Crypto Markets See Mixed Signals While BCH and XLM Grow Significantly

Saturday, Nov. 3: crypto markets have seen mixed signals over the day, with most of the top 20 cryptocurrencies by market cap experiencing. slight fluctuations. Bitcoin Cash (BCH) and Stellar (XLM) are seeing significant gains on the day of more than 3.5 percent, according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

Following a slight price rebound, Bitcoin (BTC) has failed to foothold the $6,400 price point today. The major cryptocurrency is down around 0.4 percent over the past 24 hours and is trading at around $6,348 at press time. The intraday high of Bitcoin’s price has amounted to $6,400, while the lowest price point has constituted to $6,342.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) has seen its price gradually drop from $201 to $199.5 over the day. The altcoin is down 0.4 percent over the past 24 hours, and is trading at $199.9 at press time.

Earlier today, Cointelegraph reported on the research by a group of analysts from Northeastern University and the University of Maryland claiming that Ethereum smart contracts have a lack of diversity, which reportedly poses a threat to ETH blockchain ecosystem.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), the third top cryptocurrency by market cap, is also slightly down as of press time, with its price decreasing by some 0.6 percent over a 24 hour period. The coin is trading at $0.455 as of press time.

Ripple 24-hour price chart

Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization amounts to around $206 billion at press time. After having reached $207 billion over the past 24 hours, total market cap has seen a slight drop and was hovering around $206 billion over the rest of the day. Daily trade volume has also seen a slight drop from yesterday’s $12 billion, amounting to $10 billion at press time. The total number of all cryptocurrencies listed on CoinMarketCap is 2,097.

Total market capitalization chart

Total market capitalization chart. Source: CoinMarketCap

Bitcoin Cash (BCH), the fourth top coin by market cap, has seen a distinctive growth of 3.6 percent today. At press time, the coin is trading at around $482.

Stellar (XLM), ranked sixth, is seeing the biggest growth among the top 20 cryptocurrencies by market cap, up around 3.8 percent over the past 24 hours and trading at around $0.24 at press time.

During October, the crypto markets have been frozen possibly in anticipation of the long-awaited decision on Bitcoin exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC), with Bitcoin hitting its record volatility low since mid-2017.

Considered by some to be the main driving force for the alleged upcoming crypto rally, the future of nine Bitcoin ETFs is likely to be defined soon, with the SEC officially setting up a deadline for reviewing proposed rule changes related to a series of applications to list and trade various Bitcoin ETFs by Monday, Nov. 5.

Most recently, Reggie “godfather of ETFs” Browne claimed that Bitcoin ETFs will be approved “no time soon,” clarifying that related certification will require a strong regulatory framework in the industry.

While ETF hype continues to grow, another part of the crypto industry associated with Initial Coin Offerings (ICO) is likely to see some changes soon, with South Korea’s government preparing to release its new official stance on the matter in November.

On Oct. 31, a South Korean central government official claimed that claimed that “it is difficult to ban ICO[s] completely,” according to a report by South Korean blockchain-related news agency Block Media.

Charlie Shrem To ‘Vigorously Defend Himself’ After $32M Winklevoss Lawsuit

Charlie Shrem News

Charlie Shrem To ‘Vigorously Defend Himself’ After $32M Winklevoss Lawsuit


Charlie Shrem, the early Bitcoin adopter and advocate who spent a year in prison for alleged facilitation of drugs purchases with Bitcoin, faces a $32 million lawsuit from Tyler and Cameron Winklevoss.


Winklevoss Twins: Shrem ‘Stole 5000 BTC’

As the New York Times first reported November 2, Shrem, who previously worked with the billionaire twins on his ill-fated Bitcoin exchange project BitInstant, faces claims he “stole” 5000 BTC (now worth $31.7 million).

Winklevoss

According to a lawsuit filing seen by the publication, the dispute goes back to 2012, when the Winklevosses gave Shrem $250,000 in order to help them amass cryptocurrency.

Shrem, they allege, only sent them $189,000 in Bitcoin, leaving the remainder – $61,000 or 5000 BTC at the time – unpaid.

“I have been patient, and at this point it’s getting a bit absurd,” the Times quotes an email from Cameron Winklevoss to Shrem in 2013 included in the lawsuit. “I don’t take this lightly.”

The same year, BitInstant ceased operating, with Shrem facing separate legal problems dating to before the Winklevosses entered which would eventually see him sent to jail.

