Over the past 60 days, Bitcoin has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months.

Over the past few years, as institutional traders and more serious players have entered the Bitcoin market, the demand for future derivatives for the cryptocurrency has exploded.

This was confirmed with a report from industry outlet The Block.

They reported that as of February 13th, the aggregated amount of open interest on Bitcoin futures contracts surpassed $5 billion, with traders on BitMEX, OKEx, Bakkt, CME, and other key platforms throwing billions of dollars at the asset.

This is far above the approximately $4 billion in open interest seen in January of the $2.5 billion in December.

The massive eruption in the open interest seen in Bitcoin futures contracts could have an extremely positive effect on the underlying market.

The below chart which shows what trends in an assets volume, open interest, and price means for said assets future trajectory indicates that the most optimistic scenario for any market is if the assets price, volume, and open interest for its futures market rise in tandem, suggesting strength, bullish price action, and an overall trend of prices rising.

As can be seen, the past few months have seen open interest in Bitcoin futures erupt higher. This, of course, comes on the back of an uptick in volume as investors re-enter the cryptocurrency markets and a decisive uptrend forming in the trading value of digital assets.

The simultaneous growth of these three metrics would suggest Bitcoin is on the verge of an even greater bull run than what was already seen.

This is far from the only thing that has Bitcoin bulls enthused.

Prominent trader Sawcruhteez recently noted that the three-day Ichimoku Cloud for Bitcoin is now fullybullish, with prices breaking through the cloud resistance and with the future cloud twisting positive. The indicator signaled a buy at $10,268, suggesting more upside is imminent.

Sawcruhteez called Bitcoins reversal at the start of the year, saying he expected for the asset to trade in the mid-$9,000s by the middle of the month (he was proven correct).

Also, Crypto Bull notedthat with BTCs latest price action, the price of the cryptocurrency has, for the first time ever, broken above a downtrend that has constrained prices since the $20,000 top seen in December 2017.

The fact that Bitcoin is now past this key resistance, the analyst who pointed it out wrote, is a sign that short liquidations are coming and a potential sign that the biggest weekly green candle in Bitcoins history is right on the horizon.

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This Bitcoin Metric Is Over 100% Higher in 2 Months, and Its Critical for Bulls - newsBTC

The bitcoin boom is back on.

The cryptocurrency has risen 46% this year, pulling back above $10,000 this week for the first time since September.

The rally is far from over, according to MKM Partners chief market technician JC O'Hara.

"When we look at cryptos as a whole, they tend to trade in two distinct phases. The first being dormant consolidation, which is followed by phase two, which is a high-momentum phase," O'Hara told CNBC's "Trading Nation" on Wednesday. "And when you look at bitcoin we're starting to see signs that the dormant consolidation from the second half of last year is slowly starting to change in terms of positive bullish momentum here."

Bitcoin reached a near-term bottom in December and has been on a steady rise since then.

"We broke out of the downward sloping trend channel. We're breaking above the $10,000 psychological level, and we're of the opinion that positive momentum will continue to follow positive momentum. So that's why we think in the short term we could see $12,000 on bitcoin," O'Hara said.

Bitcoin was trading at $10,100 on Thursday morning. A move to $12,000 implies 18% upside from current levels. It briefly topped that level last summer.

Mark Tepper, president of Strategic Wealth Partners, is dipping a toe into bitcoin but isn't ready to jump all the way in.

"Overall, we're seeing investors just continue to diversify away from traditional stocks and bonds towards alternatives. Bitcoin could fit into that alternative sleeve, but I still think it's a little too early," Tepper said during the same segment. "The fact that it's becoming significantly less volatile, if you could imagine that, over the last two years is definitely helping its case."

Tepper holds bitcoin but isn't a believer yet. He says if it shot higher, "we'd be happy but if it goes to zero it's not going to change our lives."

"In my opinion, not an investment just yet still a speculative play," said Tepper.

