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Bitcoin News Summary – April 27, 2020

The post Bitcoin News Summary – April 27, 2020 appeared first on 99 Bitcoins.

 News regarding the Chinese digital currency has been emerging more frequently in the past …

Bitcoin News Summary – April 27, 2020 Read More »

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News regarding the Chinese digital currency has been emerging more frequently in the past few weeks. The latest local report on the matter claims that testing has already begun in mainland China. Trial runs include catering and retail industries, including massive U.S. chains Subway, Starbucks, and McDonald’s.

HDR Global Trading, which operates the BitMEX exchange, announced a $2.5 million donation to COVID-19 relief efforts. The funds will be split between four organizations working to stem the disease including Gates Philanthropy Partners launched by Bill and Melinda Gates.

Australia’s Power Ledger company just launched a blockchain-based service that enables independent power producers to sell their excess solar-generated energy to others. The system will run in a new housing development in Perth to start, with more residential developments to be added over the next few years.

In a clever bit of marketing, footage from a lecture on Monero propelled to the second position in the US box office rankings. While US cinemas are all shut down at the moment, viewings are still possible via digital stream. Monero enthusiast, film director and producer, Justin Ehrenhofer, partnered with several theatres to have the footage screened. The film grossed $3,430 on its opening weekend.

Bitcoin accumulation is on the rise in the past few weeks as reported by Glassnode Insights. BTC hodlers are stashing more coins daily now than they did at any time in the last year.

Before we conclude, this week’s “Bitcoin quick question” is what is mining difficulty?

In order to keep Bitcoin’s money supply in check, the system is built in a way that a new block of transactions is added every 10 minutes on average. However, if more miners join the network, the increasing computational power may create a situation where a block is found much faster.

To account for this, a mining difficulty adjusting factor was put in place. If more miners join the network, the system adjusts by making it harder to mine a block. If miners drop from the network the difficulty will decrease. 

It’s important to note that difficulty adjusts in retrospect every 2016 blocks, or roughly every 2 weeks. At the end of a difficulty cycle, the system checks the average block mining time and adjusts the difficulty accordingly.

If you want to learn more about mining and difficulty, check out the link in the description.

Have a question you want us to answer? Just leave it in the comment section below. And if you want to support our videos, consider using the Brave browser for faster, ad free browsing that can also earn you rewards. Just visit the link in the description below.

That’s what’s happened this week in Bitcoin. See you next week.

Source: https://99bitcoins.com/bitcoin-news-summary-april-27-2020/

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Litecoin Price Analysis: 22 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Bitcoin market registered an important price drop recently, one wherein the value of the digital asset dipped briefly under $30k on the charts. Although the cryptocurrency’s value later bounced back above the $30k-level, the said drop in price also contributed to major altcoins like Litecoin plunging on the charts.

Litecoin briefly breached the support at $125, following which it managed to recover from its sudden fall on the charts. At the time of writing, Litecoin was valued at $137.27, with the cryptocurrency trading close to its immediate resistance levels.

Litecoin one-hour chart

Source: LTCUSD on TradingView

From the attached chart, Litecoin’s price can be seen falling within a descending channel and hitting a low of $121.97. This low was followed by an immediate retracement as the market tried to stabilize. In fact, later, the price of the digital silver immediately pushed higher, which was why LTC was trading above $130, at press time.

Given the aforementioned drop, the digital asset may breach the resistance at $138 and be priced higher on the charts.

Reasoning

The 50 moving average moved above the price bars and acted as a resistance level for the price of LTC. The said fall pushed LTC into the oversold zone, with Bitcoin’s own depreciation on the charts contributing to growing selling pressure. However, as the price recovered, the Relative Strength Index also moved into the equilibrium zone. As this level looked like a consolidating range for LTC’s price, the emergence of bullish pressure may push it higher on the price scale.

Further, the Awesome Oscillator highlighted the momentum shifting towards the sellers’ side. The AO dipped under zero a couple of days back, and a short position of traders must have realized here as the market went on a downtrend. With the downtrend sustaining itself, all momentum in the market was lost.

Crucial levels to look out for

Entry: $138.03
Stop-Loss: $134.73
Take-Profit: $144.88
Risk-to-Reward: 2.39

Conclusion

The press time price level looked like a consolidating level for Litecoin. However, a northbound push for the digital asset may result in traders benefiting from a long position as they realize a profit at $144.88.