Claims ‘Erroneous’ Says Lawyer

Since then, private detective work has reportedly revealed Shrem’s debt, along with a missing $950,000 in restitution owed to the state as part of his plea deal.

The judge in charge of the fresh lawsuit is the same one previously dealing with Shrem, in September signaling he would freeze assets as part of the proceedings.

While Shrem has remained silent on the situation, his lawyer has already struck a defiant tone, calling the lawsuit “erroneous.”

“Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name,” he commented.

In late 2017, the Times estimated the Winklevosses’ Bitcoin holdings to be over $1.3 billion, based on the then all-time high prices around $20,000.

What do you think about the Winklevoss twins’ lawsuit against Charlie Shrem? Let us know in the comments below!


Images courtesy of Shutterstock

TRON Gambling dApp Has Paid out Nearly $5 Million in TRX, Justin Sun Points Out

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TRON Gambling dApp Has Paid out Nearly $5 Million in TRX, Justin Sun Points Out

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Justin Sun, the CEO of the TRON Foundation, has recently pointed out via social media that the TronDice decentralized application (dApp), has paid out over 200 million TRX tokens, at press time worth over $4 million.

The figure, according to the dApps’ website, is now at 243 million TRX, which equals $4.8 million as one TRX token is currently trading at $0.022, according to CryptoCompare data.

The TronDice dApp is notably one of the first ones to have been launched on the TRON blockchain, and is essentially a gambling game that lets users pick a number between 2 and 100. The game’s smart contract randomly generates a number between 1 and 100, and determines whether the player wins or loses according to his choice, based on its odds.

To play, all users need to do is create a TronLink wallet, fund it with TRX tokens, and connect it to the game. The dApp is similar to others found on several other blockchains, as gambling appears to currently be one of crypto’s biggest use cases.

TronDice’s success comes shortly after TrobBet, the first dApp to be launched on the cryptocurrency’s blockchain, managed to surpass the 200 million TRX payout mark. As CryptoGlobe covered, TronBet managed to be played over 10,000 times on the day it was released.

The game was so popular that it help TRON overtake Ethereum in daily transaction volume. The TRON Foundation has last month revealed the number of accounts on the crypto’s mainnet has surpassed 500,000, maintaining a 100,000 per month growth.

As of October 16, the Foundation further claimed that 90 smart contracts had been deployed on the network after it was launched nearly one week before. Earlier, as covered, TRON acquired the popular peer-to-peer file sharing platform BitTorrent for $140 million.

Recently, the TRX token surged after Sun announced a mysterious partnership with an “industry giant.” The partnership turned out to be a simple cloud computing deal with Baidu. The move drew criticism online.

Azerbaijan Wants to Adopt Blockchain on Ministry of Justice Databases

Azerbaijan is joining the list of governments adopting distributed ledger technology to promote efficiencies.

Osman Gunduz, Chair of the Azerbaijani Internet Forum (AMF), announced the country will start using blockchain on the information systems and registries of the Ministry of Justice.

Azerbaijan Government Eyes Blockchain Application on Notaries, Courts, Penitentiaries, NGOs, Registries

The Azerbaijani Internet Forum is preparing efforts for the adoption of blockchain by the government, starting with the Ministry of Justice.

Gundiz told Trend news agency that a meeting took place on October 30 to discuss the various systems and electronic services provided by various structural units of the ministry which could adopt distributed ledger.

“The agency currently provides over 30 electronic services, and also there are about 15 information systems and registries. The registers of “electronic notary”, “electronic courts”, penitentiary service, the information systems of non-governmental organizations, the register of population, etc. can be mentioned. The planned project entitled as “Mobile notary office”, which provides for the accumulation of all notarial documents in one case, has seemed interesting.”

The notarization of electronic documents is a key element in the government’s process of disruption, Gundiz explained, adding that blockchain technologies have been successfully applied to registry activities in other countries and businesses.

Distributed ledger is expected to bring transparency to an old legacy system vulnerable to falsification of registries and databases of the Azerbaijani population. The government also plans to expand the exploration of blockchain in utilities such as water, gas, and electricity.

“Especially the fact that the ministry is interested in the introduction of the blockchain technology attracted attention. It was announced that in the future, the smart contracts will be introduced in the field of public utilities (water, gas and electricity supply). That is, this refers to the switch-over of existing contracts of citizens for utility services to smart contracts, which will ensure transparency and will allow to suppress the cases of falsification in this area. The citizens themselves will be able to independently control all these processes.”

