the security audit from Kudelski Security who will review the Cashfusion codebase and operations. Bitcoin.com and the grassroots BCH community raised $50,000 for the Kudelski audit and $50,000 for Cashfusion developer expenses.

After the Kudelski review of Cashshuffle, the developers launched the official version of the protocol. The Cashshuffle Kudelski review was positive and many BCH supporters look forward to the outcome of Cashfusions audit. The conclusion of the Cashshuffle audit explained that the protocol showed no significant deviations.

We further believe that the Cashshuffle codebase that we reviewed is implementing the Coinshuffle protocol with no significant deviations, and we did not find any evidence of malicious intent, flawed logic, or potential backdoor in the codebase, the security researchers at Kudelski said.

As governments and law enforcement officials worldwide continue to wreak havoc on financial privacy, Cashfusion is anticipated immensely for that reason. Further, blockchain analysis and surveillance have grown very large since the early days, and a better privacy option for bitcoin cash transactions that surpasses traditional coinjoin techniques, would be welcomed by the community. Lately, a number of BCH fans using the Reddit forum r/btc have been showing off their successful fusions and inputs and outputs.

What do you think about the $9.1 million worth of bitcoin cash fused so far? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

See original here:

$9M and Over 4,500 Fusions - Bitcoin Cash Supporters Anticipate the Cashfusion Audit | Technology Bitcoin News - Bitcoin News

A new liquidity protocol is bringing Bitcoin, Bitcoin Cash and Zcash to the Ethereum ecosystem.

Ren announced today their decentralized finance (DeFi) product RenVM is live on the Ethereum mainnet. RenVM enables private, permissionless value swaps between blockchains, using a decentralized set of programmatic custodians to transfer assets without a centralized authority.

RenVM will initially bring BTC, BCH, and ZEC to the Ethereum blockchain, providing groundbreaking liquidity between blockchains using smart contract technology.

In a next-generation financial system where cryptocurrencies are mainstream, blockchains must enable cross-chain value transfer across their respective protocols, and Ren is setting out to provide this catch-all utility, said Loong Wang, CTO and co-founder of Ren.

Ren raised over $33 million in a 2018 ICO led by Polychain Capital, FGB, and Huobi Capital for a trade order management product that eventually evolved into work on RenVM. RenVM is also supported by the Ren Alliance, a group of more than 50 organizations contributing to the security, utility, and development of RenVM. Prominent members of the Ren Alliance include IDEX, Kyber, bZx, Aave, and more. Members of the Ren Alliance represent thousands of potential users for the new protocol.

DeFi is all about removing the need for trusted intermediaries, and RenVM provides core infrastructure for DeFi to live up its founding ethos, said decentralized exchange IDEX CEO Alex Wearn. Our vision at IDEX is to enable our customers to trade any cryptocurrency without having to trust anyone else with custody of their funds, and RenVM brings us one step closer to that goal.

RenVM launched today on the Ethereum mainnet, but the protocol is designed to be applied to other blockchains like Tezos or Polkadot. The project uses a similar technique of wrapping and burning tokens on different blockchains to that used to create WBTC. However, RenVM is a fully decentralized protocol for performing these types of value transfer as opposed to the WBTC implementation that relies on trusted third parties.

Our goal is for RenVM to function as a bridge between not only Bitcoin and Ethereum, but any imaginable pair of blockchain-based tokens, including stablecoins like Libra and Chinas digital yuan, Wang said.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

More here:

New DeFi protocol brings Bitcoin Cash, Zcash swaps to Ethereum - Decrypt

On Monday, Bitcoin Cash (BCH) supporters were introduced to a Simple Ledger Protocol alliance called the SLP Foundation. According to the initial members, the SLP Foundation has been in the works since December 2019, and the primary goal is to foster SLP innovation and standards.

A new organization has been created called the SLP Foundation and it aims to bolster SLP development, growth, and common practices. The Simple Ledger Protocol (SLP) is an easy-to-use system that allows anyone to create tokens on top of the BCH chain. The new SLP Foundation will be a nonprofit group and it has already been funded by many crypto proponents since the idea came to life.

