Day: December 29, 2018

Ethereum Price Weekly Analysis: ETH Facing Strong Resistance Near $140

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Key Highlights ETH price started a major upward move after forming a low at $112.80 against the US Dollar. There was a break above a major bearish trend line with resistance at $122 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is now placed in a positive zone, but it is struggling to clear the $142 resistance area. Ethereum price moved back higher versus the US Dollar and Bitcoin. ETH/USD must surpass the $142 resistance to continue higher in the near term. Ethereum Price Analysis This…

Chinese Media Reports Jihan Wu, Jenke Group to Soon Resign as Bitmain CEOs

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Jihan Wu and the Jenke Group will be reportedly soon retire as CEOs of leading mining ASIC producer Bitmain. Rumors about their departure were reported by Chinese local media Odaily on Dec. 28. Odaily quotes an unnamed source familiar with the situation that Bitmain is currently in a transition period. Furthermore, the article also reports that employees allegedly weren’t optimistic about the outcomes of the double-CEO system. The Chinese local outlet also notes that their successor is supposedly surnamed Wang, without providing further information. In mid-November, Chinese local media reported…

Bitcoin Price Rally Loses Steam Near $4,000; Will 2019 Wake Bulls?

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The Bitcoin price has spent the first day of this weekend struggling to get through the $4,000 mark. The digital currency attempted a bullish reversal on Friday, marking more than $300 worth of gains in just two hours. That hasn’t exactly changed any longer-term sentiments for the market, especially when it has dropped by more than 80% in 2018. But the intraday volatility has served plenty of opportunities to traders who wish to get in and out of the bitcoin market on decent profits. The bitcoin price is now sitting…

Huobi to Launch Company’s First Exchange Dedicated to EOS in Q1 2019

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Huobi Group plans to launch the company’s first cryptocurrency exchange — which will be dedicated to EOS — in the first quarter of 2019, according to a press release sent to Cointelegraph on Dec. 29. The exchange will be reportedly launched by Huobi Pool, the group’s cryptocurrency mining arm. Cao Fei, the CEO of Huobi Pool, described the launch of the EOS exchange as “the next logical step in our support” as an EOS Block Producer (BP). The release states that the exchange will allow clients to trade in the…

Nvidia Faces Class Action Lawsuit Over Losses After Diminished Mining GPU Demand

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Graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners. Schall law firm announced the lawsuit on Dec. 24. The complaint states that “the Company made false and misleading statements to the market.” Namely, according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.” Shall states that the GPU producer also declared: “Any drop off in demand for its…

Bitcoin Undervalued, People Building on it Will Lead to Recovery

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Over the last 48 hours, following a large loss on Christmas, the Bitcoin price has recovered back to around $4,000. The dominant cryptocurrency, which still holds a market valuation of over $64 billion, has demonstrated wild volatility in a wide price range from $3,100 to $4,300 throughout December, struggling to recover to November levels. Last month, the cryptocurrency market was valued at around $220 billion. As of December 28, the valuation of cryptocurrencies remains at $133 billion, down $87 billion within a 30-day span. Key to the Recovery of Bitcoin…

Major American Magazine Time Column Reports About Bitcoin’s Liberating Potential

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Bitcoin (BTC) has a substantial liberating potential, American mainstream newspaper Time reports on Dec. 28. The aforementioned article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.” Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent.…

Bitcoin Above $3,900 Again as All Top Cryptocurrencies See Gains

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Saturday, Dec. 29 — all of the top 20 cryptocurrencies are seeing moderate to substantial gains, with Bitcoin’s (BTC) price going above $3,900 again, according to Coin360 data. Market visualization from Coin360 At press time, Bitcoin is up over six percent on the day, trading at around $3,926. Looking at its weekly chart, the current price is substantially lower than Monday’s high of $4,265, but the cryptocurrency is still trading significantly up from $3,642 — the mid-week low registered yesterday. The current price is also near $3,963, where Bitcoin started the…

Big Chance Crypto is Best Performing Asset in 2019

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Travis Kling Travis Kling, a former Point72 Asset Management executive, a hedge fund that oversees $12.4 billion in assets, said that there is a big chance crypto becomes the best performing asset in 2019. The Ikigai Fund founder made the case that cryptocurrencies were never present during a proper bear market in traditional finance and the decline of the Nasdaq Composite and the Dow Jones could lead more investors into the cryptocurrency space. He said: Crypto has never existed during a bear market in traditional assets. BTC was birthed at…