Regarding the potential application of blockchain in the judicial system, the AMF Chairman said the work in the direction of “electronic courts” is very weak given that only a few judicial instances have been introduced to the “e-government” yet. Notarial institutions, however, have shown “a certain progress” such as the online integration of “the extracts from the register related to real estate.”

The Central Bank of Azerbaijan (CBA) is also undergoing a modernization revolving around the nascent technology. The CBA is reportedly working with multiple commercial banks and government agencies in order to implement a new system that allows banks to collect, store, and analyze customer information using distributed ledger technology developed by IBM.

The technology giant has not confirmed the information and there is no other evidence of the partnership besides the comments from the Azerbaijani authorities.

Featured image from Shutterstock.

Google CEO’s 11-Year-Old Son Has Been Mining Etherereum

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Sundar Pichai, the CEO of Google LLC who has a net worth of $1.2 billion and annual salary of around $200 million, has discovered that his 11-year-old son has been mining Ethereum’s native token, Ether (ETH).

According to Pichai, he had been discussing how bitcoin (BTC) works during a family dinner and his son interrupted the conversation to tell the Google executive that his explanation might not be accurate.

Pichai’s Son Reveals He Mines Ether

Pichai’s son pointed out that his father was actually talking about what Ethereum does. This is when the Google CEO’s son revealed that he was mining ether. Notably, the 11-year-old said he had been using a regular computer, and not a specialized server or custom ASIC, to mine the digital currency.

In July, billionaire Sergey Brin, the co-founder of Google, revealed that his 10-year-old son had been mining the cryptocurrency as well. Brin shared this with a large audience at a Blockchain Summit held in Morocco while also expressing his fondness of zero-knowledge-proofs (ZKPs).

ZKPs are used by many different coins such as Zcash in order to make transactions more difficult to trace, which helps to enhance user privacy.

Learning About Crypto

While Pichai might not have inspired his son to learn about Ethereum or other cryptocurrencies, Brin said he was actually helping his son learn about crypto as the two were mining ether together (as a collaborative effort).

Commenting on how he encouraged his son to start learning about cryptocurrencies, Brin said:

A year or two ago, my son insisted that we needed to get a gaming PC… I told him, ‘Okay, if we get a gaming PC, we have to mine cryptocurrency.’ So we set up an Ethereum (ETH) miner on there.

Notably, Brin’s son was able to quickly understand how blockchain-based digital currencies work, however, the Google founder had to carefully explain to the youngster how fiat currencies – which are issued by centralized governments – “actually work.”

“Pocketful Of Quarters”

Prichai and Brin’s kids are not the only ones who are involved in what Xapo founder Wences Casares describes as an “intellectual experiment.” As CryptoGlobe reported in March, an 11-year-old named George Weiksner launched his own initial coin offering (ICO) in order to raise between 1,000 to 2,000 ETH.

Weiksner had been planning to raise enough money to be able to develop a project called “Pocketful of Quarters” – a crypto platform for gamers. Online gamers are unable to transfer unspent coins, or tokens, from one game to another.

Weiksner had proposed that by purchasing his platform’s cryptocurrency called Quarters (Q), users will be able to free up money that may have been lost due to non-transferrable in-game tokens. The Quarters could then be used to pay for things in other online games.

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users

Devere Group has announced the launch of a digital asset fund and Binance Uganda claims to have onboarded 40,000 users during its first week of operating. In other news, Grayscale’s quarterly report has estimated that 70 percent of the investments it received during Q3 came from institutions.

Also Read: Regulations Roundup: Ebang IPO Challenged by Probe, Plattsburgh Passes Mining Guidelines

Devere Launches Digital Asset Hedge Funds

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 UsersUK-based financial consultancy Devere Group recently launched Devere Digital Asset Funds in partnership with Dubai-based Dalma Capital Management Ltd.

Nigel Green, the founder and chief executive officer of Devere Group, described cryptocurrencies as “now undeniably” comprising a “part of mainstream finance,” adding that mass adoption is “on the horizon.”

Green stated that the Devere fund will invest in a “diversified portfolio of digital assets via algorithmic trading” on cryptocurrency exchange and over-the-counter markets, adding that Devere will seek to take advantage of arbitrage opportunities present across multiple cryptocurrency trading platforms.

Zachary Cefaratti, the chief executive officer of Dalma Capital, stated: “Crypto Asset Markets abound with durable inefficiencies – creating opportunities … that we have not seen in conventional markets for decades.” Cefaratti added: “Arbitrage opportunities abound – the prices of the top 25 crypto assets vary across over 400 liquidity venues.”