Bitcoin is up nearly 200% over the past 12 months.

Disclaimer

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Here's how bitcoin gets to $12,000 - CNBC

(Photo by Mladen Antonov

Bitcoin has been an excellent gauge of trouble in China since the trade war kicked off in 2019. China has capital controls and massive wealth, so that in times of stress huge volumes of money will seek havens, of which bitcoin is an asset with a tiny market cap when compared to the wall of money in the system.

If you put yourself in the position of a wealthy mainland Chinese person, what would you be thinking right now? It is scary enough for us in the West to see this outbreak when there are barely 600 infections, imagine when you are kettled in China with tens of thousands of infections and travel bans all around.

Would you not buy some bitcoin (BTC)? I believe that this reality has been feeding directly into bitcoins price. So when the infection numbers out of China were showing drops in the rate of growth, it was strange to see bitcoin staying at highs above $10,000. They fell back under $10,000, as you would expect if the BTC thesis and infection numbers were going the right way, but suddenly the price popped back up to $10,500.

The Bitcoin price reacts to the coronavirus

That meant either the thesis was mistaken, or the numbers were wrong.

Well, today the numbers have been revised up dramatically and heads have rolled in the Chinese government. Markets, which had rallied on the old numbers showing growing control of the outbreak, slumped.

The thesis that bitcoin is a gauge for the outbreak holds.

So what does bitcoin at $10,000 tell us if this theory is right? It suggests that the outbreak is just about under control but that the situation is fragile. The official numbers are now hard to project in China with the range of outcomes going from 100,000 to 500,000 total infections, with the skies the limit possibility if these new numbers are more disinformation.

For those outside China, the key is the growth rate of infection and the rate of control for the current tally of around 500-600. This number can be expected to rise to a peak of total infections in mid- to late-March with similar timing to peak numbers in China. This is the growth rate that we need to watch. If the growth rate continues to fall, we can breathe a sigh of relief.

If bitcoin takes another leg up and hits $14,000, it will be time to make some serious plans. I have a fairly decent amount of BTC and I can assure you I would like to see it back under $10,000, because if bitcoin starts to drift down the chances are the outbreak is under control.

While the BTC coronavirus remains good we can hope to see it soon flagging good news. We should know next week. Meanwhile, Ill be watching bitcoin and the rest of world infection numbers to gauge what happens next.

Free From Forbes: Get the most important news on crypto and blockchain straight to your inbox. Sign up for Forbes Crypto Confidential.

Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.

Chamber won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

Read more:
Bitcoin Is Proving The Best Gauge Of The Coronavirus Outbreak After China Stats Shock - Forbes

A Guide to the Economics of Bitcoin.

Bitcoins price has been on a wild ride since its inception. 2017 alone saw massive gains, starting the year at under $1,000 and, at its peak, breaking $19,000, according to industry site CoinDesk. Then we saw a deep fall in 2018 and stability in 2019. What drives its value and why does a significant market still invests heavily in it is a question non-believers often ponder. This piece tries to address this query and help us understand the value behind Bitcoin or any Cryptocurrency. We are looking at a time where the mode of payments are changing in a short span of time.

From e-wallets to payment applications, the ways one can trade have multiplied but for trading commodities, the number of innovations can be counted on fingertips. The value behind Bitcoin or any cryptocurrency is often less understood by the larger audience. This also comes from the fact that people dont understand the value behind a FIAT currency. As the popularity around Bitcoin and other cryptocurrencies rises and there is a rise and fall in their pricing, many have this question: From where does Bitcoin get its value?

Read more: Increasing Your Profits with Bitcoin Affiliate Programs

An intrinsic value of a commodity is a value that a product possesses in itself. It does not require an additional source to provide it with a value. Eg: Sweetness is an intrinsic value of sugar. Every commodity earns its value if there is a price that people would pay to obtain it. Today, we accept any fiat currency in exchange for goods or services as we understand that in turn, the fiat currency can be traded again to obtain other goods or services.

