Here’s How Blockchain is Changing the Way the Automotive Industry Works

End of the year 2017 saw Bitcoin and other cryptocurrencies at their all-time highs. It caught the eye of the public and resulted in much-needed awareness about bitcoin and the blockchain technology.

It has also paved the way for many projects like the Autoblock and is set to revolutionize several industries all over the world, and all at once.

What has previously considered mere imagination is now a reality. Many companies such as Tesla, Volvo, and Nissan are working to get self-driving cars on the road and make them available to the public.

These self-driving cars will be able to communicate with each other using the Internet of Things (IoT) and share information about traffic and the weather. The blockchain is not just limited to the financial and banking sector but can be beneficial for every industry. Let’s look at how blockchain will impact the automotive industry:

Introduction of Blockchain to Cars

All leading companies in the world spend tons of money to keep themselves competent in the rapidly evolving technological environment by conducting R&D. Which is why the automotive industry is testing the blockchain technology these days.

Porsche claims to be the first one in the industry to conduct feasibility tests of blockchain technology on cars. Earlier this year, they announced a partnership with Xain, a Berlin-based, to test blockchain application in cars. They also claim to be the first automobile company to test and implement blockchain in a vehicle.

Any transaction done on the blockchain is secure and can be processed much faster than traditional systems. Porsche tested how the blockchain technology can be used to lock and unlock a car.

After deployment, it allowed the owner to share access to the car temporarily. Moreover, using this application, users were able to unlock a car in 1.6 seconds, which is six times faster than the current pace.

Furthermore, whenever someone locks or unlocks a car, the data is logged on the blockchain and no one can edit or modify it, making it easy to keep track of who used a vehicle at a given point in time.

Also, all the data is encrypted which makes it 100% secure. It also allows you to remotely access the car or monitor its status using the app.

CarVertical Rooting for Transparency

CarVertical is a startup working on providing solutions based on blockchain for transparent access to a car’s data. At the moment, the data about a car exists in the form of registers and separate databases.

The problem is that the data isn’t publicly available. To get it, you must pay a significant fee to a company who in return will get you access to a small portion of that data. Only a car’s first owner can be sure about its history; all the rest rely on channels that are not 100% reliable.

For example, if a car on average had five different owners in its lifetime, only 20% of them know everything about the vehicle. If you’re purchasing a second-hand car, it is highly probable that the car may have had troubles in the past. Maybe someone tampered with the odometer to cut down some miles or hide airbag deployment.

There is also the possibility that the car was involved in an accident. Now such a piece of information will be available with the insurance company, but since their data is not public, the buyer will never know the full car history.

car verticle

CarVertical raised 15,000 Ethereum in their ICO for their project which aimed at providing a platform that logs every single piece of information about a car on the blockchain so that data is secure, accessible and cannot be manipulated.

The team revealed that they would gather information about the car from different sources and integrate it with the blockchain registry. It is great for people who want to buy used cars but are afraid that they might be conned.


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Future Implications

There will come a time when everything will be based on the blockchain. If you want to buy a car, the owner will give you a token that will represent the car. Whoever has the token will own the car.

So, if you want to sell your vehicle to someone else, you will send that token to the new buyer. The token will also be used to unlock and then use the car. Each car will have just one token – allowing the holder to be the only one to have access.

If you ever visit the garage for repairs or anything, it will all be recorded on the blockchain. So, if ever the ownership changes or if anyone wants to see how frequently the car has visited the garage, everything will be logged on the blockchain ensuring transparency.

The new owner can check the history of the car since blockchain ensures information access for everyone. Tampering with the mileage of the car will be an old tale as blockchain will have all the records and the owner can’t manipulate the potential new owner.

Autonomous self-driving driverless ca

Since the blockchain is immutable, it protects data from tampering and removes intermediaries from the process. All these elements are equally important for other industries as well and make blockchain the next big thing.

In all reality, the automotive industry is changing, and among many variables, blockchain has a significant role to play in how the automotive industry will move forward into the future.

This article was written by Andrea Bell

Bitcoin Continues its Bull Run, Trades above $11,000

The price of a single Bitcoin broke through the major $11,000 milestone last week to reach an all-time high of more than $11,4270. The new record level followed a powerful run of gains over the past two days that effortlessly pushed the digital currency through the $9,000 level from a little over $8,000.

The value of Bitcoin has gained over 1000% this year alone after ending 2016 at a little under $1,000. The massive gain grabbed the attention of investors who are willing to accept the risk associated with Bitcoin’s infamous volatility. These investors chose to ignore skepticism from financial experts towards the digital currency, including J.P. Morgan CEO Jamie Dimon, who called Bitcoin a fraud.

However, Dimon’s view was not shared by some other major names in the financial field. Chicago Mercantile Exchange recently announced plans to offer Bitcoin futures to join a growing list of financial firms that support the virtual currency.


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The price surge over the past days did not follow any major news that is relevant to Bitcoin but rather appears to have stemmed from a rapidly growing interest in the digital asset. Investors poured their funds into Bitcoin for fear of missing out on further gains, which reflected an increase of about 300,000 users on Coinbase, the largest US-based Bitcoin exchange. Coinbase now has more than 13.3 million users.

The growing interest also was reflected in the number of searches that are related to Bitcoin on Google, which increased almost sixfold since the beginning of 2017. These factors may continue to push the price of Bitcoin higher in 2018 to as high as $40,000, according to hedge fund billionaire Michael Novogratz.

If Bitcoin maintained its course for the remainder of 2017, experts expect major institutional investors to act on their interests in the virtual currency in 2018. Goldman Sachs CEO Lloyd Blankfein pointed out last month that skepticism did not stop paper money from replacing gold, and it may not stop Bitcoin either.

It remains to be seen whether the digital currency’s gains this year will unravel as a valuation bubble. Unlike stocks, the value of Bitcoin is not linked to earnings and does not represent a certain firm or government. This has led investors to doubt the digital assets every now and then, causing massive drops on Bitcoin’s way up this year, with plunges of as much as 30% as recent as this month.

BTC/USD traded at 11,090.3 on the Bitstamp exchange as of 10:00 GMT on Sunday.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Sets Another New Record, Breaks $9,000. Ethereum Soars to New All-Time High

The price of Bitcoin continued its usual volatile movements as it managed to trade near $9,000 as demand for the cryptocurrency remained strong. Bitcoin moved sharply to break $9000, Ethereum followed and trade at $456.

Bitcoin has been on a wild ride in the past two weeks, with price movements that some days exceeded $500. The digital currency set a new record high at $8,354 last Tuesday, before dipping below $8,000 for a brief moment the following day.

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The digital currency maintained a stable trading range yesterday before losing over $200 during early trading hours today. However, the drop did not last for long as the price surged to a new record of $9060 a few hours later.

The gain appears to stem from growing confidence in Bitcoin and higher demand for digital assets. One of Bitcoin’s alternative virtual currencies, Ethereum, reached $456, which marked a new record high. The new record followed a surge of more than 15% over 24 hours.


Suggested Article: Top Five Cryptocurrencies Experts Talk about Bitcoin, Blockchain and ICO’s


One reason behind the powerful surge was Mike Novogratz, a former hedge fund manager who currently uses his wealth as a billionaire to invest in digital currencies. Novogratz, who previously had a bearish stance on Ethereum, signaled during an interview earlier this week that he turned bullish, and now he expects the cryptocurrency to hit new highs of more than $500 before the end of the year. He also predicted that Bitcoin may end 2017 at more than $10,000.