Binance Uganda Claims to Have Signed Up 40,000 Users in First Week

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 UsersBinance has claimed that its Ugandan subsidiary has signed up 40,000 users since launching one week ago, Coindesk reports. Recent estimates suggest that only 26 percent of Ugandan households have access to basic financial services.

Wei Zhou, the chief financial officer of Binance, indicated that the company will soon expand into Kenya, Nigeria, or South Africa next, stating: “Uganda is our pivot to reach out to other African markets.”

Grayscale Reports 70% of Investments Came From Institutions

Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 UsersAccording to Grayscale Investments’ report for the third quarter of 2018, the company saw a total of $329.5 million invested into its products during the year, 59 percent of which came from “institutional investors.” It is estimated that Grayscale takes in an average of $8.4 million each week, $5.5 million of which is invested into the Bitcoin Investment Trust.

The report states that 70 percent of funds invested into the company came from institutional investors, with Grayscale receiving an average of $6.2 million each week during Q3, $4.5 million of which went into the Bitcoin Investment Trust. Grayscale saw a total of $81.1 million invested in its products during Q3.

Despite the increased share of institutional investment seen during the third quarter, the report notes that “the dollar-value invested [by institutions] was lower than in the two previous quarters.”

Do you think that more mainstream financial institutions will soon launch cryptocurrency funds? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Devere Group.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

Hodl Hodl Launches First Non-Custodial OTC Bitcoin Trading Desk

OTC Hodl Hodl Bitcoin Exchange

Hodl Hodl Launches First Non-Custodial OTC Bitcoin Trading Desk


The world’s first non-custodial OTC trading desk for Bitcoin has been launched by P2P cryptocurrency exchange Hodl Hodl.


First Non-Custodian OTC Bitcoin Trading Desk

Hodl Hodl, the peer-to-peer cryptocurrency exchange that doesn’t hold users’ funds, has launched an OTC (over-the-counter) trading platform in partnership with a licensed European broker Tenbagger.

The latter is an EU regulated platform licensed in Estonia as a Virtual currency exchange service. It will be “match and guide” counter-parties, enabling to buy and sell bitcoin (BTC) [coin _price] at “competitive” rates. 

What’s more, Hodl Hodl becomes the world’s first OTC platform providing non-custodial escrow services for trading bitcoin.

“There has been a vibrant OTC Bitcoin trading market operating in parallel to the existing exchanges, but none of them are offering non-custodial escrow services for cryptocurrencies which would eliminate the risk of losing funds,” the company explained.

By using the Bitcoin blockchain, the OTC escrow service will run on the most secure cryptocurrency network in the world. In other words, this new service not only removes custodianship and counterparty risk but also leverages the Bitcoin network that has been running 24/7 with 99.98% uptime over the past decade.

Why OTC?

The following benefits are provided when custodians and other middlemen are removed from the equation. For one, transactions are more secure since this is all done on the Bitcoin blockchain in P2P fashion.

Second, over-the-counter trades do not directly affect BTC spot price unlike when trading on exchanges. Trades are settled the same day and the platform provides 24/7 support and promises a “private” trading experience.

For each trade, we create a unique multisig escrow account on Bitcoin’s blockchain, ensuring transparency and the highest level of security.

Hodl Hodl adds that this new service will not affect their Bitcoin and Litecoin exchange, launched earlier this year, remaining the only non-KYC/AML non-custodial P2P platform where any amount of coin can be traded. 

In August, Bitcoinist interviewed the CEO and CTO of Hodl Hodl, the organizers of the popular Bitcoin-centric Baltic Honeybadger conference.

Will you try the new OTC trading desk or will you stick to regular exchanges? Share your comments below!


Images courtesy of Shutterstock

Coinbase Roundup: Series E Funding, Institutional Interest, and Listing the Basic Attention Token (BAT)

American cryptocurrency exchange Coinbase has closed its fifth Series E funding round. On October 30, 2018, the company announced that it had successfully secured a $300 million investment “to accelerate the adoption of cryptocurrencies and digital assets.” This new influx of capital gives Coinbase a total valuation of over $8 billion, according to an official blog post. The funding round was led mainly by Tiger Global Management, and also attracted capital from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and other investors.