The foundation will be overseen by three directors including Peter NG, Joey Wong, and Bitcoin.coms former CEO Stefan Rust. Directors will help the foundation grow and assist in communications, according to the announcement. The SLP Foundation announcement states:

The SLP Foundations primary focus is to coordinate the common interests of the open-source developers working within the SLP ecosystem and to foster a healthy environment for growth and innovation.

The key developers will have the final say on SLP subject matter and the SLP Foundation believes this is the best way forward. News.Bitcoin.com spoke with Peter NG and he explained how the nonprofit envisions the foundation bolstering the SLP infrastructure and standards.

A foundation in a grassroots open source community operates as a constant tricky dilemma. We have to be aware of the existing developing community initiatives because sometimes funding deters open source development, Peter NG detailed during our conversation.

With regards to infrastructure, SLP 2020 was a no brainer, as we needed across the board performance improvements to keep up with the unexpected rapid growth of token usage. Future developments in infrastructure would first need ample understanding with businesses within our industry as well as beyond. We also have to be very careful that there is minimal bias so the benefit is more universal.

The SLP Foundation director added:

With regard to standards, SLP by design allows anybody to develop their own. So we are getting out of the way of that. Where standardization may be important is when were front-facing more traditional businesses that require this type of standardization to fit their existing business model.

Stefan Rust said that he believes SLP is an awesome protocol. Simplifying the tokenization on top of BCH. The foundation will continue to support the efforts of open-source projects enhancing the protocol fit to market needs while increasing its awareness among enterprise and consumers, Rust noted. The creator of Blockparty and a key SLP developer, JT Freeman, feels the same and believes coordination will be helpful.

SLP is the realization of colored coins on top of Bitcoin, making it easy to understand and to start building on almost immediately, Freeman said. Im very happy to see the coordination around the SLP Foundation to help this technology grow, and as a developer, knowing that the foundation will continue innovating and supporting SLP development makes it a safe bet to build on, the developer conceded.

What do you think about the new SLP Foundation? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, SLP Foundation, Simpleledger.cash

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 content, goods or services mentioned in this article.

Read disclaimer

More here:

Bitcoin Cash Tokenization Bolstered by the Creation of an SLP Foundation - Bitcoin News

Bitcoin Cash 4 Hour Price Update

Updated May 27, 2020 11:18 PM GMT (07:18 PM EST)

Bitcoin Cash closed the last 4 hour candle down 0.39% ($0.9); this denotes the 3rd candle in a row a decrease has occurred. Relative to other instruments in the Top Cryptos asset class, Bitcoin Cash ranked 3rd since the last 4 hour candle in terms of percentage price change.

228.11 (USD) was the opening price of the day for Bitcoin Cash, resulting in yesterday being one in which price moved down 1.06% ($2.45) from yesterday. This move happened on lower volume, as yesterdays volume was down 22.25% from the day before and down 34.24% from the same day the week before. Out of the 5 instruments in the Top Cryptos asset class, Bitcoin Cash ended up ranking 2nd for the day in terms of price change relative to yesterday. Here is a daily price chart of Bitcoin Cash.

Coming into today Bitcoin Cash is now close to its 20 and 50 day averages, located at 239.44 and 239.95 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days.

Over on Twitter, here were the top tweets about Bitcoin Cash:

Bitcoin Cash adoption cant happen until-the govt changes regulations-the economy collapses-bull run-anything that relies on a third party doing us a solid or completely screwing upWRONGBCH success relies on BCH doing the workPeriod.#BuildBCH #BitcoinCash

Bitcoin Cash has the potential to become the most popular cryptocurrency in the world

@KTrzeszczkowski @EmergentReasons I think Mitra doesnt compromise on any of the amazing properties Bitcoin Cash has, and actually complements it nicely (eg by allowing us to do stablecoins) while giving Bitcoin Cash the ability to compete in the same market as Ethereum, thus giving BCH more utility.