Well, certain currencies that are backed by precious metals like gold and silver have an intrinsic value. But, today most of the global currencies are Fiat Currencies. A commodity to be valuable hence needs to be exchangeable for a similar value. The commodity also must be able to hold or store this value so as to be traded in the future. Add to that, if the commodity in place is limited in supply then its value increases over time with demand.

Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government. It is important to understand here that this demand and supply is decided by the participants of the network who are bringing a fiat currency into use. For example, within a network, I trade a $100 note for a mobile phone, I am essentially exchanging value worth $100 for the phone. The store-keeper, takes the $100 note and buys his meal with the same or invests it to create more value. Fiat currency or money establishes the exchange of value with the help of the governments backing

Similar to Fiat currency, Bitcoin (or most of the cryptocurrencies) is also not backed by any gold or silver hence does not have any intrinsic value. The value of any currency comes from the backing of the state and the trust that people have over the government. Hence, for any money to be established as an exchange of value within a network, it is important for the network to trust it regardless of who (or what) is backing it.

This is exactly where Bitcoin is gaining its value. The trust which millions of people have imparted on a cryptocurrency in a completely trustless environment decides the value of the cryptocurrency. Millions of miners and traders are altogether considered the participants of the Bitcoin network who trust the worlds largest cryptocurrency and are deciding its price on the sole principle of its demand and supply.

The understanding of the shift the culture of electronic mode of payments and digital currencies are bringing is pivotal for a user to understand this entire ecosystem.

Electronic mode of payment is simply lesser use of traditional currency and direct exchange of value between two parties through a digital medium. We have witnessed a sudden shift to electronic method of payment in recent years due to its ease, transparency and accuracy. Hence, it is easier to find the source. With the introduction of Payment apps or wallet apps like Paytm, Google Pay, PhonePe etc, cashless mode of transaction has caught massive traction. Cashless mode of payment is one example for The Network Effect. Network effect in economics suggests that the value of a good increases with more number of people utilizing it.

Though daily transactions done digitally are swift, the same cannot be said about large transactions or overseas transactions. Such transactions are time-consuming and are subjected to a highly volatile exchange rate.

Cryptocurrencies solve these problems with its decentralized infrastructure making direct money transfers quick, traceable, transparent, and immutable. Complying it to the principles of the network effect, cryptocurrencies will get more value as adoption increases. Having a single phone is pretty useless as no calls can be made through it. But as soon as the number of phones increases, the value increases exponentially. Hence, with Bitcoin, adoption is the factor which will play the leading role in adding value to it.

Beyond the laymans narrative, economics defines two essential characteristics for a commodity to have value Utility and Scarcity. Scarcity means a finite supply of goods or services. Bitcoin and many cryptocurrencies are limited currencies. That means, there is just a finite number of the same available. Bitcoin, for instance, has set a cap of 21 Million Bitcoins. Analysts note that this scarcity feature of Bitcoin increases its desirability over other assets including gold. With gold, although the supply is limited, we arent really sure of the total amount available. A sudden influx of supply will crash prices and may hurt overall markets. However, a similar Gold Rush isnt possible with Bitcoin as no hidden treasure is going to be ever discovered.

Keeping in mind the cashless mode and a few other factors which make up a fiat currency, let us think about Bitcoin and other cryptocurrencies. As we know that Bitcoin or any other Cryptocurrency doesnt have a solid counterpart. It is purely digital in nature. It automatically brings all the benefits of Digital mode of transactions, in addition to that, the time taken to complete the transaction is far less.

Bitcoin comes with the security of Blockchain which makes it difficult to counterfeit or to play around with. Another point here is that Bitcoin has a cap of 21 million units out of which 17.3 million are in circulation. The program used to create or mine bitcoin will simply stop once the set number is achieved. This makes Bitcoin accountable in itself. As mentioned above BitCoin has a value in itself. It is free from the worry of finding an appropriate store of the value that is there inherently in Fiat money.