Coinbase notably closed its previous funding round in August 2017, in which it raised $100 million from IVP and other participants. At the time, the company was already one of the best-funded cryptocurrency startups, with a total valuation of around $1.6 billion. Coinbase and the entire cryptocurrency ecosystem by extension have matured in technology and value since then. The company also made headlines in February when it told shareholders that it had topped $1 billion in revenue in 2017.

Aggressive Acquisition Strategy

In March, Coinbase hired Emilie Choi, a former LinkedIn executive, as the company’s first Head of Mergers and Acquisitions. Over the next few months, the exchange bought out several smaller rivals and integrated them into the company’s workforce.

In April, Coinbase acquired Ethereum dApp browser Cipher for an undisclosed amount and tasked founder Pete Kim with heading the engineering effort at Toshi, Coinbase’s own decentralized app platform. Two days later, it also bought cryptocurrency startup Earn.com for a whopping $120 million, bringing co-founder Balaji Srinivasan on board as the exchange’s first CTO.

While Coinbase has been facing stiff competition in the cryptocurrency exchange business by the likes of Robinhood, the company has stated that it will soon begin exploring a wide range of crypto-related products and services. This includes efforts such as Coinbase Custody, “an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure way.” The service recently obtained a license to operate as a Qualified Custodian under the New York Banking Law.

Coinbase IPO Unlikely?

In an interview with Bloomberg Technology, Coinbase COO Asiff Hirji also confirmed that the company is looking into diversifying its income streams. He continued:

“Currently, our revenue streams are 100 percent transactional. The custody business and other businesses are more fee-based, so what you will see is that will grow as part of our overall revenue, which gives us more stability and predictability to our revenue stream.”

Hirji also said that Coinbase has no intention of launching an IPO in 2019 or anytime soon. While the possibility of the company going public at some point in the future was not completely ruled out, he said that an IPO is “not even close to the top of the list of things we’re worried about right now.”

However, Hirji also admitted that the company may have moved too fast in the institutional space with the launch of its index fund earlier this year. Launched in March 2018, Coinbase Index aimed to “track the overall performance of the digital assets listed by Coinbase, weighted by market capitalization.” By targeting the professional crowd, however, Hirji said that they underestimated the regulatory hurdles involved in delivering such a product. This led to it getting rebranded to Coinbase Bundle, which was marketed to end-users as a way to purchase “the first five cryptocurrencies that were listed on Coinbase” weighted by market cap.

Turbulence at Coinbase

Hunter Merghart, appointed as the head of trading at Coinbase six months ago, has reportedly resigned from the position. While the company has not officially confirmed the resignation, sources within Coinbase indicate that he is already exploring other opportunities. Before Coinbase, Merghart was employed at the British bank Barclays as director of equity trading in the U.S. for approximately two years. The executive that hired Merghart, Adam White, notably also quit Coinbase in favor of an executive position at the institutional crypto platform Bakkt.

Nevertheless, Coinbase plans to take its cryptocurrency exchange offering one step higher with the inclusion of several more digital assets. In a blog post published July 14, 2018, the company said that it was “exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible.” The assets under consideration included Cardano, Stellar Lumens, Zcash and 0x. Notably, the exchange has already added one currency, Ethereum Classic, since the start of 2018.

On November 2, 2018, Coinbase Pro announced that it would indeed be listing the Basic Attention Token (BAT). The native Brave Browser token enjoyed a hefty boost in valuation following the announcement, and jumped from $0.26 to $0.31 according to CoinMarketCap. It is currently trading at $0.29. 

Speaking with Bloomberg, Hirji confirmed that Coinbase is still looking to expand its range of supported currencies. He said, “You should expect us to go from seven [currently supported currencies] to that total number that we think is worth it over the next year or so.” As for global availability, he clarified:

“We’re going to add them geography by geography, because the U.S. has not kept pace where regulation is [concerned].”

Partnership with Wilshire Phoenix

New York-based investment firm Wilshire Phoenix announced October 31 that it would be partnering with Coinbase Custody to launch a new crypto fund aimed at the institutional audience. According to the press release, the fund is expected to be launched by the end of 2018 and will be “organized as a statutory trust.” Capped at $500 million, the fund aims to increase exposure to bitcoin and the rest of the cryptocurrency market. The release further explained:

“While the fund is not intended to replicate a direct investment in Bitcoin. It will seek to provide investors and financial institutions with the ability to gain exposure to Bitcoin while mitigating some of the risks involved from sudden price movements of Bitcoin.”