As for a news story related to Bitcoin Cash getting some buzz:

Moon Cash | Free bitcoin cash faucet

(This privacy policy is applicable to the Moon Cash web site)

All web servers track basic information about their visitors.You will earn a % bonus which builds up for every consecutive day that you make at least one faucet claim.So simply make a faucet claim at least once every day and your earnings will ROCKET TO THE MOON!!!(NOTE: Moon Cash uses UTC dates and times so these will be used to determine the days that you have made faucet claims)

Refer your friends, enemies and everyone else to Moon Cash and recieve a massive 25% lifetime commission on all their faucet claims!

More here:

Bitcoin Cash (BCH) Down $0.37 Over Past 4 Hours; Entered Today Down 1.06% - CFDTrading

Bitcoin fell by 0.62% on Tuesday. Partially reversing a 2.20% gain from Monday, Bitcoin ended the day at $8,845.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $9,013.3 before hitting reverse.

Falling short of the first major resistance level at $9,037.13, Bitcoin slid to a late afternoon intraday low $8,704.9.

Steering clear of the first major support level at $8,693.43, Bitcoin recovered to $8,800 levels to limit the loss on the day.

The near-term bearish trend, formed at late June 2019s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

Across the rest of the majors, it was another mixed day for the majors on Tuesday.

Moneros XMR rose by 0.24% to buck the trend.

It was a bearish day for the rest of the pack, however.

Bitcoin Cash SV slid by 2.57% to lead the way down.

Binance Coin (-1.04%), Ethereum (-1.58%), Litecoin (-1.61%), Ripples XRP (-1.20%), Stellars Lumen (-1.76%), and Tezos (-1.54%) also struggled.

Bitcoin Cash ABC (-0.18%), Cardanos ADA (-0.69%), EOS (-0.76%), and Trons TRX (-0.74%) saw relatively modest losses on the day.

Early in the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Tuesday high $247.84bn. At the time of writing, the total market cap stood at $243.55bn.

Bitcoins dominance fell to a Monday low 66.38% before rising to a Tuesday high 66.86%. At the time of writing, Bitcoins dominance stood at 66.57%.

At the time of writing, Bitcoin was down by 0.24% to $8,824.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,896.5 before falling to a low $8,822.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardanos ADA and Moneros XMR led the way down, with losses of 0.87% and 0.53% respectively.

Ethereum (+0.28%), Litecoin (+0.17%), and Ripples XRP (+0.49%) bucked the trend early on.

Bitcoin would need to move through to $8,860 levels to bring the first major resistance level at $9,004.23 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,896.5.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,162.97 would likely come into play.

Failure to move back through to $8,860 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,822.2 would bring the first major support level at $8,695.83 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,546.17.

This article was originally posted on FX Empire

Continue reading here:

The Crypto Daily Movers and Shakers -27/05/20 - Yahoo Finance

May 27, 2020 at 11:38 // News

Bitcoin Cash is trading and has fallen to a disappointing low of $228 after a series of downward moves. Originally, BCH was fluctuating between $230 and $280.

Unfortunately, BCH upward move was restricted below $255 resistance after May 10 bearish impulses. The bears were unrelenting as selling pressure pushed the coin to $224 low.

Now BCH trades in a tight range between $224 and $240. There is a possibility of an upward move if price rebounds and break s above $240 resistance. The price will rally above $255 and the momentum will extend to $280 resistance. Conversely, if the bulls fail to break above $240 resistance, the bears may break the $224 support level. This will further depreciate the coin to $216 low.

The BCH downtrend has pushed the coin above the 25% range of the daily stochastic. A further downward move will catapult the crypto into the oversold region. Meanwhile, the coin is in a bullish momentum but it is weak.

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

Bitcoin Cash has been in a downward move. The coin is fluctuating between $224 and $240 price levels. In this range, the price may encounter a breakdown or a breakout may occur. The current support at $224 has been tested by the bears on three occasions and it appears to be strong.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Link:

Bitcoin Cash Breaches More Supports after Rejection from $280 Resistance - Coin Idol

Bitcoin slid by 5.08% on Sunday. Reversing a 0.15% gain from Saturday, Bitcoin ended the week down by 9.91% to $8,710.10.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $9,300.0 before hitting reverse.