Adding to this, Today a cryptocurrency gets its utility as a mode of payment due to two key factors Transaction Costs and Transaction Time. Cost to transfer a cryptocurrency like Bitcoin is near minimal as the number of parties involved is technically only two. Its more like a cash transaction done digitally. This reduces the overall cost of transactions significantly. With the added security layer provided by Blockchain, this is perhaps the safest way to transfer value digitally.

Transaction Time or time to realize the payment in the sellers account is in the tune of a few minutes at max with crypto-currencies. Compare this with days with traditional fiat currencies. A global e-commerce major like Amazon, which has millions of transactions in a day globally cannot afford such high costs as well as cash-flow challenges. Hence, today globally, many companies have started collecting payments using Bitcoin or similar cryptocurrencies.

As seamless as, the change has been from the traditional mode of exchange to electronic mode, Cryptocurrency has the potential to be as swift and seamless in adoption and as more and more people will accept it, its value will increase. It will be a strong alternative to money and has the potential to become a truly global currency.

Read more: Blockchain Holds the Key to a New Era of Automation

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Bitcoin Has No Intrinsic Value. Then What Gives Bitcoin Value? - AiThority

Northern Data AG and Whinstone US are on the verge of launching the first stage of an enormous Bitcoin mining farm in Texas. And now we know the first business partner that will make use of some of that extensive capacity.

SBI Crypto, a wholly-owned subsidiary of Japanese financial services company SBI Holdings (part of the SBI Group), today announced a strategic alliance with the two companies, with plans to be one of the first companies housed at the Texas facility.

Additionally, SBI Crypto will collaborate with Northern Data on other blockchain infrastructure and software development initiatives, and per a release, is positioned for potential equity participation in Northern Data.

"We are very pleased to have SBI as a great partner, and one of the leading international financial and technology holding companies by our side," said Northern Data AG CEO Aroosh Thillainathan, in a release. "With its activities to date, SBI Holdings has impressively demonstrated its leadership in the emerging crypto and blockchain industry. This partnership gives us the potential to grow even faster by joining forces."

SBI Crypto is focused on crypto mining initiatives, and the company is part of a broader Fintech 2.0 campaign kicked off by parent SBI Holdings in 2016. SBI Holdings recently announced that it will offer shareholder dividends in Ripple XRP tokens, following a similar move by MorningStar Japan (which SBI Group owns 48% of) last fall.

Announced in November, the Northern Data and Whinstone US Bitcoin mining facility is planned to have a total energy capacity of 1GW (gigawatt) when complete and span 100 acres, with construction set to span three phases.

The first phase is set to begin construction this quarter, with an initial expected capacity of more than 300MW (megawatts). The companies have said the planned mining firm will be the largest data center in North America and the largest Bitcoin mining facility in the world once fully completed.

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Massive Bitcoin mining farm in Texas to host Japans SBI Crypto - Decrypt

Markets:

BTC/USD is currently trading at $10,255 (+1.43% on a day-to-day basis). The coin has been range-bound with bearish bias during early Asian hours after hitting2020 high at $10,504 on Thursday.

The ETH/USD pair is currently trading at $265.5 (+1.5% on a day-to-day basis). The Ethereum's coin retreated from the recent high of $277.39; now, it is range-bound with bullish bias amid low volatility.

XRP/USD settled at $0.3240 after a spike to $0.3388 on Thursday. The coin is mostly unchangedin recent 24 hours.

Among the 100 most important cryptocurrencies, the best of the day are THETA(THETA) $0.1681 (+20.3%), Centrality(CENNZ) $0.1014 (+17.4%) andBytecoin(BCN) $0.00038 (+13.16%), The day's losers are, Hedera Hashgraph(HBAR) $0.0493 (-26.5%), ICON(ICX) $0.3863 (-12.42%) andSeele(SEELE) $0.0972 (-9.6%).