Bitcoin Cash, which is another alternative that was created after a hard fork from the original Bitcoin in August, jumped by more than 25% since yesterday to reach more than $1,600. The catalyst was mainly due to higher demand in South Korea and fresh integration of Bitcoin Cash into the Bitstamp exchange.

Following new records set by Ethereum and Bitcoin Cash surge, the overall market capitalization for digital currencies also posted a new record after rising 4% to more than $255 billion over the past 24 hours.

BTC/USD traded at 8,978.1 on the Bitstamp exchange at 08:40 GMT on Sunday morning, the pair’s highest level since November 21.

ETH/USD was at 456.4, the pair’s highest level in history.

BCH/USD reached 1.669.8, which was a new record high for the pair. BCH/USD began the day at 1.666.4.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Initial Coin Offering (ICO) – The Wild West of Fundraising

An Initial Coin Offering has become the mainstream way of raising money for a crypto project. It is an event in which a new cryptocurrency project is introduced. Early adopters and enthusiasts are allowed to invest money into the project in exchange for some of the cryptocurrency tokens. The invested money can be used by the project to cover early expenses like developing the product, marketing, legal, etc. ICOs are highly attractive for investors because the potential reward can be multiple times higher as the token’s price increases during the ICO. ICOs have the ability to deliver quick returns. On the other hand, this is a dangerous game. A quick profit can turn into a big loss. There is no guarantee of success. Best advice for investing is: never invest money you can’t afford to lose.

ICO vs. IPO

ICOs can be compared to a less strict form of Initial Public Offerings (IPOs). ICOs allow both large and small investors to pledge any amount they wish. IPOs are more oriented towards professional investors with a bigger budget. Another characteristic of IPOs is the overwhelming amount of legal paperwork to be completed. ICOs are a bit like the wild west of IPO fundraising. It can be a huge struggle to figure out which laws apply to an ICO. However, a shift is happening towards more legally compliant ICOs. An ICO has to apply the legal terms of each country in which it wants to distribute tokens.

ICO Highs and Lows

ICOs are heated within the crypto community. Recently, Tezos gathered a record-breaking amount of $232 million in just over three weeks! Not all stories are so glamorous. The website of the CoinDash ICO got hacked leaving them with a $7 million loss. The hackers altered the deposit address so investors sent money to the malicious address.
Another example of a failure is KICKICO. Attackers were able to trigger a function in the smart contract* responsible for completing the collection of funds which would send $600 million of their tokens to an unknown wallet address. No money was lost, but KICKICO had to create a new token and reassign it to all shareholders, leaving investors with serious trust issues.

* Smart Contract Definition: Smart contracts are self-executing pieces of code with the terms of the agreement written directly into the lines of code. This can be a direct agreement between a buyer and seller, neither of which are necessarily human.


Suggested Article: How Blockchain will change our Life, Economy and the World


Guidelines for Investing in ICOs

So how would you pick your ICO investments? One of the most important aspects of an ICO is the team composition. Scrutinize the whole team very carefully, especially the development team because they are accountable for the successful delivery of the end product. Google each member and visit their LinkedIn profile pages. The purpose of screening each member is to find out relevant crypto experience to realize the project. A supportive community is a crucial aspect of a successful ICO. This can be established by providing clear information and using an open management. Weekly or monthly updates are a good start. Investors want to be personally involved with the project they trust their money with. In addition, clear information can be provided through a well-written whitepaper covering all aspects of the ICO. A whitepaper should at least include technical details, a detailed token distribution breakdown, token purpose and usage, and a roadmap. We see it as the silver platter for potential investors. Next, to a whitepaper, evaluate the stage of the project and if there are any VC (venture capital) investments. As trust is key, a project with a working beta version will get more attention. It gives investors the opportunity to take a glance at the product. VCs tend to invest and support projects from the early stages. This kind of information can mostly be found on the main page of the project. Watch out for well-known VCs like Blockchain Capital or Fenbushi (belongs to Ethereum founder Vitalik Buterin).

Next to code, some other useful information can be extracted from a Github page. Github gathers statistics about each project. The “Insights” tab gives you a graph of the activity, measured in code additions (~ commits), and shows you all the contributors with their contribution count. Ultimately, developers can award stars to meaningful projects they admire. The higher amount of stars a project is awarded, the more likely it is that the community likes the project.


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Another important aspect of an ICO is the use of a limited cap, called a hard cap. A limited cap implies that there is a maximum for raising funds. An unlimited cap has no restrictions like the earlier mentioned Tezos ICO which acquired an astonishing $232 million. A hard cap leaves some hype for the secondary market and usually works well for investors. Also, keep in mind that a project needs to raise the amount needed for its development, marketing costs, etc.

The Bottom Line

ICOs are part of the crypto community. It’s even become a mainstream tool for fundraising. It is vital to investigate and read as much information about an ICO before making an investment decision. For us, the most critical element is creating an environment of trust and openness.

Bitcoin Gasping Above $8,200, More Volume Needed

Bitcoin has finally broken above $8,000, and the rather expedient run-up took less than 3 days to complete once it started up from the $7,431.12 November 18 daily low. Hourly volume has been slowly increasing in the meantime, and popular opinion seems to point toward a $10,000 appraisement in the coming weeks, in anticipation of the CME futures launch on December 10.

Needless to say, if we disregard social media and the official mainstream narrative while focusing on the most prominent altcoins, then the expedient migrations of crypto capital are starting to become fairly obvious, especially on many of the larger exchanges. Bitcoin cash, Ethereum, nxt, dash, litecoin, and ripple are generating the most noticeable daily volume on USD, USDT, and BTC trading pairs respectively. Even so and despite occasional altcoin flash pumps (which have started to become noticeably shorter in duration with every passing week), bitcoin has kept strong.

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With supports abound, yesterday’s $8,087.99 daily high was first in line, and was the only support above the crucial psychological $8,000 price level, until it unfortunately shattered. The now remaining secondary supports are predetermined at $7,997.61, $7,886.40, $7,590.09, $7,570.17, $7,499.82, $7,353.51, $6,991.37, $6,956.42, $6,776.88, $6,314.14, $6,025.93, $5,872.75, $5,754.5, $5,645.18, $5,591.17, and at $5,407.07. Primary supports are more interesting though and stand out at $7,771.79, $7,429.58, $6,922.58, $5,591.17, and at the $5,366 monthly low.

Our primary resistance levels are the $8,226 former and $8,380.46 current all-time highs. We will need to use Fibonacci extensions in order to accurately chart out possible targets. These fib levels are calculated from the $5,366 monthly low and starting forming at $8,900.96 (fib 1.236), $9,318.52 (fib 1.382), $9,656 (fib 1.5), $9,993.48 (fib 1.86), $11,086 (fib 2.0), $12,178.52 (fib 2.382), $12,853.48 (fib 2.618), and at $13,946 (fib 3.0). All can serve as potential price objectives moving forward, irrelevant of how unlikely they might seem at this point in time. There is an overlap of the $5,872.75 support and 0.236 fib ($5,861.53) retracement, in addition to the $6,314.14 support which is in close proximity to the 0.382 fib ($6,337.31).

The 30-day MA is practically unstoppable, and apart from the bullish crossover of the 180-day MA over the 365-day MA (which took place almost 2 days beforehand), all three MAs are skyrocketing forward and also maintaining reasonable distances from one another. The EMA is, on the other hand, behaving in tune with the prevailing but matching volume. At the same time, the VWMA is contrasting this momentum and is doubtlessly soaring ever closer to the 30-day MA.