Now that Coinbase Custody is a fully regulated entity, a Qualified Custodian, and fiduciary, it can offer Generally Accepted Accounting Principles (GAAP) compliance, an important point for any institutional-grade fund. Wilshire Phoenix Founder and CEO Bill Herrmann said, “Coinbase Custody provides Wilshire Phoenix a best in class platform on which to securely store digital assets. They are steadfast in their commitment to implementing and executing solutions for institutional clients as opposed to merely talking about their future plans to do so.”

Vitalik Buterin Claims He Isn’t Leaving Ethereum, Rejecting Reports

Recently, MIT Technology Review published a popular article titled: “Vitalik Buterin says his creation can’t succeed unless he takes a step back.” Inside the article, there’s an interview MIT conducted with Vitalik Buterin at the Ethereum Devcon4 conference, held in Prague last week.

While the article’s title seems to imply Vitalik is planning on leaving Ethereum, this is seemingly not the case. In a Twitter conversation, Bitcoin price analyst Tone Vays accuses Buterin of “getting ready to pull a Dan Larimer.” For reference, Dan Larimer is the creator of BitShares, Steemit, and EOS, who has been criticized for leaving projects behind and moving onto different ventures. Buterin answered:

From there, Vays followed-up by asking Buterin if he is saying the headline and subheadlines in the article are innacurate. Buterin responded:

Therefore, it seems that MIT’s article is reaching a bit, and that Buterin will not be “stepping back” from Ethereum.

Exiting Ethereum

Despite this controversial article, Vitalik Buterin’s involvement in Ethereum has been an ongoing point of contention for the cryptocurrency community. Although Ethereum is a decentralized network, composed of thousands of nodes, developers, users, and advocates, some have described Buterin as a “benevolent dictator” who leads the way.

Although Buterin is responsible for Ethereum’s creation, and is heavily involved in ETH’s research team, many argue that his role has been shrinking. Hudson Jameson, member of the Ethereum Foundation, has been quoted as saying that Buterin is “out of the decision-making in a lot of ways,” and that “that’s something that I think is really really important for the ecosystem to thrive and become more decentralized.”

Why is there so much concern about Buterin’s involvement in Ethereum? The reason is no cryptocurrency wants to be centralized around one person. Having a leader creates a single point of failure, and in the case of Ethereum, Buterin’s disappearance could be a threat to the community. Some believe Satoshi Nakamoto, the creator of bitcoin, disappeared to make sure the cryptocurrency didn’t depend on him.

Buterin seems to agree his infleunce over Ethereum has to start decreasing over time, as in his MIT Technology Review interview he said that it’s “a necessary part of the growth of the community.” Nonetheless, he said, his involvement in the project has amounted to “a significantly smaller share of the work than I had two or three years ago,” adding that downsizing his influence is “something we are definitely making a lot of progress on.”

Featured image via Flickr, TechCrunch, CC by 2.0

Bitcoin Price Weekly Analysis: BTC/USD Rebound Faces Significant Hurdle

Key Points

  • Bitcoin price recovered recently and tested the $6,375 resistance area against the US Dollar.
  • There is a significant bearish trend line in place with resistance at $6,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the $6,365, $6,375 and $6,400 resistance levels to trade higher in the near term.

Bitcoin price is still above the $6,250 support against the US Dollar. However, BTC/USD is facing a crucial resistance near the $6,375-6,400 area.

Bitcoin Price Analysis

This past week, there was a downside extension below the $6,300 support in bitcoin price against the US Dollar. The BTC/USD pair traded close the $6,200 support where buyers emerged. As a result, the price started a decent recovery and moved above the $6,250 and $6,300 resistance levels. The upside move was positive as there was a break above the $6,340 level as well. Besides, the price surpassed the 61.8% Fib retracement level of the recent decline from the $6,429 high to $6,201 low.

However, the upside move stalled near the $6,375 resistance and the 100 simple moving average (4-hours). Moreover, the 76.4% Fib retracement level of the recent decline from the $6,429 high to $6,201 low acted as a resistance. To the topside, there is a significant bearish trend line in place with resistance at $6,400 on the 4-hours chart of the BTC/USD pair. At the outset, there is a contracting triangle forming with resistance near $6,360. Therefore, the price needs to surpass the $6,360, $6,375 and $6,400 resistance levels to trade higher.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price is clearly facing a solid hurdle near the $6,375 and $6,400 levels. If buyers fail to clear these, there could be a bearish reaction back towards the $6,250 or $6,200 support.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is about to move back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently flat near the 50 level.

Major Support Level – $6,250

Major Resistance Level – $6,400