Are IEOs just having their golden period or are they here to stay?
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Are IEOs just having their golden period or are they here to stay?
Ethereum price is trading in a bearish zone against the US Dollar and bitcoin. ETH might correct higher in the short-term, but the bulls are likely to struggle near $180-$182.
This past week, there was a strong decline in bitcoin and ETH below $10,000 and $180 respectively against the US Dollar. Ether price even declined below the $175 support and the 100 simple moving average (4-hours). Moreover, there was a break below the $170 support and the price traded close to the $163 level. Recently, the price started an upside correction from the $163 swing low.
It climbed above the $170 level plus the 23.6% Fib retracement level of the recent drop from the $195 high to $163 swing low. However, there are many hurdles on the upside near the $178 and $180 levels. Moreover, there is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the $195 high to $163 swing low.
Above the trend line, the next major resistance is near the $184 level and the 100 SMA. The 61.8% Fib retracement level of the recent drop from the $195 high to $163 swing low is also waiting near the $182 zone to act as a resistance. Therefore, the price must climb above $180, $182 and $184 to move back into a positive zone in the near term.
On the downside, an immediate support is near the $165 level. If the price fails to stay above the $165 support area, there is a risk of more downsides in the near term. In the mentioned bearish case, the price could even decline below the $160 support level.
The above chart indicates that Ethereum price is clearly trading in a bearish zone below the $180 level. If there is an upside correction towards the $180 level, the bears are likely to defend further upsides.
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently just above the 50 level, with a positive angle.
Major Support Level – $165
Major Resistance Level – $180
The post Ethereum Price Weekly Forecast: ETH Remain Sell Until This Changes appeared first on NewsBTC.
Bitcoin price is facing a lot of hurdles on the upside near $10,000 against the US Dollar. BTC remains sell on rallies as long as it is trading below the $10,000 resistance.
In the last weekly forecast, we discussed the possibilities of a downward move below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the key $10,000 and $9,800 support levels. Moreover, there was a close below the $10,000 pivot and the 100 simple moving average (4-hours). Finally, there was a break below the $9,800 and $9,500 supports as well.
A new monthly low was formed near $9,300 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $10,717 high to $9,308 low. However, there are many hurdles on the upside near the $9,800 and $9,900 levels. Additionally, there is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair.
Moreover, the 50% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also near the $10,010 level. Therefore, upsides are likely to remain capped near the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is waiting near the $10,150 level. The 61.8% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also waiting near the $10,170 level.
On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price may continue to move down below the last swing low at $9,300. The next key supports are near the $9,100 and $9,000 levels.
Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.
4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.
Major Support Level – $9,500
Major Resistance Level – $10,000
The post Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery appeared first on NewsBTC.
A roundup of major news of the week from Brazil and Portugal
If you told economists twenty years ago about Bitcoin (BTC) and negative-yielding debt, they would be shocked.
In the 1990s or even the 2000s, decentralized digital money and a bond that made your money disappear with time would have seemed abstract — quite abstract. Now, however, these two financial trends, which came to fruition mostly over the last decade, have become widely recognized.
On Friday, Bloomberg reported that the negative-yielding bond situation has just developed. Their report, which cites the Bloomberg Barclays Global-Aggregate bond index, shows that $17 trillion worth of bonds is negative-yielding.
#Bloomberg re "unstoppable surge in negative yields."
Universe of negative-yielding bonds–once unthinkable (after all, who would pay rather than receive interest when #lending money)–reached $17 trillion at the end of August; and it's spreading its wingshttps://t.co/B6IhuYwUZc pic.twitter.com/P44I7G5ZeV— Mohamed A. El-Erian (@elerianm) August 31, 2019
To describe how crazy negative interest rates are, here’s Bitcoin commentator Rhythm to explain. As he explained in a recent tweet, it’s essentially like lending someone your capital and expecting to receive less of it back in a few years’ time. In no world does this make sense. After all, investments are supposed to yield a return, not result in you slowly losing your capital.
What if I said I wanted to borrow $100 from you and pay you back $99 five years later?
Would you do it? Of course not.
Yet, this is happening right now with $17,000,000,000,000 of debt with negative yields.
The mother of all financial bubbles.
— Rhythm (@Rhythmtrader) August 31, 2019
There’s a silver lining in all this: the demand for Bitcoin and other alternative assets should only grow.
Raoul Pal, the former head of Goldman Sachs’s hedge funds sales business, recently sat down with Bitcoin podcaster Stephen Livera to talk investments. The economist explained that as it stands, the most popular asset classes make no sense for millenials with ten- to 20-year outlooks.
Equities, he remarked, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. As Ray Dalio, a legendary hedge fund manager,explained earlier this year:
“There are a lot of parallels between now and the late 1930s. From 1929 to 1932 we had a debt crisis — interest rates hit zero. Then there was a lot of printing of money, and purchases of financial assets brought their prices higher.”
Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides.
Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Enter Bitcoin. Pal quipped:
“So what the hell does a millennial do to save for your future, when almost all assets have negative imputed returns for the next 20 years, 10 years? And the answer is well, you take the optionality of cryptocurrency and Bitcoin.”
He went on to explain the rationality of why buying Bitcoin as a millennial (and under) makes sense. Pal remarked that nothing like digital assets provide “that risk-reward profile where you can be wrong but you do it earlier on, you’ve still got plenty of time to accumulate wealth in other assets too.”
Featured Image from Shutterstock
The post Bitcoin Need Accentuated as Negative-Yielding Debt Hits $17 Trillion appeared first on NewsBTC.
Automotive supplier Continental pilots “Earn As You Ride” app that lets drivers monetize their parking data
The largest credit card processing company in Brazil unveils support for crypto payment
29 August, San Francisco – The 2019 Bytom DevCon was successfully held in Fort Mason, San Francisco, on August 24th. More than 50 teams from the US, Russia, India, Belgium, Brazil, Nigeria and China registered for 2019 dev challenge and six winning teams did demo show at the conference.
Paypaw team from Canada, which developed a BTM micropayment system, won the first prize and received $30,000 equivalent in BTM tokens.
This is Bytom’s second DevCon, the first was held in China last year. 2019 Bytom DevCon invited many speakers in the blockchain industry including Darin Kotalik, Director of ETC Labs; Naveed Ihsanullah, Head of Engineering at Algorand; Nick White, Co-Founder of Harmony; Mo Dong, Co-founder of Celer Network; Daniel Yan, Founding Partner of Matrixport; Zera Alexander, VP of Engineering at Reserve and so on. They discussed issues ranging from public blockchains, investment to digital assets.
In the opening remarks, Duan Xinxing, Founder and CEO of Bytom, mentioned the reason to launch Bytom. Duan wanted to create a digital assets internet to support multiple assets and the programmable economy. Duan also shared Bytom’s recent release of Bystack, a blockchain service platform with mainchain-sidechain design.
One sidechain has been created for staking service which already has 42 partners now. They also try to make more customized toolkits and integrated them within Bystack framework for Enterprise Applications on sidechains.
Bytom VP of Engineering, James Zhu, has stated that Bytom will release the Bystack roadmap in the near future. Bytack will launch a developer center and a decentralized ID system. Meanwhile, Bystack will keep iterating and release BBFT 2.0 and Bytom 1.2. Open Federation Management Framework, Dapp Dev Framework, and Decentralized Personal Credit Solution will also all be launched as well.
BBFT presenter Wei Wang illustrated the high performance of Bystack’s sidechain. By using the BBFT consensus algorithm, the TPS on sidechain can reach 20 thousand, and confirmation time for a transaction takes only 0.6 seconds with a fork possibility of 0.27%. The combination of PoW, DPoS and BBFT help Bystack break the trilemma theory in the blockchain.
MATPool CTO Lei Jin gave a speech about Mining as a service (MaaS). As Bytom’s official mining pool, MATPool provides custody services for miners and it will look for the most profitable tokens automatically. MaaS will connect the demand side and the supply side of GPU computing power, resolving resource isolation.
Celer Network Co-founder Mo Dong said in his speech that Celer wants to promote adoption of blockchain through games. A mobile APP CelerX has been launched and developers even without blockchain developing experience could use CelerX Gaming SDK to develop HTML 5 games easily.
There are also three insightful panel discussions at the conference. In the panel about trends and challenges of public blockchains, Darin Kotalik thought that education is one of the biggest challenges because people need to have a basic understanding of blockchain.
When speaking of future’s potential mass adoption, Naveed Ihsanullah said that it will occur when many products are used without the necessary underlying blockchain technology being recognized. Nick White stated that he believed that gaming is a good starting point to attract more users and the compliance issue in gaming is not as serious as DeFi projects.
In the panel discussing value creation in digital assets industry, Anchain Marketing Manager Steven Yang said that many projects have to become centralized gradually due to KYC compliant requirements and users’ preference.
Infstone Business Director Sili Zhao thought that many people’s understanding of blockchain is limited in banking and crypto and blockchain insiders should explore more use cases in other fields. Zera Alexander, VP of Engineering at Reserve, pointed out that stable coins will boom in the future because it has not found proper use cases now even though with a high market cap.
In the last panel about investment, Co-Founder of Matrixport Daniel Yan thought that Hong Kong and Singapore are Asia’s best places for crypto business. However, Will Wang, Investment Director of Ausvic Capital pointed out that choosing the location should consider technical talents but the experience of users is more important than technology.
Cecilia Li, Investment/Partnership Director of OKcoin, said that any asset can be tokenized but the key is whether the asset has intrinsic value and demand. TF Guo, Founder of Taxa, gave some advice to individual investors that building and holding is better than trading.
Learn more about Bytom – https://bytom.io/
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Media Contact
Contact Name: Yi Ren
Contact Email: reny@bytom.io
Bytom is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
Disclosure: This is a sponsored press release
The post Bytom Host Successful 2019 Global Dev Conference in San Francisco appeared first on The Merkle Hash.
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