RSI is inconclusive and is neither exhibiting overbought nor oversold conditions. The %R Williams is leaning toward being oversold, while OBV is trending higher and is not showing any signs of momentarily slowing down. The MACD is see-sawing above and below the signal line, but the numerous crossovers, are proving to be very accurate predictors of approaching short-term price movement.

The drive to the $8,380.46 all-time high began almost a week ago, from the $6,466.88 weekly low (GMT 12:00). What followed was a one direction lead-in toward the $7,988 previous all-time high, which was touched briefly on November 17 (GMT 01:00), and almost again later during the same day at $7,985 (GMT 17:00). The ensuing 48 hours were chiefly characterized by sideways trading, until the next all-time high was reached at $8,083.5 on November 19 (GMT 12:00). The second all-time high manifested at $8,266.99 on November 20 (GMT 17:00), and the newest all-time high was a day after that at $8,380.46 (GMT 15:00).

This post was originally published by EarnForex

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For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Takes a Hit on Tether Hack But Remains Near Record High

The price of Bitcoin dropped more than $500 before recovering most of its losses on Tuesday. The digital currency initially retreated below the psychologically important level of $8,000 only two days after breaking it for the first time. The drop was due to reports of a theft that affected an alternative cryptocurrency.

The firm behind a cryptocurrency called Tether said that $31 million was taken from the Tether Treasury wallet on November 19 in the wake of a hack. The stolen amount was sent to an unauthorized Bitcoin address, according to the announcement the company has published on its website yesterday.

The company’s development team is now attempting to prevent the stolen amount, which was in Tether tokens, from entering the wider trading economy. The team said that the tokens will not be redeemable on the Tether platform.

The hack temporarily raised concerns about the safety and security of digital currencies, which erased a chunk of Bitcoin’s rapid gains this week. However, Bitcoin quickly recovered most of its losses as investors remained optimistic following recent institutional interest in the virtual currency. Bitcoin overcame a long list of hacks in the past with relative ease, despite the dent these hacks left in investors’ confidence in the security of cryptocurrencies.

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Bitcoin has been through rapid ups and crushing downs in November. The virtual currency quickly moved to more than $7,800 on November 8, ahead of a highly anticipated upgrade to the underlying Bitcoin technology. Bitcoin then lost as much as 29% of its value to reach about $5,580 on November 12, when the awaited upgrade was called off.

After recovering some of its losses during the past week, Bitcoin shot through $8,000 on Sunday as institutional investors appeared to be pushing harder into the world of digital currencies. The fast growth of the total cryptocurrencies market capitalization this year has made it harder for investors from Wall Street to ignore these new digital assets.

One of the latest institutional pushes into the cryptocurrency world came from CME Group Inc., which announced plans to start offering futures trading on Bitcoin starting next month. Square, Inc., a financial service based in San Francisco, also has plans to incorporate Bitcoin by beginning to test Bitcoin payments on its Cash app. Coinbase decided to ride the wave as well by offering custodian service for hedge funds and sovereign wealth funds.

Bitcoin began 2017 at a value of about $1,000 per Bitcoin. The digital currency then reached $3,500 in August, at which point analysts expected the digital currency to touch $5,000 by 2018. However, the growing institutional interest grabbed enough attention from investors to overshadow warnings of a value bubble and push the digital currency past most expectations.

BTC/USD is trading at 8,232 on the Bitstamp exchange as of 14:15 GMT on Tuesday after dropping to 7,780 at 03:35 GMT. BTC/USD began trading today at 8,231.5.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Getting Back to Normal: Bitcoin Back Above $7,500, Bitcoin Cash Fall

Bitcoin has enjoyed a rather expedient recovery after its latest drop-off to the $5,555.55 weekly low, in what amounted to a drawn-out 29.57% pullback, which ended up lasting almost 4 days. The nominal decline totaled $2,332.1 and began after last weeks $7,888 all-time high was achieved. A breach of the $5,101.36 monthly support appeared highly likely at the time, and the subsequent reaction of alternative cryptocurrencies, seemed to favor the former price level. At the time, market sentiment was being heavily orchestrated into this direction, in what felt like an endless barrage of mainstream and alternative media articles alike. Regardless, Bitcoin has managed to bounce back and yesterday has broken above $7,000.

Interestingly enough, bitcoin cash enjoyed massive gains during the last breakdown of bitcoin’s market dominance. The BitFinex BCH/USD trading pair registered a new $521.21 November 8 weekly low (GMT 18:00), which practically coincided with the Bitstamp’s BTC/USD $7,888 November 8 all-time high (GMT 17:00). The inverse correlation could not have been more obvious, and an extremely violent run-up resulted in the $2,799 bitcoin cash all-time high. Understandably, this high has now become a focal point of many trading plans. Bitcoin cash dropped 19.35% on Thursday to trade at $1019 at time of writing.

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The jump above the $7,000 psychological level has also managed to stir up additional media attention. Two articles stood out among the crowded interwebs, the first was from Bloomberg, and covered trading activity on the Zimbabwe’s Golix exchange. The second was published by bitcoin.com and was chiefly based on citing the thoughts of Alan Greenspan on bitcoin.

Bitcoin entered into a conventional reversal from the $7,888 all-time high on November 8 (GMT 17:00) and currently is near the record high. Bitcoin is trading at $7375, +1.39%, at the time of writing.

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For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Gold’s Long-Term Analogies

A daily rally in gold, daily decline, daily turnaround and other daily price developments are both interesting and dangerous. Interesting, because nothing is as exciting as a big intraday move. Dangerous, because they can make one too emotional about a given trading position and lose the focus on the big picture (forgetting about the forest by focusing on individual trees). In today’s analysis, we feature two analogies to the previous situations in gold which should make it clearer what’s likely to be seen in the coming months, even if a lot of daily price swings in both directions are about to be seen shortly.

The first analogy is the link between the 2011 top and the follow-up action, and the 2016 top and the follow-up action.

Source: stockcharts.com

Gold Monthly Chart
Gold Monthly Chart

There are two important signals that we would like to discuss: the size of the monthly volume levels and the decline in monthly volatility as measured by the Bollinger Band’s width (indicator in the upper part of the chart). There’s also one additional analogy that we’ll discuss later on. Let’s start with the former.

The volume on which gold rallied in August was huge and it’s directly comparable to only one case from the past – the 2011 top (especially given huge volume that we saw in the next month when gold declined). That’s the only case when gold’s monthly upswing was accompanied by volume that was similarly big. Since that was THE top, the implications here are naturally bearish. Gold has already declined since that time, but since the follow-up action in 2011 and subsequent years were much more bearish, we should prepare ourselves for bigger declines in the coming months.

However, there are more analogies that are also important. Considering other monthly volume readings, when gold moved higher on volume that was visibly bigger than the previous values, we get the same implication. We marked similar cases with red rectangles. Two 2004 declines, the final part of the 2008 decline and – approximately – the 2008 top, the two 2010 corrective downswings, and finally the 2011 top were all accompanied by or preceded by huge monthly volume readings. In three cases (the 2008 top and both 2010 corrections) the signal was not precise as the decline started in two months, not in the next month, but still, the efficiency of this signal in a strong bull market where gold rallied in the vast majority of months is still remarkable.

The signal that we saw in the past months was not a minor one – the volume was truly huge and thus the implications are not vague, but clearly bearish at this time.