Bitcoin came up against the first major resistance level at $9,295.47 before falling to a late afternoon low $8,859.2.

The reversal saw Bitcoin fall through the first major support level at $9,064.27 and the second major support level at $8,952.93.

Finding late support, Bitcoin briefly recovered to a high $9,075 before a final hour sell-off.

The sell-off saw Bitcoin slide back through the first major support level and second major support level to an intraday low $8,688.0.

The near-term bearish trend, formed at late June 2019s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

Across the rest of the majors, it was also a bearish end to the week on Sunday.

Cardanos ADA slid by 6.80% to lead the way down.

Bitcoin Cash ABC (-5.47%), Litecoin (-4.08%), Moneros XMR (-4.06%), Stellars Lumen (-4.74%), Tezos (-4.31%), and Trons TRX (-5.15% werent far behind.

Binance Coin (-3.09%), Bitcoin Cash SV (-3.77%), EOS (-2.84%), Ethereum (-3.38%), and Ripples XRP (-3.27%) saw relatively modest losses on the day.

Sundays sell-off delivered mixed results for the week, however.

Cardanos ADA and Tezos bucked the trend, with gains of 0.20% and 0.81% respectively, Monday through Sunday.

It was a week in the red for the rest of the majors, however.

Bitcoin Cash ABC and Stellars Lumen led the way down, with losses of 7.72% and 7.04% respectively.

EOS (-4.92%), Moneros XMR (-6.72%), Ripples XRP (-4.45%), and Trons TRX (-5.43%) werent far behind.

Binance Coin (-1.90%), Bitcoin Cash SV (-2.71%), Ethereum (-3.58%) and Litecoin (-3.75%) saw relatively modest losses for the week.

In the week, the crypto total market cap rose to a Monday low $268.50bn before falling to a Sunday low $239.63bn. At the time of writing, the total market cap stood at $242.29bn.

Bitcoins dominance rose to a Monday high 68.31% before falling to a Sunday low 66.51%. At the time of writing, Bitcoins dominance stood at 66.64%.

At the time of writing, Bitcoin was up by 0.83 to $8,782.2. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.0 before striking a high $8,808.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Trons TRX (+1.57%), Tezos (+1.20%), Ethereum (+1.06%), Bitcoin Cash ABC (+1.23%), and Binance Coin (+1.11%) led the way early on.

Moneros XMR was down by 0.15%, however, to buck the trend.

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,110.73 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,808.7.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could revisit $9,300 levels before any pullback. We would expect Bitcoin to come up short of the second major resistance level at $9,511.37, however.

Failure to move through to $8,900 levels could see Bitcoin hit reverse.

A fall back through the morning low $8,620.0 would bring the first major support level at $8,498.73 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,287.37.

This article was originally posted on FX Empire

Read the rest here:

The Crypto Daily Movers and Shakers -25/05/20 - Yahoo Finance

As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets at zero taxes.

Circumstances vary, but the real motivation leans more toward facilitating increased investment within the respective jurisdictions cryptocurrency industries, perhaps as a base for future taxation. For now, that has not happened yet. Heres a list of eight countries in no order of importance which may be considered as bitcoin tax havens, states that dont want your BTC investment gains.

In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting meaning that individuals do not have to pay capital gains tax or value added tax (VAT), when buying or selling BTC and other digital assets. The Portugal Tax Authority (PTA) said an exchange of cryptocurrency for real currency constitutes an on-demand, VAT-free exercise of services.

While citizens are under no obligation to pay income tax when exchanging crypto for fiat, the PTA, however, indicated that businesses which accept digital currencies as payment for goods and services are liable to paying taxes such as VAT and income tax. The income tax relief makes Portugals laws some of the most favourable throughout the world, given how income tax is a huge expense on the accounts of most crypto traders.

If you hold bitcoin for one year or more in Germany, you wont have to pay any taxes. Regardless of how much money you make selling your BTC, you do not pay capital gains as long as you have held your coins for a period exceeding 12 months.

