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Technology companies rose sharply on Wall Street, pushing the Nasdaq composite to another all-time high, the AP reports. The biggest winner in the sector by far was software maker CA, which soared 19% after agreeing to be acquired by Broadcom, a chipmaker. The broad advance wiped out the market’s losses…
Thai Navy SEALS on Monday announced their latest successful extraction of four youth soccer players trapped in a cave by adopting the U.S. Navy’s “Hooyah!”
Arizona’s largest utility is fiercely opposing a push to mandate increased use of renewable energy in the sun-drenched state, setting up a political fight over a measure funded by a California billionaire.
Clean Energy for a Healthy Arizona aims to ask voters whether they want the state Constitution…
Pennsylvania’s Supreme Court is denying Meek Mill’s motion to have Judge Brinkley removed from his case … at least until after his next hearing. The state’s Supreme Court justices were split on the matter — 3 denied it, 3 supported it … but…
Cryptocurrency prices are making some headway today after suffering from a bearish onslaught last week. Since our last markets update the digital asset economy has gained $ 26 billion over the last five days. The price of bitcoin cash (BCH) touched a high of $ 1,160 earlier today but now hovers around $ 1,140 per BCH. Bitcoin core (BTC) values reached $ 7,790 per BTC but subsequently dropped to an average of $ 7,713 at 7am EDT.
Cryptocurrency Markets See a Short Term Push Upwards
The question over the past few months is — How long will the cryptocurrency bear run last? A few weeks ago things were trending upwards showing signs of a reversal after digital assets lost considerable value after touching all-time highs. Today cryptocurrency markets are showing some deep consolidation as traders have been shifting positions in hopes of another bull run this year. However ever since BTC touched a high of $ 19,600 digital currency bears have been storming the markets and shorting them to profit from the downturn.
Bitcoin Cash Market Action
On Sunday, June 3, 2018 bitcoin cash markets are commanding an overall valuation of $ 19.5Bn and the decentralized currency has gained 10 percent over the past 24-hours. Seven day gains for BCH show the digital asset has jumped upwards 13.9 percent in value. BCH purchasing volume has also increased and rests at $ 753Mn over the past 24-hours. The top five exchanges swapping the most bitcoin cash today include Okex, Huobi, Bitfinex, Lbank, and Binance. One BCH is roughly 0.1465 BTC and bitcoin core is the most traded pair with BCH today. BTC captures 40.8 percent of BCH trades followed by tether (USDT 28.9%), USD (17.7%), KRW (8.9%), and the EUR (1.3%).
BCH/USD Technical Indicators
Looking at the 4-hour BCH/USD chart on Bitfinex shows bulls are tiring out a touch from this morning’s upward push. Before the spike, the market appeared to form a deep consolidated diagonal formation as Bollinger Bands have been extremely tight. BCH buyers are currently facing resistance and the two Simple Moving Averages (SMA) indicate the path to resistance may be towards the upside. The short-term 100 SMA is above the 200 SMA trendline but not by much. After this morning’s rise, the MACd still shows room for improvement and the Relative Strength Index (RSI) points to (71) overbought conditions. Order books show BCH bulls need to press past $ 1,185 to find smoother seas while on the backside there are foundations between the current vantage point and $ 925.
Bitcoin Core Market Action
Bitcoin Core’s (BTC) upwards action is slowing down right now after touching a high of close to $ 7,800 earlier this morning. The price of BTC is up 0.88 percent over the last 24 hours and 5.2 percent over the last seven days. Trading volume has increased only a little bit since our last markets update as BTC traders this Sunday are swapping $ 4.95Bn in trade volume. The top exchanges trading the most of this action are Binance, Okex, Bitfinex, Huobi, and BTCC. The Japanese yen today is the forerunning pair traded with BTC capturing 55 percent of trades. Tether (USDT 18.6%) follows the yen, and then the USD (16.3%), KRW (3.3%), and the RUB (2.3%). The Russian Ruble has sort of silently sneaked into the top five currency pairs position with BTC. Furthermore on the peer-to-peer exchange Shapeshift.io the top trade today is ETH for BTC.
BTC/USD Technical Indicators
Looking at the same 4-hour timeline for BTC/USD on Coinbase and Bitstamp show bulls are feeling exhausted after that last push. The cryptocurrency is holding just above the $ 7,700 region and resistance is piling up across exchange order books. The two SMA trendlines for BTC show similar action as the short term 100 SMA is just above the long-term 200 SMA. With this said we may see some more northbound action if bulls can manage to press through current resistance. MACd is meandering downwards indicating bears are attacking and RSI levels are around 56, showing conditions could go either way after the last spike. Order books are not too bad looking at the upside as bulls need to muster up strength to get past $ 7,900-8,100 in order to approach far safer and less bearish conditions. Looking down we can see that bears will be stopped at $ 7,200 and there are considerably sized walls through $ 6,600 as well.