The width of the Bollinger Bands – a proxy for gold’s volatility – confirms the above, by strongly suggesting that a huge move is just around the corner. We added a horizontal line on the BB width chart to better compare its current value to the previous cases when it was seen after a downswing. We marked those cases with vertical dashed lines. There were five similar cases: in early 1999 (right before the final downswing of the previous bear market), in mid-2000 (before an over 6-month decline) in mid-2005 (before one of the biggest and sharpest rallies started), in early 2013 (before the biggest and sharpest decline started), and in early 2015 (when the most recent huge decline started). The early 2001 similarity is not really similar because the BB width was almost flat beforehand. Most of the signals were followed by very important declines even though gold was moving higher for most of the past two decades – the implications are once again bearish.

Finally, there’s an interesting analogy between the 2011/2012 tops and the 2016/2017 tops. We marked the link between them with the blue lines. Actually, that’s only one line – between the 2011 and 2012 tops, which is then copied into the current situation. Surprisingly – it fits, which means that in the case of the monthly closing prices, the 2017 rally could be just as significant as the 2012 rally. In other words, it could indicate that this year’s move higher was just a fake rally that was here to fool gold bulls, just like the 2012 rally did. Of course, it could be the case that this year’s rally is a beginning of a new long-term uptrend, but the signals – including the long-term ones – and the way the precious metals sector responded to the USD’s decline in the past few months strongly suggest otherwise.

We first wrote about the above analogy on September 1 (after gold closed the month at $1,322 and many investors were thinking that $1,500 was just around the corner) and this analogy hasn’t been invalidated since that time. Conversely, it may seem striking (and it actually is) but this analogy continued and both September and October performance (and what we are seeing so far this month) serving as confirmations.

In September gold moved a bit above the previous high, but ultimately ended almost erasing the previous month’s rally (exactly what we saw in the first month after the 2012 top) and in October we saw back and forth movement that ultimately took gold a bit lower (again, in perfect tune with what happened two months after the 2012 top). So far in November we only saw little strength in gold and then a move back down – which is in tune with the third month after the 2012 top.

Still, will gold’s decline continue at a similarly slow pace? Based on the width of the Bollinger Bands – not necessarily. The latter is already at the level which was seen right before the sharpest part of the decline, so we could have a very bearish surprise any week now.

The implications are therefore even more bearish than they seem based on the analogy in price and volume. However, that’s not the only long-term analogy that seems to be in place right now. We would also like to remind you about the analogy that we discussed over a year ago – the analogy to what happened with gold in early 80s.

With the benefit of hindsight, we know that gold indeed declined recently – and even some more. However, let’s keep in mind that if the analogy is to continue at least on an approximate basis, we should be prepared for gold moving to new lows (that is below the 2015 low).

Summing up, while the long-term signals may not be meaningful for the short term (different factors need to be taken into account in this case), the long-term analogies in gold suggest that investors should prepare themselves for a bigger decline in the following weeks and months.

This article is written by Przemyslaw Radomski, a senior analyst at Sunshine Profits

Bitcoin Price Stable, Bitcoin Cash Rises Again

The price of Bitcoin began to display signs of stability on Tuesday after a massive drop that erased 29%, or $38 billion, from Bitcoin’s total market value. The virtual currency began recovering yesterday as traders worried that the quick and sharp decline may have been an excessive response to the cancellation of a long-awaited technical Segwit2X upgrade.

Bitcoin was seen moving near $6,400 today after falling from $7,838 on Wednesday to $5,580 on Sunday. The price crash happened as investors rushed to move their capital to other rival virtual currencies. One such rival is Bitcoin Cash, which split from the original Bitcoin back in August, has climbed about 19% since Friday.

The crash followed the cancellation of an upgrade that would have increased the size of each block on Bitcoin’s blockchain network. A bigger block size allows more transactions to be carried out at the same time, which reduces transaction fees and increases speed.

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A similar upgrade has already been incorporated into Bitcoin Cash, which gave the alternative cryptocurrency popularity and strength following its lunch. Meanwhile, the upgrade to the Bitcoin network was called off after an important faction of the cryptocurrency community withdrew its support. The sudden upgrade cancellation resulted in strong volatility and extreme price movement even by Bitcoin’s standards.

Bitcoin investors now are left with two choices. The first choice is to stick to the original Bitcoin, which uses SegWit technology to move unessential data off the underlying blockchain. The second choice is to move to Bitcoin Cash, which uses a block size that is eight times bigger than the original Bitcoin. The choice many investors appear to be making today is the first.

Bitcoin’s price was quick to recover over 13%, or $10 billion, during yesterday’s trading. Bitcoin’s total market capitalization currently stands at $102 billion, which makes it hard for investors and fund managers to resist the digital asset. Demand for the currency remained high following regulatory moves and increased investment accessibility, like CME Group’s recent plans to offer Bitcoin futures contracts.

BTC/USD is trading at 6398, down 1.26%. Bitcoin Cash is trading at 1331, up 15.15% as of 13:20 GMT today.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Who Remembers 2013? Bitcoin’s First Amazing Bull Run

For me, 2013 has long stayed in my memory as a year that affected me personally – a year where one key event impacted me directly. Looking back on it now though, it seems that there are several things that occurred that year, which is now repeating.

Firstly, Obama was sworn in for his second term in the big job, whereas this year we have seen another POTUS also get sworn in. Secondly, North Korea’s 2013 nuclear test caused international outrage, if not the heated exchanges of words we’ve seen this year. We also had a number of catastrophic storms back in 2013 with the tornado in Moores, Oklahoma being particularly devastating.

However, there are two things in particular that come to mind that look like a direct repeat of 2013. One is the approaching potential shut down of the US Government in December. The second is the incredible bull run of Bitcoin.

2013: the first year of Bitcoin

In 2013, Bitcoin, the now infamous cryptocurrency was only five years old. This was the time it first started to gain real attention from the market. In January 2013, Bitcoin was trading around $12.15 per coin and hadn’t yet shown up on anyone’s radar. Then a financial crisis occurred in March which kickstarted an incredible run for the remainder of the year.

In March 2013, a financial crisis gripped the small Mediterranean island of Cyprus. The country was forced to request a $13billion bailout from the European Union and the International Monetary Fund. The terms of the rescue package were that Cyprus Central Bank had to raise $7.5 billion by taxing bank deposits.

Cash restrictions on the populous were implemented to avoid a potential bank run and large depositors ended up losing as much 10% of their held capital. One of the major retail banks was forced to close and banks across the country were closed for a number of weeks. I live in Cyprus and it wasn’t pleasant.

Despite Cyprus having a population of fewer than one million people, these events caught the attention of the media all over the globe and the island was in many a headline. Interestingly, it also caused people to take note of the potential of Bitcoin. Due to what had happened with the Cypriot Banks, Bitcoin started to gain in popularity due to the fact that it was unregulated and no government or bank could touch it.

At the beginning of March 2013, Bitcoin was trading at around $32.20 per coin. By the end of March, following the Cyprus crisis, it had risen to $90.52 per coin. It continued its move higher over the course of April, touching an all-time high (of the time) of $234.52. During the following months, it traded between a low of $66.83 and a high of $196.24.

Then, suddenly, in November 2013, Bitcoin exploded. Bitcoin opened the month at $194.42 per coin. By the end of the month, it closed at a huge $1,113.06 per coin. 2013 for the first time was hailed as the year of Bitcoin. 2017 can challenge this year.