Europes biggest economy regards BTC as private money, contrary to the widespread view in most developed countries, which look at crypto as currency, commodity or equity. In Germany, private sales that do not exceed 600 euros ($654) are tax-free. Businesses, however, are still obliged to pay taxes on gains emanating from bitcoin through corporate income taxes.

Both individuals and corporates who hold BTC or other digital assets as a long-term investment are not taxed in Singapore simply because capital gains tax does not exist in the city-state itself.

However, enterprises based in Singapore are liable to income tax, should they be involved in cryptocurrency trading as a core business. Those that opt for bitcoin as payment for services rendered, or revenue, are subject to normal income tax rules. Companies are taxed on the profit generated within Singapore.

As with neighboring Singapore, there are no capital gains tax in Malaysia. Cryptocurrency trades involving cash or another digital asset are not taxed in the Southeast Asian country. However, this will likely change if BTC is recognized as legal tender in Malaysia, as has been rumoured in the local press in recent months.

In the Eastern European country of Belarus, a new law that came into effect in March 2018 legalized cryptocurrency, exempting individuals and businesses from any form of taxation for dealing in or with digital financial assets in whatever way, at least until 2023.

Individual activities such as mining or buying and selling of crypto, are considered personal investments, and therefore, are not subject to tax. Similarly, registered businesses operating in the special economic zone of High Technologies Park near the capital Minsk, involved in mining, trading, initial coin offerings or other crypto-related operations are not taxed.

For Slovenia, the tax system for individuals and companies involved with BTC is rather different. While no capital gains is levied on citizens for the sale of bitcoin and other cryptocurrencies, they are still expected to pay income tax regardless of the currency being exchanged. However, companies that receive payment in BTC or from crypto mining are required to pay tax at the corporate tax rate.

The taxation of corporations depend on the circumstances of a particular case and the information provided in the declaration: income recipient status; type of income. If profits are recognized as capital gains, then the tax is 19%, say experts.

The famed blockchain island of Malta does not tax long-held digital currencies, either for capital gains or VAT. However, crypto trades executed within the day are considered similar to day trading in stocks or foreign exchange, attracting tax as business income at the rate of 35%.

Malta is perhaps one of the most crypto-friendly countries in the world, initiating legislation that has legalized a variety of crypto operations in the country. The government recognizes bitcoin as a unit of account, medium of exchange, or a store of value.

In Switzerland, one of Europes crypto havens, qualified individuals that buy, sell or hold cryptocurrencies for personal benefit are not required to pay tax on their capital gains. However, income from mining, considered self-employment income, is taxed through income tax. Profitable crypto trading by qualified professionals is subject to corporate tax while wages paid in bitcoin must be declared for income tax purposes.

What do you think about bitcoin taxation around the world? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Originally posted here:

Eight Countries That Don't Tax Your Bitcoin Gains | Finance Bitcoin News - Bitcoin News

On May 7, the decentralized finance (defi) startup General Protocols revealed the team has raised over $1 million from investors. The creators of General Protocols have introduced innovative projects on the Bitcoin Cash network such as Anyhedge, and have also participated in helping forward the Bitcoin Cash Node (BCHN) project and Flipstarter.cash.

The BCH community was pleased to hear that a startup dedicated to the Bitcoin Cash blockchain and decentralized finance (defi) has raised $1 million this week. The company called, General Protocols, is behind the Anyhedge project which is a blockchain-enforced synthetic derivatives protocol for Bitcoin Cash (BCH). News.Bitcoin.com reported on the project during the first week of April. According to the teams press release, the latest funding stems from the cryptocurrency trader Marc De Mesel and a variety of other investors. The team is thrilled to get funding to push the startups goals forward in order to deliver defi to the BCH community.

We are delighted that aligned investors are supporting us in our vision to bring defi to Bitcoin Cash, said John Nieri a.k.a. emergent_reasons, President of General Protocols. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.