Chart of the day:

XRP/USD, 4-hour chart

Market:

XRP/USD flash-clashed on BitMEX amid highly volatile markets. The exchange rate of the third-largest digital asset dropped towards $0.13 on the cryptocurrency derivatives exchange and thus caused massive positions liquidations. Notably, on other exchanges, the coin traded above or around $0.33. Due to the sharp collapse, many stop-losses didn't trigger, which caused significant losses to many traders, who came to Twitter to express their anger and frustration.BitMEX confirmed the flash-crash but refused to admit the fault of the stop-loss system. It means., that traders that incurred losses due to the collapse will not be refunded.

Steve Hanke, an economist at Johns Hopkins University joined the chorus of crypto critics. Commenting on PlusToken scam. he said that cryptocurrencies were unsafe and unstable. He also added that it was not real money.

Cryptocurrencies are only good at one thing: enabling scams and theft. Cryptos are unsafe, unreliable, and unstable. These highly-speculative "assets" have a long way to go until they are ready to be called real currencies.

According to MKM Partners chief market technician JC OHara, Bitcoin can get to $12,000 in the nearest future. He believes that a sustainable move above $10,000 has brought positive momentum to the market that will push the coin to the next bullish target.

We broke out of the downward sloping trend channel. Were breaking above the $10,000 psychological level, and were of the opinion that positive momentum will continue to follow positive momentum. So thats why we think in the short term we could see $12,000 on bitcoin.

Industry:

IOTA's desktop wallet Trinity fell victim to a hack attack. Several users report that their funds have been stolen. Currently, there are six or seven registered cases of funds loss. One user had the wallet installed on Mac OS, others had Windows versions. The team of the project issued a warning for Trinity users:

We are currently investigating a suspicious situation with Trinity, please do not open or use Trinity on Desktop until further notice.

Wells Fargo joined SBI Group and Santander InnoVentures atSeries B round of financinglaunched bya blockchain startup Elliptic. The team raised $40 million during all financing rounds with $5 million coming from one of the US-largest banks.Elliptic was founded in 2013. The project has developed cryptocurrency platform toolsto identify and block illicit transactions. The newly raised fund s will help to accelerate the launch of the risk management solution.

Quote of the day:

I've been an observer of crypto twitter for the last six months and I can't untangle who hates whom. Maybe someone can draw a diagram for me.

Jared Dillian, the editor and publisher of The Daily Dirtnap, investment strategist at Mauldin Economics, and the author of "Street Freak".

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Crypto Today: Bitcoin drifts lower, drags the market down - FXStreet

The CoinGeek London conference is only days away now. As the first major Bitcoin BSV focused event since the February 4th Genesis upgrade, attendees can expect several of the discussions to explain its technical workingsand how they can finally deliver the Bitcoin economy Satoshi Nakamoto promised back in 2008.

First day technical track

The first day of CoinGeek events have always looked more at the technical and development site of things, and London is no exception. Guest speakers Jimmy Wales (Wikipedia) and Tom Lee (Fundstrat) have been getting the buzz lately, and for once the main talking point isnt Dr. Craig Wrightits time to talk about the future.

Heres a little of what you can expect to hear about the nuts and bolts side of Bitcoin, and the changes Genesis is bringing.

Bitcoin SV Node team Technical Director Steve Shadders appeared at the last CoinGeek event in Seoul, where he presented the Road to Genesis. This time around, Lead Developer Daniel Connolly will kick things off on Thursday, February 20, with Bitcoin SV: Genesis is Here, Teranode is Next.

Teranode is nChains multi-layer version of the Bitcoin protocol aimed at large-scale enterprise use. The tera~ in Teranode refers to terabyte-sized blocks, so its designed to handle large-scale applicationsthat is, until ordinary users of the Bitcoin network need it too. Connolly will look at the challenges involved, and what sorts of software/hardware infrastructure improvements will be necessary.