The following month, Bitcoin went on to hit a new high of $1,242 per coin due to increased demand from consumers in China – until the Chinese Government thought enough was enough and stepped in and barred all banks from handling Bitcoin transactions. After that intervention, and a number of high profile court cases and rumors of hacks, Bitcoin collapsed, hitting a low of $100.91 per coin in August 2014.

However, that is the lowest it went. From there, over the next two years, it traded fairly sidewards until January 2017 – and we all know what has happened since then!

Now the question to ask, of course, is: Will we see a repeat of what happened at the tail end of 2013? First of all, like 2013, we’ve had further intervention by the Chinese authorities and other governments. However, as yet it hasn’t stopped this year’s incredible bull run. We’ve also seen many voices crying out “bubble” and “scam,” but again Bitcoin traders have brushed this off. The biggest difference between this year and 2013 is that, despite the skeptics, we’re now seeing some real players in the market start to embrace Bitcoin, with the CME Group the latest exchange to announce its intention to launch bitcoin future contracts.

So will we have a reversal with Bitcoin like we saw at the end of 2013? Only time will tell for sure. However, as long as the interest in this cryptocurrency continues, the chances that Bitcoin could keep on rising may remain intact.

This article was written by James Trescothick, a Senior Global Strategist at easyMarkets

Economists are Optimistic that 2018 Rate Hike Will be Spectacular

The U.S economy is currently in a suspended state of uncertainty as the pendulum of President Trump’s proposed tax reforms continues to swing back and forth. The uncertainty in the U.S. economic landscape is precipitating a weakness in the U.S. dollar in the global markets. The fact that the U.S. Federal Reserve appears to be confused about what it plans to do with interest rates is also weakening the position of the greenback against rival currencies.

It is somewhat difficult to predict how the political circus surrounding the tax reforms will play out. It appears that the government is intent on taxing people rather than companies, you can trust sensational journalism to play to the gallery. Nonetheless, economists seem to agree that there will be a decisive action on the U.S. rate hike situation by December.

Economists expect Fed to decide on rate hike next month

A survey conducted by the Wall Street Journal shows that economists are certain that the Fed will increase the interest rates by December. According to the Fed Watch Tool, traders are pricing 91.5% for a rate hike in the next month. The economists also have a strong conviction that the Fed will raise interest rates about three more times in 2018.

Out of 59 respondents to the survey, 56 economists (95% of respondents) said that they expect the Fed to increase interest rates in December to some point between 1.25% and 1.50%. In September, only 75% of respondents were optimistic that the Fed would increase interest rates next month. Manual Dawson, a Weiss Finance analyst posits that the prevailing market sentiment about a December rate hike is spot on. In his words, “a December rate hike is a perfect opportunity to raise rates because the economy will be enjoying tailwinds from the holiday season – the Fed will surely not want to miss this opportunity”.

Going forward, about 58% of economists who responded to the poll expect the first rate hike in 2018 to happen when the Fed meets in March. However, about 25% of the respondents think that the Fed might want to wait until June 2018 before it goes ahead to raise interest rates.

Irrespective of the disagreement among economists on when the Fed is likely to raise rates in 2018, the economists seem to agree that the Federal Reserve would have found ways to raise the federal-funds rate by an average of 2.07% by December 2018.

Interestingly, traders in the U.S. financial markets seem to agree with economists that the rate hike scene can still experience an increase in interest rates before the end of this year. Federal-funds futures are currently indicating a 91.5% odd that the Fed will increase interest rates when it meets in December. You will remember that the raised interest rates to a range between 1% and 1.2% when it met in June. Yet, the fed decided to leave interest rates steady during its September meeting.

However, the minutes of September policy meeting of the Federal Reserve showed that there’s enough room to sneak in an additional rate hike before the end of this year. Nonetheless, most of the fed officials that will make a decision on interest rates will be paying special attention to how the inflationary trend pans out in the next couple of weeks.

Bitcoin2X and How It Will Impact The CryptoCurrency Markets

Over the past few months, Bitcoin forks have become a focal point for traders and investors. The Bitcoin Cash fork gained huge publicity and good support leading to the first major split in the Bitcoin network, resulting in two different versions of Bitcoin being traded in the top 5 cryptocurrencies.

The Bitcoin Cash fork started something of a craze across the cryptocurrency space. Instead of running ICO’s, many of these currencies focused projects are deciding to fork off of a successful coin as a method of gaining users and publicity.

This makes spotting the forks that have a real impact on markets more difficult. Already it is ingrained in many people that a hard fork means free money. Historically most Hard Forks resulted in over 90% of the market siding with one version, even Bitcoin Cash was only valued at 1/6th of the value of Bitcoin. Bitcoin Gold has become an example of how over-hyped a fork can become, one week later it appears to have failed completely but recovered since then. I believe that Bitcoin2X is something to be taken more seriously than Bitcoin Gold, possibly even Bitcoin Cash.

What is Bitcoin2X?

Bitcoin2X was born out of the New York Agreement. The agreement was originally designed to bring together the two opposing schools of thought for Bitcoin scaling, as a method of keeping everyone in one version.

The 2X group insisted that Bitcoin was scaling too slowly and that Segwit introduced more problems than solutions, therefore they believe that larger block sizes for transactions are the best path forward. This group is lead by Roger Ver & Jihan Wu. and eventually decided to fork off into Bitcoin Cash.
The second group is lead by the Bitcoin Core team. Tried and tested they have widespread support for their management of the Bitcoin Network since its inception. The Core team first proposed Segwit technology as a potential solution to scaling problems back in 2014. Many on this side see the 2X fork as a political attempt to disrupt the Core team and gain power over Bitcoin’s future by getting more developers involved who perhaps disagree with the Core team over Bitcoin’s future. It’s politics.

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After years of debate between the two groups, the NYA agreement was made as a compromise. The agreement suggested that the 2X group would vote through the proposed Segwit Soft-Fork, and in exchange, the core team would return the favor with a Bitcoin2X Hard Fork to increase the block size on the chain a few months later.

Unfortunately, since the 2X group forked off to create Bitcoin Cash, many now consider that the NYA will be a failed project and the question is why anyone from the Core side of the argument would enable technology on their version of Bitcoin when it is not something they agree with. The problem is that there is also a middle ground, plenty of users believe that a combination of both approaches is required to overcome scaling issues. As a result, the support for Bitcoin 2X remains reasonably high.

My opinion?

Personally, I believe that a larger block size would be useful for Bitcoin, enabling Segwit to grow without any bottlenecks in the short term. However, I am also aware that the code for Bitcoin 2X is far from ideal. The Core team who didn’t even develop the fork have found numerous bugs over the past few months, some of which could have resulted in a disaster where they not discovered. Even now Bitcoin2X does not have replay protection. This means that “splitting” the coins is very difficult, if you send Bitcoins to an address your Bitcoin2X could “replay” the same transaction without your permission or knowledge.
Some exchanges claim to have a solution to this problem already such as Coinbase.

Personally, I do not feel that the fork has had enough development to be considered safe, which leaves me siding with the Core team.

What will happen to the markets after the Fork?

Already we have seen with the Bitcoin Cash and Bitcoin Gold forks that traders are moving funds into Bitcoin before the splits to ensure that they receive free coins. Bitcoin Gold suffered from the same replay protection problems as Bitcoin leaving many traders “trapped” in Bitcoin, unable to sell their Bitcoin without also selling their Bitcoin Gold, the same situation could happen with Bitcoin 2X.
Over the past few days, we have seen Bitcoin again rally to new all-time highs as funds flow into Bitcoin in preparation for the fork. If the fork goes well and users are able to separate Bitcoin2X from their Bitcoin easily we could see some interesting scenarios.