General Protocols team members helped with the construction of Flipstarter.cash, a noncustodial fundraising platform. Additionally, the startup also volunteered efforts toward the new Bitcoin Cash full node implementation called BCHN. The project Anyhedge aims to be the first defi protocol on any branch of Bitcoin and the platform will launch in cooperation with Cryptophyls new noncustodial exchange, Detoken.

Further two former Bitcoin.com team members Marcel Chuo and Rosco Kalis have joined the General Protocols company. Kalis is well known for his work on the Cashscript protocol in order to create a new generation of smart contracts on the Bitcoin Cash network. Chuo will handle business relationships and his background includes global expansion and coordinating with well known tech firms like HTC. During the investment announcement for $1 million into General Protocols infrastructure, Kalis said he looks forward to working on the blockchain-enforced synthetic derivatives protocol for Bitcoin Cash.

Im excited to be working on Anyhedge with the great team at General Protocols, Kalis explained during the announcement.

What do you think about the $1 million dollar investment into General Protocols? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, General Protocols, Anyhedge

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 content, goods or services mentioned in this article.

Read disclaimer

See original here:

Decentralized Finance Startup Focused on Bitcoin Cash Raises $1 Million for Expansion - Bitcoin News

Key Resistance Levels: $279, $300, $322

Key Support Levels: $236, $215, $200

Bitcoin Cash saw a slight daily increase following a nice recovery from $236 this week, although the gain is still mild compared to the recent $1000 surge in Bitcoins price (from $9000 $10000).

While most of the top cryptocurrencies created a new 7-week high, Bitcoin Cash is still struggling below the mid-March drop level of $280 where the grey supply zone lies in the above price chart.

Buyers appeared to be stepping back in the market following the latest positive moves. The double-bottom pattern around $236 is also an indication of a potential price increase.

BCH might see a massive price growth once the bulls manage to conquer the grey supply zone. However, the price may remain trapped if it continues to suppress bullish actions. As of now, Bitcoin Cash is starting to show strength and currently priced around $270 against the US Dollar.

Following this weeks bullish trajectory from $236 to a current price of around $270, BCHs next target lies at $279. A successful cross above the $280 level should send price straight to $300 and $322 resistance.

As can be seen on the graph, Bitcoin Cash is relying on the green trend line. In case of a breakdown, the first level to watch for is $236 (the weekly support), followed by $215 support. The price may roll to $200 if the selling volume continues to increase.

Key Resistance Levels: 0.030 BTC, 0.0325 BTC

Key Support Levels: 0.0248 BTC, 0.022 BTC

After finding a bottom in March, Bitcoin Cash saw a decent 34% recovery to reach 0.038 BTC level on April 8 before the price got rejected. It is now trading at around 0.0275 BTC.

In fact, Bitcoin Cash is now around the green line of the 0.0275 BTC support that got broken down during the mid-week. The recovery is likely to become significant if the bulls push higher. Considering the latest positive developments, BCH bulls appear to be showing a lot of commitment to the upside. However, the buying pressure could end soon.

If Bitcoin Cash manages to find support at the immediate green trend line, more bullish action could be expected soon. The bears are likely to resume pressure if the level fails to hold.

Bitcoin Cash recovery above Marchs low is now providing buyers with more opportunities in the market. The resistance to watch above this line is 0.0325 BTC, marked grey. Its also important to keep an eye on the key level of 0.030 BTC along the way to confirm more gains.

For a bearish continuation, the level to watch here is 0.0275BTC. If it fails to act as support for Bitcoin Cash, the price may roll back to 0.024 BTC.

Enjoy reading? Please share:

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency chartsby TradingView.

Follow this link:

Bitcoin Cash Price Analysis: BCH Broke The Crucial Resistance At $280, Wheres The Bottom? - CryptoPotato

Bitcoin tumbled by 8.55% on Sunday. Following on from a 2.66% fall on Saturday, Bitcoin ended the week down 2.01% at $8,722.2

A particularly bearish start to the day saw Bitcoin tumble from an intraday high $9,559.0 to a first-hour intraday low $8,101.0.

Bitcoin slid through the days major support levels before partially reversing losses from the first hour.