The Top Digital Assets Today
Cryptocurrency markets in general throughout the top positions are seeing gains today. The second highest market capitalization commanded by ethereum (ETH) has seen a 4.6 percent increase this Sunday. The price of ethereum has gained 7.3 percent this week in total and the price per ETH today is $ 619. Ripple (XRP) values are up 2.7 percent as one XRP is averaging around $ 0.66 cents per token. The token EOS which just launched its mainnet is up 5.7 percent this Sunday and 19 percent this week. One EOS is priced at $ 14.84 per token at the time of publication.
The Verdict: Skepticism Remains
The upswing has added a touch of positivity throughout the cryptocurrency trading environment as markets managed to hold steady at current levels. But many are still skeptical of the current direction and we are most definitely not outside the bear market just yet. Currently, the verdict is traders are skeptical after losing optimism the past three weeks, but some believe the next step is to move upwards as most markets have triple bottomed this year.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The post Markets Update: Digital Currency Market Bulls Push Back After Decline appeared first on Bitcoin News.
Representatives of Canada’s cryptocurrency industry are urging lawmakers to provide greater clarity regarding the regulatory obligations of cryptocurrency exchanges. In response to the absence of clear guidelines, a number of Canadian virtual currency exchanges have taken it upon themselves to voluntary register and report to Canada’s financial regulator.
Canadian Crypto Exchanges Push for Greater Regulatory Clarity
Canadian media has reported that a number of local cryptocurrency proponents are calling for greater clarity regarding the regulatory apparatus governing the operations of virtual currency exchanges.
Joseph Weinberg of Shyft, a company providing identification verification services using blockchain technology, has argued that exchanges have been left in the dark as to their regulatory obligations. “Until you have regulators come out and say, ‘This is what you have to do,’ as an exchange, you’re kind of guessing and hoping for the best, which is a big problem,” Mr. Weinberg said.
Cole Diamond, the chief executive of Toronto-based cryptocurrency exchange, Coinsquare, stated: “We want to be regulated because ultimately we want to be able to provide certainty to our customers that we’re not some fly-by-night trading platform, that they can trust us.”
Canadian Exchanges Adopt Self-Reporting Practices
In the face of stark regulatory uncertainty, several Canadian exchanges have taken it upon themselves voluntarily to report to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac).
Mr. Diamond states that upon initially approaching Fintrac, “they told us we shouldn’t be registered there. We decided to do it anyway because we explained to them we don’t have anywhere else to go. We want to be regulated.”
Despite expecting taking early steps to ensure regulatory compliance will give his exchange a competitive advantage in the long run, Mr. Diamond notes that Coinsquare’s “revenue and trading volume could be at least five-times larger if we did not have an internal compliance regime”
Einstein Exchange CEO Anticipates Early Compliance Will Pay Off Long Term
Vancouver-based Einstein Exchange has also adopted a voluntary reporting regime with Fintrac, in addition to taking measures to minimize the risk of credit card occurring on its platform.
Michael Gokturk, the chief executive of Einstein Exchange, recounts that the exchange was hit with $ 8.3 billion USD worth of attempted fraud in a single day early into the exchange’s acceptance of credit card payments. “Our system went nuts,” Mr. Gokturk.
Mr. Gokturk added that whilst “It’s so easy to get into this market and it’s so easy to take advantage of the lack of regulation. The best exchanges will welcome regulation and transparency and that’s what we’re trying to do. We welcome it with open arms.”
Do you think that regulators worldwide will soon adopt clear regulatory apparatus for companies operating with cryptocurrencies? Share your thoughts in the comments section below!
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The post Canadian Crypto Exchanges Push for Greater Regulatory Clarity appeared first on Bitcoin News.
Americans kept up their health insurance last year despite President Trump’s all-out push to dismantle the Obama-era coverage expansion. That’s the counterintuitive conclusion from a major government survey released Tuesday.
After nearly a full year of Trump’s presidency, the uninsured rate was…
A burst of corporate deals and strong earnings reports helped push U.S. stock indexes higher in early trading Monday. If the gains hold, it will be the fourth straight increase for the Standard & Poor’s 500 index, marking the longest winning streak in more than two months.
KEEPING SCORE: The S&P…
Driven in part by the intense competition for technology workers in California, Pacific Investment Management Co. has chosen Austin, Texas, for a new office.
The office will open this year and is expected to expand to about 200 employees, mostly new hires, by 2019, according to a statement Tuesday….
After President Donald Trump warned Russia in a tweet Wednesday that it should “get ready” for missile strikes against Syria, key lawmakers on Capitol Hill questioned whether threats of war should be made via social media while some Republican defense hawks urged Trump to act soon.
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