The easiest way to summarise this is by looking at different groups of people:

Group 1 – Bitcoin Core believers

Bitcoin Core believers will simply sell their Bitcoin2X tokens as soon as it is safe to do so and use the funds to buy more Bitcoin. Generally this camp trade less and tend to “HOLD” their Bitcoin, they are what caused the price of Bitcoin Cash to drop heavily in the first few weeks.

Group 2 – Bitcoin2X believers

Bitcoin2X believers are more likely to own Bitcoin Cash as well as Bitcoin, there could be a reasonable drop in Bitcoin Cash value leading to the fork as these users move their funds towards their preferred fork. Once the fork has happened they would likely sell most of their Bitcoin for Bitcoin2X.

Group 3 – Traders

This group likely to have a reasonably diversified portfolio of cryptocurrencies and are more than likely to use the opportunity to profit, diverting many of their funds from altcoins back to Bitcoin for the split. Once the split is over they will sell most of their Bitcoin2X and Bitcoin to exchange back into altcoins.

Group 4 – Investors

Like traders, this group will likely wish to ensure they have plenty of funds in Bitcoin for the fork. Unlike the traders, they will keep most funds where they are and simply hold any Bitcoin2X coins they receive as a complement to their portfolio.

Now that we understand these 4 groups we need to determine which groups are the biggest and how it all combines to create the market forces. I believe the groups to be in the following order of size:

1. Group 1 – Bitcoin Core believers
2. Group 4 – Investors
3. Group 3 – Traders
4. Group 2 – Bitcoin2X believers

As such this fork should follow a similar path to Bitcoin Cash. The value of Bitcoin will gradually increase to new ATH’s prior to the fork as all groups move funds to Bitcoin. Once the fork has occurred, Group 3 will be the first movers taking good profits and potentially shorting both Bitcoin and Bitcoin2X, causing the price to begin dropping. Not long after this, Group 1 will be quick to sell their Bitcoin2X for Bitcoin, stabilizing Bitcoin after the drop and pushing Bitcoin2X lower. At this point Group 2 will begin moving funds over to Bitcoin2X from Bitcoin, but as the smallest group, the impact on price will be negligible for Bitcoin but enough to stop the Bitcoin2X freefall. Finally group 4, the Investors will assess how the situation unfolded and redistribute funds accordingly with little impact on the market.

My price targets throughout the event are as follows:

Prior to fork:
Bitcoin – 6500-7500
Bitcoin2X – 750-1000 (futures markets)

During fork:
Bitcoin 6500-7500
Bitcoin2X – 500-750

1 week after fork:
Bitcoin – 6500-7000
Bitcoin2X – 750-1000 (unable to sell coins easily)

4 weeks after fork:
Bitcoin – 7000-8000 (with uncertainty lifted the market could rally)
Bitcoin2X – 500-750

This could still change dramatically as the technology and politics move forward and major companies using blockchains take sides. I will be selling my Bitcoin2X to start with and look to trade it after the first few weeks once it reaches a more stable ground.

The Best and Safest Way to Buy and Sell Bitcoins

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New Opportunities for Cryptocurrencies Investors

2017 will probably go into history as the year of cryptocurrencies.

Blockchains have been all the rage in the finance arena as they capable of radically altering many of the conventional paradigms of business.

In very simple terms, blockchains are just a humungous digital spreadsheet which is accessible to every member that is part of a decentralized network. The most prevalent association of blockchain technology is with the confirmation of bitcoin payments. However, there are some other notable uses for it as well.

With Bitcoin being the most prominent cryptocurrency in existence – taking 1st place with a market cap of over $100 billion – it is now a serious consideration for companies involved in financial services. One of the key advantages offered by cryptocurrencies is a means of reducing the cost involved with transferring funds on an international level.

Bitcoin’s influence on the finance industry is in many ways relatable to how the internet revolutionized the music and publishing industries upon making them accessible online.

As a result, traders are keen to learn what kind of profits can be made with the use of blockchain technology.

Of course, using blockchains comes with a list of considerations that differ from more traditional methods but the opportunities are numerous to make some big money off of it. So let us now take a look at 4 ways in which you can harness blockchain technology for your financial benefit.

  • Save up Bitcoin

Some wise traders will hold onto their assets and consolidate them if they can sense the price will be going up sometime soon. And while some assets are mostly tangible, the same is true for bitcoin, an intangible asset. If we compare bitcoin to gold, for example, they have one thing in common. Both are considered to be rare assets.

The supply and demand model is another thing to make note of hear. A limited supply of assets warrants a greater demand and therefore, a rise in value. As bitcoin becomes increasingly available, so are the reasons to consolidate as much of it as you can and capitalize on it.

  • Blockchain penny stocks

Indeed, cryptocurrencies also involve penny stocks. You can find Penny stock opportunities for Bitcoin at Bitcoin Shop Inc., American Green Inc., and Global Future City Holding.

Bitcoin may be the most popular one, but it is by no means the only one. It has some formidable competition in the form of alternative cryptocurrencies that have been developed just to try and dethrone it from the top spot.

Usually, they do this by offering a more diverse range of services and opportunities for investors. For instance, some of them allow for digital asset registry which translates to more privacy for users. Most forex brokers have now added cryptocurrency trading to their platforms. This means that you can trade bitcoins and other currencies instead of buying them.

  • Crowdfunding with Altcoin

Crowdfunding has grown to be one of the most preferred and normalized ways for generating seed capital for investments of all sorts. You can also harness it using alternative coins to get involved in blockchain tech.

What happens here is prior to the public launch of the network, the entire provision of coins is mined and sold in what is called an initial coin offering or ICO. The main attraction for traders here is the chance to stockpile on coins with prospect prices going up as the service increases in popularity.

  • Pure Blockchain technology play

This is also an increasingly popular method in the arena and is an enormous publicity to point to companies like BTCS and Global Arena Holding. For example, BTCS promotes itself as the pioneering public company in the U.S which is focused on blockchain technology. Global Arena Holding, on the other hand, is leveraging the technology for potential in the verification of voting.

If you are not exactly clear on which investment route will serve you best, play it safe and focus your investments on stocks offered by the larger more reputed financial service companies that are keen on blockchain technology.

If you are happy playing with higher stakes, you can go for pure blockchain investment offers for which the rewards justify the high risks involved.

Conclusion

The doubters thought that cryptocurrencies and blockchain technology would never amount to much.

But today, almost a decade later, they are still very much with us and are involved in a thriving global market. For many traders, they represent opportunities that simply cannot be missed.

New Bitcoin Price $7,500 All-Time High, Remains Firmly Positive

With an increase in Bitcoin’s value of $1400 during the previous week, bitcoin does seem to be showing signs of slowing down today. The current $7,500 all-time high is set as the next new pre-rally resistance level, with the $5,646.18 weekly low, now sticking out among the many available support levels. The previous $7,350 all-time high has failed to stand firm as a support. Bitcoin is currently trading at $7429, near the all-time record high.

Total cryptocurrency market capitalization has crossed over $200 billion, and bitcoin is dominating 61.4% of this wider market. This is a substantial increase from the June low when the first cryptocurrency briefly hovered around a 37.81% market dominance.