Bitcoin SV Scaling Test Network Operations Manager Brad Kristensen follows to present the findings from Genesis testing period. After that, Steve Shadders will present Instant Transactions & the P2P Network as Satoshi Designed.

Wallet and exchange developers Alex Agut (HandCash), Lorien Gamaroff (Centbee) and Jack Liu (RelayX, FloatSV) will talk about their experiences building apps. All that is before lunch on the first day.

Following that, theres a panel on Bitcoins mining economy with TAAL Distributed Information Technologies, Inc. CEO Angela Holowaychuk, and Lin Zheming, founder and CEO of Mempool.

Aaron Russell of Operate will then present Building on Bitcoin: Developer Tools To Fuel an App Explosion. Sean Pollock of _unwriters Planaria Corp will talk about Bitcoin Computing, and there are several other presentations from different aspects of BSVs future economy including tokenization, smart contracts, development platforms, and updates from past Bitcoin Association Hackathon finalists UptimeSV and Codugh.

Pay extra attention, because Genesis has now arrived

The atmosphere of the entire conference will differ from 2019s offerings, moving from heres whats coming to heres what we now have, now lets get things moving. Developers will now be able to actually experiment with Bitcoins new capacity and capabilities, finding new use cases and getting them to market ahead of others.

Genesis brings not only massive scaling capacity. For the first time in Bitcoins 11-year history, the protocol has been stabilized and locked, introducing a set of hard fundamental rules that may not be changed in future versions.

The capabilities of Bitcoins scripting language have also been upgraded, with a new and formalized grammar. It allows data inputs in byte lengths far longer than previously permitted, and non-standard transactions performing complicated functions can be validated by any minersoon to become commonplace, rather than an experimental curiosity.

Additionally, Genesis will allow for more secure instant (or zero-confirmation) transactions, needed to handle payment transaction volumes as well as the demands of enterprise applications. Miners will be able to validate blocks and (soon) even transactions themselves in parallel, in order to chew through large blocks without holding up smaller ones. Functionality such as timed transactions (using nLockTime and nSequence) will be restored as they existed in Bitcoins early days, ensuring code will still execute years into the future.

Mining operations will now be able to specialize depending on their abilities and economic aims, processing non-standard transactions in a different priority queue than regular transactions.

Event detailsdont miss out!

CoinGeek London 2020, the first post-Genesis event, will take place at Old Billingsgate on February 20-21 (Thurs-Fri). If you dont yet have tickets to the event, theyre available here.

For more information on the conference and a more detailed agenda, check out CoinGeeks guide and speaker list. There will also be plenty of meetings and side events for developers to attend, so watch out for announcements from third-party attendees on social media.

New to Bitcoin? Check out CoinGeeks Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, pleasesign upfor our mailing list.

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Get technical with Bitcoin and Genesis at CoinGeek London - CoinGeek

In less than a week, the record for most Bitcoin ATMs operated under a single network has been broken again. Coinsource, a Texas-based ATM provider in business since 2015, announced yesterday that it has doubled its network to 600 crypto ATMs.

It took us 4 years to deploy 300 machines, but it took less than two months to reach 600, Coinsource CEO Sheffield Clark said in a press release.

The push from Coinsource may have something to do with last weeks news that its primary competitor, Bitcoin Depot, had become the first network provider to surpass 500 ATMs.

Coinsource bills its Bitcoin ATMs as a platform as a service (PaaS), similar to software as as a service (SaaS), which provides ATM buyers access to compliance and licensing help, customer support, and armored car services.

The company also said that they have partnered with traditional ATM providers, such as National Cash, as legacy players have found it difficult to navigate new crypto regulations.

Because of the endless regulatory hurdles and expenses traditionally associated with Bitcoin ATMs, it has been extremely difficult for ISOs (independent sales organizations) to enter the BTM (bitcoin teller machines) space, National Cashs Vice President of Operations Jessica Jay said in a statement.