A move back through to $8,900 levels saw Bitcoin break back through the third major support level at $8,761.93.

The partial recovery was short-lived, however. Through the 2nd half of the day, Bitcoin fell back to $8,500 levels before briefly revisiting $8,800 levels.

A final hour pullback saw Bitcoin slip back through the third major support level.

The near-term bearish trend, formed at late June 2019s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

Across the rest of the majors, it was also a bearish end to the week for the pack.

Bitcoin Cash ABC and Bitcoin Cash SV led the way with losses of 12.08% and 12.65% respectively.

EOS (-11.00%), Ethereum (-10.63%), Litecoin (-10.22%), Stellars Lumen (-10.00%), and Trons TRX (-10.77%) also saw particularly heavy losses.

Binance Coin (-8.30%), Cardanos ADA (-7.17%), Moneros XMR (-7.02%), Ripples XRP (-8.68%), and Tezos (-8.95%) saw more modest losses.

For the week ending 10th May, Sundays reversal left the majors in the red.

EOS led the way down, with a 13.83% tumble.

Binance Coin (-10.44%), Bitcoin Cash SV (-11.81%), Ethereum (-10.71%), Litecoin (-12.48%), Ripples XRP (-10.06%), Stellars Lumen (-12.28%), and Trons TRX (-10.50%) werent far behind.

Bitcoin Cash ABC (-7.01%), Cardanos ADA (-3.05%), Moneros XMR (-5.75%), and Tezos (-6.90%) saw more modest losses in the week.

Through the week, the crypto total market cap rose from a Monday low $240.56bn to a Friday week high $271.32bn before Sundays meltdown. On Sunday, the total market cap slumped to a week low $230.79bn before support kicked in. At the time of writing, the total market cap stood at $241.12bn.

Bitcoins dominance rose from 65% levels to hit 68% levels on Friday before sliding back. At the time of writing, Bitcoins dominance stood at 67.0%.

24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Sunday high $209.17bn. At the time of writing, 24-hr volumes stood at $192.66bn.

At the time of writing, Bitcoin was up by 0.38% to $8,755.1. A bullish start to the day saw Bitcoin rise from an early morning low $8,721.2 to a high $8,800.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day. Bitcoin Cash ABC and Moneros XMR were up by 1.86% and by 1.91% respectively to lead the way.

Bitcoin would need to break back through to $8,800 levels to bring the first major resistance level at $9,487.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring a broad-based crypto rally, resistance at $9,000 would likely pin Bitcoin back on the day.

In the event of rebound, the first major resistance level would likely limit any upside on the day.

Story continues

Failure to break back through to $8,800 levels could see Bitcoin fall back into the deep red.

A fall through back through the morning low $8,721.2 would bring the first major support level at $8,029.13 into play.

In the event of another extended sell-off, the 38.2% FIB of $7,730 could come into play

Bitcoins halving event, expected within the next 24-hours, contributed to the recent volatility. Profit taking ahead of the event led to Sundays reversal. It remains to be seen if Bitcoin can avoid a retracement to the March swing lo $4,000. Late support on Sunday and early this morning suggests so, but avoiding sub-$8,000 levels will be key.

This article was originally posted on FX Empire

Read the original post:

The Crypto Daily Movers and Shakers -11/05/20 - Yahoo Finance

Bitcoin fell by 1.88% on Friday. Partially reversing a 9.06% rally from Thursday, Bitcoin ended the day at $9,792.4.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,025 before hitting reverse.

Falling short of the first major resistance level at $10,340.07 and 62% FIB of $10,034, Bitcoin slid to a mid-morning intraday low $9,705.0.

Steering clear of the first major support level at $9,324.07, Bitcoin bounced back to $10,000 levels before a late slide.

Falling short of the 62% FIB of $10,034, Bitcoin slid back to $9,700 levels to end the day in the red.

The near-term bearish trend, formed at late June 2019s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

Across the rest of the majors, it was a mixed day for the pack on Friday.

Bitcoin Cash ABC rose by 2.71% to lead the way.