MIT Technology Review just released an interesting article on the bitcoin community, drawing parallels and commenting on how it somewhat relates to a religious experience for many of its users.

The State Bank of Vietnam, Vietnam’s central bank, has completely banned and deemed the use of cryptocurrencies illegal. This was preceded by the Indonesian Central Bank outlawing bitcoin just a few days earlier. However, so far both of these developments do not seem to be affecting the price of bitcoin as of yet.

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Furthermore, November 13 is determined as the juncture of the BCH hard fork, and should be marked down as an important date as well. The rise of the bitcoin cash price was the main catalyst for this radical move. The primary focus will be on repairing the presently broken difficulty adjustment, that is causing a plethora of problems for miners.

The SegWit2x bitcoin fork is estimated to occur before November 15, and apart from the bitcoin silver December fork (which some in the crypto community are technically calling an airdrop), there is the impending Coinbase release of bitcoin cash, support for the currency is expected no sooner than January 1.

The Bitcoin Investment Trust (GBTC) is garnering a lot of attention these last few days too, with stellar price performance being fueled by bitcoin’s explosive growth and speculation, in addition to the expansive mainstream media coverage on all things crypto.

Bitcoin began trading from the $6,337.1 daily low on November 1 (GMT 04:00). After a stellar run-up, a new $7,500 all-time high was recorded on November 3 (GMT 09:00). The price has retracted slightly since then but Bitcoin continues to trade firmly.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

New Bitcoin All-Time High above $6500, Bitcoin Cash and Bitcoin Gold Follow

Bitcoin has seen 3 new all-time highs in October alone, with the first being on October 13 at $5,842, the second on October 21 at $6,180, while the third and latest all-time high was achieved yesterday at $6,316.85. Bitcoin continues to break record highs on Wednesday as well as prices trade above $6500. Volume has increased somewhat on BitStamp, and there appears to be slightly less selling in this post-high period, for now at least. Bitcoin is trading at 6550, +1.98 as of 10:45 GMT.

Other altcoins have had rallies in the meantime, even though they have been much less pronounced and intensive percentage wise. This, of course, can be mostly attributed to the rise of bitcoin, which has skewed other cryptos on many of the alternative BTC trading pairs. Microcaps have been especially affected, again notwithstanding the smaller number of crypto assets that have managed to secure record gains, in these past few weeks.

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Bitcoin cash has almost jumped two-fold in price from the $302.385 weekly low, right up to the new $522.7 monthly high. The all-time high stands unwavering at $972.5 and presents a possible medium-term target to aim for, as well as being a final resistance level. Bitcoin gold has been trading for a week, with most volume coming from trading pairs on HitBTCYoBitBinance, and Bitfinex. BTG is currently trading at $137. Litecoin has endured around $50 during the larger part of October, oscillating between the $48 monthly low and $70.249 monthly high. Ethereum, on the other hand, has moved very little from $300 price point and seems to be indicating signs of accumulation. Price volatility has remained restricted to a trading range that encompasses the $353.34 monthly high and $272.2 monthly low. We have a similar situation with Ethereum classic too, with price keeping above the $9.59 monthly low, and under the $13.59 monthly high.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Prices Drop Ahead of Bitcoin Gold Fork Tomorrow

Bitcoin has had a vibrant week so far, which began with a vicious but prompt plunge to the $5,101 weekly low. This was soon followed by a rebound that pushed the price up to the new $6,180 all-time high. Volume has been strong since then, although selling was until recently, outpacing buy orders by a wider margin, in just these past few days alone. Caution is warranted, considering how unpredictable the implementation of the upcoming forks might end up being, especially when it comes to bitcoin’s future price advancement and momentum.

I have to strongly disagree that the Saudi prince primarily impacted recent day’s downturn. It is more likely, that it was chiefly instigated by the hourly countdown to the listing of BTG on the YoBit exchange, and from the uncertainty of the actual Bitcoin Gold Fork event. Even though the exchange is hated by many, there were no other relevant trading events in the past 24 hours, aside from a vast swath of reiterated news pieces, which were mostly just quotes from the latest batch of talking heads. The swings in bitcoin’s price seem to be correlated with the volatility of bitcoin gold’s buy support as well, to a degree and for the time being at least.

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Bittrex will be crediting accounts with BTG tomorrow. However, trading will not be possible via a separate market, so users will have to withdraw to other sources (exchanges and/or wallets). Just as it was with the bitcoin cash fork, the parity will remain the same; one BTG will be credited per one BTC during the snapshot block. There are many points of contention when it comes to the latest offshoot of bitcoin, one of the main concerns being the absence of replay protection, and a rather sizable developer premine (100,000 BTG).

For seasoned crypto enthusiast and traders, the forks and accompanying terminology do not really present anything new or challenging. We can only speculate as to how this all looks to newcomers and people who are less tech-savvy.

BTG futures are also tradable on the Bleutrade exchange, while HitBTC is offering B2X trading pairs. It should be noted that these SegWit2x futures are currently not available anywhere else.

Ever since the $6,180 all-time high was achieved on October 21 (GMT 16:30), bitcoin has kept to its downward trend. Four reversals prominently stood out during this lead-out period, the last one happening today. Bitcoin price is trading at $5696.5, down -4.56% as of 12:00 GMT.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Trades near All-Time Highs, the Ethereum Hard Fork, and the Slow March to $6,000

Despite the massive run-up in price, the psychological level of $6,000 was not breached, and the BitStamp all-time high presently sits at $5,846.43. The same can be said for BitFinex’s BTC/USD pairing, which now has a new $5,920 all-time high, serving as a final pre-breakout resistance level. We have a similar situation with Kraken’s XBT/EUR pair, €5,000 was not shattered, and the all-time high is currently holding at €4,899. Bitcoin prices have consolidated since the big surge last week and currently are trading at 5676 as of 9:30 GMT.

Yesterday’s reversal was immensely painful for margin traders. Needless to say, altcoins have continued to crater, and have even in some cases, secured new all-time lows. The ethereum Byzantium Hard Fork has also come to pass without any issues, but the positive resolution has not had a sizable effect on the price, at least not as of yet. Bitcoin cash has oscillated around $350 at the time of writing.

The bitcoin fork appears to stir up a lot of controversies, with certain sources stating that there is practically no support for bitcoin gold. This equally applies to exchanges as well as wallets providers, and the project might be running into a few technical difficulties, which could explain the lacking support.

As to whether bitcoin is in a bubble and/or near the top, there are many conflicting opinions on the matter, although it should be obvious to anyone who has even remotely glanced at the charts.

Jamie Dimon, with his endless slurry of quotes on bitcoin, is regularly referenced across social media, and mainstream media as well, which rarely miss an opportunity to cite him for their wider audience. Regardless, hourly volume has sustained on the majority of bitcoin centric exchanges, and waiting a few more days in order to gauge overall sentiment, would probably be a wiser course of action.

Media news outlets in South Korea have reported that Bithumb, the world’s largest cryptocurrency exchange by trading volume, suffered a security breach that ended up affecting 30,000 users on the trading platform. Government agencies have considerably ramped up their efforts, with Seoul’s Metropolitan Police Agency and the Central Prosecutor’s Office for Advanced Criminal Investigation, leading the investigation and taking point on resolving the controversy regarding the situation.