Coinsource has created a model that integrates seamlessly with ISOs and ATM operators, providing a fully compliant SaaS model which allows us to overcome regulatory roadblocks, Jay said.

While Bitcoin ATMs have gained a reputation within the last few months as a tool for money launderers, Coinsource says its product is certified under New York States Virtual Currency License and is fully compliant with know your customer (KYC) and anti-money laundering laws.

As of today, there are now 6,780 Bitcoin ATMs in the world, according to Coin ATM Radar, a website that tracks the industry.

Read more from the original source:
Bitcoin ATM business booming as Coinsource expands to 600 machines - Decrypt

Ethereum price rallied another 12% and surged above the $270 level against the US Dollar. ETH traded to a new 2020 high at $275 and it is likely to test $288 and $300 in the near term.

Recently, we saw a strong rise in Ethereum above the $240 and $250 resistance levels against the US Dollar. ETH even settled above the $250 level and the 100 hourly simple moving average.

Later, there was a consolidation phase above the $250 level for a few hours before a fresh increase. The price rallied another 12% and broke many key hurdles near the $260 and $265 levels.

Ethereum bulls had the upper hand and outpaced bitcoin. Moreover, there was a crucial break visible on the ETH/BTC chart, calling for a convincing uptrend above $250.

Finally, the price traded above the $270 level and formed a new 2020 high near $275. It is currently in a solid uptrend, with an initial support near the $270 level. Besides, there is a major bullish trend line forming with support near $268 on the hourly chart of ETH/USD.

Ethereum Price

The 23.6% Fib retracement level of the recent rally from the $252 low to $275 high is also near $270 to provide support. On the upside, the $275 level is an initial resistance. The first key resistance is near the $288 level.

If Ethereum climbs above the $288 level, there are high chances of it testing the $300 level in the near term.

If the price corrects lower, the trend line and $270 level might provide support. If there are more downsides, the next support is seen near the $264 level.

The 50% Fib retracement level of the recent rally from the $252 low to $275 high is at $264 to act as a major support. Overall, Ethereum remains well supported for more gains above the $275 and $280 levels in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is still in the bullish zone, with positive signs.

Hourly RSI The RSI for ETH/USD is currently moving to and fro above the 70 level.

Major Support Level $268

Major Resistance Level $275

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Ethereum Rally Seems Unstoppable: Heres Why Its Different Than Bitcoin - newsBTC

The worlds largest smartphone vendor, electronics giant Samsung, has confirmed that support for cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), is coming to its new line of smartphones.

On its web portal describing the features of the Galaxy S20, Samsung says new generation will include the companys proprietary app that allows users to store private keys for BTC, ETH and Ethereum-based ERC20 tokens.

We created a secure processor dedicated to protecting your PIN, password, pattern and Blockchain Private Key. Combined with the Knox platform, security is infused into every part of your phone, from hardware to software. So private data stays private.

Samsung first released Blockchain Keystore in early 2019, effectively turning a Samsungsmartphone into a cryptocurrency hardware wallet.

Samsung has also rolled out a software development kit (SDK) allowing engineers to create apps that can connect to Keystore and sign transactions.

In the third quarter of 2019, Samsung sold 78.2 million smartphones worldwide, according to data compiled by Statista. The South Korean consumer electronics giant is the worlds largestsmartphone brand with 23.1% of the global market. Apple and Huawei rank second and third.

The crypto app is currently available to Samsung users in the US, Canada, South Korea, UK, Germany, Switzerland, Spain, Portugal, Sweden, Austria, Finland, Denmark, Norway and Iceland.

Featured Image: Shutterstock/Monkey Business Images

Read more from the original source:
Confirmed: Bitcoin (BTC) and Ethereum (ETH) Support Coming to Next Generation of Samsung Smartphones - The Daily Hodl