Binance Coin (+0.53%), Bitcoin Cash SV (+0.91%), Cardanos ADA (+1.19%), Litecoin (+0.65%), Stellars Lumen (+0.41%), Tezos (+1.14%), and Trons TRX (+1.10%) also saw green.

It was a bearish day for the rest, however, with Moneros XMR sliding by 3.52% to lead the way down.

EOS (-0.64%), Ethereum (-0.43%), and Ripples XRP (-0.05%) also joined Bitcoin in the red.

Through the current week, the crypto total market cap rose from a Monday low $240.56bn to a Friday high $271.32bn. At the time of writing, the total market cap stood at $269.10bn.

Bitcoins dominance held onto 65% levels following Mondays modest loss, before the mid-week breakout that delivered 68% levels. At the time of writing, Bitcoins dominance stood at 67.5%.

24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Friday high $205.18bn. At the time of writing, 24-hr volumes stood at $168.77bn.

At the time of writing, Bitcoin was up by 0.93% to $9,883.6. Bitcoin fell to an early morning low $9,723.3 before striking a high $9,876.6.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was another bullish start to the day for the rest of the majors.

Binance Coin and Bitcoin Cash ABC led the way early on, with gains of 1.52% and 1.54% respectively.

Bitcoin would need to avoid sub-$9,840 levels to bring the first major resistance level at $9,976.6 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,876.6.

Barring a broad-based crypto rally, the first major resistance level would likely leave Bitcoin short of the 62% FIB.

In the event of another breakout, the second major resistance level at $10,160.8 would come into play.

Failure to avoid sub-$9,840 levels could see Bitcoin struggle on the day.

A fall through back through the morning low $9,723.3 would bring the first major support level at $9,656.6 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,700 levels.

This article was originally posted on FX Empire

Read the original post:

The Crypto Daily Movers and Shakers -09/05/20 - Yahoo Finance

Longtime hedge fund manager Paul Tudor Jonestold CNBC on Monday that Wall Street could be witnessing the historic "birthing of a store of value" through popular cryptocurrency bitcoin.

"It's a great speculation," Jones said on "Squawk Box."

He said he has "just over 1% of my assets in bitcoin. Maybe it's almost 2. That seems like the right number right now."

"Every day that goes by that bitcoin survives, the trust in it will go up," he added.

Jones, founder and chief executive at Tudor Investment and largely considered one of the best macroeconomic traders ever, told investors in a recent letter that he's betting on bitcoin as part of a far-larger strategy of maximizing profits.

For investors who have followed Jones' success in predicting the path of economic events, including his prescient bets against the U.S. stock market in 1987, his foray into cryptocurrency may seem unusual. But Jones defended his new investment, especially versus other stores of value like U.S. dollars.

Modern government-backed currencies, he argued, will almost always diminish in value over time. Many investors shy away from cash over the long term as legislatures continue to spend more than they generate in revenues and lean on central banks to pump cash into the economy, decreasing the purchasing power of each individual dollar.

"If you take cash, on the other hand, and you think about it from a purchasing power standpoint, if you own cash in the world today, you know your central bank has an avowed goal of depreciating its value 2% per year," Jones said. "So you have, in essence, a wasting asset in your hands."

Bitcoin, on the other hand, isn't subject to the whims of government spending, but is itself risky because it's only 11 years old, Jones said.He also confirmed that he has a portion of his portfolio invested in gold, a popular inflation hedge, and said he thought the metal could go "substantially higher" if inflation spikes.

"When I think of bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be," he said. "But I'm very conservative. I'm going to keep a tiny percent of my assets in it and that's it. It has not stood the test of time, for instance, the way gold has."

Jones also said Monday that the economy would be in a "Second Depression" if the coronavirus pandemic doesn't get contained in a year.

The investor told CNBC in late March that the stock market could shoot higher by June if Covid-19 cases began to peak. The S&P 500 is up more than 15% since those comments on March 26 and the Nasdaq Composite has since turned positive for 2020.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Originally posted here:

Paul Tudor Jones calls bitcoin a 'great speculation,' says he has almost 2% of his assets in it - CNBC