The previous week saw a huge 28.74% rise from bitcoin’s $4,541 weekly low, which began on October 9 (GMT 06:00). The breakout concluded at the $5,846.43 all-time high, which was realized on October 13 (GMT 03:00), thus ending the huge $1,305.21 upswing in price. Since then, trading has remained in a range between yesterday’s $5,383 daily low, and the $5,846.43 all-time high, which has not been broken thus far.

This post was originally published by EarnForex

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Potential Implications of a US December Interest Rate Hike on Global Markets

The prospect of a December rate hike in the US will no doubt leave Forex traders on edge in the next few weeks. The US markets, however, seem unfazed by the looming December rate rise. They are still making their usual new record highs every week, especially after last Wednesday’s release of the Fed minutes which had all the indications of another rate increase at the end of the year.

The Fed’s September minutes strongly suggested the possibility of another rate increase. According to a CMC Markets recent publication, a decline in the unemployment rate as evidenced by payrolls data and an increase in wages pressure did little to diminish the prospect of a rate rise in December.

The statement released by the central bank after a two-day meeting didn’t touch on the December case but the projections just fell short of declaring one more rate increase in 2017. Members of the Federal Open Market Committee (FOMC) normally vote on whether to raise or reduce interest rates when needed. It has been predicted that 11 out of the 16 FOMC policymakers are set to push the rates higher again this year while their four counterparts are optimistic that the rates will hold steady, for the time being.

There are those who hold the opinion that one more rate increase this year is appropriate. The Vice Chairman, Stanley Fischer, will step down in the next few weeks. He submitted his projections in the last meeting but will not be at the next two meetings to vote on his recommendations. Charles Evans, the Chicago Fed President, recently told reporters in Sydney that he was “fine” with increasing US interest rates on December although he preferred to first see how the economy and especially inflation progressed before making a decision.

Effects of the December Rate Increase

December is still more than a month away but the effects of the expected interest rate increase are already being felt in other markets. In the Forex market, the dollar is still on an unstoppable high. After an 11-week high against all the major six currencies, the dollar-dominated gold is still pricier than other currencies.

Global commodities such as gold, oil, and agricultural products are normally priced in US dollars. A dollar strengthened an interest rate hike would, in turn, increase the price of commodities among non-dollar holders. Economies that depend largely on commodity production and natural resources would be adversely affected when their products decline in value and credit streams shrink. For instance, gold prices edged lower last Tuesday as the dollar strengthened ahead of the expected December interest rate increase.

Global Implications

In a scenario where the Fed hikes interest rates while the other central banks lower or maintain their rates, the US will have a more attractive return on savings than other countries. With higher US interest rates, global capital is expected to flow to the US from other countries, which will result in even more appreciation of the dollar.

However, this scenario goes against an economic theory referred to as the interest rate parity. The theory actually has an opposite argument. It states that in a high-interest rate situation, the country’s currency should decline. Raising interest rates in the first place is a response to a poorly performing economy.

Empirical studies, on the other hand, have shown that a high-interest-rate currency does not depreciate as the theory suggests. If we were to follow the theory, then an interest rate increase in December would result in depreciation of the USD but in fact, the higher interest rate may end up resulting in an increased flow of international capital to the US and strengthen the dollar against other currencies.

Dollar-Dominated Debts

Governments and corporate accounts across the globe have huge amounts of dollar-dominated credits. Many borrowers attracted by ultra-low interest rates have taken trillions of dollars in credit that’s specifically tied to the USD. An interest rate spike would render most of these debts unsustainable.

Some analysts have even gone as far as stating that a surplus in dollar-dominated credit caused by a higher interest rate could potentially lead to a global debt crisis. The credit market has been volatile long enough without the hiked interest rates.

Short-term interest rates are key factors in currency valuation. Forex traders are now keeping a close eye on the interest rate scenario in the US as December draws closer. A higher-than-anticipated interest rate increase will be positive or bullish for the USD and will definitely have a significant effect on the currency market.

Possible New Bitcoin Rally Once the €4,000 Resistance is Shattered

A new rally appears to be underway, and considering how poorly altcoins have performed this weekend, it might end up being a substantial leg up in price. The $4,679.97 monthly high is our near-term target, which is incidentally, almost €4,000 at the current exchange rate, and is serving as a psychological barrier that is holding back further growth.

BTC/USD 1H Chart
BTC/USD 1H Chart

This is right on cue, as the bitcoin cash community is having an elongated debate on removing the Emergency Difficulty Adjustment safeguard feature from their network protocol. Bitcoin gold is also drawing in some minor headlines.

Morgan Stanley’s CEO, James P. Gorman, has begun calling bitcoin more than a fad, praising the first cryptocurrency in a somewhat similar fashion to Goldman Sachs former VP, Matthew Goetz. Announcements from current and former high ranking banking officials will probably be prevalent until the months’ end, presumably from other top US bank executives and administrators as well.

Get Into Bitcoin Trading Today

China and its regulators are prominent in the media too, with fresh articles primarily revealing more information on licensing issues, and how it will specifically pertain to local bitcoin exchanges.

Singapore has taken a different stance though and has decided to only regulate fintech businesses, not cryptocurrencies and assets in general. Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, answered questions on government policy relating to cryptocurrencies, the technicalities, and minutia of it all was covered in a new Bitcoin News article.

BitFlyer, a Japanese bitcoin exchange, has released a new bitcoin prepaid card, offering its user base additional benefits and perks in regards to fiat conversion. Japan looks to be on the forefront of new financial services, at least according to a new article from bitcoin.com. This is in stark contrast to the latest announcement from CryptoPay, which has disabled newly issued and shipped contactless prepaid cards and has as of late, garnered a lot of hate in the community.

Taiwan seems to be taking a slightly friendlier stance to crypto regulation and could begin to attract companies from China and other parts of the globe, with Taiwan’s FSC chairman opposing heavy-handed cryptocurrency regulation.

Bitcoin prices broke above $4500 on Monday morning and is trading at $4562.7 as of 9:15 GMT.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Hovers Around $4,400 Ahead of Bitcoin Gold’s Impending Release

Bitcoin has endured a lot and vigorously persisted these past few days, with volume remaining relatively stable along the way. Regardless, we could end up staying in this sideways trading range if circumstances remain unchanged, or at least until the week-long Chinese national holiday has concluded.

Bitcoin cash has continued descending since its $972 all-time high, a resistance level that could be cleared if more favorable conditions are created after the golden fork. The $719 monthly and $484.9 weekly highs should also be kept under watch. The price was hovering around $360 today, which is uncomfortably close to the $342.11 previous weekly low. Secondary supports are at the $300.01 monthly and $190.1 all-time lows as well and are possible targets in case of a short-term breakdown. Moreover, bitcoin gold is impending release, so we have another fork on the horizon, scheduled for October 25.

Bitcoin has been performing rather well despite the expected schism and overwhelming community discord and was trading above $4,400 today, which is in all fairness, not that far from the previous $4,979.9 all-time high.

Supports are abundant, with the $3,602.79 August monthly low especially standing out, in addition to the $4,137.96 weekly and $2,972.01 monthly lows. Secondary supports are at $4,377.91, $4,215.40, $4,137.21, $4,120.57, $4,019.65, $3,849.78, $3,512.30, and at $3,461.38.

Bitcoin has been on the run since September 15, which was when the ongoing $2,972.01 monthly low was achieved (GMT 11:00). The last week was chiefly characterized by sideways trading, entirely between the $4,019.65 support and $4,453 weekly high. A breach of this high appears to be likely, but it may be postponed, in case of conditions form for another reversal.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.