Source: https://ambcrypto.com/litecoin-price-analysis-22-january

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VanEck files for a ‘Digital Asset ETF’ with the SEC

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According to a filing published today by the United States’ Securities and Exchange Commission, New York-based investment management firm VanEck intends to launch a Digital Assets ETF, one that will track as closely as possible, before fees and expenses, “the price and yield performance of the MVIS® Global Digital Assets Equity Index.”

The fund will invest in companies that generate at least 50% of their revenue from digital asset projects, or developing projects that have the potential to generate half of their revenue from the digital assets industry.

It should be noted, however, that the term “digital asset industry” is by and large a broad terminology for companies that operate digital asset exchanges, payment gateways, mining operations, software services, equipment, and technology. This may well mean that there is potential for companies like Coinbase to be included in the fund after a successful IPO.

The SEC filing also notes that this fund will invest in companies that hold a significant amount of digital assets on their balance sheets. This suggests that companies like MicroStrategy may be a part of its portfolio, considering its own billion-dollar Bitcoin holdings.

The New York-based investment firm isn’t a stranger to SEC filings. VanEck had previously submitted applications for Bitcoin-based ETFs with the SEC, with a majority of them being rejected by the regulatory agency for a host of reasons.

On the contrary, back in September 2019, VanEck withdrew its application for a Bitcoin ETF. Interestingly, the verdict on its most recent application for an ETF, titled “VANECK BITCOIN TRUST” is still undecided.

If the development comes to pass, it will be a huge step, especially since the said offering will be launching in a country where regulatory agencies have often been seen with a suspicious eye. In Europe, on the other hand, crypto-ETPs surpassed a billion Euros in assets in 2020, despite a regulatory ban on selling these products to retail investors in the U.K.

While a crypto-ETF is still yet to be officially approved in the U.S, many investment advisors have cited concerns saying that without a crypto exchange-traded fund, there is little incentive for registered investment advisors to put clients’ cash into crypto.

Source: https://ambcrypto.com/vaneck-files-for-a-digital-asset-etf-with-the-sec

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Stellar Lumens, Steem, Maker Price Analysis: 22 January

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Stellar Lumens registered significant losses recently. However, since a lot of the asset wasn’t sold on the market, XLM could see some upside in the next day or two. STEEM also showed signs that it was poised for a bounce while Maker slipped under a triangle pattern and could move towards $1000 on the price charts.

Stellar Lumens [XLM]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: XLM/USD on TradingView

While Stellar Lumens did not show strength in the market with regard to its price, there was reason to believe that XLM was heading back towards the range high at $0.31. The trading volume was low over the past few days, and the OBV showed that there was not a significant volume of XLM sold over the past few sessions, despite strong losses.

The range lows at $0.223 offered some pushback and at the time of writing, XLM was trading under the mid-point of the range at $0.264.

While the momentum seemed bearish, rising above the mid-point and defending that level will be a reason to conclude that XLM is likely to move towards $0.31 once more.

Steem [STEEM]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: STEEM/USDT on TradingView

STEEM registered a local high at $0.22 earlier this month and set a lower high at $0.211 a few days ago. Since then, it has faced strong selling pressure, with the crypto trading at $0.177, at the time of writing.

It saw a candlewick below the $0.168-support level, but that was quickly bought up. The RSI registered a value of 38, indicating bearish momentum. Further, the Stochastic RSI was deep within the oversold territory.

Combined with the buying pressure that drove the price all the way up from the wick to $0.164, it could be that STEEM is poised to attempt a bounce to the $0.185-$0.19 region. The reaction there will set its next direction.

Maker [MKR]

Stellar Lumens, Steem, Maker Price Analysis: 22 January

Source: MKR/USDT on TradingView

The MACD was steadily falling further into bearish territory after MKR closed under a symmetrical triangle pattern and re-tested the $1400-level as resistance. The Directional Movement Index also showed that the -DMI (pink) and ADX (yellow) were both climbing past 20 on the charts to show that a strong downtrend was in progress.

The 38.2% level at $1200 could offer support to MKR, should it flip the level to support in the coming hours. Further downside for Bitcoin towards $27.7k will likely see MKR move towards $1000 as well.

Source: https://ambcrypto.com/stellar-lumens-steem-maker-price-analysis-22-january

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